Meritage Homes Corp. (MTH) financial statements: income statement, balance sheet and cash flow
Meritage Homes Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Meritage Homes Corp. reported net income of $453.0M (-42.4% year on year).
Income statement
Meritage Homes Corp. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total closing revenue
$5.9B
$6.4B
$6.1B
$6.3B
Cost of goods and services sold
($4.7B)
($4.8B)
($4.6B)
($4.5B)
Cost of revenue
($17.6M)
($14.7M)
($12.1M)
($11.1M)
Total closing gross profit
$1.2B
$1.6B
$1.5B
$1.8B
Earnings/(loss) from financial services unconsolidated entities and other, net
$3.0M
($2.1M)
($656.0K)
$6.0M
Commissions and other sales costs
($404.4M)
($409.1M)
($384.9M)
($323.3M)
General and administrative expenses
($211.8M)
($230.9M)
($231.7M)
($193.0M)
Interest expense
$0
$0
$0
($41.0K)
Other income, net
$44.1M
$45.2M
$47.9M
$2.7M
Loss on early extinguishment of debt
$0
($631.0K)
($907.0K)
$0
Earnings before income taxes
$584.6M
$1.0B
$949.4M
$1.3B
Provision for income taxes
($131.6M)
($216.7M)
($210.7M)
($297.1M)
Net earnings
$453.0M
$786.2M
$738.7M
$992.2M
Basic (in dollars per share)
$6.40
$10.85
$20.17
$27.04
Diluted (in dollars per share)
$6.35
$10.72
$19.93
$26.74
Basic (in shares)
70.8M
72.5M
36.6M
36.7M
Diluted (in shares)
71.3M
73.3M
37.1M
37.1M
Meritage Homes Corp. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$1.4B
$1.1B
$1.4B
$1.6B
Cost of closings
($1.1B)
($923.7M)
($1.1B)
($1.3B)
Expense
($4.1M)
($3.6M)
($4.3M)
($4.7M)
Gross profit
$259.5M
$197.0M
$271.6M
$346.2M
Earnings from financial services unconsolidated entities and other, net
$1.7M
$831.0K
$331.0K
$842.0K
Commissions and other sales costs
($91.8M)
($79.5M)
($99.7M)
($108.8M)
General and administrative expenses
($52.4M)
($51.4M)
($51.8M)
($55.2M)
Interest expense
($2.2M)
($587.0K)
$0
$0
Other income, net
$7.5M
$7.0M
$8.1M
$10.9M
Earnings before income taxes
$120.6M
$72.5M
$128.2M
$193.1M
Provision for income taxes
($29.9M)
($17.2M)
($29.0M)
($46.2M)
Net earnings
$90.6M
$55.3M
$99.3M
$146.9M
Basic (in dollars per share)
$1.38
$0.82
$1.40
$2.06
Diluted (in dollars per share)
$1.37
$0.82
$1.39
$2.04
Basic (in shares)
65.8M
67.4M
70.7M
71.5M
Diluted (in shares)
66.1M
67.8M
71.2M
71.9M
Common Stock, Dividends, Per Share, Declared
$0.48
$0.48
$0.43
$0.43
Balance sheet
Meritage Homes Corp. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$775.2M
$651.6M
$921.2M
$861.6M
Other receivables
$307.0M
$256.3M
$267.0M
$215.0M
Real estate
$6.0B
$5.7B
$4.7B
$4.4B
Real estate not owned
$0
$0
$0
$0
Deposits on real estate under option or contract
$174.2M
$192.4M
$111.4M
$76.7M
Investments in unconsolidated entities
$57.3M
$28.7M
$17.2M
$11.8M
Property and equipment, net
$46.6M
$47.3M
$49.0M
$38.6M
Deferred tax assets, net
$53.3M
$54.5M
$47.6M
$45.5M
Prepaids, other assets and goodwill
$221.7M
$203.1M
$218.6M
$164.7M
Total assets
$7.6B
$7.2B
$6.4B
$5.8B
Accounts payable
$200.7M
$212.5M
$271.6M
$273.3M
Accrued liabilities
$387.7M
$452.2M
$424.8M
$360.6M
Home sale deposits
$9.2M
$20.5M
$36.6M
$38.0M
Loans payable and other borrowings
$24.3M
$29.3M
$13.5M
$7.1M
Senior and convertible senior notes, net
$1.8B
$1.3B
$994.7M
$1.1B
Total liabilities
$2.4B
$2.0B
$1.7B
$1.8B
Preferred stock, par value $0.01. Authorized 10,000,000 shares; none issued and outstanding at December 31, 2025 and 2024
0
0
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
364.0K
366.0K
Additional paid-in capital
$0
$143.0M
$291.0M
$327.9M
Retained earnings
$5.2B
$5.0B
$4.3B
$3.6B
Total stockholders’ equity
$5.2B
$5.1B
$4.6B
$3.9B
Total liabilities and stockholders’ equity
$7.6B
$7.2B
$6.4B
$5.8B
Meritage Homes Corp. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$807.3M
$766.6M
$728.9M
$930.5M
Other receivables
$304.1M
$280.9M
$321.8M
$270.8M
Real estate
$5.9B
$6.0B
$6.1B
$6.0B
Deposits on real estate under option or contract
$169.0M
$166.2M
$198.2M
$221.4M
Investments in unconsolidated entities
$59.4M
$60.8M
$45.7M
$34.7M
Property and equipment, net
$46.1M
$46.1M
$48.0M
$46.4M
Deferred tax assets, net
$47.1M
$51.2M
$47.2M
$52.4M
Prepaids, other assets and goodwill
$230.0M
$220.7M
$228.1M
$236.5M
Total assets
$7.6B
$7.6B
$7.8B
$7.8B
Accounts payable
$215.7M
$199.9M
$217.9M
$242.1M
Accrued and other liabilities
$423.9M
$408.7M
$414.7M
$406.4M
Home sale deposits
$10.0M
$10.9M
$9.4M
$10.9M
Loans payable and other borrowings
$39.5M
$35.0M
$25.8M
$26.1M
Senior and convertible senior notes, net
$1.8B
$1.8B
$1.8B
$1.8B
Total liabilities
$2.5B
$2.5B
$2.5B
$2.5B
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
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
652.0K
667.0K
704.0K
712.0K
Additional paid-in capital
$0
$0
$11.4M
$62.1M
Retained earnings
$5.1B
$5.1B
$5.3B
$5.2B
Total stockholders’ equity
$5.1B
$5.1B
$5.3B
$5.3B
Total liabilities and stockholders’ equity
$7.6B
$7.6B
$7.8B
$7.8B
Cash flow statement
Meritage Homes Corp. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net earnings
$453.0M
$786.2M
$738.7M
$992.2M
Depreciation and amortization
$25.3M
$26.0M
$25.3M
$24.7M
Stock-based compensation
$19.7M
$25.8M
$22.5M
$22.3M
Loss on early extinguishment of debt
$0
$631.0K
$907.0K
$0
Equity in earnings from unconsolidated entities
($4.0M)
($9.2M)
($6.4M)
($6.1M)
Distributions of earnings from unconsolidated entities
$4.1M
$7.5M
$6.8M
$5.9M
Other
$1.3M
$14.5M
$4.1M
$10.9M
Increase in real estate
($274.1M)
($979.3M)
($357.4M)
($624.5M)
Increase in deposits on real estate under option or contract
($5.7M)
($81.4M)
($36.1M)
$10.5M
(Increase)/decrease in receivables, prepaids and other assets
($55.3M)
$39.8M
($64.2M)
($103.0M)
(Decrease)/increase in accounts payable and accrued liabilities
($92.4M)
($41.9M)
$22.6M
$77.0M
Decrease in home sale deposits
($11.3M)
($16.1M)
($1.4M)
($4.6M)
Net cash provided by/(used in) operating activities
$118.3M
($227.6M)
$355.6M
$405.3M
Investments in unconsolidated entities
($32.7M)
($18.5M)
($6.0M)
($5.8M)
Distributions of capital from unconsolidated entities
$500.0K
$2.9M
$137.0K
$0
Purchases of property and equipment
($25.7M)
($28.7M)
($38.2M)
($27.0M)
Proceeds from sales of property and equipment
$251.0K
$262.0K
$423.0K
$481.0K
Maturities/sales of investments and securities
$1.8M
$750.0K
$750.0K
$1.0M
Payments to purchase investments and securities
($1.8M)
($750.0K)
($750.0K)
($1.0M)
Net cash used in investing activities
($57.7M)
($44.1M)
($43.6M)
($32.3M)
Repayment of loans payable and other borrowings
($13.0M)
($8.9M)
($2.8M)
($20.5M)
Repayment of senior notes
$0
($250.7M)
($150.9M)
$0
Proceeds from issuance of senior and convertible senior notes
$497.2M
$575.0M
$0
$0
CashPaidForCappedCall
$0
($61.8M)
—
—
Payments of Dividends
($121.1M)
($108.6M)
($39.5M)
—
Payment of debt issuance costs
($5.1M)
($17.1M)
$0
$0
Repurchase of shares
-295.0M
-125.9M
-59.1M
-109.3M
Net cash provided by/(used in) financing activities
$63.0M
$2.0M
($252.3M)
($129.8M)
Net increase/(decrease) in cash and cash equivalents
$123.6M
($269.7M)
$59.7M
$243.2M
Cash and cash equivalents, beginning of year
$651.6M
$921.2M
$861.6M
$618.3M
Cash and cash equivalents, end of year
$775.2M
$651.6M
$921.2M
$861.6M
Impairment of real estate
$18.1M
—
—
—
Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs
$39.4M
—
—
—
Meritage Homes Corp. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net earnings
$145.9M
$55.3M
$369.0M
$269.7M
Depreciation and amortization
$11.5M
$5.4M
$18.6M
$12.6M
Stock-based compensation
$11.7M
$5.9M
$14.8M
$9.9M
Equity in earnings from unconsolidated entities
($2.1M)
($656.0K)
($3.1M)
($2.2M)
Impairment of Real Estate
$6.0M
$2.4M
$9.3M
—
Distributions of earnings from unconsolidated entities
$2.0M
$673.0K
$3.7M
$2.1M
Other
$6.2M
$2.1M
$18.9M
$7.8M
Decrease/(increase) in real estate
$132.3M
$34.0M
($413.2M)
($224.6M)
Decrease/(increase) in deposits on real estate under option or contract
$2.6M
$7.4M
($9.0M)
($30.4M)
Increase in other receivables, prepaids and other assets
($3.1M)
$29.0M
($77.8M)
($43.3M)
Decrease in accounts payable and accrued and other liabilities
($24.7M)
($43.3M)
($45.3M)
($21.0M)
Increase/(decrease) in home sale deposits
$804.0K
$1.7M
($11.1M)
($9.6M)
Net cash provided by/(used in) operating activities
$290.8M
$101.3M
($125.4M)
($28.9M)
Investments in unconsolidated entities
($15.6M)
($3.5M)
($21.1M)
($9.4M)
Purchases of property and equipment
($9.9M)
($4.3M)
($20.1M)
($12.4M)
Proceeds from sales of property and equipment
$190.0K
$94.0K
$184.0K
$126.0K
Maturities/sales of investments and securities
$0
—
$1.8M
$750.0K
Payments to purchase investments and securities
$0
—
($1.8M)
($750.0K)
Net cash used in investing activities
($25.3M)
($7.7M)
($41.0M)
($21.6M)
Repayment of loans payable and other borrowings
($48.0K)
($33.0K)
($11.5M)
($11.2M)
Proceeds from issuance of senior notes
$0
$0
$497.2M
$497.2M
Payment of debt issuance costs
$0
$0
$5.1M
$5.1M
Dividends paid
($63.3M)
($32.0M)
($91.8M)
($61.5M)
Repurchase of shares
-230.0M
-130.0M
-145.0M
-90.0M
Net cash (used in)/provided by financing activities
($233.4M)
($102.1M)
$243.8M
$329.4M
Net increase in cash and cash equivalents
$32.1M
($8.5M)
$77.4M
$278.9M
Cash and cash equivalents, beginning of period
$775.2M
$775.2M
$651.6M
$651.6M
Cash and cash equivalents, end of period
$807.3M
$766.6M
$728.9M
$930.5M
Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs