0000833079-26-000010
SEC filingMeritage Homes Corporation (MTH) reported strong FY 2025 financial performance with total closing revenue of $5.86B, driven by homebuilding operations. Gross profit reached $1.16B on cost of goods sold of $4.69B and additional cost of revenue $17.6M. After deducting commissions and other sales costs of $404.4M, general and administrative expenses of $211.8M, offset by earnings from financial services unconsolidated entities of $3.0M and other income of $44.1M, earnings before income taxes were $584.6M. Provision for income taxes was $131.6M, resulting in net earnings of $453.0M, or $6 basic and diluted earnings per share. Balance sheet shows total assets of $7.62B, including $775.2M cash and $5.99B real estate, with total liabilities $2.43B and stockholders' equity $5.20B. Operating cash flow was $118.3M, investing cash outflow $57.7M, financing inflow $63.0M, yielding net cash increase of $123.6M. No prior year figures disclosed in filing for YoY comparison. Strong profitability and liquidity position supports ongoing homebuilding investments amid real estate impairments of $18.1M and deposit write-offs of $39.4M.
Meritage Homes Corporation delivered robust FY 2025 results ending December 31, 2025. Total closing revenue was $5.86B, with cost of goods and services sold at $4.69B and cost of revenue $17.6M, yielding total closing gross profit of $1.16B. Operating expenses included commissions and other sales costs of $404.4M and general and administrative expenses of $211.8M. Earnings from financial services unconsolidated entities and other netted $3.0M, while other income contributed $44.1M. Interest expense and loss on early extinguishment of debt were $0. Earnings before income taxes totaled $584.6M, with provision for income taxes at $131.6M, resulting in net earnings of $453.0M. Basic and diluted EPS were $6, based on weighted average shares of 70.8M basic and 71.3M diluted. No prior period comparisons provided in the filing. (148 words)
Total closing revenue for FY 2025 was $5.86B, primarily from homebuilding activities as indicated by real estate assets of $5.99B and related costs. The filing does not disclose detailed segment breakdowns, geographic mix, or specific growth drivers beyond total closing revenue. Deposits on real estate under option or contract stood at $174.2M, supporting ongoing development. Home sale deposits were minimal at $9.2M. No YoY revenue changes or dimensional segment data available in XBRL or text. (92 words)
Gross profit of $1.16B on $5.86B revenue implies a gross margin of approximately 19.8%, derived directly from disclosed figures. Earnings before taxes of $584.6M reflect effective cost management with zero interest expense. Net margin on revenue is about 7.7% based on $453.0M net earnings. Expenses controlled with G&A at $211.8M and commissions $404.4M. Impairments noted: real estate $18.1M, non-refundable deposits and pre-acquisition costs $39.4M. No prior year margins for comparison. (98 words)
Net cash from operating activities was $118.3M, starting from $453.0M net earnings, adjusted for depreciation $25.3M, stock compensation $19.7M, and working capital changes including $274.1M increase in real estate. Investing activities used $57.7M, mainly $32.7M in unconsolidated entities and $25.7M property purchases. Financing provided $63.0M, driven by $497.2M senior notes proceeds offset by $295.0M share repurchases and $121.1M dividends. Net cash increase $123.6M; cash ended at $775.2M (note: end-year cash listed as $861.6M in some lines). Total assets $7.62B, liabilities $2.43B including $1.80B notes, equity $5.20B with $5.19B retained earnings. (142 words)
The filing does not disclose management guidance, strategic priorities, or specific risk factors beyond noted impairments and write-offs. Investors should monitor real estate market conditions given $5.99B inventory exposure and ongoing investments in unconsolidated entities $57.3M. Share repurchases of $295.0M and dividends $121.1M signal capital return focus. Debt management shown via $497.2M new issuances and zero repayments. No forward-looking statements provided in the extracted content. (92 words)