Filing Flows › Smith Douglas Homes (SDHC) › Q3 2025
Smith Douglas Homes (SDHC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Smith Douglas Homes (SDHC) reported revenue of $262M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +17% from the quarter before. Operating margin was 6.6%, net earnings $2.1M (0.8% of revenue).
Smith Douglas Homes, Q3 2025: revenue $262M (-6% year over year), operating margin 6.6%, net earnings $2.1M, operating cash flow $22.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $262M | +17% | -6% |
| Gross profit | $55.0M | +6% | -25% |
| Operating profit | $17.2M | +0.3% | -56% |
| Net earnings | $2.1M | -10% | -60% |
| Operating cash flow | $22.8M | — | -0.6% |
| Free cash flow | $21.4M | — | -4% |
What changed
Revenue was $262.0M in Q3 2025, down 6% year over year and up 17% from the previous quarter.
Gross margin was 21.0%, down 5.5 points from a year earlier. Operating profit was $17.2M, a 6.6% margin (down 7.7 points year over year). Operating expenses grew 11% against a revenue fall of 6%. Net earnings were $2.1M, down 60% year over year. The effective tax rate was 5.9%.
Operating cash flow was $22.8M (down 1% year over year), 140% of net income including minority interests. Non-cash charges added back $700K of depreciation and $1.1M of share-based compensation. Working capital and other items added $4.8M. Capital expenditures of $1.4M left free cash flow of $21.4M.
Questions
What was Smith Douglas Homes' revenue in the third quarter 2025?
Smith Douglas Homes (SDHC) reported revenue of $262M for the third quarter 2025 (Q3 2025), -6% from a year earlier and +17% from the quarter before.
Was Smith Douglas Homes profitable in the third quarter 2025?
Operating profit was $17.2M (6.6% of revenue) and net earnings $2.1M.