Smith Douglas Homes Corp (SDHC) financial statements: income statement, balance sheet and cash flow
Smith Douglas Homes Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Smith Douglas Homes Corp reported net income of $68.4M (-38.8% year on year).
Income statement
Smith Douglas Homes Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Home closing revenue
$971.1M
$975.5M
Cost of home closings
$758.9M
$719.9M
Home closing gross profit
$212.2M
$255.5M
Selling, general and administrative costs
$139.8M
$136.4M
Equity in income from unconsolidated entities
($2.1M)
($1.2M)
Interest expense
$3.2M
$2.5M
Other expense, net
$374.0K
$938.0K
Income before income taxes
$70.9M
$116.9M
Provision for income taxes
$2.5M
$5.1M
Net income
$68.4M
$111.8M
Net income attributable to non-controlling interests and LLC members prior to IPO
$57.7M
$95.8M
Net income attributable to Smith Douglas Homes Corp.
$10.7M
$16.1M
Basic (in dollars per share)
$1.19
—
Diluted (in dollars per share)
$1.19
—
Basic (in shares)
9.0M
—
Diluted (in shares)
9.2M
—
Smith Douglas Homes Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Home closing revenue
$273.0M
$206.4M
$262.0M
$223.9M
Cost of home closings
$225.1M
$166.0M
$207.1M
$172.0M
Home closing gross profit
$47.9M
$40.5M
$55.0M
$51.9M
Selling, general and administrative costs
$41.9M
$35.9M
$36.1M
$34.7M
Equity in income from unconsolidated entities
($786.0K)
($527.0K)
($640.0K)
($598.0K)
Interest expense
$640.0K
$848.0K
$898.0K
$772.0K
Other expense (income), net
$4.3M
($97.0K)
$1.4M
($116.0K)
Income before income taxes
$1.9M
$4.3M
$17.2M
$17.2M
Provision for income taxes
$100.0K
$253.0K
$1.0M
$744.0K
Net income
$1.8M
$4.1M
$16.2M
$16.4M
Net income attributable to non-controlling interests
$1.5M
$3.5M
$14.1M
$14.1M
Net income attributable to Smith Douglas Homes Corp.
$246.0K
$565.0K
$2.1M
$2.4M
Basic (in dollars per share)
$0.03
$0.06
$0.24
$0.26
Diluted (in dollars per share)
$0.03
$0.06
$0.24
$0.26
Basic (in shares)
8.4M
9.1M
9.0M
9.0M
Diluted (in shares)
8.4M
9.1M
9.1M
9.0M
Balance sheet
Smith Douglas Homes Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Cash and cash equivalents
$12.7M
$22.4M
Real estate inventory
$298.6M
$277.8M
Deposits on real estate under option or contract
$138.8M
$103.0M
Real estate not owned
$28.1M
$5.8M
Property and equipment, net
$9.7M
$3.8M
Goodwill
$25.7M
$25.7M
Deferred tax asset, net
$9.7M
$10.9M
Other assets
$34.3M
$26.4M
Total assets
$557.6M
$475.9M
Accounts payable
$1.9M
$17.2M
Customer deposits
$3.1M
$5.3M
Notes payable
$44.1M
$3.1M
Liabilities related to real estate not owned
$28.1M
$5.8M
Accrued expenses and other liabilities
$26.4M
$32.3M
Tax receivable agreement liability
$9.9M
$10.4M
Total liabilities
$113.5M
$74.2M
Preferred stock, $0.0001 par value – 10,000,000 shares authorized; none issued and outstanding as of December 31, 2025 and 2024
0
0
Common stock
$5.0K
$5.0K
Additional paid-in capital
$60.6M
$58.2M
Retained earnings
$26.1M
$15.4M
Total stockholders’ equity attributable to Smith Douglas Homes Corp.
$86.7M
$73.6M
Non-controlling interests attributable to Smith Douglas Holdings LLC
$357.4M
$328.1M
Total equity
$444.1M
$401.7M
Total liabilities and equity
$557.6M
$475.9M
Smith Douglas Homes Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$14.2M
$28.0M
$14.8M
$16.8M
Real estate inventory
$331.2M
$314.7M
$314.5M
$320.8M
Deposits on real estate under option or contract
$139.3M
$141.9M
$135.8M
$132.4M
Real estate not owned
$24.3M
$33.0M
$28.8M
$26.1M
Property and equipment, net
$9.2M
$9.4M
$9.5M
$8.9M
Goodwill
$25.7M
$25.7M
$25.7M
$25.7M
Deferred tax asset, net
$9.6M
$9.6M
$10.5M
$10.6M
Other assets
$38.6M
$37.8M
$32.0M
$28.9M
Total assets
$592.1M
$600.2M
$571.6M
$570.2M
Accounts payable
$26.9M
$23.3M
$21.1M
$15.8M
Customer deposits
$6.0M
$5.1M
$5.2M
$5.9M
Notes payable
$66.0M
$68.5M
$53.6M
$74.1M
Liabilities related to real estate not owned
$24.3M
$33.0M
$28.8M
$26.1M
Accrued expenses and other liabilities
$26.5M
$25.1M
$26.0M
$23.0M
Tax receivable agreement liability
$9.4M
$9.4M
$10.4M
$10.4M
Total liabilities
$159.1M
$164.3M
$145.1M
$155.4M
Preferred stock
$0
$0
$0
$0
Common stock
$5.0K
$5.0K
$5.0K
$5.0K
Additional paid-in capital
$62.1M
$61.1M
$59.6M
$59.8M
Retained earnings
$26.9M
$26.7M
$22.6M
$20.2M
Treasury stock, at cost
($9.6M)
($5.7M)
—
—
Total stockholders’ equity attributable to Smith Douglas Homes Corp.
$79.5M
$82.1M
$82.2M
$80.0M
Non-controlling interests attributable to Smith Douglas Holdings LLC
$353.5M
$353.8M
$344.3M
$334.9M
Total equity
$433.0M
$435.9M
$426.4M
$414.8M
Total liabilities and equity
$592.1M
$600.2M
$571.6M
$570.2M
Cash flow statement
Smith Douglas Homes Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Net income
$68.4M
$111.8M
Depreciation
$2.5M
$1.8M
Accrued incentive compensation expense
$858.0K
$3.0M
Share-based payment expense
$3.7M
$4.4M
Abandonment of lot option contracts
$2.3M
—
Impairment of real estate inventory
$2.6M
—
Amortization of debt issuance costs
$944.0K
$942.0K
Equity in earnings from unconsolidated entities
($2.1M)
($1.2M)
Distributions of income from unconsolidated entities
$1.9M
$1.1M
Non-cash lease expense
$658.0K
$630.0K
Provision for deferred income taxes
$1.2M
$353.0K
Change in value of TRA liability
($544.0K)
—
Other
$5.0K
$24.0K
Real estate inventory
($46.2M)
($53.7M)
Deposits on real estate under option or contract
($37.4M)
($45.9M)
Other assets
($5.4M)
($6.7M)
Accounts payable
($15.3M)
($84.0K)
Customer deposits
($2.2M)
($1.9M)
Accrued expenses and other liabilities
($7.4M)
$4.5M
Net cash (used in) provided by operating activities
($31.3M)
$19.1M
Purchases of property and equipment
($5.5M)
($3.9M)
Investments in unconsolidated entities
($1.1M)
($855.0K)
Other
$25.0K
$36.0K
Net cash used in investing activities
($6.6M)
($4.7M)
Issuance of Class A common stock in IPO, net of underwriting discount
$0
$172.8M
Issuance of Class B common stock
$0
$4.0K
Payment of offering costs
$0
($5.1M)
Redemption of Class C and D units
$0
($2.6M)
Purchase of LLC interests from Continuing Equity Owners
$0
($47.6M)
Borrowings under revolving credit facility
$205.0M
$87.0M
Repayments under revolving credit facility
($165.0M)
($158.0M)
Payments on notes payable
($1.7M)
($1.6M)
Payments on notes payable - related party
($288.0K)
($938.0K)
Proceeds from sales of real estate not owned
$43.3M
$4.9M
Payments related to repurchases of real estate not owned
($21.1M)
($15.9M)
Distributions
($28.4M)
($40.0M)
Payment of debt issuance costs
($2.2M)
($1.9M)
Payment of shares withheld for taxes
-1.3M
—
Payment of contingent consideration related to acquisition
$0
($3.0M)
Net cash provided by (used in) financing activities
$28.3M
($11.8M)
Net (decrease) increase in cash and cash equivalents
($9.6M)
$2.6M
Cash and cash equivalents, beginning of year
$22.4M
$19.8M
Cash and cash equivalents, end of year
$12.7M
$22.4M
Cash paid for interest, net of amounts capitalized
$2.0M
$1.7M
Cash paid for income taxes
$3.6M
$4.3M
Smith Douglas Homes Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$5.8M
$4.1M
$51.4M
$35.1M
Depreciation
$1.8M
$857.0K
$1.8M
$1.1M
Accrued incentive compensation expense
$489.0K
$124.0K
$618.0K
$384.0K
Share-based payment expense
$2.7M
$1.2M
$2.6M
$1.6M
Abandonment of lot option contracts
$4.5M
$0
$2.3M
$716.0K
Impairment of real estate inventory
$4.1M
$972.0K
$642.0K
$642.0K
Amortization of debt issuance costs
$406.0K
$243.0K
$700.0K
$456.0K
Equity in earnings from unconsolidated entities
($1.3M)
($527.0K)
($1.5M)
($817.0K)
Distributions of income from unconsolidated entities
$1.3M
$643.0K
$1.4M
$747.0K
Non-cash lease expense
$277.0K
$133.0K
$522.0K
$388.0K
Provision for deferred income taxes
$54.0K
$30.0K
$434.0K
$263.0K
Other
($13.0K)
$0
($11.0K)
($10.0K)
Real estate inventory
($32.9M)
($22.0M)
($61.0M)
($64.0M)
Deposits on real estate under option or contract
($5.0M)
($3.2M)
($34.4M)
($30.1M)
Other assets
($5.8M)
($4.0M)
($2.8M)
$677.0K
Accounts payable
$25.0M
$21.3M
$3.9M
($1.4M)
Customer deposits
$2.9M
$2.0M
($145.0K)
$602.0K
Accrued expenses and other liabilities
$472.0K
($1.5M)
($7.5M)
($10.3M)
Net cash provided by (used in) operating activities
$4.8M
$338.0K
($41.1M)
($63.8M)
Purchases of property and equipment
($1.1M)
($540.0K)
($4.5M)
($3.2M)
Investments in unconsolidated entities
($25.0K)
($25.0K)
($1.1M)
($1.1M)
Other
$12.0K
$0
$25.0K
$17.0K
Net cash used in investing activities
($1.2M)
($565.0K)
($5.6M)
($4.2M)
Borrowings under revolving credit facility
$131.0M
$76.0M
$164.0M
$149.0M
Repayments under revolving credit facility
($108.0M)
($51.0M)
($115.0M)
($80.1M)
Payments on notes payable
($908.0K)
($445.0K)
($1.3M)
($832.0K)
Payments on notes payable - related party
($259.0K)
($128.0K)
($163.0K)
($40.0K)
Proceeds from sales of real estate not owned
$12.3M
$11.1M
$36.7M
$27.1M
Payments related to repurchases of real estate not owned
($16.1M)
($6.2M)
($13.7M)
($6.8M)
Distributions
($8.9M)
($7.1M)
($28.0M)
($23.6M)
Payment of debt issuance costs
($100.0K)
$0
($2.2M)
($2.2M)
Payments of shares withheld for taxes
-648.0K
-644.0K
-1.3M
—
TRA payments
($475.0K)
($475.0K)
—
—
Share repurchases
($10.1M)
($5.7M)
—
—
Net cash (used in) provided by financing activities
($2.2M)
$15.5M
$39.1M
$62.5M
Net increase (decrease) in cash and cash equivalents
$1.5M
$15.2M
($7.6M)
($5.6M)
Cash and cash equivalents, beginning of period
$12.7M
$12.7M
$22.4M
$22.4M
Cash and cash equivalents, end of period
$14.2M
$28.0M
$14.8M
$16.8M
Cash paid for interest, net of amounts capitalized
$950.0K
$1.9M
$1.3M
$629.0K
Cash paid for income taxes
$964.0K
$9.0K
$3.5M
$1.3M
Right-of-use assets obtained in exchange for new operating lease liabilities
$929.0K
$0
$574.0K
$574.0K
Capital expenditures financed by issuance of related party note payable