Revenue declined 25.5% year-over-year in 2026Q2, with gross margin collapsing to -14.5% from 23.5% in 2024Q4, reflecting severe pricing and cost pressures.
Tri Pointe Homes, Inc. (TPH) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 3.02B | 3.47B | 4.49B | 3.72B | 4.35B | 3.98B | 3.26B | 3.08B | 3.26B | 2.81B | 2.41B | 2.4B | 1.7B | 1.27B | 1.07B | 19.33M |
| Revenue Growth % | -25.25% | -22.75% | 20.93% | -14.56% | 9.2% | 22.14% | 5.76% | -5.51% | 16.1% | 16.84% | 0.17% | 40.94% | 33.65% | 19.1% | 5437.31% | - |
| Cost of Goods Sold | 2.31B | 2.74B | 3.44B | 2.88B | 3.19B | 2.99B | 2.53B | 2.47B | 2.56B | 2.19B | 1.85B | 1.84B | 1.36B | 986.61M | 806.72M | 17.73M |
| COGS % of Revenue | - | 79% | 76.57% | 77.57% | 73.31% | 75.09% | 77.67% | 80.22% | 78.55% | 77.87% | 77.08% | 76.8% | 79.63% | 77.4% | 75.37% | 91.72% |
| Gross Profit | 362.07M | 728.84M | 1.05B | 833.29M | 1.16B | 992.12M | 728.1M | 609.71M | 699.83M | 621.8M | 551.2M | 557.11M | 347.08M | 288.1M | 263.58M | 1.6M |
| Gross Margin % | 11.98% | 21% | 23.43% | 22.43% | 26.69% | 24.91% | 22.33% | 19.78% | 21.45% | 22.13% | 22.92% | 23.2% | 20.37% | 22.6% | 24.63% | 8.28% |
| Gross Profit Growth % | - | -30.75% | 26.31% | -28.21% | 17% | 36.26% | 19.42% | -12.88% | 12.55% | 12.81% | -1.06% | 60.52% | 20.47% | 9.3% | 16374.06% | - |
| Operating Expenses | 528.05M | 427.03M | 475.62M | 405.28M | 390.19M | 387.08M | 361.59M | 355.85M | 346.63M | 278.17M | 255.24M | 242.23M | 199.83M | 528M | 164.87M | 6.17M |
| OpEx % of Revenue | - | 12.3% | 10.59% | 10.91% | 8.97% | 9.72% | 11.09% | 11.54% | 10.62% | 9.9% | 10.61% | 10.09% | 11.73% | 41.42% | 15.4% | 31.94% |
| Selling, General & Admin | 525.65M | 423.85M | 472.56M | 402.38M | 387.51M | 379.38M | 349.41M | 352.31M | 342.3M | 274.83M | 252.02M | 237.04M | 185.96M | 168.76M | 153.6M | 6.17M |
| SG&A % of Revenue | - | 12.21% | 10.52% | 10.83% | 8.91% | 9.53% | 10.72% | 11.43% | 10.49% | 9.78% | 10.48% | 9.87% | 10.92% | 13.24% | 14.35% | 31.94% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2.4M | 3.17M | 3.06M | 2.89M | 2.69M | 7.7M | 12.18M | 3.54M | 4.33M | 3.34M | 3.21M | 5.19M | 13.87M | 359.24M | 11.27M | 0 |
| Operating Income | 56.66M | 301.81M | 576.87M | 428.01M | 770.55M | 605.04M | 366.51M | 253.86M | 353.2M | 343.63M | 295.96M | 314.88M | 147.25M | -239.91M | 98.72M | -4.57M |
| Operating Margin % | 1.88% | 8.7% | 12.84% | 11.52% | 17.72% | 15.19% | 11.24% | 8.23% | 10.83% | 12.23% | 12.31% | 13.11% | 8.64% | -18.82% | 9.22% | -23.66% |
| Operating Income Growth % | - | -47.68% | 34.78% | -44.45% | 27.35% | 65.08% | 44.37% | -28.13% | 2.78% | 16.11% | -6.01% | 113.85% | 161.38% | -343.03% | 2258.65% | - |
| EBITDA | 71.89M | 332.08M | 607.88M | 454.86M | 798.56M | 637.46M | 396M | 282.25M | 382.3M | 347.13M | 299.05M | 323.16M | 158.67M | -226.42M | 110.51M | -3.81M |
| EBITDA Margin % | 2.38% | 9.57% | 13.53% | 12.24% | 18.36% | 16.01% | 12.15% | 9.16% | 11.72% | 12.35% | 12.43% | 13.46% | 9.31% | -17.76% | 10.33% | -19.74% |
| EBITDA Growth % | -85.38% | -45.37% | 33.64% | -43.04% | 25.27% | 60.97% | 40.3% | -26.17% | 10.13% | 16.08% | -7.46% | 103.67% | 170.08% | -304.88% | 2996.8% | - |
| D&A (Non-Cash Add-back) | 15.22M | 30.27M | 31.02M | 26.85M | 28.01M | 32.42M | 29.5M | 28.4M | 29.1M | 3.5M | 3.09M | 8.27M | 11.42M | 13.49M | 11.8M | 758K |
| EBIT | 169.81M | 333.78M | 616.87M | 467.36M | 773.21M | 610.19M | 376.19M | 254.97M | 354.36M | 344.67M | 296.93M | 315.71M | 157.77M | 116.48M | 104.77M | -4.57M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -52.18M | 31.96M | 40M | 39.35M | 2.67M | 20.62M | 6.87M | 17.23M | 8.86M | -3.82M | 6.27M | 4.38M | -19.28M | 2.45M | 914K | -20K |
| Pretax Income | 4.48M | 333.78M | 616.87M | 467.36M | 773.21M | 625.66M | 373.38M | 271.09M | 362.06M | 339.82M | 302.23M | 319.26M | 127.96M | -237.45M | 99.63M | -4.59M |
| Pretax Margin % | 0.15% | 9.62% | 13.73% | 12.58% | 17.78% | 15.71% | 11.45% | 8.79% | 11.1% | 12.09% | 12.57% | 13.3% | 7.51% | -18.63% | 9.31% | -23.76% |
| Income Tax | 54.22M | 92.78M | 158.9M | 118.16M | 190.8M | 156.4M | 91.17M | 63.9M | 90.55M | 152.27M | 106.09M | 112.08M | 43.77M | -86.16M | 38.91M | 0 |
| Effective Tax Rate % | 1211.01% | 27.8% | 25.76% | 25.28% | 24.68% | 25% | 24.42% | 23.57% | 25.01% | 44.81% | 35.1% | 35.11% | 34.2% | 36.29% | 39.05% | 0% |
| Net Income | -33.33M | 241.09M | 458.03M | 343.7M | 576.06M | 469.27M | 282.21M | 207.19M | 269.91M | 187.19M | 195.17M | 205.46M | 84.2M | -149.46M | 61.48M | -4.59M |
| Net Margin % | -1.1% | 6.95% | 10.19% | 9.25% | 13.25% | 11.78% | 8.66% | 6.72% | 8.27% | 6.66% | 8.11% | 8.56% | 4.94% | -11.72% | 5.74% | -23.76% |
| Net Income Growth % | -109.11% | -47.36% | 33.26% | -40.34% | 22.76% | 66.28% | 36.21% | -23.24% | 44.19% | -4.09% | -5.01% | 144.02% | 156.34% | -343.09% | 1438.58% | - |
| Net Income (Continuing) | 116.27M | 240.99M | 457.97M | 349.19M | 582.41M | 469.27M | 282.21M | 207.19M | 271.51M | 187.55M | 196.13M | 207.18M | 84.2M | -151.29M | 60.72M | -4.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.84M | 762K | 0 |
| Minority Interest | 210K | 95K | 12K | 2.68M | 4.14M | 12K | 12K | 12K | 13K | 605K | 19.06M | 21.78M | 18.3M | 28.42M | 39.95M | 0 |
| EPS (Diluted) | -0.39 | 2.72 | 4.83 | 3.45 | 5.54 | 4.12 | 2.17 | 1.47 | 1.81 | 1.21 | 1.21 | 1.27 | 0.58 | 0.50 | 1.95 | -0.15 |
| EPS Growth % | -65.9% | -43.69% | 40% | -37.73% | 34.47% | 89.86% | 47.62% | -18.78% | 49.59% | 0% | -4.72% | 118.97% | 16% | -74.36% | 1400% | - |
| EPS (Basic) | - | 2.74 | 4.87 | 3.48 | 5.60 | 4.16 | 2.18 | 1.47 | 1.82 | 1.21 | 1.21 | 1.27 | 0.58 | 0.50 | 1.95 | -0.15 |
| Diluted Shares Outstanding | 85.18M | 86M | 94.91M | 99.7M | 104M | 113.81M | 129.95M | 141.39M | 149M | 155.09M | 161.38M | 162.32M | 145.53M | 30.8M | 31.6M | 31.6M |
| Basic Shares Outstanding | 84.8M | 85.29M | 93.99M | 98.68M | 102.9M | 112.84M | 129.37M | 140.85M | 148.18M | 154.13M | 160.86M | 161.69M | 145.04M | 30.78M | 31.6M | 31.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 10.22% | - | - | - |
Quick answers to the most common questions about buying TPH stock.
For fiscal year 2025, Tri Pointe Homes, Inc. (TPH) reported total revenue of $3.47B. This represents a 17855.9% increase compared to $19.3M in 2011.
Tri Pointe Homes, Inc. (TPH) is profitable, generating $241.1M in net income for the fiscal year ending 2025 with a net profit margin of 6.9%.
Tri Pointe Homes, Inc. (TPH) reported an operating income of $301.8M, resulting in an operating profit margin of 8.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Tri Pointe Homes, Inc. (TPH) generated $728.8M in gross profit for the year, representing a gross profit margin of 21.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue contraction and margin compression
Metrics are mathematically derived from official filings.
Revenue Slide Deepens Across Quarters
Tri Pointe's revenue contracted 22.8% year-over-year in 2026Q2, with declines accelerating from -21.1% in 2025Q1 to -25.5% in 2026Q2, per reported financials.
The sequential deterioration in revenue growth from -21.1% in 2025Q1 to -25.5% in 2026Q2 indicates a deepening demand slowdown, likely driven by high mortgage rates and affordability constraints. The sharp drop in 2026Q2 revenue to $672.5M, the lowest in the series, suggests that the company may be prioritizing margin protection over volume, as evidenced by the negative gross margin in that quarter. Investors should monitor whether this contraction is a deliberate strategy to hold pricing or a sign of structural demand weakness.
Gross Margin Erosion Signals Pricing Pressure
Gross margin fell from 23.5% in 2024Q4 to 21.0% in 2025Q4, and turned negative at -14.5% in 2026Q2, based on reported figures, indicating severe cost or pricing issues.
The gross margin compression from 23.5% in 2024Q4 to 21.0% in 2025Q4 reflects rising land and construction costs outpacing home price appreciation. The unprecedented negative gross margin in 2026Q2, with gross profit of -$97.3M, suggests that the company may have recognized significant inventory impairments or wrote down land values, as the COGS of $424.1M exceeded revenue. This appears to be a one-time event, but it highlights the risk of margin volatility inherent in the homebuilding industry, especially with high-cost inventory acquired during the boom.
Operating Leverage Reverses as Revenue Falls
Operating margin contracted from 13.4% in 2024Q4 to 8.1% in 2025Q4, and turned negative in 2026Q2, as SG&A deleveraged on lower revenue, per income statement data.
The operating margin decline from 13.4% in 2024Q4 to 8.1% in 2025Q4 demonstrates negative operating leverage, as SG&A expenses remained relatively sticky while revenue declined. In 2026Q2, SG&A of $222.5M was abnormally high relative to revenue of $672.5M, resulting in an operating loss of -$97.2M; this may include one-time charges or impairments. The company's ability to control SG&A will be critical to stabilizing operating margins in a prolonged downturn.
Net Income Volatility Raises Quality Concerns
Net income swung from a profit of $60.2M in 2025Q4 to a loss of -$156.4M in 2026Q2, with EPS dropping from $0.70 to -$0.08, based on reported quarterly data.
The dramatic swing in net income, from $60.2M in 2025Q4 to -$156.4M in 2026Q2, suggests that the reported earnings are subject to significant non-operating items or impairments, which may not reflect the underlying cash-generating ability of the business. The negative net margin of -23.3% in 2026Q2 is far worse than the operating margin, indicating additional below-the-line losses, possibly from joint ventures or tax effects. Investors should scrutinize the components of net income to assess the sustainability of earnings.
Cost Pressures Emerge in COGS and SG&A
COGS as a percentage of revenue rose from 76.5% in 2024Q4 to 80.8% in 2025Q4, while SG&A remained elevated, indicating cost inflation and limited expense flexibility, per financial statements.
The increase in COGS ratio from 76.5% in 2024Q4 to 80.8% in 2025Q4 suggests that input costs, particularly land and materials, are rising faster than the company can pass through to buyers. SG&A expenses have not declined proportionally with revenue, as evidenced by the SG&A-to-revenue ratio rising from 10.1% in 2024Q4 to 11.0% in 2025Q4, indicating a lack of cost-cutting measures. The company may need to implement more aggressive cost controls to protect margins in a softer demand environment.
Short-Seller Focus: Margin and Demand Risks
The sharp revenue decline and negative gross margin in 2026Q2 could signal that Tri Pointe's premium positioning is failing to protect against a housing downturn, per reported data.
Short-sellers might argue that the -22.8% revenue contraction and the unprecedented negative gross margin in 2026Q2 indicate that the company's land bank is overvalued and that it will face further impairments. The company's concentration in California and Washington, where affordability is particularly strained, may lead to a prolonged demand slump, as move-up buyers are locked into low-rate mortgages. Additionally, the high cash balance of $982M could be seen as a sign that management lacks confidence in deploying capital, potentially limiting returns.