Business Description

KB Home is one of the largest and most trusted homebuilders in the U.S. We have been building homes for nearly 70 years, with over 700,000 homes built since our founding in 1957. We build a variety of new homes, including attached and detached single-family residential homes, townhomes and condominiums, designed primarily for first-time and first move-up, as well as second move-up and active adult, homebuyers. We offer homes in development communities, at urban in-fill locations and as part of mixed-use projects. Our homebuilding operations represent the majority of our business, accounting for 99.6% of our total revenues in 2025 . Our financial services operations, which accounted for the remaining .4% of our total revenues in 2025 , offer various insurance products to our homebuyers in the markets where we build homes and provide title services in certain of those markets. Our financial services operations also provide mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“ KBHS ”), an unconsolidated joint venture between us and a third party. Unless the context indicates otherwise, the terms “we,” “our” and “us” used in this report refer to KB Home, a Delaware corporation, and its predecessors and subsidiaries. We also use the following terms in our business with the corresponding meanings: “home” is a single-family residence, whether it is a single-family home or other type of residential property; “homes delivered” are homes for which the sale has closed and title has passed to a customer; “community” is a single development in which new homes are constructed as part of an integrated plan; “community count” is the number of communities we have open for sales with at least five homes/lots left to sell; and “product” encompasses a home’s floor plan design and interior/exterior style, amenities, functions and features. The following charts present homebuilding revenues, net income and diluted earnings per share for the years ended November 30, 2021, 2023 and 2025, and book value per share as of November 30, 2021, 2023 and 2025: 2 Markets Reflecting the geographic scale of our homebuilding business, we have operations in the nine states and 49 major markets presented below. We also operate in various submarkets within these major markets. We may refer to these markets and submarkets collectively as our “served markets.” For reporting purposes, we organize our homebuilding operations into four segments — West Coast, Southwest, Central and Southeast. Segment States Major Market(s) West Coast California Contra Costa County, Fresno, Hollister, Los Angeles, Madera, Modesto, Oakland, Orange County, Riverside, Roseville, Sacramento, Salinas, San Bernardino, San Diego, San Francisco, San Jose, Santa Rosa-Petaluma, Stockton, Vallejo, Ventura and Yuba City Idaho Boise Washington Bremerton, Olympia and Seattle Southwest Arizona Phoenix and Tucson Nevada Las Vegas Central Colorado Denver, Erie, Firestone and Loveland Texas Austin, Dallas, Fort Worth, Houston and San Antonio Southeast Florida Fort Myers, Jacksonville, Lakeland, Melbourne, Orlando, Palm Coast, Sarasota and Tampa North Carolina Charlotte, Durham-Chapel Hill, Fayetteville and Raleigh In 2025, we announced our reentry into the Atlanta, Georgia market. However, as of November 30, 2025 , we had not acquired land or commenced selling homes in that market. Business Strategy Overview . Our core business strategy, which we refer to as KB Edge , is to expand