KB Home 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended November 30, 2025or☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period fromto.Commission File No.001-09195 KB HOME (Exact name of registrant as specified in its charter) (I.R.S. EmployerIdentification No.) 10990 Wilshire Boulevard, Los Angeles, California90024(Address of principal executive offices)(Zip Code)Registrant’s telephone number, including area code:( 310) 231-4000Securities Registered Pursuant to Section12(b) of the Act: Securities Registered Pursuant to Section12(g) of the Act: NoneIndicateby check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicateby check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)of theAct.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company.Seethe definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the voting common stock held by non-affiliates of the registrant on May31, 2025 was $3,510,028,491,excluding 6,387,293 shares held in treasury. There were 63,173,611shares of the registrant’s common stock, par value $1.00 per share, outstanding on December31, 2025. Documents Incorporated by Reference Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders (incorporated into Part III). PARTI Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety DisclosuresInformation about our Executive Officers PARTII Item5.MarketforRegistrant’sCommonEquity, RelatedStockholderMattersandIssuerPurchases ofEquity SecuritiesItem6.[Reserved]Item7.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A.Quantitative and Qualitative Disclosures About Market RiskItem8.Financial Statements and Supplementary DataItem9.Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem9A.Controls and ProceduresItem9B.Other InformationItem 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PARTIIIItem10.Directors, Executive Officers and Corporate Governance 98Item11.Executive Compensation99Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters99Item13.Certain Relationships and Related Transactions, and Director Independence100Item14.Principal Accountant Fees and Services100 PARTIV Item15.Exhibits and Financial Statement Schedules100Item16.Form 10-K Summary103Signatures104 PART I Item 1.BUSINESS General KB Home is one of the largest and most trusted homebuilders in the U.S.We