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Forestar Group Inc.

CIK:0001406587|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 407.0	$ 390.5	$ 1,054.3	$ 991.9
Cost of sales	322.9	310.8	835.0	778.0
Selling, general and administrative expense	38.3	37.4	112.6	111.8
Equity in earnings of unconsolidated ventures	0.0	0.0	0.0	(0.6)
Interest and other income	(2.9)	(1.3)	(6.8)	(4.6)
Loss on extinguishment of debt	0.0	0.0	0.0	1.1
Income before income taxes	48.7	43.6	113.5	106.2
Income tax expense	12.7	10.7	29.8	25.2
Net income	36.0	32.9	83.7	81.0
Net income attributable to noncontrolling interests	0.1	0.0	0.2	0.0
Net income attributable to Forestar Group Inc.	$ 35.9	$ 32.9	$ 83.5	$ 81.0
Basic net income per common share	$ 0.70	$ 0.65	$ 1.63	$ 1.59
Weighted average number of common shares	51,110,896	50,931,777	51,036,627	50,849,223
Diluted net income per common share	$ 0.70	$ 0.65	$ 1.63	$ 1.59
Adjusted weighted average number of common shares	51,250,693	51,005,130	51,213,926	51,045,925

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 83.7	$ 81.0
Adjustments:
Depreciation and amortization	2.3	2.6
Deferred income taxes	6.6	10.4
Equity in earnings of unconsolidated ventures	0.0	(0.6)
Stock-based compensation expense	6.9	5.8
Impairments and land option charges	8.0	3.9
Loss on extinguishment of debt	0.0	1.1
Changes in operating assets and liabilities:
Increase in real estate	(69.3)	(561.0)
Decrease (increase) in other assets	4.7	(15.4)
Decrease in accounts payable and other accrued liabilities	(12.5)	(23.6)
Decrease in accrued development costs	(11.7)	(15.5)
Increase in earnest money deposits on sales contracts	8.9	57.3
Net cash provided by (used in) operating activities	27.6	(454.0)
INVESTING ACTIVITIES
Expenditures for property, equipment, software and other	(0.3)	(1.5)
Return of investment in unconsolidated ventures	0.0	0.9
Net cash used in investing activities	(0.3)	(0.6)
FINANCING ACTIVITIES
Additions to debt	0.0	780.0
Repayment of debt	(9.9)	(609.4)
Deferred financing fees	0.0	(6.3)
Stock issued under employee benefit plans	0.3	0.0
Cash paid for shares withheld for taxes	(2.0)	(1.7)
Net cash (used in) provided by financing activities	(11.6)	162.6
Increase (decrease) in cash and cash equivalents	15.7	(292.0)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	379.2	481.2
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	$ 394.9	$ 189.2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Sep. 30, 2025
ASSETS
Cash and cash equivalents	$ 394.9	$ 379.2
Real estate	2,711.5	2,645.1
Property and equipment, net	7.3	8.1
Other assets	106.9	104.6
Total assets	3,220.6	3,137.0
LIABILITIES
Accounts payable	65.3	71.0
Accrued development costs	120.1	131.8
Earnest money on sales contracts	202.2	193.3
Deferred tax liability, net	92.8	86.2
Accrued expenses and other liabilities	88.6	83.1
Debt	793.8	802.7
Total liabilities	1,362.8	1,368.1
Commitments and contingencies (Note 11)
Forestar Group Inc. shareholders’ equity:
Common stock, par value $1.00 per share, 200,000,000 authorized shares, 51,008,733 and 50,833,171 shares issued and outstanding at June 30, 2026 and September 30, 2025, respectively	51.0	50.8
Additional paid-in capital	676.1	671.0
Retained earnings	1,129.5	1,046.1
Stockholders' equity	1,856.6	1,767.9
Noncontrolling interests	1.2	1.0
Total equity	1,857.8	1,768.9
Total liabilities and equity	$ 3,220.6	$ 3,137.0