Jacksonville, Florida-based Dream Finders Homes (NYSE:DFH), a national homebuilder focused on entry-level and move-up single-family homes across key U.S. markets, announced financial results for the fourth quarter and full year ended December 31, 2025.
For the fourth quarter of 2025, homebuilding revenues totaled $1.2 billion, down from $1.5 billion in the prior-year period, primarily due to fewer home closings of 2,536 compared to 3,008 in Q4 2024.
Net sales orders increased 9% to 1,756 homes from 1,611, signaling improved demand trends late in the year as interest rates moderated and incentives remained competitive.
Homebuilding gross margin declined to 16.7% from 17.7%, while adjusted homebuilding gross margin (a non-GAAP measure excluding inventory impairments, abandonment charges, and purchase accounting adjustments) fell to 25.7% from 26.9%.
Pre-tax income from homebuilding and other operations came in at $78 million, compared to $169 million in the year-ago quarter.
Financial services pre-tax income was $8 million versus $11 million, driven by lower mortgage origination volumes consistent with reduced closings.
Net income attributable to Dream Finders Homes totaled $59 million, or $0.60 per basic share, down from $129 million, or $1.35 per basic share, in Q4 2024.