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Meritage Homes (MTH) investor relations material
Meritage Homes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Fourth quarter 2025 saw 3,755 home closings and $1.4 billion in home closing revenue, both down year-over-year due to lower volume, average sales price, and softer market conditions, with a 2% decline in sales orders and a focus on margin over volume.
Full year 2025 sales orders were flat at 14,650 homes, with a 15% increase in community count to 336, offsetting slower demand and a 9% decline in absorption pace.
The company maintained a competitive advantage with a strong supply of move-in ready homes, a 60-day closing guarantee, and a focus on affordable, entry-level, and first move-up homes.
Returned $416 million to shareholders in 2025, including $179 million in Q4, via buybacks and dividends, and repurchased 6% of outstanding shares for the year.
Net earnings for Q4 were $84 million ($1.20 per diluted share), down 51% year-over-year; adjusted diluted EPS was $1.67, both within guidance.
Financial highlights
Q4 home closing revenue was $1.4 billion, down 12% year-over-year due to 7% lower volume and a 5% decrease in ASP to $375,000.
Adjusted home closing gross margin for Q4 was 19.3%, excluding $38.9 million in non-recurring charges; Q4 gross margin was 16.5%.
Q4 adjusted diluted EPS was $1.67, down 30% year-over-year, with $42.9 million in non-recurring charges.
Full year 2025 adjusted gross margin was 20.8%, down 420–520 bps from 2024, and adjusted diluted EPS was $7.05, down from $10.79.
SG&A as a percentage of revenue was 10.6% in Q4 and 10.7% for the year, reflecting higher commissions and technology costs.
Outlook and guidance
2026 guidance projects closings and revenue in line with 2025, assuming stable market conditions.
Q1 2026 guidance: 3,000–3,300 closings, $1.13–$1.24 billion revenue, 18–19% gross margin, 24% tax rate, and $0.87–$1.13 diluted EPS.
Community count expected to grow 5–10% in 2026 from year-end 2025 levels.
Committed to $400 million in share buybacks in 2026, with $100 million planned per quarter, subject to market conditions.
Future land strategy impact on margins?
2026 capital allocation priorities?
Strategy to improve absorption pace?
Land deal termination criteria
Triggers for moderating absorption pace
SG&A leverage drivers for 2026
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Next Meritage Homes earnings date
Q1 202623 Apr, 2026
Meritage Homes
Next Meritage Homes earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Meritage Homes Corporation, designs and builds single-family homes. The company's portfolio of brands include Meritage Homes, which offers new home products and opportunities for home buyers to own their dream home; CalAtlantic Homes, which primarily designs and builds custom-built homes in select communities in the Western United States; and Carillon Homes, which designs and builds new home communities in the Midwestern United States. It also operates other brands, including Bryant Homes, Luxe, Martha Turner, Biltmore and Cierra. Meritage Homes Corporation is based in Scottsdale, Arizona.
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