Meritage Homes — Third Quarter 2026 Earnings Summary

Meritage Homes reported third-quarter 2026 net earnings of $67.8 million, a 32% decrease from the prior year, driven by a 14% decline in home closings and a 17% drop in closing revenue. The company closed 3,187 homes with an average sales price of $365,000, while new orders fell 15% to 3,083 units amid rising mortgage rates and affordability constraints. Home closing gross margin decreased to 17.4% from 19.1% in the previous year due to higher lot and incentive costs, though adjusted margin excluding impairments was 17.9%. Management maintained a strong balance sheet with $677 million in cash and returned $86 million to shareholders through dividends and share repurchases during the quarter.