)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Meritage Homes
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 increased incentives, with net sales orders declining 2% and a deliberate focus on margin over volume.
Community count reached an all-time high of 336, up 15% year-over-year, supporting a strong supply of move-in ready homes and a 60-day closing guarantee.
Maintained industry-leading customer satisfaction and executed a balanced capital allocation strategy, including $150 million in share buybacks and strategic land deal terminations.
Focus remained on affordable, entry-level, and first move-up homes, leveraging streamlined operations and a diverse geographic footprint.
Adjusted home closing gross margin for Q4 was 19.3% (excluding $38.9 million in non-recurring charges), and adjusted diluted EPS was $1.67 (excluding $42.9 million in non-recurring charges), both within guidance.
Financial highlights
Q4 2025 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 was 19.3%, excluding $27.9–$38.9 million in non-recurring charges; Q4 net earnings were $84 million, and adjusted diluted EPS was $1.67, down 30% year-over-year.
Full year 2025 home closing revenue decreased 9% to $5.8 billion; adjusted gross margin was 20.8%, down 420–520 bps from 2024.
SG&A as a percentage of revenue was 10.6% in Q4 and 10.7% for the year, reflecting higher commissions and technology spend.
Book value per share at year-end was $76.22, up 7% year-over-year.
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% off year-end 2025 levels.
Committed to $400 million in share buybacks in 2026, 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
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Meritage Homes earnings date
Q1 202623 Apr, 2026
Meritage Homes
Next Meritage Homes earnings date
Q1 202623 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage