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Smith Douglas Homes (SDHC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Smith Douglas Homes (SDHC) Q3 2026 earnings results →
Q3 2026 Revenue up 0% year over year to $263M · 0¢ of every $1 of revenue kept as net profit · operating margin 1.3%
Smith Douglas Homes made $263M in Q3 2026 (+0.2% Y/Y). Operating margin 1.3%, net earnings $577K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $262.5M in Q3 2026, roughly flat year over year and down 4% from the previous quarter.
Gross margin was 16.3%, down 4.7 points from Q3 2025. Operating profit was $3.3M, a 1.3% margin (down 5.3 points year over year). Operating profit fell $13.9M even though revenue rose $468K versus Q3 2025, so costs grew faster than sales. Operating expenses grew 4% against flat revenue. Net earnings were $577K, down 73% year over year. The effective tax rate was 8.4%.
Operating cash flow was −$33.3M. Non-cash charges added back $927K of depreciation and $1.6M of share-based compensation. Working capital and other items used $38.9M. Capital expenditures of $1.5M exceeded it, leaving free cash flow of −$34.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $263M | +0.2% | 1.3% | $577K | −$33.3M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $273M | +22% | 0.7% | $246K | $4.5M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $206M | -8% | 2.1% | $565K | $338K |
| Q4 2025 | 10-K | Mar 12, 2026 | $260M | -9% | 6.5% | $3.5M | $9.8M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $262M | -6% | 6.6% | $2.1M | $22.8M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $224M | +1% | 7.7% | $2.4M | −$28.9M |
| Q1 2025 | 10-Q | May 14, 2025 | $225M | +19% | 8.7% | $2.7M | −$34.9M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Smith Douglas Homes
We are engaged in the design, construction, and sale of single-family homes in some of the highest growth and most desirable markets in the Southeastern and Southern United States. We employ an efficient land-light, production focused, and conservatively leveraged business model, which we believe results in a compelling combination of strong home closing gross margins, construction cycle times, and returns. Our communities are primarily targeted to entry-level and empty-nest homebuyers. We offer our homebuyers an attractive value proposition by providing a personalized home buying experience at affordable price points.
In its own words, from its 10-K, filed Mar 12, 2026.
Smith Douglas Homes against its Operative Builders peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.2% against the peers' median -5%. Operating margin: 1.3% against the peers' median 8.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SDHC Smith Douglas Homes | Q3 2026 | $263M | +0.2% | 1.3% |
| DHI Horton D R | Q4 FY26 | $9.4B | -3% | 10.8% |
| PHM Pultegroup | Q3 2026 | $4.0B | -10% | 15.7% |
| TOL Toll Brothers | Q3 FY26 | $2.7B | -10% | 13.5% |
| NVR NVR | Q3 2026 | $2.4B | -8% | 13.9% |
| ECG Everus Construction Group | Q3 2026 | $1.4B | +40% | 8.8% |
| KBH KB Home | Q3 FY26 | $1.3B | -20% | 6.3% |
| MHO M/I Homes | Q3 2026 | $1.1B | -5% | 7.7% |
| DFH Dream Finders Homes | Q3 2026 | $996M | +3% | 1.3% |
Source: Smith Douglas Homes 10-Q on SEC EDGAR · CIK 1982518 · Operative Builders
Guidance and outlook
13F: who owns SDHC and who is buying
More on SDHC
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results