LGIH · 10-Q · 2026Q1 · Full report
EBITDA and Adjusted EBITDA Trends
LGI Homes, Inc. · 2026-04-28 · Importance 59 · Surprise 48
Reported EBITDA for Q1 2026 was $15.5 million (4.8% of home sales revenues), up from $14.9 million (4.2%) in Q1 2025. Adjusted EBITDA increased to $24.4 million (7.6% margin) in Q1 2026 from $18.8 million (5.3% margin) in Q1 2025, driven by adjusted items including inventory impairment, stock-based compensation and dead deal costs. The company presents these non-GAAP measures to assist in evaluating operating performance exclusive of financing, tax, D&A and certain non-recurring items. Management cautions EBITDA and adjusted EBITDA exclude material items such as interest and taxes and should be used alongside GAAP measures.
Key facts
- Adjusted EBITDA for the three months ended March 31, 2026 was $24.377 million and was $18.750 million for the three months ended March 31, 2025.
- Net income decreased 45.1% to $2.160 million for the three months ended March 31, 2026 from $3.994 million for the three months ended March 31, 2025.
- Adjusted net income for the three months ended March 31, 2026 was $5.616 million (net income $2.160 million plus $4.681 million inventory impairment less $1.225 million tax impact).
- Net income before income taxes decreased 24.5% to $4.319 million for the three months ended March 31, 2026 from $5.724 million for the three months ended March 31, 2025.
- Basic earnings per share for the three months ended March 31, 2026 were $0.09 and were $0.17 for the three months ended March 31, 2025.
- Diluted earnings per share for the three months ended March 31, 2026 were $0.09 and were $0.17 for the three months ended March 31, 2025.
- EBITDA for the three months ended March 31, 2026 was $15.485 million and was $14.852 million for the three months ended March 31, 2025.
- EBITDA (non-GAAP) as a percentage of home sales revenues increased to 4.8% for the three months ended March 31, 2026 from 4.2% for the three months ended March 31, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +1.6% | Adjusted EBITDA for the three months ended March 31, 2026 was $24.377 million and was $18.750 million for the three months ended March 31,… |
| margin | positive | realized | +0.6% | EBITDA (non-GAAP) as a percentage of home sales revenues increased to 4.8% for the three months ended March 31, 2026 from 4.2% for the… |
| net_income | negative | realized | -0.5% | Net income decreased 45.1% to $2.160 million for the three months ended March 31, 2026 from $3.994 million for the three months ended… |
| operating_income | negative | realized | -0.4% | Net income before income taxes decreased 24.5% to $4.319 million for the three months ended March 31, 2026 from $5.724 million for the… |
| net_income | negative | realized | — | Diluted earnings per share for the three months ended March 31, 2026 were $0.09 and were $0.17 for the three months ended March 31, 2025. |