Meritage Homes Corporation (NYSE:MTH) filed its Form 10-Q for the quarterly period ended September 30, 2026, on October 30, 2026, reporting lower home closing revenue and net earnings compared with the same periods in 2025.

Key Highlights

  • Home closing revenue: $1,162,352 thousand for the three months ended September 30, 2026, down from $1,399,335 thousand in the same quarter of 2025, according to the filing.
  • Net earnings: $67,784 thousand for Q3 2026, compared with $99,297 thousand for Q3 2025, as reported in the income statement.
  • Diluted earnings per share: $1.04 for the three months ended September 30, 2026, versus $1.39 in the prior-year quarter.
  • Share count reduced: Common shares outstanding fell to 64,423,225 as of October 26, 2026, from 68,168,923 at December 31, 2025, with $285,000 thousand in share repurchases during the nine months ended September 30, 2026.
  • Total assets: $7,589,644 thousand at September 30, 2026, compared with $7,622,287 thousand at December 31, 2025.
  • Cash and cash equivalents: $677,498 thousand at September 30, 2026, down from $775,157 thousand at December 31, 2025.
  • Nine-month operating cash flow: Net cash provided by operating activities was $259,523 thousand for the nine months ended September 30, 2026, compared with net cash used of $125,385 thousand in the same period of 2025.

Meritage Homes Reports Declining Revenue and Earnings for Third Quarter 2026

According to the filing, Meritage Homes reported total closing revenue of $1,168,433 thousand for the three months ended September 30, 2026, compared with $1,415,403 thousand for the same period in 2025. Home closing gross profit for the quarter was $202,606 thousand, down from $266,957 thousand a year earlier. For the nine months ended September 30, 2026, home closing revenue was $3,658,085 thousand versus $4,357,148 thousand in the prior-year period, with nine-month net earnings of $213,723 thousand compared with $368,982 thousand.

The company disclosed that basic earnings per share for Q3 2026 were $1.05, with diluted earnings per share of $1.04, based on weighted average diluted shares of 65,127 thousand. General and administrative expenses for the quarter were $45,170 thousand, down from $51,787 thousand in Q3 2025. The filing also notes interest expense of $1,352 thousand for the three months ended September 30, 2026, compared with none recorded in the same quarter of 2025. Total liabilities rose to $2,545,286 thousand at September 30, 2026, from $2,426,644 thousand at December 31, 2025.

The filing states that during the nine months ended September 30, 2026, the company repurchased $285,000 thousand in shares and paid $94,224 thousand in dividends. Senior and convertible senior notes, net, stood at $1,809,401 thousand at September 30, 2026. The company disclosed homebuilding operations across twelve states in three regions: West, Central, and East, and also operates a financial services segment. Financial services profit for Q3 2026 was $4,759 thousand, compared with $4,480 thousand in Q3 2025.

What Was Disclosed

Meritage Homes filed its quarterly report covering the period ended September 30, 2026, disclosing lower revenue, net earnings, and earnings per share versus the prior year, alongside share repurchases of $285,000 thousand and reduced cash balances over the nine-month period.