Meritage Homes Q1 net earnings down 55% to $55.3M; home closing margin falls to 17.5%

Meritage Homes CORP

2026-Q1 EPS reported $0.82

Net earnings $55.3M (diluted EPS $0.82) vs $122.8M ($1.69) in Q1 2025, down 55%.
Home closing revenue $1.11B (-17% YoY) on 2,967 closings (-13%); ASP $373K (-5%).
Home closing gross margin 17.5% vs 22.0% due to higher incentives, lot costs, and reduced fixed cost leverage.
Repurchased 1.8M shares for $130M (2.7% of shares outstanding); paid $32M in dividends ($0.48/share, up from $0.43).
Guidance: full-year 2026 home closing volume and revenue expected at or within 5% of 2025 levels.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.5

Meritage Homes CORP reported first quarter 2026 results: revenue $1.1 billion, net income $55 million, EPS $0.82 per diluted share.

Period: first quarter 2026
Revenue: $1.1 billion
Net income: $55 million
EPS: $0.82 per diluted share
Result: reported results

Exact text from the filing

from intra-quarter sales, a backlog conversion rate of 254%," added Phillippe Lord, chief executive officer of Meritage Homes. "First quarter 2026 home closing revenue totaled $1.1 billion, however the difficult macroeconomic conditions this quarter drove a lower revenue leverage and increased incentives, resulting in home closing gross margin of 17.5% and diluted

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Source: SEC EDGAR

accession 0000833079-26-000103

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