Every material Form 8-K Meritage Homes has filed with the SEC since January 06, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Meritage Homes reported third quarter 2026 results for the period ended September 30, 2026. Home closing revenue fell 17% year over year to $1.2 billion, and net earnings dropped 32% to $68 million, or $1.04 per diluted share, as the company said it focused on preserving margins over sales pace.
Home closing revenue fell 17% year over year to $1.2 billion on 14% fewer closings of 3,187 homes.
Net earnings were $68 million, or $1.04 per diluted share, compared with $99 million, or $1.39, in the third quarter of 2025.
Home closing gross margin was 17.4%, down from 19.1%; adjusted margin was 17.9%, down from 20.1%.
Cash totaled $677 million at September 30, 2026, with no borrowings under the revolving credit facility; the company returned $86 million to shareholders in the quarter.
Meritage Homes reported second quarter 2026 results with home closing revenue down 14% to $1.4 billion and net earnings down 38% year over year. The company said full-year 2026 home closing volume and revenue are expected to be around 5% below 2025, which signals weaker sales for shareholders this year.
Diluted EPS was $1.37 for Q2 2026 versus $2.04 a year earlier; adjusted diluted EPS was $1.42 versus $2.09.
Home closing gross margin fell to 18.3% from 21.1%, and 3,725 homes closed, down 11%.
Full-year 2026 guidance: home closing volume and revenue around 5% below full-year 2025, and could trend lower if incentives rise.
The company repurchased $100 million of stock in Q2 and ended the quarter with $807 million in cash.
Meritage Homes signed the Twelfth Amendment to its credit agreement on June 24, 2026, increasing the facility size to $980.0 million and extending maturity from July 9, 2030 to June 24, 2031. The amendment also lets the facility grow to $1.470 billion under certain conditions and revises the adjusted SOFR rate, giving the company a larger, longer-dated borrowing line.
Facility size increased to $980.0 million
Accordion feature permits an increase to $1.470 billion, subject to certain conditions
Maturity extended from July 9, 2030 to June 24, 2031
Amendment signed June 24, 2026; full terms filed as Exhibit 10.1
Meritage Homes reported first quarter 2026 net earnings of $55 million, or $0.82 per diluted share, down 55% from $123 million, or $1.69 per share, a year earlier. Home closing revenue fell 17% to $1.1 billion on 13% fewer closings, and home closing gross margin dropped to 17.5% from 22.0%. The company also updated its full-year 2026 guidance, saying home closing volume and revenue are expected to be at or within 5% of full-year 2025 results, which signals a weak outlook for shareholders.
Net earnings of $55 million ($0.82 per diluted share) vs. $123 million ($1.69) in Q1 2025
Home closing revenue of $1.1 billion, down 17%; 2,967 homes closed, down 13%
Home closing gross margin of 17.5% vs. 22.0%, including $2.4 million in real estate impairments
Full-year 2026 guidance: home closing volume and revenue at or within 5% of full-year 2025 results
On March 23, 2026, Meritage Homes' Executive Compensation Committee approved higher target cash bonuses and equity awards for CEO Phillippe Lord, CFO Hilla Sferruzza, General Counsel Malissia Clinton and Chief People Officer Javier Feliciano, effective January 1, 2026. Executive Chairman Steven Hilton and Austin Woffinden's compensation was unchanged. The filing describes the increases as allowed under each executive's employment agreement and does not state prior amounts, so the size of the change cannot be measured.
Lord's revised annual target cash bonus is $4,000,000 and target equity award is $6,000,000
Sferruzza's revised target cash bonus is $1,600,000; Clinton's is $756,000; Feliciano's is $412,000 cash and $901,250 equity
About 50% of equity awards are time-based restricted stock units and about 50% are performance-based shares
Performance shares are weighted 70% on adjusted return on equity and 30% on three-year relative total shareholder return versus peers
Meritage Homes director Dennis V. Arriola notified the company on February 17, 2026 that he will step down effective March 31, 2026, and the filing states the resignation did not result from any disagreement with the company. The board also decided to reduce its size from 12 to 11 directors, effective upon his resignation.
Dennis V. Arriola's board resignation takes effect March 31, 2026.
Notice of the resignation was given to the company on February 17, 2026.
The filing says the resignation did not result from any disagreements with the company.
Board size falls from 12 to 11 directors under the amended and restated bylaws.
Meritage Homes reported fourth quarter 2025 net earnings of $84.0 million, or $1.20 per diluted share, down 51% from $172.6 million, or $2.36 per share, a year earlier. Home closing revenue fell 12% to $1.4 billion on 7% fewer closings and lower average prices, and the company recorded $42.9 million of non-recurring charges. The company expects 2026 home closing volume and revenue to be consistent with 2025, assuming no further deterioration in market conditions.
Q4 2025 net earnings $84.0 million ($1.20 per diluted share) vs. $172.6 million ($2.36) in Q4 2024
Full year 2025 net earnings $453.0 million ($6.35 per diluted share), down 42% from $786.2 million
Home closing gross margin 16.5% in Q4 2025 vs. 23.2% a year earlier; adjusted margin 19.3% excluding non-recurring charges
Company anticipates $400 million in share repurchases during 2026, assuming no material changes to market conditions
Meritage Homes reported third quarter 2025 net earnings of $99 million, down 49% from $196 million a year earlier, as home closing revenue fell 12% to $1.4 billion and home closing gross margin dropped to 19.1% from 24.8%. The company cited increased use of buyer incentives, inventory impairments, terminated land deal charges, and higher SG&A and tax rates. It also guided fourth quarter 2025 diluted EPS to $1.51 to $1.70.
Third quarter diluted EPS was $1.39 versus $2.67 a year earlier; excluding $14.5 million of impairments and terminated land deal charges, adjusted diluted EPS was $1.55.
Home closing revenue was $1.4 billion, down 12%, on 3,685 homes closed, down 7%; average sales price on closings fell 5% to $380,000.
Fourth quarter 2025 guidance calls for home closing revenue of $1.46 to $1.54 billion and diluted EPS of $1.51 to $1.70.
Meritage Homes reported second quarter 2025 results, with home closing revenue down 5% to $1.6 billion and net earnings down 37% to $147 million, or $2.04 per diluted share, from a year earlier. Lower average sales prices from financing incentives and a home closing gross margin of 21.1%, down from 25.9%, drove the decline. The company also cut its full-year land acquisition and development spending target to around $2.0 billion from $2.5 billion.
Net earnings were $147 million ($2.04 per diluted share) for Q2 2025, versus $232 million ($3.15) in Q2 2024.
Home closing revenue was $1.6 billion, down 5%; average sales price on closings fell 6% to $387,000.
Home closing gross margin was 21.1%, down 480 basis points; excluding terminated land deal charges, it was 21.4%.
Full-year 2025 land acquisition and development spend target was lowered to around $2.0 billion from $2.5 billion.
Meritage Homes entered into an Eleventh Amendment to its Amended and Restated Credit Agreement on July 9, 2025, which extends the maturity date from June 12, 2029 to July 9, 2030. The filing discloses the amendment as a material agreement and a direct financial obligation, with the full amendment filed as Exhibit 10.1.
Eleventh Amendment signed July 9, 2025, amending the credit agreement dated June 13, 2014
Maturity date extended from June 12, 2029 to July 9, 2030
Meritage Homes disclosed that Executive Vice President and Chief Operating Officer Clint Szubinski notified the company on May 7, 2025 that he is terminating his employment for personal reasons. His anticipated final day is May 16, 2025, and the filing does not name a successor or describe the reasons further.
Clint Szubinski, EVP and Chief Operating Officer, gave notice on May 7, 2025
Anticipated final date of employment is May 16, 2025
Departure is stated to be for personal reasons; no successor is named in the filing
Meritage Homes reported first quarter 2025 net earnings of $123 million, or $1.69 per diluted share, down 34% from $186 million, or $2.53 per diluted share, a year earlier. Home closing revenue fell 8% to $1.3 billion on lower closing volume and a lower average sales price, and the company reiterated its full-year 2025 guidance. For shareholders, the filing shows lower profit on weaker home sales, with the 2025 outlook unchanged.
Net earnings $123 million ($1.69 diluted EPS) vs. $186 million ($2.53) in Q1 2024
Home closing revenue $1.3 billion, down 8%; homes closed 3,416, down 3%; home closing gross margin 22.0% vs. 25.8%
Full-year 2025 guidance reiterated: 16,250-16,750 home closings and $6.6-6.9 billion home closing revenue
On March 7, 2025, Meritage Homes' Compensation Committee approved higher pay for five executives, including CEO Phillippe Lord, under their existing employment agreements. The changes cover base salary, target annual cash bonuses and target equity awards, and the base salary increases are effective January 1, 2025.
CEO Phillippe Lord's target annual cash incentive rises to $3,250,000 and target equity to $5,500,000; his base salary is unchanged.
CFO Hilla Sferruzza's base salary is $800,000, with a target cash incentive of $1,400,000 and target equity of $1,800,000.
About 50% of equity award value will be time-based restricted stock units and about 50% performance-based share awards.
Executive Chairman Steven J. Hilton's compensation remains unchanged.
Meritage Homes completed a $500 million public offering of 5.650% senior notes due March 15, 2035, receiving net proceeds of $493.4 million before expenses. The company said it intends to use the proceeds for general corporate purposes, and the notes add to its long-term debt obligations.
Notes: $500 million aggregate principal, 5.650% interest, payable semi-annually from September 15, 2025
Net proceeds after underwriting discount: $493.4 million, before expenses; use is general corporate purposes
Notes can be redeemed early; a change of control combined with a rating decline triggers an offer to repurchase at 101% of principal
Offering was led by J.P. Morgan, BofA Securities, Goldman Sachs and Mizuho; trustee is Regions Bank
Meritage Homes reported fourth quarter and full-year 2024 results on January 29, 2025. Fourth quarter net earnings fell 13% and diluted EPS fell 12% on lower home closing revenue and margins, while full-year net earnings rose 6% to $786.2 million. The company also gave full-year 2025 guidance of 16,250 to 16,750 home closings and $6.6 billion to $6.9 billion in home closing revenue.
Q4 2024 net earnings were $172.6 million ($4.72 per diluted share), down from $198.9 million ($5.38) in Q4 2023.
Q4 2024 home closing gross margin was 23.2%, down 200 basis points from 25.2% a year earlier.
Full-year 2024 net earnings were $786.2 million ($21.44 per diluted share), up from $738.7 million ($19.93).
2025 guidance calls for 16,250 to 16,750 home closings and $6.6 billion to $6.9 billion in home closing revenue.
Meritage Homes appointed Geisha Williams, 63, as an independent Class II director on January 6, 2025, and the board will increase to 12 directors. She will receive $50,000 per year in cash compensation plus annual service-based RSU grants, and the board plans to consider her for committee roles at upcoming meetings.
Appointed January 6, 2025 as an independent Class II director
Former President and CEO of PG&E Corporation, with over three decades of energy industry experience
Annual cash compensation of $50,000 plus annual service-based RSU grants and expense reimbursement
Board increases to 12 directors; committee assignments to be considered over the next several board meetings
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