Sekisui House U.S., Inc. (formerly M.D.C. Holdings, Inc.) reported a significant decline in its financial performance for the fiscal year ending December 31, 2025. The company recorded total revenues of $6.5 billion, a decrease of 12.6% from $7.4 billion in 2024. Net income also fell sharply to $251.8 million, down 48.7% from $490.4 million in the previous year. This decline was attributed to a 13.1% drop in home sale revenues, which totaled $6.4 billion, alongside increased inventory impairments of $77.7 million compared to $18.3 million in 2024.
The company underwent significant organizational changes, including the completion of the Woodside merger on December 1, 2025, which added approximately $1 billion in homebuilding net assets. This merger was part of a broader strategy to enhance operational scale across key markets, including Arizona, California, and Nevada. Additionally, on January 1, 2026, Sekisui House U.S. acquired Chesmar Homes and Holt Group Holdings, further expanding its footprint in Texas, Oregon, and Washington.
Operationally, Sekisui House U.S. reported a backlog of 800 homes valued at $541.4 million as of December 31, 2025, reflecting a 21% decrease in homes under contract compared to the previous year. The average selling price of homes in backlog increased to $676,800, up 4% from 2024. The company also noted a decrease in the number of new home deliveries, which fell to 8,724 homes, a 27% decline from 2024. The decrease in deliveries was primarily due to a reduction in net new orders and a lower sales absorption rate, influenced by challenging market conditions and affordability issues.
Looking ahead, Sekisui House U.S. expressed cautious optimism, citing a strong liquidity position with $360.7 million in cash and cash equivalents and total liquidity of $1.73 billion. The company has no senior note maturities until 2030, which positions it well to navigate the current economic landscape. However, it acknowledged ongoing challenges, including elevated mortgage interest rates and market competition, which could continue to impact sales and profitability in the near term. The company remains focused on enhancing its operational efficiency and adapting to changing market dynamics.
About M.D.C. HOLDINGS, INC.
M.D.C. Holdings, Inc. is a homebuilding and financial services company. It constructs and sells single-family homes across multiple U.S. regions under Richmond American Homes, and offers mortgage, insurance, and title services to homebuyers. The company’s integrated business model emphasizes land acquisition, home sales, and related financial products, serving first-time and move-up homebuyers in a competitive, regulated industry focused on quality, customer service, and operational efficiency.
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