Meritage Homes reports second quarter 2026 results

About this update from Meritage Homes Corporation

SCOTTSDALE, Ariz. , July 29, 2026 (GLOBE NEWSWIRE) -- Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S . homebuilder, reported second quarter results for the period ended June 30, 2026 .   Summary Operating Results (unaudited) (Dollars in thousands, except per share amounts)     Three Months Ended June 30 ,   Six Months Ended June 30 ,   2026   2025   % Chg   2026   2025   % Chg Homes closed (units)   3,725     4,170   (11)%     6,692     7,586   (12)% Home closing revenue $ 1,387,911   $ 1,615,709   (14)%   $ 2,495,733   $ 2,957,813   (16)% Average sales price — closings $ 373   $ 387   (4)%   $ 373   $ 390   (4)% Home orders (units)   3,575     3,914   (9)%     7,239     7,790   (7)% Home order value $ 1,376,338   $ 1,547,438   (11)%   $ 2,776,778   $ 3,105,615   (11)% Average sales price — orders $ 385   $ 395   (3)%   $ 384   $ 399   (4)% Ending backlog (units)               1,715     1,748   (2)% Ending backlog value             $ 661,906   $ 695,476   (5)% Average sales price — backlog             $ 386   $ 398   (3)% Home closing gross margin   18.3%     21.1%   (280) bps     17.9%     21.5%   (360) bps Earnings before income taxes $ 120,564   $ 193,060   (38)%   $ 193,088   $ 353,219   (45)% Net earnings $ 90,630   $ 146,879   (38)%   $ 145,939   $ 269,685   (46)% Diluted EPS $ 1.37   $ 2.04   (33)%   $ 2.18   $ 3.73   (42)% MANAGEMENT COMMENTS "The 2026 spring selling season remained softer than expected this quarter as macroeconomic uncertainty and volatile interest rates continued to pressure buyer psychology. Although below prior year levels, our second quarter 2026 absorptions reflected pockets of solid performance which accelerated community close outs in some markets," said Steven J. Hilton , executive chairman of Meritage Homes . "Our available home inventory and improved cycle times drove a backlog conversion rate of 200% and 3,725 closings this quarter, with nearly 60% generated from intra-quarter sales," added Phillippe Lord , chief executive officer of Meritage Homes . "Second quarter 2026 home closing revenue totaled $1.4 billion which generated adjusted home closing gross margin of 18.6% and adjusted diluted EPS of $1.42 , excluding $3.6 million of real estate inventory impairments and $0.3 million in terminated land deal walk-away charges." "We remain committed to a disciplined capital allocation strategy that balances growth and shareholder returns while ensuring sufficient liquidity in a volatile interest rate environment. During the current quarter, we returned $131 million to shareholders via share repurchases and dividends. And while we moderated land spend to $357 million from $509 million in the second quarter of 2025, we are reiterating our prior community count growth expectation of 5-10% year-over-year for full year 2026," concluded Mr. Lord . "We ended the second quarter of 2026 with cash of $807 million , no borrowings under our revolving credit facility and a net debt-to-capital ratio of 17.1%. As of June 30, 2026 , our book value per share increased 5% year-over-year." SECOND QUARTER RESULTS Orders of 3,575 homes for the second quarter of 2026 decreased 9% year-over-year mainly as a result of 19% lower average absorption pace, which was partially offset by a 14% increase in average community count. Second quarter 2026 average sales price ("ASP") on orders of $385,000 was down 3% from the second quarter of 2025, primarily due to geographic mix. The 14% year-over-year decrease in home closing revenue in the second quarter of 2026 to $1.4 billion was due to 11% lower closing volume of 3,725 homes combined with a 4% decrease in ASP on closings to $373,000 . The closing ASP decline was a function of geographic mix. Home closing gross margin of 18.3% in the second quarter of 2026 was 280 bps lower than 21.1% in the prior year as a result of lost leverage on lower home closing revenue and higher lot costs, which were partially offset by direct cost savings and quicker cycle times. Excluding $3.6 million of real estate inventory impairments and $0.3 million in terminated land deal walk-away charges in the second quarter of 2026, compared to no impairments and $4.2 million in terminated land deal walk-away charges in the prior year, adjusted home closing gross margin was 18.6% and 21.4% for the second quarters of 2026 and 2025, respectively. Selling, general and administrative expenses ("SG&A") as a percentage of second quarter 2026 home closing revenue were 10.4% compared to 10.2% in the second quarter of 2025, as a result of lost leverage on lower home closing revenue, which was partially offset by decreased compensation expense and an intentional pull back in discretionary expenses. The second quarter effective income tax rate was 24.8% in 2026 compared to 23.9% in 2025 due to higher income state tax.  Net earnings were $91 million ( $1.37 per diluted share) for the second quarter 2026, a 38% decrease from $147 million ( $2.04 per diluted share) for the second quarter of 2025, mainly resulting from lower home closing revenue and gross profit. Excluding quarterly impairments and walk-away charges for each period, adjusted diluted EPS was $1.42 and $2.09 for the second quarters of 2026 and 2025, respectively. YEAR TO DATE RESULTS Total sales orders for the first six months of 2026 decreased 7% year-over-year, reflecting an 18% decrease in average absorption pace partially offset by a 14% increase in average communities compared to the first six months of 2025. The 4% lower ASP on orders for the first six months of 2026 year-over-year was primarily due to geographic mix. Home closing revenue decreased 16% year-over-year in the first six months of 2026 to $2.5 billion , driven by 12% lower home closing volume and a 4% decrease in ASP on closings compared to the first six months of 2025. The 4% lower ASP on closings for the first six months of 2026 compared to prior year reflected geographic mix. Home closing gross margin of 17.9% decreased 360 bps in the first six months of 2026 from 21.5% in the prior year due to lost leverage on lower home closing revenue and higher lot costs, which were partially offset by direct cost savings and quicker cycle times. Excluding $6.0 million of real estate inventory impairments and $1.6 million in terminated land deal walk-away charges in the first six months of 2026, compared to no impairments and $5.6 million in terminated land deal walk-away charges in the prior year, adjusted home closing gross margin was 18.2% and 21.7% for the first six months of 2026 and 2025, respectively. SG&A as a percentage of home closing revenue was 11.0% in the first six months of 2026 compared to 10.7% in the prior year, as a result of lost leverage on lower home closing revenue, which was partially offset by decreased compensation expense and an intentional reduction in discretionary expenses. The effective income tax rate in the first six months of 2026 was 24.4% compared to 23.6% in 2025 due to higher income state tax. Net earnings were $146 million ( $2.18 per diluted share) for the first six months of 2026, a 46% decrease from $270 million ( $3.73 per diluted share) for the first six months of 2025, primarily reflecting lower home closing revenue and gross margins. Excluding year-to-date impairments and walk-away charges for each period, adjusted diluted EPS was $2.27 and $3.79 for the first six months of 2026 and 2025, respectively. BALANCE SHEET & LIQUIDITY Cash and cash equivalents at June 30, 2026 totaled $807 million . This compared to cash and cash equivalents of $775 million at December 31, 2025 . Land acquisition and development spend, net of land development reimbursements, totaled $357 million and $509 million for the second quarter of 2026 and 2025, respectively. Approximately 73,200 lots were owned or controlled as of June 30, 2026 , compared to approximately 81,900 lots as of June 30, 2025 . Nearly 1,700 net new lots were added in the second quarter of 2026, representing an estimated 13 future communities.  Second quarter 2026 ending community count of 340 was up 9% compared to prior year and down 1% sequentially from the first quarter of 2026. Debt-to-capital and net debt-to-capital ratios were 26.8% and 17.1%, respectively, at June 30, 2026 , which compared to 26.0% and 16.9%, respectively, at December 31, 2025 . The Company declared and paid quarterly cash dividends of $0.48 per share totaling $31 million in the second quarter of 2026. This compared to $0.43 per share totaling $31 million in the second quarter of 2025. Year-to-date dividends paid were $63 million and $61 million in 2026 and 2025, respectively. During the second quarter of 2026, the Company repurchased 1,528,340 shares of stock, or 2.3% of shares outstanding at the beginning of the quarter, for $100 million . This compared to $45 million in the second quarter of 2025. For the first six months of 2026, the Company repurchased 3,344,160 shares of stock, or 4.9% of shares outstanding at the beginning of the year, for $230 million . This compared to year-to-date 2025 spend of $90 million . As of June 30, 2026 , $284 million remained available to repurchase. During the second quarter of 2026, the Company refinanced the revolving credit facility, primarily to increase the facility size to $980 million and extend its maturity from 2030 to 2031. GUIDANCE Based on current market conditions and year-to-date results, we are updating our guidance for full year 2026 home closing volume and revenue to around 5% below full year 2025 results, although home closing revenue could trend lower if market conditions require higher incentives. CONFERENCE CALL Management will host a conference call to discuss its second quarter 2026 results at 8:00 a.m. Pacific Time ( 11:00 a.m. Eastern Time ) on Thursday, July 30, 2026 . To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-800-445-7795 US toll free or 1-785-424-1699. A replay will be available on the Investor Relations page.   Meritage Homes Corporation and Subsidiaries Consolidated Income Statements (In thousands, except per share data) (Unaudited)     Three Months Ended June 30 ,     2026       2025     Change $   Change % Homebuilding:               Home closing revenue $ 1,387,911     $ 1,615,709     $ (227,798 )   (14 )% Land closing revenue   12,720       8,277       4,443     54 % Total closing revenue   1,400,631       1,623,986       (223,355 )   (14 )% Cost of home closings   (1,134,298 )     (1,274,381 )     (140,083 )   (11 )% Cost of land closings   (12,196 )     (8,996 )     3,200     36 % Total cost of closings   (1,146,494 )     (1,283,377 )     (136,883 )   (11 )% Home closing gross profit   253,613       341,328       (87,715 )   (26 )% Land closing gross profit/(loss)   524       (719 )     1,243     173 % Total closing gross profit   254,137       340,609       (86,472 )   (25 )% Financial Services:               Revenue   7,784       9,425       (1,641 )   (17 )% Expense   (4,141 )     (4,656 )     (515 )   (11 )% Earnings from financial services unconsolidated entities and other, net   1,684       842       842     100 % Financial services profit   5,327       5,611       (284 )   (5 )% Commissions and other sales costs   (91,805 )     (108,830 )     (17,025 )   (16 )% General and administrative expenses   (52,380 )     (55,183 )     (2,803 )   (5 )% Interest expense   (2,187 )     —       2,187     N/A Other income, net   7,472       10,853       (3,381 )   (31 )% Earnings before income taxes   120,564       193,060       (72,496 )   (38 )% Provision for income taxes   (29,934 )     (46,181 )     (16,247 )   (35 )% Net earnings $ 90,630     $ 146,879     $ (56,249 )   (38 )%                 Earnings per common share:               Basic         Change $ or shares   Change % Earnings per common share $ 1.38     $ 2.06     $ (0.68 )   (33 )% Weighted average shares outstanding   65,787       71,456       (5,669 )   (8 )% Diluted               Earnings per common share $ 1.37     $ 2.04     $ (0.67 )   (33 )% Weighted average shares outstanding   66,131       71,900       (5,769 )   (8 )%                   Six Months Ended June 30 ,     2026       2025     Change $   Change % Homebuilding:               Home closing revenue $ 2,495,733     $ 2,957,813     $ (462,080 )   (16 )% Land closing revenue   22,081       23,698       (1,617 )   (7 )% Total closing revenue   2,517,814       2,981,511       (463,697 )   (16 )% Cost of home closings   (2,048,322 )     (2,320,835 )     (272,513 )   (12 )% Cost of land closings   (21,826 )     (21,252 )     574     3 % Total cost of closings   (2,070,148 )     (2,342,087 )     (271,939 )   (12 )% Home closing gross profit   447,411       636,978       (189,567 )   (30 )% Land closing gross profit   255       2,446       (2,191 )   (90 )% Total closing gross profit   447,666       639,424       (191,758 )   (30 )% Financial Services:               Revenue   14,069       16,507       (2,438 )   (15 )% Expense   (7,764 )     (8,848 )     (1,084 )   (12 )% Earnings from financial services unconsolidated entities and other, net   2,515       1,515       1,000     66 % Financial services profit   8,820       9,174       (354 )   (4 )% Commissions and other sales costs   (171,277 )     (203,550 )     (32,273 )   (16 )% General and administrative expenses   (103,782 )     (112,180 )     (8,398 )   (7 )% Interest expense   (2,774 )     —       2,774     N/A Other income, net   14,435       20,351       (5,916 )   (29 )% Earnings before income taxes   193,088       353,219       (160,131 )   (45 )% Provision for income taxes   (47,149 )     (83,534 )     (36,385 )   (44 )% Net earnings $ 145,939     $ 269,685     $ (123,746 )   (46 )%                 Earnings per common share:               Basic         Change $ or shares   Change % Earnings per common share $ 2.19     $ 3.76     $ (1.57 )   (42 )% Weighted average shares outstanding   66,573       71,684       (5,111 )   (7 )% Diluted               Earnings per common share $ 2.18     $ 3.73     $ (1.55 )   (42 )% Weighted average shares outstanding   66,934       72,246       (5,312 )   (7 )%   Meritage Homes Corporation and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) (Unaudited)     June 30 , 2026   December 31 , 2025 Assets:       Cash and cash equivalents $ 807,267   $ 775,157 Other receivables   304,098     306,956 Real estate (1)   5,891,978     5,987,120 Deposits on real estate under option or contract   168,977     174,170 Investments in unconsolidated entities   59,423     57,268 Property and equipment, net   46,085     46,647 Deferred tax asset, net   47,064     53,293 Prepaids, other assets and goodwill   230,041     221,676 Total assets $ 7,554,933   $ 7,622,287 Liabilities:       Accounts payable $ 215,737   $ 200,679 Accrued and other liabilities   423,865     387,698 Home sale deposits   10,017     9,213 Loans payable and other borrowings   39,535     24,328 Senior and convertible senior notes, net   1,807,842     1,804,726 Total liabilities   2,496,996     2,426,644 Stockholders' Equity:       Preferred stock   —     — Common stock, par value $0.01 . Authorized 125,000,000 shares; 65,174,093 and 68,168,923 shares issued and outstanding at June 30, 2026 and December 31, 2025 , respectively   652     682 Additional paid-in capital   —     — Retained earnings   5,057,285     5,194,961 Total stockholders’ equity   5,057,937     5,195,643 Total liabilities and stockholders’ equity $ 7,554,933   $ 7,622,287 (1) Real estate – Allocated costs:       Homes completed and under construction $ 1,891,356   $ 2,069,548 Finished home sites and home sites under development   3,922,515     3,917,572 Consolidated real estate not owned   78,107     — Total real estate $ 5,891,978   $ 5,987,120   Meritage Homes Corporation and Subsidiaries Consolidated Statements of Cash Flows (In thousands) (Unaudited)     Six Months Ended June 30 ,     2026       2025   Cash flows from operating activities:       Net earnings $ 145,939     $ 269,685   Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:       Depreciation and amortization   11,451       12,612   Real estate and land impairments   6,009       —   Write-off of terminated land deals   1,649       5,638   Stock-based compensation   11,682       9,922   Equity in earnings from unconsolidated entities   (2,085 )     (2,164 ) Distribution of earnings from unconsolidated entities   2,027       2,116   Other   6,173       2,189   Changes in assets and liabilities:       Decrease/(increase) in real estate   132,331       (224,617 ) Decrease/(increase) in deposits on real estate under option or contract   2,625       (30,415 ) Increase in other receivables, prepaids and other assets   (3,101 )     (43,264 ) Decrease in accounts payable and accrued and other liabilities   (24,723 )     (21,013 ) Increase/(decrease) in home sale deposits   804       (9,564 ) Net cash provided by/(used in) operating activities   290,781       (28,875 ) Cash flows from investing activities:       Investments in unconsolidated entities   (15,583 )     (9,377 ) Purchases of property and equipment   (9,876 )     (12,359 ) Proceeds from sales of property and equipment   190       126   Maturities/sales of investments and securities   —       750   Payments to purchase investments and securities   —       (750 ) Net cash used in investing activities   (25,269 )     (21,610 ) Cash flows from financing activities:       Repayment of loans payable and other borrowings   (48 )     (11,213 ) Proceeds from issuance of senior notes   —       497,195   Payment of debt issuance costs   —       (5,106 ) Proceeds from liabilities related to consolidated real estate not owned   59,947       —   Dividends paid   (63,301 )     (61,484 ) Repurchase of shares   (230,000 )     (89,999 ) Net cash (used in)/provided by financing activities   (233,402 )     329,393   Net increase in cash and cash equivalents   32,110       278,908   Beginning cash and cash equivalents   775,157       651,555   Ending cash and cash equivalents $ 807,267     $ 930,463   Meritage Homes Corporation and Subsidiaries Operating Data (Dollars in thousands) (Unaudited) We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows: West: Arizona , California , Colorado , and Utah Central: Tennessee and Texas East: Alabama , Florida , Georgia , Mississippi , North Carolina and South Carolina       Three Months Ended June 30 ,   2026   2025   Homes   Value   Homes   Value Homes Closed:               West Region 825   $ 400,755   1,165   $ 549,205 Central Region 1,308     446,726   1,374     480,425 East Region 1,592     540,430   1,631     586,079 Total 3,725   $ 1,387,911   4,170   $ 1,615,709 Homes Ordered:               West Region 762   $ 391,197   1,001   $ 484,756 Central Region 1,259     439,882   1,298     475,275 East Region 1,554     545,259   1,615     587,407 Total 3,575   $ 1,376,338   3,914   $ 1,547,438   Six Months Ended June 30 ,   2026   2025   Homes   Value   Homes   Value Homes Closed:               West Region 1,511   $ 736,938   2,163     1,028,841 Central Region 2,416     823,026   2,561     892,962 East Region 2,765     935,769   2,862     1,036,010 Total 6,692   $ 2,495,733   7,586   $ 2,957,813 Homes Ordered:               West Region 1,660   $ 835,490   2,094     1,024,350 Central Region 2,575     897,181   2,663     964,435 East Region 3,004     1,044,107   3,033     1,116,830 Total 7,239     2,776,778   7,790     3,105,615   At June 30 ,   2026   2025   Homes   Value   Homes   Value Order Backlog:               West Region 334   $ 173,220   366   $ 182,308 Central Region 616     218,725   583     220,889 East Region 765     269,961   799     292,279 Total 1,715   $ 661,906   1,748   $ 695,476   Three Months Ended June 30 ,   Six Months Ended June 30 ,   2026   2025   2026   2025   Ending   Average   Ending   Average   Ending   Average   Ending   Average Active                               West Region 89   88.5   85   85.0   89   86.6   85   87.0 Central Region 99   103.0   85   83.5   99   106.1   85   85.6 East Region 152   151.0   142   132.5   152   147.7   142   125.2 Total 340   342.5   312   301.0   340   340.4   312   297.8   Meritage Homes Corporation and Subsidiaries Supplement and Non-GAAP information (Unaudited) Supplemental Information (Dollars in thousands):     Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Depreciation and amortization $ 6,078     $ 6,663     $ 11,451     $ 12,612                   Summary of Capitalized Interest:               Capitalized interest, beginning of period $ 84,464     $ 57,107     $ 77,064     $ 53,678   Interest incurred   20,114       19,995       40,119       34,709   Interest expensed   (2,187 )     —       (2,774 )     —   Interest amortized to cost of home and land closings   (15,654 )     (13,288 )     (27,672 )     (24,573 ) Capitalized interest, end of period $ 86,737     $ 63,814     $ 86,737     $ 63,814   Reconciliation of Non-GAAP Information (Dollars in thousands): This press release includes comments and discussion about our operating results that reflect certain adjustments, including to home closing gross profit, home closing gross margin, earnings before income taxes, net earnings, diluted earnings per common share, and debt-to-capital ratios. These are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operating results and may be helpful in comparing our company with other companies in the homebuilding and other industries to the extent they provide similar information. We encourage investors to understand the methods used by other companies to calculate these non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.   Home Closing Gross Profit and Home Closing Gross Margin   Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Home closing gross profit $ 253,613     $ 341,328     $ 447,411     $ 636,978   Home closing gross margin   18.3 %     21.1 %     17.9 %     21.5 %                 Add: Real estate-related impairments   3,582       —       6,009       —   Add: Write-off of terminated land deals   276       4,205       1,649       5,638   Adjusted home closing gross profit $ 257,471     $ 345,533     $ 455,069     $ 642,616   Adjusted home closing gross margin   18.6 %     21.4 %     18.2 %     21.7 % Earnings before income taxes, Net earnings and Diluted earnings per common share   Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Earnings before income taxes $ 120,564     $ 193,060     $ 193,088     $ 353,219                   Add: Real estate-related impairments   3,582       —       6,039       —   Add: Write-off of terminated land deals   276       4,205       1,649       5,638   Adjusted earnings before income taxes $ 124,422     $ 197,265     $ 200,776     $ 358,857   Incremental tax rate   24.6 %     24.1 %     24.7 %     24.3 % Adjusted provision for income tax   (30,883 )     (47,194 )     (49,048 )     (84,904 ) Adjusted net earnings   93,539       150,071       151,728       273,953                   Diluted earnings per common share $ 1.37     $ 2.04     $ 2.18     $ 3.73   Adjusted diluted earnings per common share $ 1.42     $ 2.09     $ 2.27     $ 3.79   Debt-to-Capital Ratios   June 30, 2026   December 31, 2025 Senior and convertible senior notes, net and loans payable and other borrowings $ 1,847,377     $ 1,829,054   Stockholders' equity   5,057,937       5,195,643   Total capital $ 6,905,314     $ 7,024,697   Debt-to-capital   26.8 %     26.0 %         Senior and convertible senior notes, net and loans payable and other borrowings $ 1,847,377     $ 1,829,054   Less: cash and cash equivalents   (807,267 )     (775,157 ) Net debt $ 1,040,110     $ 1,053,897   Stockholders’ equity   5,057,937       5,195,643   Total net capital $ 6,098,047     $ 6,249,540   Net debt-to-capital   17.1 %     16.9 % About Meritage Homes Corporation Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina. Meritage has delivered over 210,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award. For more information, visit www.meritagehomes.com. The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our full year 2026 projected home closing volume, home closing revenue and community count growth. 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. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: increases in interest rates or decreases in mortgage availability, and the cost and use of rate locks and buy-downs; the cost of materials used to develop communities and construct homes; shortages in the availability and cost of subcontract labor; legislation related to tariffs; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; the adverse effect of slow absorption rates; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our exposure to counterparty risk with respect to our capped calls; our ability to obtain financing if our credit ratings are downgraded; our exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; sustainability matters and disclosures; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations; liabilities or restrictions resulting from regulations applicable to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic, and measures that federal, state and local governments and/or health authorities implement to address it; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2025 and our subsequent Form 10-Qs under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com . Contacts: Emily Tadano , VP Investor Relations and External Communications   (480) 515-8979 (office)   [email protected] Source: Meritage Homes Corporation 2026 GlobeNewswire, Inc., source Press Releases

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