Logo: Meritage Homes web site, Non-free logo, via Wikipedia5
U.S. homebuilding company
Meritage Homes Corporation is a publicly traded American real estate development company that constructs a variety of single-family detached homes across the United States. It is the fifth largest home builder in the United States, based on 2023 home sales. The company also develops active adult communities and luxury real estate in Arizona.3 Its shares trade on NYSE under the symbol MTH.1Wikipedia text CC BY-SA 4.0
Meritage Homes Corporation is a publicly traded American real estate development company that constructs a variety of single-family detached homes across the United States. It is the fifth largest home builder in the United States, based on 2023 home sales. The company also develops active adult communities and luxury real estate in Arizona.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Home Building brought in 98% of the revenue Meritage Homes Corporation broke down this way in fiscal 2025.
Net income1415$90.6M in Q2 FY2026+64% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Commissions and other sales costs
-$404.4M
-$409.1M
-$384.9M
General and administrative expenses
-$211.8M
-$230.9M
-$231.7M
Interest expense
$0
$0
$0
Other income, net
$44.1M
$45.2M
$47.9M
Loss on early extinguishment of debt
$0
-$631.0K
-$907.0K
Earnings before income taxes
$584.6M
$1.0B
$949.4M
Provision for income taxes
-$131.6M
-$216.7M
-$210.7M
Net earnings
$453.0M
$786.2M
$738.7M
Basic (in dollars per share)
$6.40
$10.85
$10.09
Diluted (in dollars per share)
$6.35
$10.72
$9.96
Basic (in shares)
70.8M shares
72.5M shares
73.2M shares
Diluted (in shares)
71.3M shares
73.3M shares
74.1M shares
No quarter-by-quarter statement was filed.
Total assets16101112139$7.6B in 2025+124% since 2019Total liabilities16101112139$2.4B in 2025+70% since 2019Shareholders’ equity1112139$5.2B in 2025+163% since 2019Cash16101112139$775.2M in 2025+143% since 2019
Total assets1415$7.6B in Q2 FY2026−1% since Q1 FY2025Total liabilities1415$2.5B in Q2 FY2026+3% since Q1 FY2025Shareholders’ equity1415$5.1B in Q2 FY2026−3% since Q1 FY2025Cash1415$807.3M in Q2 FY2026+4% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$775.2M
$651.6M
Other receivables
$307.0M
$256.3M
Real estate
$6.0B
$5.7B
Real estate not owned
$0
Deposits on real estate under option or contract
$174.2M
$192.4M
Investments in unconsolidated entities
$57.3M
$28.7M
Property and equipment, net
$46.6M
$47.3M
Deferred tax assets, net
$53.3M
$54.5M
Prepaids, other assets and goodwill
$221.7M
$203.1M
Total assets
$7.6B
$7.2B
Accounts payable
$200.7M
$212.5M
Accrued liabilities
$387.7M
$452.2M
Home sale deposits
$9.2M
$20.5M
Loans payable and other borrowings
$24.3M
$29.3M
Senior and convertible senior notes, net
$1.8B
$1.3B
Total liabilities
$2.4B
$2.0B
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock, par value $0.01. Authorized 125,000,000 shares; 68,168,923 and 71,921,972 shares issued and outstanding at December 31, 2025 and 2024, respectively
$682.0K
$360.0K
Additional paid-in capital
$0
$143.0M
Retained earnings
$5.2B
$5.0B
Total stockholders equity
$5.2B
$5.1B
$4.6B
$3.9B
Total liabilities and stockholders equity
$7.6B
$7.2B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
125.0M shares
125.0M shares
Common stock, shares issued (in shares)
68.2M shares
71.9M shares
Common stock, shares outstanding (in shares)
68.2M shares
71.9M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$775.2M
$651.6M
Other receivables
$307.0M
$256.3M
Real estate
$6.0B
$5.7B
Real estate not owned
$0
Deposits on real estate under option or contract
$174.2M
$192.4M
Investments in unconsolidated entities
$57.3M
$28.7M
Property and equipment, net
$46.6M
$47.3M
Deferred tax assets, net
$53.3M
$54.5M
Prepaids, other assets and goodwill
$221.7M
$203.1M
Total assets
$7.6B
$7.2B
Accounts payable
$200.7M
$212.5M
Accrued liabilities
$387.7M
$452.2M
Home sale deposits
$9.2M
$20.5M
Loans payable and other borrowings
$24.3M
$29.3M
Senior and convertible senior notes, net
$1.8B
$1.3B
Total liabilities
$2.4B
$2.0B
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at December 31, 2025 and 2024
$0
$0
Common stock, par value $0.01. Authorized 125,000,000 shares; 68,168,923 and 71,921,972 shares issued and outstanding at December 31, 2025 and 2024, respectively
$682.0K
$360.0K
Additional paid-in capital
$0
$143.0M
Retained earnings
$5.2B
$5.0B
Total stockholders equity
$5.2B
$5.1B
$4.6B
$3.9B
Total liabilities and stockholders equity
$7.6B
$7.2B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized (in shares)
125.0M shares
125.0M shares
Common stock, shares issued (in shares)
68.2M shares
71.9M shares
Common stock, shares outstanding (in shares)
68.2M shares
71.9M shares
Cash from operations101112139$118.3M in 2025−66% since 2019Capital spending101112139$25.7M in 2025+5% since 2019Free cash flow101112139$92.6M in 2025−71% since 2019Dividends paid12139$121.1M in 2025Share buybacks101112139$295.0M in 2025+1740% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net earnings
$453.0M
$786.2M
$738.7M
Depreciation and amortization
$25.3M
$26.0M
$25.3M
Stock-based compensation
$19.7M
$25.8M
$22.5M
Loss on early extinguishment of debt
$0
$631.0K
$907.0K
Equity in earnings from unconsolidated entities
-$4.0M
-$9.2M
-$6.4M
Distributions of earnings from unconsolidated entities
$4.1M
$7.5M
$6.8M
Other
$1.3M
$7.8M
-$2.2M
Increase in real estate
-$274.1M
-$979.3M
-$357.4M
Increase in deposits on real estate under option or contract
-$5.7M
-$81.4M
-$36.1M
(Increase)/decrease in receivables, prepaids and other assets
-$55.3M
$39.8M
-$64.2M
(Decrease)/increase in accounts payable and accrued liabilities
-$92.4M
-$41.9M
$22.6M
Decrease in home sale deposits
-$11.3M
-$16.1M
-$1.4M
Net cash provided by/(used in) operating activities
$118.3M
-$227.6M
$355.6M
Investments in unconsolidated entities
-$32.7M
-$18.5M
-$6.0M
Distributions of capital from unconsolidated entities
$500.0K
$2.9M
$137.0K
Purchases of property and equipment
-$25.7M
-$28.7M
-$38.2M
Proceeds from sales of property and equipment
$251.0K
$262.0K
$423.0K
Maturities/sales of investments and securities
$1.8M
$750.0K
$750.0K
Payments to purchase investments and securities
-$1.8M
-$750.0K
-$750.0K
Net cash used in investing activities
-$57.7M
-$44.1M
-$43.6M
Repayment of loans payable and other borrowings
-$13.0M
-$8.9M
-$2.8M
Repayment of senior notes
$0
-$250.7M
-$150.9M
Proceeds from issuance of senior and convertible senior notes
$497.2M
$575.0M
$0
CashPaidForCappedCall
$0
-$61.8M
$0
Payments of Dividends
-$121.1M
-$108.6M
-$39.5M
Payment of debt issuance costs
-$5.1M
-$17.1M
$0
Repurchase of shares
-$295.0M
-$125.9M
-$59.1M
Net cash provided by/(used in) financing activities
$63.0M
$2.0M
-$252.3M
Net increase/(decrease) in cash and cash equivalents
$123.6M
-$269.7M
$59.7M
Impairment of real estate
$18.1M
$0
$964.0K
Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs
Meritage Homes Corporation sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Meritage Homes CorporationScottsdale, Arizona, United States
Alabama Carefree Title Agency of Subsidiary · Alabama, United States
Arizona Meritage Homes of Subsidiary · Alabama, United States
California Meritage Homes of Subsidiary · California, United States
Florida Meritage Homes of Subsidiary · Florida, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Meritage Homes Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate office is in a leased building located in Scottsdale, Arizona with approximately 72,000 square feet and a September 30, 2035 lease expiration.
We lease an aggregate of approximately 365,000 square feet of office space in our markets for our operating divisions, corporate and executive offices.
Meritage Homes was founded in 1985 as Monterey Homes in Scottsdale, Arizona, by Steve Hilton and William "Bill" Cleverly.
In 1997, the company changed its name to Meritage Homes Corp, and began trading on the New York Stock Exchange under the symbol MTH.
In 2011, the company unveiled its first net-zero energy homes, in Buckeye, Arizona.
In July 2014, the company acquired Douglasville, Georgia-based Legendary Communities, the owner operator of almost 4,000 home sites, for nearly $130 million.
In 2015, the company promoted its Sierra Crest development in Fontana, CA as California's first net-zero energy community.
In April 2019, the company built its first all-electric, zero-net-energy townhome community, in Irvine California. In December, the Wall Street Journal reported how large home builders like Meritage were targeting millennials by producing a larger number of less expensive, entry-level homes.
Meritage is headquartered in Scottsdale, Arizona, and divides its operations into four regions: West, Central, East and South. It develops homes for entry level and first move-up buyers, including "net zero" energy efficient homes that provide as much power as they consume. The company trades on the NY Stock Exchange under the symbol MTH, and is also listed in the S&P SmallCap 600 Index.
Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $1.39 a share, on Oct 28, 2025.59
When it reported results
Jul 29, 2026Reported quarterly or annual results48
Apr 22, 2026Reported quarterly or annual results51
Jan 28, 2026Reported quarterly or annual results54
Oct 28, 2025Reported quarterly or annual results55
Jul 23, 2025Reported quarterly or annual results56
Apr 23, 2025Reported quarterly or annual results60
Jan 29, 2025Reported quarterly or annual results61
Oct 29, 2024Reported quarterly or annual results62
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
358 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 51 major events, 188 insider forms, 19 large holders, 80 other. The latest 20:
91 open-market trades by officers, directors and large owners since October 2021: 5 buys and 86 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Meritage Homes Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks Meritage Homes Corporation names in Item 1A of its 10-K filed Feb 13, 2026: 33 risks under these headings, as written.17
Risks Related to the Homebuilding Industry and Economy
Increases in interest rates or decreases in mortgage availability may make purchasing a home more difficult or less desirable and may negatively impact the ability to sell new and existing homes.
Our future operations may be adversely impacted by high inflation or deflation.
Shortages in the availability of subcontract labor may delay construction schedules and increase our costs.
Legislation related to tariffs could increase the cost to construct our homes.
High cancellation rates may negatively impact our business.
Supply shortages and other risks could materially disrupt our operations and increase costs.
If home prices decline, potential buyers may not be able to sell their existing homes, which may negatively impact our sales.
A reduction in our orders absorption levels may force us to incur and absorb additional community-level costs.
Our ability to acquire and develop raw or partially finished lots may be negatively impacted if we are unable to secure performance bonds.
The value of our real estate inventory may decline, leading to impairments and reduced profitability.
If we are unable to successfully compete in the highly competitive housing industry, our financial results and growth may suffer.
The other 22 risks
We are subject to home warranty and construction defect claims arising in the ordinary course of business, which may lead to additional reserves or expenses.
A major safety incident relating to our operations could be costly in terms of potential liabilities and reputational damage.
We experience fluctuations and variability in our operating results, as a result, our historical performance may not be a meaningful indicator of future results.
Our level of indebtedness may adversely affect our financial position and prevent us from fulfilling our debt obligations.
We are subject to counterparty risk with respect to the capped call transactions.
Our ability to obtain third-party financing may be negatively affected by any downgrade of our credit rating from one or more rating agencies.
The physical impacts of natural disasters or extreme weather events, which may be caused or exacerbated by climate change, could increase our costs and adversely affect our operations.
Risks Related to Our Strategy
Our long-term success depends on the availability of lots and land that meet our land investment criteria.
If our current strategies are not successful, it could have negative consequences on our operations, financial position and cash flows.
Reduced levels of sales or a deterioration in land values may cause us to re-evaluate the viability of existing land option contracts, resulting in a potential termination of these contracts which may lead to impairment charges.
Our lack of geographic diversification could adversely affect us if the homebuilding industry in our markets decline.
Our disclosures related to sustainability matters expose us to risks that could adversely affect our reputation and performance.
Operational Risks
Information technology failures and data security breaches could harm our business.
The loss of key personnel may negatively impact us.
Regulatory Risks
Expirations, amendments or changes to tax laws, incentives or credits currently available to us and our homebuyers may negatively impact our business.
Our income tax provision and other tax liabilities may be insufficient if taxing authorities initiate and are successful in asserting tax positions that are contrary to our position.
Failure to comply with laws and regulations by our employees or representatives may harm us.
We are subject to extensive government regulations that could cause us to incur significant liabilities or restrict our business activities.
Our financial services operations are subject to extensive regulations that could cause us to incur significant liabilities or restrict our business activities.
General Risk Factors
Negative publicity could adversely affect our reputation and our business, financial results and stock price.
Our business could be materially disrupted by an epidemic or pandemic, or fear of such an event, and the measures that federal, state and local governments and/or health authorities implement to address it.
Special Note of Caution Regarding Forward-Looking Statements
Legal proceedings
We are involved in various routine legal and regulatory proceedings, including, but not limited to, warranty claims and litigation and arbitration proceedings alleging construction defects. In general, the proceedings are incidental to our business, and we believe most exposure is subject to and should be covered by warranty and indemnity obligations of our consultants and subcontractors. Additionally, some such claims are also covered by insurance. See Note 1 and Note 16 of the accompanying consolidated financial statements for additional information related to construction defect and warranty related reserves. With respect to the majority of pending litigation matters, our ultimate legal and financial responsibility, if any, cannot be estimated with certainty and, in most cases, any potential losses related to these matters are not considered probable. Historically, most disputes regarding warranty claims are resolved prior to litigation.
We believe there are no pending legal or warranty matters that could have a material adverse impact upon our consolidated financial condition, results of operations or cash flows that have not been sufficiently reserved.
