Meritage Homes CORP (MTH) Q3 2025 10-Q Quarterly Report
Meritage Homes CORP (MTH) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 31, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Meritage Homes CORP Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $1.4B Q3 2025, down 11.8% YoY from $1.6B due to lower closings (3,685 vs 3,942 homes) and ASP decline (5.6%)
- • Home closing gross margin 19.1% Q3 2025 vs 24.8% YoY, adjusted margin 20.1% vs 24.9%, driven by higher incentives, lot costs, lower revenue leverage
- • East Region best performing: +5.7% revenue, 12.1% higher closings; West Region worst: -29.2% revenue, -27.6% closings Q3 YoY
- • Cash impact: No interest expense recognized due to capitalization, reduced other income due to lower cash balances; cancellation rate steady ~11%
- • Management outlook: Highest ever 334 active communities; backlog down 28.1% reflecting faster conversion strategy; pressure from increased incentives and tougher selling environment
Risk Factors
- • No new or changed risk factors since last Annual Report on Form 10-K
- • Carried-forward risk: housing market volatility impacting revenue and profitability
- • Carried-forward regulatory risk: compliance with residential construction and environmental laws
- • Carried-forward operational risk: supply chain disruptions affecting building materials availability
- • Carried-forward financial risk: exposure to interest rate fluctuations influencing mortgage rates and homebuyer demand
Meritage Homes CORP Q3 2025 Quarterly FinancialsXBRL
Net Income
$99M
▼ -49.3% YoY▼ -32.4% QoQ
ROE
1.9%
Total Assets
$7.8B
EPS (Diluted)
$1.40
▼ -73.8% YoY▼ -31.4% QoQ
Operating Cash Flow
-$97M
▼ -4.9% YoY▼ -804.4% QoQ
Source: XBRL data from Meritage Homes CORP Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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