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Meritage Homes (MTH) investor relations material
Meritage Homes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 home closing revenue was $1.4 billion, down 12% year-over-year, with 3,685 homes closed, a 7% decrease, due to lower volume and a 5–5.6% drop in average sales price from increased incentives and geographic mix shift.
Net sales orders increased 4% year-over-year to 3,636 units, supported by a record 334 community count, up 20% year-over-year.
Backlog conversion rate was 211%, with 60% of closings from intra-quarter sales; backlog ended at 1,699 homes valued at $670 million, down over 25% year-over-year.
Adjusted gross margin was 20.1% and adjusted diluted EPS was $1.55, both in line with guidance, excluding $14.5 million in inventory impairments and land deal charges.
Returned $85 million to shareholders in Q3 and $237 million year-to-date, representing 64% of total earnings.
Financial highlights
Home closing revenue of $1.4 billion was down 12% year-over-year due to 7% lower closing volume and a 5% decrease in ASP to $380,000 per home, driven by increased incentives and discounts.
Home closing gross margin declined to 19.1% from 24.8% a year ago, impacted by higher incentives, inventory impairments, walkaway charges, and higher lot costs; adjusted gross margin was 20.1%.
Net earnings for Q3 2025 were $99 million ($1.39 per diluted share), down 49% year-over-year; adjusted diluted EPS was $1.55.
For the first nine months of 2025, home closing revenue decreased 8% to $4.4 billion, adjusted gross margin was 21.2%, and net earnings dropped 40% to $369 million.
Book value per share increased 8% year-over-year to $75.10.
Outlook and guidance
Q4 2025 guidance: 3,800–4,000 home closings, $1.46–$1.54 billion in revenue, gross margin of 19–20%, effective tax rate of ~24.5%, and diluted EPS of $1.51–$1.70.
Community count expected to remain steady into Q4, with mid-double-digit year-over-year growth for 2025 and another double-digit increase projected for 2026.
Long-term gross margin target remains 22.5–23.5%, contingent on improved economic conditions and reduced incentive burden.
Management expects continued volatility in mortgage rates and macroeconomic headwinds but believes the strategy of affordable, move-in ready homes and interest rate buy-downs provides a competitive advantage.
Impact of incentives on ASP and gross margin?
Rationale for significant YTD lot terminations?
Why the increase in net debt-to-capital ratio?
How will spec supply reduction impact ROE?
New communities: margin impact in 2026?
Incentive split: forward purchase vs. other?
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Next Meritage Homes earnings date
Q4 202529 Jan, 2026
Next Meritage Homes earnings date
Q4 202529 Jan, 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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