Form 8-K

8-K — HOVNANIAN ENTERPRISES INC

Accession: 0001753926-26-000924

Filed: 2026-05-21

Period: 2026-05-21

CIK: 0000357294

SIC: 1531 (OPERATIVE BUILDERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hov-20260521.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex991_1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hov-20260521.htm · Sequence: 1

hov-20260521.htm

false

0000357294

true00003572942026-05-212026-05-210000357294us-gaap:CommonClassAMember2026-05-212026-05-210000357294hov:PreferredStockPurchaseRightsMember2026-05-212026-05-210000357294hov:DepositorySharesMember2026-05-212026-05-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 21, 2026

HOVNANIAN ENTERPRISES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

(State or Other

Jurisdiction

of Incorporation)

1-8551

(Commission File Number)

22-1851059

(IRS Employer

Identification No.)

90 Matawan Road, Fifth Floor

Matawan, New Jersey 07747

(Address of Principal Executive Offices) (Zip Code)

(732) 747-7800

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since

Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Class A Common Stock $0.01 par value per share

HOV

New York Stock Exchange

Preferred Stock Purchase Rights (1)

N/A

New York Stock Exchange

Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock

HOVNP

The Nasdaq Stock Market LLC

(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 21, 2026, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal second quarter ended April 30, 2026. A copy of the press release is attached as Exhibit 99.1.

The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

The attached earnings press release contains information about the following non-GAAP financial measures (collectively, the “Non-GAAP Measures”):

 Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBITDA”), the ratio of Adjusted EBITDA to interest incurred and EBIT before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBIT”), which are non-GAAP financial measures. The most directly comparable GAAP financial measure for EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA is net (loss) income. Management believes EBIT, Adjusted EBITDA and EBITDA to be relevant and useful information as EBIT, Adjusted EBITDA and EBITDA are standard measures commonly reported and widely used by analysts, investors and others to measure and benchmark the Company’s financial performance without the effects of various items the Company does not believe are characteristic of its ongoing operating performance. EBIT, Adjusted EBITDA and EBITDA do not take into account substantial costs of doing business, such as income taxes and interest expense.

 Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, which are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. Management believes homebuilding gross margin, before cost of sales interest expense and land charges, enables investors to better understand the Company’s operating performance. This measure is also useful internally, helping management to evaluate the Company’s operating results on a consolidated basis and relative to other companies in the Company’s industry. In particular, the magnitude and volatility of land charges for the Company, and for other homebuilders, have been significant and, as such, have made financial analysis of the Company’s industry more difficult. Homebuilding metrics excluding land charges, as well as interest amortized to cost of sales, and other similar presentations prepared by analysts and other companies are frequently used to assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies’ respective levels of impairments and levels of debt.

 Adjusted income before income taxes, which is defined as income before income taxes excluding land-related charges and gain on extinguishment of debt, net, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. Management believes adjusted income before taxes to be relevant and useful information because it provides a better metric of the Company’s operating performance.

 Total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures (“Adjusted Investment”), which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. Management believes Adjusted Investment to be relevant and useful information because it more accurately reflects inventory owned (whether directly or through joint ventures) by the Company and excludes inventory that is off-balance sheet in nature, such as inventory subject to land banking transactions.

 The ratio of Adjusted EBIT return on investment (“Adjusted EBIT ROI”), which is the ratio of Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment for the prior five fiscal quarters and is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net income (loss) to total inventory. Management believes Adjusted EBIT ROI to be relevant and useful information because it is a measure of operational performance irrespective of the capital structure of the Company and as calculated, is reflective of the longer-term period required to build and sell homes in the homebuilding industry.

Reconciliations for historical periods of the Non-GAAP Measures are contained in the earnings press release. The Non-GAAP Measures should be considered in addition to, but not as a substitute for, their respective most directly comparable financial measures (on a historical period, trailing twelve-month period or five-quarter average basis, as applicable) prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, the Company’s calculations of the Non-GAAP Measures may be different than the respective calculations used by other companies, and, therefore, comparability may be affected.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit 99.1

Earnings Press Release - Fiscal Second Quarter Ended April 30, 2026.

Exhibit 104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HOVNANIAN ENTERPRISES, INC.

(Registrant)

By:

/s/ Brad G. O’Connor

Name: Brad G. O’Connor

Title: Chief Financial Officer

Date: May 21, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex991_1.htm · Sequence: 7

Exhibit 99.1

HOVNANIAN ENTERPRISES, INC.

News Release

Contact:

Brad G. O’Connor

Jeffrey T. O’Keefe

Chief Financial Officer

Vice President, Investor Relations

732-747-7800

HOVNANIAN ENTERPRISES REPORTS FISCAL 2026 SECOND QUARTER RESULTS

Met or Exceeded Guidance on Nearly All Metrics Provided

Gross Margins Improved Sequentially Following First Quarter Trough

2% Year-Over-Year Increase in Total Domestic Contracts

$442 Million of Total Liquidity Well in Excess of Our Target Range

MATAWAN, NJ, May 21, 2026 – Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six months ended April 30, 2026.

The Company is saddened by the passing of Edward A. Kangas, whose leadership and dedication to Hovnanian spanned many years. As our longest-serving independent director, Chair of the Audit Committee, and Lead Independent Director, Ed provided valued judgment, integrity, and steady guidance to our Board and management team. Beyond his many professional contributions, he was also a trusted friend who will be deeply missed by all who knew him. The Board of Directors and everyone at the Company extend their heartfelt condolences to his family.

RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2026:

 Totalrevenues were$667.6 million in thesecond quarter of fiscal 2026, which was within the guidance range we provided, compared with $686.5 million inthesame quarter of the prior year. For the six months ended April 30, 2026, total revenues were $1.30 billion compared with $1.36 billion in the first half of fiscal 2025.

 Domestic unconsolidated joint ventures sale of homes revenues for the second quarter of fiscal 2026was $125.9 million (181 homes) compared with $144.5 million (207 homes) for the three months ended April 30, 2025. For the first half of fiscal 2026, domestic unconsolidated joint ventures sale of homes revenues was $198.3 million (299 homes) compared with $276.3 million (404 homes) in the six months ended April 30, 2025.

 Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was10.2% forthethree months ended April 30, 2026,compared with13.8% during the second quartera year ago. In the first six months of fiscal 2026, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 10.2% compared with 14.5% in the same period of the prior fiscal year.

 Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was14.3%during the fiscal 2026second quarter, which was above the high end of the guidance range we provided, compared with 17.3% in last year’s second quarter. Gross margins on both a GAAP and non-GAAP basis improved sequentially in the second quarter as margins rebounded from the first quarter trough. For the six months ended April 30, 2026, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 13.9% compared with 17.8% in the first six months of the previous fiscal year.

 Total SG&A was $84.0million, or12.6% of total revenues, in the second quarter of fiscal 2026, which was at the better end of the guidance range we provided, compared with $80.6million, or 11.7% of total revenues,in the second quarter of fiscal 2025. Total SG&A was $168.0 million, or 12.9% of total revenues, in the first six months of fiscal 2026 compared with $167.5 million, or 12.3% of total revenues, in the first half of the previous fiscal year.

 Total interest expensewas $28.5 million, or 4.3% of total revenues,for the second quarter of fiscal 2026, compared with $29.1 million, or 4.2% of total revenues,for thesecond quarter of fiscal 2025. For the six months ended April 30, 2026, total interest expense as a percent of total revenues was 4.4% compared with 4.3% in the first half of the previous fiscal year.

 Income before income taxes for the second quarter of fiscal 2026was$0.3millioncompared with$26.5million in thesecond quarter of the prior fiscal year. For the first half of fiscal 2026, income before income taxes was $29.0 million compared with $66.4 million during the first six months of the prior fiscal year.

 Income before income taxes,excluding land-related charges,was $9.1million in the second quarter of fiscal 2026, which was near the high end of the guidance range we provided, compared with income before these items of $29.2 million in the second quarter of fiscal 2025. For the six months ended April 30, 2026, income before income taxes excluding land-related charges and gain on extinguishment of debt, net was $40.2 million compared with income before these items of $70.1 million in the same period of fiscal 2025.

 Net losswas$0.6million, or $0.46per diluted common share, for the three months ended April 30, 2026, compared with net income of $19.7million, or $2.43per diluted common share, in thesame period of the previous fiscal year. For the first six months of fiscal 2026, net income was $20.3 million, or $2.20 per diluted common share, compared with net income of $47.9 million, or $6.02 per diluted common share, during the first half of fiscal 2025.

 EBITDA was$32.3million for the second quarter of fiscal 2026 compared with $58.6 million for the second quarter of the prior year. For the first half of fiscal 2026, EBITDA was $93.1 million compared with $129.7 million in the same period of the prior year.

 Adjusted EBITDA was $41.1 million for the quarter ended April 30, 2026, which was above the guidance range we provided, compared with $61.3 million in the second quarter of the prior fiscal year. For the first half of fiscal 2026, adjusted EBITDA was $104.2 million compared with $133.4 million in the same period of the prior year.

 Consolidated domestic contracts(1) in the second quarter of fiscal 2026increased1.0% to1,412homes ($759.9 million) compared with 1,398 homes($706.6 million) in the same quarter last year.Domestic contracts, including domestic unconsolidated joint ventures, for the three months ended April 30, 2026, increased 2.3% to 1,667 homes ($938.2 million) compared with 1,629 homes ($856.1 million) in the second quarter of fiscal 2025.

 As of April 30, 2026, the number of consolidated domestic communities was 125, unchanged from April 30, 2025. Including domestic unconsolidated joint ventures, domestic community count was also unchanged year over year at 148 as of April 30, 2026.

 Consolidated domestic contracts per community increased 0.9% year-over-year to 11.3 in the second quarter of fiscal 2026, compared to 11.2 in the same quarter of fiscal 2025. When including domestic unconsolidated joint ventures, domestic contracts per community increased 2.7% to 11.3 for the three months ended April 30, 2026, compared with 11.0 in the prior-year period.

 The dollar value of consolidated domestic contract backlog, as of April 30, 2026, decreased 5.0% to $938.4 million compared with $988.2 million as of April 30, 2025. The dollar value of domestic contract backlog, including domestic unconsolidated joint ventures, as of April 30, 2026, decreased 4.5% to $1.23 billion compared with $1.29 billion as of April 30, 2025. The year-over-year decrease in domestic backlog dollars is partly due to increased sales of quick move in homes (QMIs), which are typically in backlog for a very short period of time.

 The gross domestic contract cancellation rate for consolidated contracts was 17% for the quarter ended April 30, 2026, compared with 15% in the fiscal 2025 second quarter. The gross domestic contract cancellation rate for contracts, including domestic unconsolidated joint ventures, was 15% for the second quarter of fiscal 2026 compared with 14% in the second quarter of the prior year.

 For the trailing twelve-month period our net income return on inventory was 2.1% and our adjusted earnings before interest and income taxes return on investment (Adjusted EBIT ROI) was 15.9%. For the most recently reported trailing twelve-month periods, we believe we had the highest Adjusted EBIT ROI compared to nine of our publicly traded midsized homebuilder peers.

(1)When we refer to “domestic” deliveries, contracts, communities or backlog, we are excluding results from our multi-community KSA operations.

LIQUIDITY AND INVENTORY AS OF APRIL 30, 2026:

 During the second quarter of fiscal 2026, domestic land and land development spending was $232.3 million compared with $219.8 million in the same quarter one year ago. For the first half of fiscal 2026, domestic land and land development spending was $413.0 million compared with $467.4 million in the same period one year ago. We are gaining momentum in new land opportunities that meet our financial thresholds in this difficult environment.

 Total liquidity as of April 30, 2026, was $442.0 million, which was significantly above our target liquidity range of $170 million to $245 million.

 During the second quarter of fiscal 2026, we repurchased 90,507 shares of common stock, or 1.8% of Class A common stock as of January 31, 2026, for $9.5 million or an average price of $104.60 per share.

 In the second quarter of fiscal 2026, approximately 1,400 lots were put under option or acquired in 25 domestic consolidated communities.

 As of April 30, 2026, our total domestic controlled consolidated lots were 33,632 compared with 42,440 lots at the end of the previous fiscal year’s second quarter. Continuing our land-light strategic focus, 86% of our lots were optioned at the end of the second quarter of fiscal 2026. Based on trailing twelve-month deliveries, the current position equaled 6.5 years’ supply.

 Total domestic QMIs as of April 30, 2026, were 731, a decline of 31.9% compared with 1,073 as of April 30, 2025, illustrating our efforts to match our starts with our sales pace. This equates to 5.8 QMIs per community as of April 30, 2026. Total domestic finished QMIs as of April 30, 2026, were 137, a decline of 54.9% compared with 304 as of April 30, 2025.

FINANCIAL GUIDANCE(2):

The Company is providing guidance for total revenues, adjusted homebuilding gross margin, adjusted income before income taxes and adjusted EBITDA for the third quarter of fiscal 2026. Financial guidance below assumes no adverse changes in current market conditions, including deterioration in our supply chain or material increases in mortgage rates, inflation or cancellation rates, and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $112.44 on April 30, 2026.

For the third quarter of fiscal 2026, total revenues are expected to be between $650 million and $750 million, adjusted homebuilding gross margin is expected to be between 14.0% and 15.0%, adjusted income before income taxes is expected to be between breakeven and $10 million and adjusted EBITDA is expected to be between $30 million and $40 million.

(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairments and land option write-offs and loss (gain) on extinguishment of debt, net. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

COMMENTS FROM MANAGEMENT:

“Despite a choppy month-to-month sales environment during the quarter, we delivered results that were above or within our guidance ranges for total revenues, gross margin, SG&A ratio, adjusted EBITDA and adjusted income before income taxes,” said Ara K. Hovnanian, Chairman of the Board and Chief Executive Officer. “Overall, our performance reflects the resilience of our operating model and our team’s ability to execute in an unsettled market. Furthermore, our gross margins improved sequentially in the second quarter, marking early progress toward normalization after bottoming in the first quarter.”

Mr. Hovnanian continued, “We began our second quarter with encouraging sales momentum, but escalating geopolitical tensions, particularly the war in Iran, reignited inflation concerns and caused many homebuyers to hesitate. While demand remained uneven, we stayed focused on managing pace, pricing, and costs. Our priority continues to be the prudent deployment of capital – deliberately maintaining ample liquidity, working through older, lower-margin lots, selectively investing in new land opportunities that underwrite in today’s environment, and opportunistically returning capital to shareholders through share repurchases.”

“In today’s environment, it’s difficult to provide meaningful visibility beyond the next quarter. However, if current housing conditions continue, we expect a significant step-up in our fourth quarter performance, particularly in volume and gross margins, driven by deliveries from newer communities. While week-to-week demand can be volatile, we are encouraged by current trends and believe the Company is well positioned to close out the year with strong momentum,” Mr. Hovnanian concluded.

WEBCAST INFORMATION:

Hovnanian Enterprises will webcast its fiscal 2026 second quarter results conference call at 11:00 a.m. E.T. on Thursday, May 21, 2026. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

ABOUT HOVNANIAN ENTERPRISES, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

NON-GAAP FINANCIAL MEASURES:

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBITDA”), the ratio of Adjusted EBITDA to interest incurred and EBIT before inventory impairments and land option write-offs and gain on extinguishment of debt, net (“Adjusted EBIT”) are not U.S. generally accepted accounting principles (“GAAP”) financial measures. The most directly comparable GAAP financial measure is net (loss) income. The reconciliation for historical periods of EBIT, EBITDA, Adjusted EBIT and Adjusted EBITDA to net (loss) income are presented in tables attached to this earnings release.

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

Adjusted income before income taxes, which is defined as income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. The reconciliation for historical periods of adjusted income before income taxes to income before income taxes is presented in a table attached to this earnings release.

Adjusted investment, which is defined as total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures (“Adjusted Investment”), is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. The reconciliation for historical periods of Adjusted Investment to total inventories is presented in a table attached to this earnings release.

The ratio of Adjusted EBIT return on adjusted investment (“Adjusted EBIT ROI”), which is the ratio of Adjusted EBIT for the trailing twelve-months, to the average Adjusted Investment for the prior five fiscal quarters, is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net income (loss) return to total inventories. The presentation of the ratios of Adjusted EBIT ROI and net income (loss) return on inventory are presented in a table attached to this earnings release.

Total liquidity is comprised of $310.9 million of cash and cash equivalents, $6.1 million of restricted cash required to collateralize letters of credit and $125.0 million available under a senior secured revolving credit facility as of April 30, 2026.

FORWARD-LOOKING STATEMENTS

All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods and statements regarding demand for homes, mortgage rates, inflation, supply chain issues, customer incentives and underlying factors. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (2) shortages in, and price fluctuations of, raw materials and labor, including due to geopolitical events, changes in trade policies, including the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with and retaliatory measures taken by other countries and changes in immigration laws or the enforcement thereof and trends in labor migration; (3) fluctuations in interest rates and the availability of mortgage financing, including as a result of instability in the banking sector; (4) increases in inflation; (5) adverse weather and other environmental conditions and natural or man-made disasters; (6) the seasonality of the Company’s business; (7) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (8) reliance on, and the performance of, subcontractors; (9) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (10) increases in cancellations of agreements of sale; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) global economic and political instability; (18) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (19) availability and terms of financing to the Company; (20) the Company’s sources of liquidity; (21) changes in credit ratings; (22) government regulation, including regulations concerning the development of land, the home building, sales and customer financing processes, tax laws and environmental, health and safety matters; (23) potential liability as a result of the past or present use of hazardous materials; (24) operations through unconsolidated joint ventures with third parties; (25) significant influence of the Company’s controlling stockholders; (26) availability of net operating loss carryforwards; (27) loss of key management personnel or failure to attract qualified personnel; and (28) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2026 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

Hovnanian Enterprises, Inc.

April 30, 2026

Statements of consolidated operations

(In thousands, except per share data)

Three Months Ended

Six Months Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Total revenues

667,645

686,471

1,299,597

1,360,094

Costs and expenses (1)

666,200

669,383

1,272,890

1,312,348

Gain on extinguishment of debt, net

399

(Loss) income from unconsolidated joint ventures

(1,106)

9,043

2,334

18,248

Income before income taxes

339

26,530

29,041

66,393

Provision for income taxes

934

6,804

8,777

18,476

Net (loss) income

(595)

19,726

20,264

47,917

Less: (loss) income attributable to noncontrolling interest

(311)

Net (loss) income attributable to Hovnanian Enterprises, Inc.

(284)

19,726

20,575

47,917

Less: preferred stock dividends

2,669

5,338

Net (loss) income available to common stockholders

(2,953)

17,057

15,237

42,579

Per share data:

Basic:

Net (loss) income per common share

(0.46)

2.64

2.36

6.53

Weighted average number of common shares outstanding

6,416

6,411

6,453

6,464

Assuming dilution:

Net (loss) income per common share

(0.46)

2.43

2.20

6.02

Weighted average number of common shares outstanding

6,416

6,951

6,909

7,011

(1) Includes inventory impairments and land option write-offs.

Hovnanian Enterprises, Inc.

April 30, 2026

Reconciliation of income before income taxes excluding land-related charges and gain on extinguishment of debt, net to income before income taxes

(In thousands)

Three Months Ended

Six Months Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Income before income taxes

339

26,530

29,041

66,393

Inventory impairments and land option write-offs

8,750

3,056

11,109

4,096

Gain on extinguishment of debt, net

(399)

Income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1)

9,089

29,187

40,150

70,090

(1) Income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes.

Hovnanian Enterprises, Inc.

April 30, 2026

Gross margin

(In thousands)

Homebuilding Gross Margin

Three Months Ended

Six Months Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Sale of homes

604,188

650,314

1,179,947

1,297,228

Cost of sales, excluding interest expense and land charges (1)

517,665

537,600

1,016,078

1,066,345

Homebuilding gross margin, before cost of sales interest expense and land charges (2)

86,523

112,714

163,869

230,883

Cost of sales interest expense, excluding land sales interest expense

15,872

19,938

32,439

38,676

Homebuilding gross margin, after cost of sales interest expense, before land charges (2)

70,651

92,776

131,430

192,207

Land charges

8,750

3,056

11,109

4,096

Homebuilding gross margin

61,901

89,720

120,321

188,111

Homebuilding gross margin percentage

10.2%

13.8%

10.2%

14.5%

Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2)

14.3%

17.3%

13.9%

17.8%

Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2)

11.7%

14.3%

11.1%

14.8%

Land Sales Gross Margin

Three Months Ended

Six Months Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Land and lot sales

33,502

12,604

68,214

19,430

Cost of sales, excluding interest

13,396

5,689

24,614

10,234

Land and lot sales gross margin, excluding interest

20,106

6,915

43,600

9,196

Land and lot sales interest expense

118

618

Land and lot sales gross margin, including interest

20,012

6,915

43,482

8,578

(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairments and land option write-offs in the Condensed Consolidated Statements of Operations.

(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.

Hovnanian Enterprises, Inc.

April 30, 2026

Reconciliation of adjusted EBITDA to net (loss) income

(In thousands)

Three Months Ended

Six Months Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Net (loss) income

(595)

19,726

20,264

47,917

Provision for income taxes

934

6,804

8,777

18,476

Interest expense

28,456

29,083

57,205

57,956

EBIT (1)

28,795

55,613

86,246

124,349

Depreciation and amortization

3,542

3,023

6,813

5,321

EBITDA (2)

32,337

58,636

93,059

129,670

Inventory impairments and land option write-offs

8,750

3,056

11,109

4,096

Gain on extinguishment of debt, net

(399)

Adjusted EBITDA (3)

41,087

61,293

104,168

133,367

Interest incurred

31,795

29,832

61,362

59,687

Adjusted EBITDA to interest incurred

1.29

2.05

1.70

2.23

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. EBIT represents earnings before interest expense and income taxes.

(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.

(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net (loss) income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairments and land option write-offs and gain on extinguishment of debt, net.

Hovnanian Enterprises, Inc.

April 30, 2026

Interest incurred, expensed and capitalized

(In thousands)

Three Months Ended

Six Months Ended

April 30,

2026

2025

2026

2025

(Unaudited)

Interest capitalized at beginning of period

43,397

52,884

43,263

57,671

Plus: interest incurred

31,795

29,832

61,362

59,687

Less: interest expensed

(28,456)

(29,083)

(57,205)

(57,956)

Less: interest contributed to unconsolidated joint ventures (1)

(1,109)

(5,769)

Plus: interest acquired from unconsolidated joint ventures (2)

425

Interest capitalized at end of period (3)

46,736

53,633

46,736

53,633

(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company entered into during the six months ended April 30, 2026 and 2025, respectively. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.

(2) Represents capitalized interest which was included as part of the assets acquired from a joint venture closed out during the six months ended April 30, 2026. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.

(3) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.

Hovnanian Enterprises, Inc.

April 30, 2026

Reconciliation of Adjusted EBIT Return on Adjusted Investment

(in thousands)

For the quarter ended

TTM

ended

7/31/2025

10/31/2025

1/31/2026

4/30/2026

Net income (loss)

16,615

(667)

20,859

(595)

36,212

As of

Five

Quarter

4/30/2025

7/31/2025

10/31/2025

1/31/2026

4/30/2026

Average

Total inventories

1,743,965

1,692,932

1,637,470

1,647,970

1,723,587

1,689,185

Return on Inventory

2.1%

For the quarter ended

TTM

ended

7/31/2025

10/31/2025

1/31/2026

4/30/2026

Net income (loss)

16,615

(667)

20,859

(595)

36,212

Provision for income taxes

7,187

(3,441)

7,843

934

12,523

Interest expense

34,017

34,443

28,749

28,456

125,665

EBIT (1)

57,819

30,335

57,451

28,795

174,400

Inventory impairments and land option write-offs

16,045

19,430

2,359

8,750

46,584

Loss on extinguishment of debt, net

33,512

Adjusted EBIT (2)

73,864

83,277

59,810

37,545

254,496

As of

4/30/2025

7/31/2025

10/31/2025

1/31/2026

4/30/2026

Total inventories

1,743,965

1,692,932

1,637,470

1,647,970

1,723,587

Less Liabilities from inventory not owned, net of debt issuance costs

(173,098)

(236,644)

(244,723)

(235,945)

(253,441)

Less Interest capitalized at end of period

(53,633)

(48,139)

(43,263)

(43,397)

(46,736)

Plus Investments in and advances to unconsolidated joint ventures

183,461

218,356

163,469

146,631

148,480

Plus Goodwill

31,705

Five Quarter Average

Adjusted Investment (3)

1,700,695

1,626,505

1,512,953

1,546,964

1,603,595

1,598,142

Adjusted EBIT Return on Adjusted Investment (4)

15.9%

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBIT represents earnings before interest expense and income taxes.

(2) Adjusted EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). Adjusted EBIT represents earnings before interest expense, income taxes, inventory impairments and land option write-offs and loss on extinguishment of debt, net.

(3) Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is total inventories. Adjusted Investment represents total inventories excluding liabilities from inventory not owned, net of debt issuance costs and interest capitalized and including investments in and advances to unconsolidated joint ventures.

(4) The ratio of Adjusted EBIT Return on Adjusted Investment is a non-GAAP financial measure. The most directly comparable GAAP financial measure is the ratio of net income (loss) to total inventories.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

April 30,

October 31,

2026

2025

(Unaudited)

(1)

ASSETS

Homebuilding:

Cash and cash equivalents

310,925

272,772

Restricted cash and cash equivalents

9,935

12,608

Inventories:

Sold and unsold homes and lots under development

1,196,930

1,132,798

Land and land options held for future development or sale

157,536

171,793

Consolidated inventory not owned

369,121

332,879

Total inventories

1,723,587

1,637,470

Investments in and advances to unconsolidated joint ventures

148,480

163,469

Receivables, deposits and notes, net

47,368

26,454

Property and equipment, net

56,011

50,539

Goodwill

31,705

Deferred tax assets, net

222,166

229,617

Prepaid expenses and other assets

120,161

89,773

Total homebuilding

2,670,338

2,482,702

Financial services

158,486

151,211

Total assets

2,828,824

2,633,913

LIABILITIES AND EQUITY

Homebuilding:

Nonrecourse mortgages secured by inventory, net of debt issuance costs

32,704

29,494

Accounts payable and other liabilities

457,147

438,920

Customers’ deposits

206,142

46,376

Liabilities from inventory not owned, net of debt issuance costs

253,441

244,723

Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)

901,899

900,718

Accrued interest

12,875

11,874

Total homebuilding

1,864,208

1,672,105

Financial services

137,023

130,873

Total liabilities

2,001,231

1,802,978

Equity:

Hovnanian Enterprises Inc. stockholders’ equity:

Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at April 30, 2026 and October 31, 2025

135,299

Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,590,318 shares at April 30, 2026 and 6,503,722 shares at October 31, 2025

Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 812,677 shares at April 30, 2026 and 812,410 shares at October 31, 2025

Paid in capital - common stock

754,652

757,391

Retained earnings

142,563

127,326

Treasury stock - at cost – 1,523,992 shares of Class A common stock at April 30, 2026 and 1,348,087 shares at October 31, 2025; 27,669 shares of Class B common stock at April 30, 2026 and October 31, 2025

(207,699)

(189,154)

Total Hovnanian Enterprises, Inc. stockholders’ equity

824,889

830,935

Noncontrolling interest

2,704

Total equity

827,593

830,935

Total liabilities and equity

2,828,824

2,633,913

(1) Derived from the audited balance sheet as of October 31, 2025

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three months ended April 30,

Six Months Ended April 30,

2026

2025

2026

2025

Revenues:

Homebuilding:

Sale of homes

604,188

650,314

1,179,947

1,297,228

Land sales and other revenues

40,059

14,839

77,244

24,606

Total homebuilding

644,247

665,153

1,257,191

1,321,834

Financial services

23,398

21,318

42,406

38,260

Total revenues

667,645

686,471

1,299,597

1,360,094

Expenses:

Homebuilding:

Cost of sales, excluding interest

531,061

543,289

1,040,692

1,076,579

Cost of sales interest

15,966

19,938

32,557

39,294

Inventory impairments and land option write-offs

8,750

3,056

11,109

4,096

Total cost of sales

555,777

566,283

1,084,358

1,119,969

Selling, general and administrative

56,998

51,064

107,279

105,317

Total homebuilding expenses

612,775

617,347

1,191,637

1,225,286

Financial services

13,361

12,891

26,596

26,328

Corporate general and administrative

26,999

29,500

60,717

62,192

Other interest

12,490

9,145

24,648

18,662

Other expense (income), net (1)

575

500

(30,708)

(20,120)

Total expenses

666,200

669,383

1,272,890

1,312,348

Gain on extinguishment of debt, net

399

(Loss) income from unconsolidated joint ventures

(1,106)

9,043

2,334

18,248

Income before income taxes

339

26,530

29,041

66,393

Provision for income taxes

934

6,804

8,777

18,476

Net (loss) income

(595)

19,726

20,264

47,917

Less: net (loss) income attributable to noncontrolling interest

(311)

Net (loss) income attributable to Hovnanian Enterprises, Inc.

(284)

19,726

20,575

47,917

Less: preferred stock dividends

2,669

5,338

Net (loss) income available to common stockholders

(2,953)

17,057

15,237

42,579

Per share data:

Basic:

Net (loss) income per common share

(0.46)

2.64

2.36

6.53

Weighted-average number of common shares outstanding

6,416

6,411

6,453

6,464

Assuming dilution:

Net (loss) income per common share

(0.46)

2.43

2.20

6.02

Weighted-average number of common shares outstanding

6,416

6,951

6,909

7,011

(1) Includes $26.8 million gain on consolidation of joint ventures for the six months ended April 30, 2026, and $22.7 million gain on contribution of assets to a joint venture for the six months ended April 30, 2025, respectively.

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

Contracts (1)

Three Months Ended

April 30,

Deliveries

Three Months Ended

April 30,

Contract Backlog

April 30,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast

(DE, MD, NJ, OH, PA, VA, WV)

Home

539

497

8.5

386

450

(14.2)

775

824

(5.9)

Dollars

299,449

261,796

14.4

216,714

256,415

(15.5)

451,132

506,850

(11.0)

Avg. Price

555,564

526,753

5.5

561,435

569,811

(1.5)

582,106

615,109

(5.4)

Southeast

(FL, GA, SC)

Home

166

168

(1.2)

149

153

(2.6)

212

266

(20.3)

Dollars

81,333

83,871

(3.0)

73,193

74,603

(1.9)

120,014

155,904

(23.0)

Avg. Price

489,958

499,232

(1.9)

491,228

487,601

0.7

566,104

586,105

(3.4)

West

(AZ, CA, TX)

Home

707

733

(3.5)

599

682

(12.2)

626

621

0.8

Dollars

379,146

360,952

5.0

314,281

319,296

(1.6)

367,249

325,472

12.8

Avg. Price

536,274

492,431

8.9

524,676

468,176

12.1

586,660

524,110

11.9

Domestic Subtotal

Home

1,412

1,398

1.0

1,134

1,285

(11.8)

1,613

1,711

(5.7)

Dollars

759,928

706,619

7.5

604,188

650,314

(7.1)

938,395

988,226

(5.0)

Avg. Price

538,193

505,450

6.5

532,794

506,081

5.3

581,770

577,572

0.7

HOV Global (2)

(Kingdom of Saudi Arabia)

Home

0.00

765

0.00

Dollars

4,497

0.00

185,964

0.00

Avg. Price

236,684

0.00

243,090

0.00

Consolidated Total

Home

1,431

1,398

2.4

1,134

1,285

(11.8)

2,378

1,711

39.0

Dollars

764,425

706,619

8.2

604,188

650,314

(7.1)

1,124,359

988,226

13.8

Avg. Price

534,189

505,450

5.7

532,794

506,081

5.3

472,817

577,572

(18.1)

Unconsolidated Joint Ventures (2) (3)

(Excluding KSA JV)

Home

255

231

10.4

181

207

(12.6)

404

427

(5.4)

Dollars

178,319

149,477

19.3

125,914

144,495

(12.9)

291,763

299,857

(2.7)

Avg. Price

699,290

647,087

8.1

695,657

698,043

(0.3)

722,186

702,241

2.8

Grand Total

Home

1,686

1,629

3.5

1,315

1,492

(11.9)

2,782

2,138

30.1

Dollars

942,744

856,096

10.1

730,102

794,809

(8.1)

1,416,122

1,288,083

9.9

Avg. Price

559,160

525,535

6.4

555,211

532,714

4.2

509,030

602,471

(15.5)

KSA JV Only

Home

(100.0)

0.00

569

(100.0)

Dollars

24,660

(100.0)

0.00

139,292

(100.0)

Avg. Price

259,579

(100.0)

0.00

244,801

(100.0)

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) In the first quarter of fiscal 2026, we acquired a controlling financial interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia ("KSA").

(3) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “(Loss) income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

Contracts (1)

Six Months Ended

April 30,

Deliveries

Six Months Ended

April 30,

Contract Backlog

April 30,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast (2) (3)

(DE, MD, NJ, OH, PA, VA, WV)

Home

951

937

1.5

803

895

(10.3)

775

824

(5.9)

Dollars

525,909

513,432

2.4

456,516

538,063

(15.2)

451,132

506,850

(11.0)

Avg. Price

553,006

547,953

0.9

568,513

601,188

(5.4)

582,106

615,109

(5.4)

Southeast (3)

(FL, GA, SC)

Home

348

304

14.5

307

277

10.8

212

266

(20.3)

Dollars

172,673

159,970

7.9

147,424

126,040

17.0

120,014

155,904

(23.0)

Avg. Price

496,187

526,217

(5.7)

480,208

455,018

5.5

566,104

586,105

(3.4)

West (2) (4)

(AZ, CA, TX)

Home

1,355

1,362

(0.5)

1,123

1,367

(17.8)

626

621

0.8

Dollars

726,181

676,484

7.3

576,007

633,125

(9.0)

367,249

325,472

12.8

Avg. Price

535,927

496,684

7.9

512,918

463,149

10.7

586,660

524,110

11.9

Domestic Subtotal

Home

2,654

2,603

2.0

2,233

2,539

(12.1)

1,613

1,711

(5.7)

Dollars

1,424,763

1,349,886

5.5

1,179,947

1,297,228

(9.0)

938,395

988,226

(5.0)

Avg. Price

536,836

518,589

3.5

528,413

510,921

3.4

581,770

577,572

0.7

HOV Global (5)

(Kingdom of Saudi Arabia)

Home

0.00

765

0.00

Dollars

4,497

0.00

185,964

0.00

Avg. Price

236,684

0.00

243,090

0.00

Consolidated Total

Home

2,673

2,603

2.7

2,233

2,539

(12.1)

2,378

1,711

39.0

Dollars

1,429,260

1,349,886

5.9

1,179,947

1,297,228

(9.0)

1,124,359

988,226

13.8

Avg. Price

534,703

518,589

3.1

528,413

510,921

3.4

472,817

577,572

(18.1)

Unconsolidated Joint Ventures

(excluding KSA JV)

Home

378

426

(11.3)

299

404

(26.0)

404

427

(5.4)

(2) (3) (4) (6)

Dollars

260,465

276,962

(6.0)

198,305

276,271

(28.2)

291,763

299,857

(2.7)

Avg. Price

689,061

650,146

6.0

663,227

683,839

(3.0)

722,186

702,241

2.8

Grand Total

Home

3,051

3,029

0.7

2,532

2,943

(14.0)

2,782

2,138

30.1

Dollars

1,689,725

1,626,848

3.9

1,378,252

1,573,499

(12.4)

1,416,122

1,288,083

9.9

Avg. Price

553,827

537,091

3.1

544,333

534,658

1.8

509,030

602,471

(15.5)

KSA JV Only

Home

293

(92.2)

0.00

569

(100.0)

Dollars

5,690

74,932

(92.4)

0.00

139,292

(100.0)

Avg. Price

247,391

255,741

(3.3)

0.00

244,801

(100.0)

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Includes 67 homes and $53.3 million and 3 homes and $1.3 million of contract backlog related to the assets and liabilities in the Northeast and West segments, respectively, that were acquired from a joint venture the company closed out during the three months ended January 31, 2026.

(3) Includes 71 homes and $54.7 million and 49 homes and $32.9 million of contract backlog related to the assets and liabilities in the Northeast and Southeast segments, respectively, that were contributed to a joint venture the company entered into during the three months ended January 31, 2026.

(4) Includes 8 homes and $5.0 million of contract backlog related to the assets and liabilities in the West segment that were contributed to a joint venture the company entered into during the three months ended January 31, 2025.

(5) Includes 746 homes and $181.5 million of contract backlog related to the assets and liabilities acquired from the unconsolidated KSA JV, which the company consolidated during the three months ended January 31, 2026.

(6) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “(Loss) income from unconsolidated joint ventures”.

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

Contracts (1)

Three Months Ended

April 30,

Deliveries

Three Months Ended

April 30,

Contract Backlog

April 30,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast

(Unconsolidated Joint Ventures)

Home

125

138

(9.4)

112

117

(4.3)

245

303

(19.1)

(Excluding KSA JV)

Dollars

93,997

86,848

8.2

79,193

89,824

(11.8)

185,242

207,233

(10.6)

(DE, MD, NJ, OH, PA, VA, WV)

Avg. Price

751,976

629,333

19.5

707,080

767,726

(7.9)

756,090

683,937

10.5

Southeast

(Unconsolidated Joint Ventures)

Home

7.2

(50.0)

120

101

18.8

(FL, GA, SC)

Dollars

46,009

49,410

(6.9)

30,047

46,138

(34.9)

77,330

79,906

(3.2)

Avg. Price

621,743

716,087

(13.2)

812,081

623,486

30.2

644,417

791,149

(18.5)

West

(Unconsolidated Joint Ventures)

Home

133.3

100.0

69.6

(AZ, CA, TX)

Dollars

38,313

13,219

189.8

16,674

8,533

95.4

29,191

12,718

129.5

Avg. Price

684,161

550,792

24.2

521,063

533,313

(2.3)

748,487

552,937

35.4

Unconsolidated Joint Ventures (2) (3)

(Excluding KSA JV)

Home

255

231

10.4

181

207

(12.6)

404

427

(5.4)

Dollars

178,319

149,477

19.3

125,914

144,495

(12.9)

291,763

299,857

(2.7)

Avg. Price

699,290

647,087

8.1

695,657

698,043

(0.3)

722,186

702,241

2.8

KSA JV Only

Home

(100.0)

0.00

569

(100.0)

Dollars

24,660

(100.0)

0.00

139,292

(100.0)

Avg. Price

259,579

(100.0)

0.00

244,801

(100.0)

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) In the first quarter of fiscal 2026, we acquired a controlling financial interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia ("KSA").

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

Contracts (1)

Six Months

April 30,

Deliveries

Six Months Ended

April 30,

Contract Backlog

April 30,

2026

2025

% Change

2026

2025

% Change

2026

2025

% Change

Northeast (2) (3)

(Unconsolidated Joint Ventures)

Home

197

255

(22.7)

183

226

(19.0)

245

303

(19.1)

(Excluding KSA JV)

Dollars

143,641

165,577

(13.2)

123,005

170,714

(27.9)

185,242

207,233

(10.6)

(DE, MD, NJ, OH, PA, VA, WV)

Avg. Price

729,142

649,322

12.3

672,158

755,372

(11.0)

756,090

683,937

10.5

Southeast (3)

(Unconsolidated Joint Ventures)

Home

107

136

(21.3)

153

(57.5)

120

101

18.8

(FL, GA, SC)

Dollars

69,434

92,400

(24.9)

47,978

92,986

(48.4)

77,330

79,906

(3.2)

Avg. Price

648,916

679,412

(4.5)

738,123

607,752

21.5

644,417

791,149

(18.5)

West (2) (4)

(Unconsolidated Joint Ventures)

Home

111.4

104.0

69.6

(AZ, CA, TX)

Dollars

47,390

18,985

149.6

27,322

12,571

117.3

29,191

12,718

129.5

Avg. Price

640,405

542,429

18.1

535,725

502,840

6.5

748,487

552,937

35.4

Unconsolidated Joint Ventures

(Excluding KSA JV) (2) (3) (4) (5)

Home

378

426

(11.3)

299

404

(26.0)

404

427

(5.4)

Dollars

260,465

276,962

(6.0)

198,305

276,271

(28.2)

291,763

299,857

(2.7)

Avg. Price

689,061

650,146

6.0

663,227

683,839

(3.0)

722,186

702,241

2.8

KSA JV Only

Home

293

(92.2)

0.00

569

(100.0)

Dollars

5,690

74,932

(92.4)

0.00

139,292

(100.0)

Avg. Price

247,391

255,741

(3.3)

0.00

244,801

(100.0)

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(5) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “(Loss) income from unconsolidated joint ventures”.

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 9

v3.26.1

Document And Entity Information

May 21, 2026

Document Information [Line Items]

Entity, Registrant Name

HOVNANIAN ENTERPRISES, INC.

Document, Type

8-K

Document, Period End Date

May 21, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

1-8551

Entity, Tax Identification Number

22-1851059

Entity, Address, Address Line One

90 Matawan Road, Fifth Floor

Entity, Address, City or Town

Matawan

Entity, Address, State or Province

Entity, Address, Postal Zip Code

07747

City Area Code

732

Local Phone Number

747-7800

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity, Emerging Growth Company

false

Amendment Flag

false

Entity, Central Index Key

0000357294

Common Class A [Member]

Document Information [Line Items]

Title of 12(b) Security

Class A Common Stock $0.01 par value per share

Trading Symbol

HOV

Security Exchange Name

NYSE

Preferred Stock Purchase Rights [Member]

Document Information [Line Items]

Title of 12(b) Security

Preferred Stock Purchase Rights

[1]

No Trading Symbol Flag

true

Security Exchange Name

NYSE

Depository Shares [Member]

Document Information [Line Items]

Title of 12(b) Security

Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock

Trading Symbol

HOVNP

Security Exchange Name

NASDAQ

[1]

Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true only for a security having no trading symbol.

+ References

No definition available.

+ Details

Name:

dei_NoTradingSymbolFlag

Namespace Prefix:

dei_

Data Type:

dei:trueItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=hov_PreferredStockPurchaseRightsMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=hov_DepositorySharesMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: