$MTH

Meritage Homes CORP

CIK:0000833079|SEC Filings

UNAUDITED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Commissions and other sales costs	$ (91,805)	$ (108,830)	$ (171,277)	$ (203,550)
General and administrative expenses	(52,380)	(55,183)	(103,782)	(112,180)
Interest expense	(2,187)	0	(2,774)	0
Other income, net	7,472	10,853	14,435	20,351
Earnings before income taxes	120,564	193,060	193,088	353,219
Provision for income taxes	(29,934)	(46,181)	(47,149)	(83,534)
Net earnings	$ 90,630	$ 146,879	$ 145,939	$ 269,685
Earnings per common share:
Basic (in dollars per share)	$ 1.38	$ 2.06	$ 2.19	$ 3.76
Diluted (in dollars per share)	$ 1.37	$ 2.04	$ 2.18	$ 3.73
Weighted average number of shares:
Basic (in shares)	65,787	71,456	66,573	71,684
Diluted (in shares)	66,131	71,900	66,934	72,246
Common Stock, Dividends, Per Share, Declared	$ 0.48	$ 0.43	$ 0.96	$ 0.86
Homebuilding
Revenue	$ 1,400,631	$ 1,623,986	$ 2,517,814	$ 2,981,511
Cost of closings	(1,146,494)	(1,283,377)	(2,070,148)	(2,342,087)
Gross profit	254,137	340,609	447,666	639,424
Home closings
Revenue	1,387,911	1,615,709	2,495,733	2,957,813
Cost of closings	(1,134,298)	(1,274,381)	(2,048,322)	(2,320,835)
Gross profit	253,613	341,328	447,411	636,978
Land closings
Revenue	12,720	8,277	22,081	23,698
Cost of closings	(12,196)	(8,996)	(21,826)	(21,252)
Gross profit	524	(719)	255	2,446
Financial Services
Revenue	7,784	9,425	14,069	16,507
Expense	(4,141)	(4,656)	(7,764)	(8,848)
Gross profit	5,327	5,611	8,820	9,174
Earnings from financial services unconsolidated entities and other, net	$ 1,684	$ 842	$ 2,515	$ 1,515

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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
Stock-based compensation	11,682	9,922
Equity in earnings from unconsolidated entities	(2,085)	(2,164)
Impairment of Real Estate	6,009	0
Distributions 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	0	750
Payments to purchase investments and securities	0	(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	0	497,195
Payment of debt issuance costs	0	5,106
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
Cash and cash equivalents, beginning of period	775,157	651,555
Cash and cash equivalents, end of period	807,267	930,463
Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs	1,649	5,638
Proceeds for Land Under Purchase Options Recorded	$ 59,947	$ 0

UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 807,267	$ 775,157
Other receivables	304,098	306,956
Real estate	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 assets, 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, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
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	0	0
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