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Meritage Homes CORP

MTH · Industrials

Last earnings Oct 28, 2026

Key results

Revenuequarter

$1.4 billion

We generated home closing revenue of $1.4 billion and achieved an adjusted home closing gross margin of 20.1% and adjusted diluted EPS of $1.55 both of which excluded $14.5 million in combined real estate inventory impairments and terminated land deal charges.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Gross marginquarter

20.1%

We generated home closing revenue of $1.4 billion and achieved an adjusted home closing gross margin of 20.1% and adjusted diluted EPS of $1.55 both of which excluded $14.5 million in combined real estate inventory impairments and terminated land deal charges.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Adjusted EPSquarter

$1.55

We generated home closing revenue of $1.4 billion and achieved an adjusted home closing gross margin of 20.1% and adjusted diluted EPS of $1.55 both of which excluded $14.5 million in combined real estate inventory impairments and terminated land deal charges.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

The 12% year-over-year decrease in home closing revenue in the third quarter of 2025 to $1.4 billion was the result of 7% lower home closing volume of 3,685 homes combined with a 5% decrease in ASP on closings to $380,000.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

gross margin of 19.1% decreased 570 bps in the third quarter of 2025 from 24.8% in the prior year due to increased utilization of incentives, inventory-related impairment and walk-away charges, higher lot costs and reduced leverage of fixed costs on lower home closing revenue

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Third quarter 2025 home closing gross margin included $8.7 million of real estate inventory impairments and $5.8 million in terminated land deal walk-away charges, compared to no impairments and $2.0 million in terminated land deal walk-away charges in the prior year.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Excluding these inventory-related charges, adjusted home closing gross margin was 20.1% and 24.9% for third quarters of 2025 and 2024, respectively.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

revenue were 10.8% compared to 9.9% in the third quarter of 2024, primarily as a result of higher commission rates and technology costs, as well as lost leverage on lower home closing revenue, which was partially offset by lower compensation costs.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Net incomequarter

$99 million

Net earnings were $99 million ($1.39 per diluted share) for the third quarter 2025, a 49% decrease from $196 million ($2.67 per diluted share) for the third quarter of 2024, mainly resulting from lower home closing revenue and gross profit as well as higher SG A and tax rates.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

EPSquarter

$8.7 million

Third quarter 2025 diluted EPS included $8.7 million of real estate inventory impairments and $5.8 million in terminated land deal walk-away charges, compared to no impairments and $2.0 million in terminated land deal walk-away charges in the prior year.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

AI analysis

Q3 2025 · reported Oct 28, 2025

Based on: Earnings release + parent 8-K — transcript not held

Revenue · Q3 2025
$1.4B
EX-99 · Oct 28, 2025
Adjusted EPS · Q3 2025
$1.55
EX-99 · Oct 28, 2025
Gross margin · Q3 2025
20.1%
EX-99 · Oct 28, 2025
Net income · Q3 2025
$99M
EX-99 · Oct 28, 2025

Headline figures

MetricQ3 2025Prior qtrYear ago
Revenue$1.4 billion——
Gross margin20.1%——
Adjusted EPS$1.55——
Net income$99 million——
EPS$8.7 million——

EX-99 · Oct 28, 2025

Guidance · company-stated

revenue

“$1.46”

gross margin

“19-20%”

Effective tax rate

“Approximately 24.5%”

Diluted EPS

“$1.51”

Guidance stated in the release's Business Outlook table for the fourth quarter of 2025; no direction stated — figures as stated in the table.

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Gross margin20.1%

Capital allocation

Dividend$85M
Year-to-date dividend$92M
Year-to-date dividend$82M

We pared back our spend on land acquisition and development this quarter to $528 million and were able to redeploy some of the excess cash, returning $85 million capital to shareholders through cash dividends and share repurchases during the third quarter of 2025.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

homebuilder, reported third quarter results for the period ended September 30, 2025

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

revenue: “revenue $1.46”

gross margin: “gross margin 19-20%”

Effective tax rate: “Effective tax rate Approximately 24.5%”

Diluted EPS: “Diluted EPS $1.51”

revenue (“the fourth quarter of 2025”)
“revenue $1.46”

gross margin (“the fourth quarter of 2025”)
“gross margin 19-20%”

Effective tax rate (“the fourth quarter of 2025”)
“Effective tax rate Approximately 24.5%”

Diluted EPS (“the fourth quarter of 2025”)
“Diluted EPS $1.51”

Guidance stated in the release's Business Outlook table for the fourth quarter of 2025; no direction stated — figures as stated in the table.

Capital allocation

We pared back our spend on land acquisition and development this quarter to $528 million and were able to redeploy some of the excess cash, returning $85 million capital to shareholders through cash dividends and share repurchases during the third quarter of 2025.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

With cash of $729 million, nothing drawn under our revolving credit facility and net debt-to-capital ratio of 17.2% at September 30, 2025, we are comfortable with our current liquidity.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Debt-to-capital and net debt-to-capital ratios were 25.7% and 17.2%, respectively, at September 30, 2025, which compared to 20.6% and 11.7%, respectively, at December 31, 2024.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

The Company declared and paid quarterly cash dividends of $0.43 per share totaling $30 million in the third quarter of 2025.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Year-to-date dividends paid were $92 million and $82 million in 2025 and 2024, respectively.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

During the third quarter of 2025, the Company repurchased 772,010 shares of stock, or 1.1% of shares outstanding at the beginning of the quarter, for $55 million.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Strategy & priorities

We leaned into our strategy, providing our customers certainty amidst an evolving housing market with a healthy selection of available inventory and payment affordability solutions, said Steven J.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Our strategy and persistent improvement in our cycle times resulted in 3,685 closings this quarter, with nearly 60% of these deliveries coming from intra-quarter sales, translating to a backlog conversion rate of 211%, added Phillippe Lord, chief executive officer of Meritage Homes.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Risks & headwinds

Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Meritage's business is subject to a number of risks and uncertainties.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically.

SEC original ↗Meritage Homes CORP — Earnings release (8-K exhibit)EX-99Oct 28, 2025

Documents

Earnings deck slides

4 decks with slide view

Slide history — recurring slides by stated title

Slides are matched across this company’s decks by their stated title only; a title listed here appeared in more than one held deck.

2Q26 Average Absorption Pace Down YOY Yet In Line With — Oct 22, 2026 · slide 4 · Oct 22, 2026 · slide 4

2Q26 Capital Structure and Capital Spend Activities — Oct 22, 2026 · slide 8 · Oct 22, 2026 · slide 8

2Q26 Financial Performance — Oct 22, 2026 · slide 7 · Oct 22, 2026 · slide 7

2Q26 Key Takeaways — Oct 22, 2026 · slide 11 · Oct 22, 2026 · slide 11

2Q26 Land & Development Investment — Oct 22, 2026 · slide 9 · Oct 22, 2026 · slide 9

ABOUT MERITAGE — Oct 22, 2026 · slide 12 · Oct 22, 2026 · slide 12

Guidance — Oct 22, 2026 · slide 10 · Oct 22, 2026 · slide 10

Meritage Company Overview — Oct 22, 2026 · slide 13 · Oct 22, 2026 · slide 13

Meritage Homes reports third quarter 2026 results — Oct 22, 2026 · slide 1 · Oct 28, 2026 · slide 1

Meritage Key Strategies — Oct 22, 2026 · slide 14 · Oct 22, 2026 · slide 14

Our Available Supply of Quick Turning Move-In Ready — Oct 22, 2026 · slide 6 · Oct 22, 2026 · slide 6

Regions — Oct 22, 2026 · slide 5 · Oct 22, 2026 · slide 5

Safe Harbor — Oct 22, 2026 · slide 2 · Oct 22, 2026 · slide 2

SECOND QUARTER 2026 — Oct 22, 2026 · slide 1 · Oct 22, 2026 · slide 1

Speakers — Oct 22, 2026 · slide 3 · Oct 22, 2026 · slide 3

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

RELX (RELX) IndustrialsThomson Reuters (TRI) IndustrialsFedEx (FDX) IndustrialsVertiv (VRT) IndustrialsCanadian National Railway (CNI) IndustrialsAerCap Holdings (AER) IndustrialsCanadian Pacific Kansas City (CP) IndustrialsGeneral Dynamics (GD) Industrials

Filings

31 documents

Earnings releases

52 documents

Presentations

4 documents

Transcripts

0 documents

No transcripts for Meritage Homes CORP are held in this edition of the library.

Mentioned by

1 company

Other tracked companies whose held documents mention Meritage Homes CORP by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.