Short answer
Meritage Homes CORP (MTH) filed its Q3 2025 10-Q quarterly report on Oct 31, 2025 for the quarter ended Sep 30, 2025.
Q3 2025 key financials · XBRL
- Net income
- $99M
- −49.3% YoY · −32.4% QoQ
- EPS (diluted)
- $1.40
- −73.8% YoY · −31.4% QoQ
Source: XBRL data from the Meritage Homes CORP (MTH) Q3 2025 10-Q on SEC EDGAR. USD.
Meritage Homes CORP Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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