Meritage Homes reports third quarter 2025 results

About this update from Meritage Homes Corporation

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MANAGEMENT COMMENTS ","length":19,"tagName":"p"},{"type":"text","content":""Meritage successfully navigated a challenging third quarter, exceeding 2024 sales volumes and ending the quarter with our highest ever community count of 334, which was a 20% increase year-over-year. 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. Hilton, executive chairman of Meritage Homes.","length":454,"tagName":"p"},{"type":"text","content":""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. "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. We increased our book value per share 8% year-over-year."","length":625,"tagName":"p"},{"type":"readMore"},{"type":"text","content":""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. In the first nine months of this year, we have returned nearly $237 million of capital to shareholders, or 64% of our total earnings so far this year," concluded Mr. Lord. "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."","length":645,"tagName":"p"},{"type":"text","content":" THIRD QUARTER RESULTS ","length":21,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Orders of 3,636 homes for the third quarter of 2025 increased 4% year-over-year mainly as a result of a 14% increase in average community count and a 7% decrease in average absorption pace. 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The higher tax rate in 2025 reflects fewer homes qualifying for energy tax credits.","length":183,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":183,"olType":false},{"type":"list","items":[{"val":[{"type":"text","content":"Net earnings were $369 million ($5.13 per diluted share) for the first nine months of 2025, a 40% decrease from $614 million ($8.36 per diluted share) for the first nine months of 2024, primarily reflecting lower home closing revenue and gross margins, as well as higher SG&A and tax rates. Year to date 2025 diluted EPS included $8.7 million of real estate inventory impairments and $11.4 million in terminated land deal walk-away charges, compared to no impairments and $3.9 million in terminated land deal walk-away charges in the prior year. 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This compared to $617 million of land acquisition and development spend, net of land development reimbursements, in the third quarter of 2024.","length":341,"tagName":"p"}]},{"val":[{"type":"text","content":"Approximately 80,800 lots were owned or controlled as of September 30, 2025, compared to approximately 74,800 total lots as of September 30, 2024. Nearly 2,000 net new lots were added in the third quarter of 2025, representing an estimated 16 future communities. During the quarter, we terminated approximately 400 lots. 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Year-to-date dividends paid were $92 million and $82 million in 2025 and 2024, respectively.","length":302,"tagName":"p"}]},{"val":[{"type":"text","content":"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. For the first nine months of 2025, the Company repurchased 2,051,450 shares of stock, or 2.9% of shares outstanding at the beginning of the year, for $145 million. During the third quarter of 2025, the Board approved an additional $500 million to the authorized share repurchase program, and as of September 30, 2025, $664 million remained available to repurchase.","length":532,"tagName":"p"}]},{"val":[{"type":"text","content":"During the third quarter of 2025, the Company refinanced the revolving credit facility to extend its maturity from 2029 to 2030.","length":128,"tagName":"p"}]},{"val":[{"type":"text","content":"On January 2, 2025, we completed a two-for-one stock split (the "Stock Split") of Meritage's common stock in the form of a stock dividend. All share and per share amounts in this press release have been retroactively restated to reflect the Stock Split for the third quarter of 2024 and the first nine months of 2024.","length":331,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":2621,"olType":false},{"type":"text","content":" GUIDANCE ","length":8,"tagName":"p"},{"type":"text","content":"The Company is providing the following guidance for the fourth quarter of 2025, based on year to date results and current market conditions:","length":140,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Fourth Quarter 2025 ","length":19,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Home closing volume","length":19,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3,800-4,000 units","length":17,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Home closing revenue","length":20,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$1.46-1.54 billion","length":18,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Home closing gross margin","length":25,"tagName":"p","attribs":{}}]},{"style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"19-20%","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Effective tax rate","length":18,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Approximately 24.5%","length":19,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"text-align:left;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"Diluted EPS","length":11,"tagName":"p","attribs":{}}]},{"style":"text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"text-align:center;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"$1.51-1.70","length":10,"tagName":"p","attribs":{}}]}]},{"val":[{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]},{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]},{"val":[{"type":"text","content":" ","length":6,"tagName":"p"}]}]}],"length":212},{"type":"text","content":" CONFERENCE CALL Management will host a conference call to discuss its third quarter 2025 results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Wednesday, October 29, 2025. To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-877-407-6951 US toll free or 1-412-902-0046. 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