Form 8-K

8-K — Meritage Homes CORP

Accession: 0000833079-26-000133

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0000833079

SIC: 1531 (OPERATIVE BUILDERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mth-20261028.htm (Primary)

EX-99.1 (mth20260930earningsrelease.htm)

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8-K

8-K (Primary)

Filename: mth-20261028.htm · Sequence: 1

mth-20261028

0000833079false00008330792026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 28, 2026

_______________________

MERITAGE HOMES CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Maryland 001-09977 86-0611231

(State or Other Jurisdiction

of Incorporation) (Commission File

Number) (IRS Employer

Identification No.)

18655 North Claret Drive, Suite 400, Scottsdale, Arizona 85255

(Address of Principal Executive Offices, including Zip Code)

(480) 515-8100

(Registrant’s telephone number, including area code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock $.01 par value MTH New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On October 28, 2026, Meritage Homes Corporation (the "Company") announced in a press release information concerning its results for the quarterly period ended September 30, 2026. A copy of this press release, including information concerning forward-looking statements and factors that may affect the Company's future results, is attached as Exhibit 99.1. This press release is being furnished, not filed, under Item 2.02 in this Report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit Number Description

99.1

Press Release dated October 28, 2026

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: October 28, 2026

MERITAGE HOMES CORPORATION

/s/ Alison Sasser

By: Alison Sasser

Senior Vice President and Chief Accounting Officer

EX-99.1

Filename: mth20260930earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

Contacts: Emily Tadano, VP Investor Relations and External Communications

(480) 515-8979 (office)

investors@meritagehomes.com

Meritage Homes reports third quarter 2026 results

SCOTTSDALE, Ariz., October 28, 2026 - Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S. homebuilder, reported third quarter results for the period ended September 30, 2026.

Summary Operating Results (unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 % Chg 2026 2025 % Chg

Homes closed (units) 3,187 3,685 (14) % 9,879 11,271 (12) %

Home closing revenue $ 1,162,352 $ 1,399,335 (17) % $ 3,658,085 $ 4,357,148 (16) %

Average sales price — closings $ 365 $ 380 (4) % $ 370 $ 387 (4) %

Home orders (units) 3,083 3,636 (15) % 10,322 11,426 (10) %

Home order value $ 1,179,266 $ 1,415,089 (17) % $ 3,956,044 $ 4,520,704 (12) %

Average sales price — orders $ 383 $ 389 (2) % $ 383 $ 396 (3) %

Ending backlog (units) 1,611 1,699 (5) %

Ending backlog value $ 637,167 $ 670,007 (5) %

Average sales price — backlog $ 396 $ 394 1 %

Home closing gross margin 17.4% 19.1% (170) bps 17.8% 20.7% (290) bps

Earnings before income taxes $ 84,815 $ 128,248 (34) % $ 277,903 $ 481,467 (42) %

Net earnings $ 67,784 $ 99,297 (32) % $ 213,723 $ 368,982 (42) %

Diluted EPS $ 1.04 $ 1.39 (25) % $ 3.22 $ 5.13 (37) %

MANAGEMENT COMMENTS

"In the third quarter of 2026, we navigated an increasingly challenging homebuying environment marked by rising mortgage interest rates and persistent geopolitical and macroeconomic uncertainty. Constrained affordability weighed on consumer sentiment, which was reflected in our 15% year-over-year decline in third quarter orders despite achieving an average absorption pace of 3.0 net sales per month per store," said Steven J. Hilton, executive chairman of Meritage Homes. "In light of current market conditions, we intentionally focused on preserving margins rather than pursuing a higher sales pace."

"We were able to convert nearly 190% of our backlog this quarter, delivering 3,187 homes across our larger footprint of 348 communities," added Phillippe Lord, chief executive officer of Meritage Homes. "Third quarter 2026 home closing revenue of $1.2 billion generated adjusted home closing gross margin of 17.9%, excluding $6.0 million of real estate inventory impairments and terminated land deal walk-away charges, and SG&A as a percentage of home closing revenue of 11.0%, nearly in line with the prior year period as we were able to leverage our larger size and cost control initiatives to maximize profitability."

"In today's volatile market, prudently managing capital is a key priority, as we continue to focus on maintaining sufficient liquidity. During the quarter, we pulled back our land investments by almost 40% year-over-year to $329 million and returned $86 million to shareholders via share repurchases and dividends. We are confident that the strength of our balance sheet and prudence around cash preservation will be a differentiator, as we expect market conditions to continue to be unpredictable over the next several quarters. In the first nine months of 2026, we have returned nearly $380 million of capital to shareholders, representing 177% of total earnings so far this year," concluded Mr. Lord. "We ended the third quarter of 2026 with cash of $677 million, no borrowings under our revolving credit facility, and a net debt-to-capital ratio of 18.9%. As of September 30, 2026, our book value per share increased 4% year-over-year."

THIRD QUARTER RESULTS

•Orders of 3,083 homes for the third quarter of 2026 decreased 15% year-over-year as a result of 21% lower average absorption pace, which was partially offset by a 7% increase in average community count. Third quarter 2026 average sales price ("ASP") on orders of $383,000 was down 2% from the third quarter of 2025, primarily due to higher utilization of incentives and related costs including rate buy-downs, as well as geographic mix.

•The 17% year-over-year decrease in home closing revenue in the third quarter of 2026 to $1.2 billion was due to 14% lower closing volume of 3,187 homes combined with a 4% decrease in ASP on closings to $365,000. The year-over-year decline in ASP on closings was primarily due to higher utilization of incentives and related costs including rate buy-downs, as well as geographic mix.

•Home closing gross margin of 17.4% in the third quarter of 2026 was 170 bps lower than 19.1% in the prior year as a result of higher lot and incentive costs coupled with lost leverage on lower home closing revenue, which were partially offset by direct cost savings and lower performance-based compensation expense. Excluding $6.6 million of real estate inventory impairments and a $0.6 million net credit related to terminated land deal walk-away charges in the third quarter of 2026, and $8.7 million of real estate inventory impairments and $5.8 million in terminated land deal walk-away charges in the prior year, adjusted home closing gross margin was 17.9% and 20.1% for the third quarters of 2026 and 2025, respectively. In the third quarter of 2026, we incurred $0.9 million of terminated land deal walk-away charges, which were more than offset by $1.5 million of recoveries related to previously incurred walk-away charges.

•Selling, general and administrative expenses ("SG&A") as a percentage of third quarter 2026 home closing revenue were 11.0% compared to 10.8% in the third quarter of 2025, as a result of lost leverage on lower home closing revenue and higher technology costs, which were partially offset by an intentional pull back in discretionary expenses and decreased performance-based compensation expense.

•The third quarter effective income tax rate was 20.1% in 2026 compared to 22.6% in 2025. The 2026 tax rate reflected acquired below-market transferable clean fuel production tax credits.

•Net earnings were $68 million ($1.04 per diluted share) for the third quarter of 2026, a 32% decrease from $99 million ($1.39 per diluted share) for the third quarter of 2025, mainly resulting from lower home closing revenue and gross profit. Excluding quarterly impairments and walk-away charges for each period, adjusted diluted EPS was $1.11 and $1.55 for the third quarters of 2026 and 2025, respectively.

YEAR TO DATE RESULTS

•Total sales orders for the first nine months of 2026 decreased 10% year-over-year, reflecting a 20% decrease in average absorption pace partially offset by a 12% increase in average communities compared to the first nine months of 2025. The 3% lower ASP on orders for the first nine months of 2026 compared to prior year was

primarily due to higher utilization of incentives and related costs including rate buy-downs, as well as geographic mix.

•Home closing revenue decreased 16% year-over-year in the first nine months of 2026 to $3.7 billion, driven by 12% lower home closing volume and a 4% decrease in ASP on closings compared to the first nine months of 2025. The year-over-year decline in ASP on closings reflected higher utilization of incentives and related costs including rate buy-downs, as well as geographic mix.

•Home closing gross margin of 17.8% decreased 290 bps in the first nine months of 2026 from 20.7% in the prior year due to higher lot and incentive costs coupled with lost leverage on lower home closing revenue, which were partially offset by direct cost savings and lower performance-based compensation expense. Excluding $12.6 million of real estate inventory impairments and $1.0 million in terminated land deal walk-away charges in the first nine months of 2026 and $8.7 million of real estate inventory impairments and $11.4 million in terminated land deal walk-away charges in the prior year, adjusted home closing gross margin was 18.1% and 21.2% for the first nine months of 2026 and 2025, respectively.

•SG&A as a percentage of home closing revenue was 11.0% in the first nine months of 2026 compared to 10.7% in the prior year, as a result of lost leverage on lower home closing revenue and higher technology costs, which were partially offset by an intentional pull back in discretionary expenses and decreased performance-based compensation expense.

•The effective income tax rate in the first nine months of 2026 was 23.1% compared to 23.4% in 2025.

•Net earnings were $214 million ($3.22 per diluted share) for the first nine months of 2026, a 42% decrease from $369 million ($5.13 per diluted share) for the first nine months of 2025, primarily reflecting lower home closing revenue and gross margins. Excluding year-to-date impairments and walk-away charges for each period, adjusted diluted EPS was $3.38 and $5.35 for the first nine months of 2026 and 2025, respectively.

BALANCE SHEET & LIQUIDITY

•Cash and cash equivalents at September 30, 2026 totaled $677 million. This compared to cash and cash equivalents of $775 million at December 31, 2025.

•Land acquisition and development spend, net of land development reimbursements, totaled $329 million and $528 million for the third quarter of 2026 and 2025, respectively.

•Approximately 71,800 lots were owned or controlled as of September 30, 2026, compared to approximately 80,800 lots as of September 30, 2025. Nearly 2,000 net new lots were added in the third quarter of 2026, representing an estimated 21 future communities.

•Third quarter 2026 ending community count of 348 was up 4% compared to prior year and up 2% sequentially from the second quarter of 2026.

•Debt-to-capital and net debt-to-capital ratios were 26.9% and 18.9%, respectively, at September 30, 2026, which compared to 26.0% and 16.9%, respectively, at December 31, 2025.

•The Company declared and paid quarterly cash dividends of $0.48 per share totaling $31 million in the third quarter of 2026. This compared to $0.43 per share totaling $30 million in the third quarter of 2025. Year-to-date dividends paid were $94 million and $92 million in 2026 and 2025, respectively.

•During the third quarter of 2026, the Company repurchased 757,128 shares of stock, or 1.2% of shares outstanding at the beginning of the quarter, for $55 million, consistent with the third quarter of 2025. For the first nine months of 2026, the Company repurchased 4,101,288 shares of stock, or 6.0% of shares outstanding at the beginning of the year, for $285 million, up 97% compared to prior year of $145 million. As of September 30, 2026, $229 million remained available to repurchase.

CONFERENCE CALL

Management will host a conference call to discuss its third quarter 2026 results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Thursday, October 29, 2026. To listen, please go to Meritage's Investor Relations page for the live webcast or dial in to 1-800-445-7795 US toll free or 1-785-424-1699. A replay will be available on the Investor Relations page.

Meritage Homes Corporation and Subsidiaries

Consolidated Income Statements

(In thousands, except per share data)

(Unaudited)

Three Months Ended September 30,

2026 2025 Change $ Change %

Homebuilding:

Home closing revenue $ 1,162,352 $ 1,399,335 $ (236,983) (17) %

Land closing revenue 6,081 16,068 (9,987) (62) %

Total closing revenue 1,168,433 1,415,403 (246,970) (17) %

Cost of home closings (959,746) (1,132,378) (172,632) (15) %

Cost of land closings (5,957) (15,876) (9,919) (62) %

Total cost of closings (965,703) (1,148,254) (182,551) (16) %

Home closing gross profit 202,606 266,957 (64,351) (24) %

Land closing gross profit 124 192 (68) (35) %

Total closing gross profit 202,730 267,149 (64,419) (24) %

Financial Services:

Revenue 7,497 8,460 (963) (11) %

Expense (3,982) (4,311) (329) (8) %

Earnings from financial services unconsolidated entities and other, net 1,244 331 913 276 %

Financial services profit 4,759 4,480 279 6 %

Commissions and other sales costs (82,441) (99,722) (17,281) (17) %

General and administrative expenses (45,170) (51,787) (6,617) (13) %

Interest expense (1,352) — 1,352 N/A

Other income, net 6,289 8,128 (1,839) (23) %

Earnings before income taxes 84,815 128,248 (43,433) (34) %

Provision for income taxes (17,031) (28,951) (11,920) (41) %

Net earnings $ 67,784 $ 99,297 $ (31,513) (32) %

Earnings per common share:

Basic Change $ or shares Change %

Earnings per common share $ 1.05 $ 1.40 $ (0.35) (25) %

Weighted average shares outstanding 64,698 70,680 (5,982) (8) %

Diluted

Earnings per common share $ 1.04 $ 1.39 $ (0.35) (25) %

Weighted average shares outstanding 65,127 71,188 (6,061) (9) %

Nine Months Ended September 30,

2026 2025 Change $ Change %

Homebuilding:

Home closing revenue $ 3,658,085 $ 4,357,148 $ (699,063) (16) %

Land closing revenue 28,162 39,766 (11,604) (29) %

Total closing revenue 3,686,247 4,396,914 (710,667) (16) %

Cost of home closings (3,008,068) (3,453,213) (445,145) (13) %

Cost of land closings (27,783) (37,128) (9,345) (25) %

Total cost of closings (3,035,851) (3,490,341) (454,490) (13) %

Home closing gross profit 650,017 903,935 (253,918) (28) %

Land closing gross profit 379 2,638 (2,259) (86) %

Total closing gross profit 650,396 906,573 (256,177) (28) %

Financial Services:

Revenue 21,566 24,967 (3,401) (14) %

Expense (11,746) (13,159) (1,413) (11) %

Earnings from financial services unconsolidated entities and other, net

3,759 1,846 1,913 104 %

Financial services profit 13,579 13,654 (75) (1) %

Commissions and other sales costs (253,718) (303,272) (49,554) (16) %

General and administrative expenses (148,952) (163,967) (15,015) (9) %

Interest expense (4,126) — 4,126 N/A

Other income, net 20,724 28,479 (7,755) (27) %

Earnings before income taxes 277,903 481,467 (203,564) (42) %

Provision for income taxes (64,180) (112,485) (48,305) (43) %

Net earnings $ 213,723 $ 368,982 $ (155,259) (42) %

Earnings per common share:

Basic Change $ or shares Change %

Earnings per common share $ 3.24 $ 5.17 $ (1.93) (37) %

Weighted average shares outstanding 65,941 71,346 (5,405) (8) %

Diluted

Earnings per common share $ 3.22 $ 5.13 $ (1.91) (37) %

Weighted average shares outstanding 66,312 71,879 (5,567) (8) %

Meritage Homes Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

September 30, 2026 December 31, 2025

Assets:

Cash and cash equivalents $ 677,498 $ 775,157

Other receivables 345,535 306,956

Real estate (1)

6,014,511 5,987,120

Deposits on real estate under option or contract 170,777 174,170

Investments in unconsolidated entities 64,225 57,268

Property and equipment, net 45,057 46,647

Deferred tax asset, net 44,427 53,293

Prepaids, other assets and goodwill 227,614 221,676

Total assets $ 7,589,644 $ 7,622,287

Liabilities:

Accounts payable $ 209,249 $ 200,679

Accrued and other liabilities 476,658 387,698

Home sale deposits 7,627 9,213

Loans payable and other borrowings 42,351 24,328

Senior and convertible senior notes, net 1,809,401 1,804,726

Total liabilities 2,545,286 2,426,644

Stockholders' Equity:

Preferred stock — —

Common stock, par value $0.01. Authorized 125,000,000 shares; 64,423,225 and 68,168,923 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 644 682

Additional paid-in capital — —

Retained earnings 5,043,714 5,194,961

Total stockholders’ equity 5,044,358 5,195,643

Total liabilities and stockholders’ equity $ 7,589,644 $ 7,622,287

(1) Real estate – Allocated costs:

Homes completed and under construction $ 2,045,060 $ 2,069,548

Finished home sites and home sites under development 3,842,767 3,917,572

Consolidated real estate not owned 126,684 —

Total real estate $ 6,014,511 $ 5,987,120

Meritage Homes Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Nine Months Ended September 30,

2026 2025

Cash flows from operating activities:

Net earnings $ 213,723 $ 368,982

Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:

Depreciation and amortization 16,973 18,603

Real estate and land impairments 12,648 9,292

Write-off of terminated land deals 1,006 11,437

Stock-based compensation 16,788 14,780

Equity in earnings from unconsolidated entities (2,941) (3,133)

Distribution of earnings from unconsolidated entities 3,325 3,732

Other 8,972 7,415

Changes in assets and liabilities:

Decrease/(increase) in real estate 58,676 (413,224)

Increase in deposits on real estate under option or contract (1,431) (9,010)

Increase in other receivables, prepaids and other assets (42,770) (77,840)

Decrease in accounts payable and accrued and other liabilities (23,860) (45,326)

Decrease in home sale deposits (1,586) (11,093)

Net cash provided by/(used in) operating activities 259,523 (125,385)

Cash flows from investing activities:

Investments in unconsolidated entities (21,270) (21,080)

Distributions of capital from unconsolidated entities 350 —

Purchases of property and equipment (13,917) (20,145)

Proceeds from sales of property and equipment 234 184

Maturities/sales of investments and securities — 1,750

Payments to purchase investments and securities — (1,750)

Net cash used in investing activities (34,603) (41,041)

Cash flows from financing activities:

Repayment of loans payable and other borrowings (3,302) (11,522)

Proceeds from issuance of senior notes — 497,195

Payment of debt issuance costs — (5,106)

Proceeds from liabilities related to consolidated real estate not owned 59,947 —

Dividends paid (94,224) (91,759)

Repurchase of shares (285,000) (145,000)

Net cash (used in)/provided by financing activities (322,579) 243,808

Net (decrease)/increase in cash and cash equivalents (97,659) 77,382

Beginning cash and cash equivalents 775,157 651,555

Ending cash and cash equivalents $ 677,498 $ 728,937

Meritage Homes Corporation and Subsidiaries

Operating Data

(Dollars in thousands)

(Unaudited)

We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:

•West: Arizona, California, Colorado, and Utah

•Central: Tennessee and Texas

•East: Alabama, Florida, Georgia, Mississippi, North Carolina and South Carolina

Three Months Ended September 30,

2026 2025

Homes Value Homes Value

Homes Closed:

West Region 710 $ 341,836 883 $ 420,658

Central Region 1,170 383,964 1,260 443,086

East Region 1,307 436,552 1,542 535,591

Total 3,187 $ 1,162,352 3,685 $ 1,399,335

Homes Ordered:

West Region 706 $ 352,026 867 $ 426,509

Central Region 1,132 396,999 1,289 468,690

East Region 1,245 430,241 1,480 519,890

Total 3,083 $ 1,179,266 3,636 $ 1,415,089

Nine Months Ended September 30,

2026 2025

Homes Value Homes Value

Homes Closed:

West Region 2,221 $ 1,078,774 3,046 $ 1,449,499

Central Region 3,586 1,206,990 3,821 1,336,048

East Region 4,072 1,372,321 4,404 1,571,601

Total 9,879 $ 3,658,085 11,271 $ 4,357,148

Homes Ordered:

West Region 2,366 $ 1,187,516 2,961 $ 1,450,859

Central Region 3,707 1,294,180 3,952 1,433,125

East Region 4,249 1,474,348 4,513 1,636,720

Total 10,322 $ 3,956,044 11,426 $ 4,520,704

At September 30,

2026 2025

Homes Value Homes Value

Order Backlog:

West Region 330 $ 170,668 350 $ 176,493

Central Region 578 217,191 612 232,018

East Region 703 249,308 737 261,496

Total 1,611 $ 637,167 1,699 $ 670,007

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Ending Average Ending Average Ending Average Ending Average

Active Communities:

West Region 92 90.5 85 85.0 92 88.2 85 86.7

Central Region 104 101.5 97 91.0 104 105.6 97 88.6

East Region 152 152.0 152 147.0 152 149.2 152 132.2

Total 348 344.0 334 323.0 348 343.0 334 307.5

Meritage Homes Corporation and Subsidiaries

Supplement and Non-GAAP information

(Unaudited)

Supplemental Information (Dollars in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Depreciation and amortization $ 5,522 $ 5,991 $ 16,973 $ 18,603

Summary of Capitalized Interest:

Capitalized interest, beginning of period $ 86,737 $ 63,814 $ 77,064 $ 53,678

Interest incurred 20,218 20,050 60,337 54,759

Interest expensed (1,352) — (4,126) —

Interest amortized to cost of home and land closings (13,434) (12,663) (41,106) (37,236)

Capitalized interest, end of period $ 92,169 $ 71,201 $ 92,169 $ 71,201

Reconciliation of Non-GAAP Information (Dollars in thousands):

This press release includes comments and discussion about our operating results that reflect certain adjustments, including to home closing gross profit, home closing gross margin, earnings before income taxes, net earnings, diluted earnings per common share, and debt-to-capital ratios. These are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operating results and may be helpful in comparing our company with other companies in the homebuilding and other industries to the extent they provide similar information. We encourage investors to understand the methods used by other companies to calculate these non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.

Home Closing Gross Profit and Home Closing Gross Margin

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Home closing gross profit $ 202,606 $ 266,957 $ 650,017 $ 903,935

Home closing gross margin 17.4 % 19.1 % 17.8 % 20.7 %

Add: Real estate-related impairments 6,639 8,693 12,648 8,693

Add: Write-off of terminated land deals (643) 5,799 1,006 11,437

Adjusted home closing gross profit $ 208,602 $ 281,449 $ 663,671 $ 924,065

Adjusted home closing gross margin 17.9 % 20.1 % 18.1 % 21.2 %

Earnings before income taxes, Net earnings and Diluted earnings per common share

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

Earnings before income taxes $ 84,815 $ 128,248 $ 277,903 $ 481,467

Add: Real estate-related impairments 6,845 8,693 12,884 8,693

Add: Write-off of terminated land deals (643) 5,799 1,006 11,437

Adjusted earnings before income taxes $ 91,017 $ 142,740 $ 291,793 $ 501,597

Incremental tax rate 24.1 % 22.6 % 24.5 % 23.4 %

Adjusted provision for income tax (18,526) (32,259) (67,583) (117,374)

Adjusted net earnings 72,491 110,481 224,210 384,223

Diluted earnings per common share $ 1.04 $ 1.39 $ 3.22 $ 5.13

Adjusted diluted earnings per common share $ 1.11 $ 1.55 $ 3.38 $ 5.35

Debt-to-Capital Ratios

September 30, 2026 December 31, 2025

Senior and convertible senior notes, net and loans payable and other borrowings $ 1,851,752 $ 1,829,054

Stockholders' equity 5,044,358 5,195,643

Total capital $ 6,896,110 $ 7,024,697

Debt-to-capital 26.9% 26.0%

Senior and convertible senior notes, net and loans payable and other borrowings $ 1,851,752 $ 1,829,054

Less: cash and cash equivalents (677,498) (775,157)

Net debt $ 1,174,254 $ 1,053,897

Stockholders’ equity 5,044,358 5,195,643

Total net capital $ 6,218,612 $ 6,249,540

Net debt-to-capital 18.9% 16.9%

About Meritage Homes Corporation

Meritage is the fifth-largest public homebuilder in the United States, based on homes closed in 2025. The Company offers energy-efficient and affordable entry-level and first move-up homes. Operations span across Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina.

Meritage has delivered over 220,000 homes in its 41-year history, and has a reputation for its distinctive style, quality construction, and award-winning customer experience. The Company is an industry leader in energy-efficient homebuilding, an eleven-time recipient of the U.S. Environmental Protection Agency’s (EPA) ENERGY STAR® Partner of the Year for Sustained Excellence Award and Residential New Construction Market Leader Award, as well as a four-time recipient of the EPA's Indoor airPLUS Leader Award.

For more information, visit www.meritagehomes.com.

The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and the strength of our balance sheet.

Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations. Meritage's business is subject to a number of risks and uncertainties. As a result of those risks and uncertainties, the Company's stock and note prices may fluctuate dramatically. These risks and uncertainties include, but are not limited to, the following: increases in interest rates or decreases in mortgage availability, and the cost and use of rate locks and buy-downs; the cost of materials used to develop communities and construct homes; shortages in the availability and cost of subcontract labor; legislation related to tariffs; cancellation rates; supply chain and labor constraints; the ability of our potential buyers to sell their existing homes; the adverse effect of slow absorption rates; our ability to acquire and develop lots may be negatively impacted if we are unable to obtain performance and surety bonds; impairments of our real estate inventory; competition; home warranty and construction defect claims; failures in health and safety performance; fluctuations in quarterly operating results; our level of indebtedness; our exposure to counterparty risk with respect to our capped calls; our ability to obtain financing if our credit ratings are downgraded; our exposure to and impacts from natural disasters or severe weather conditions; the availability and cost of finished lots and undeveloped land; the success of our strategy to offer and market entry-level and first move-up homes; a change to the feasibility of projects under option or contract that could result in the write-down or write-off of earnest money or option deposits; our limited geographic diversification; sustainability matters and disclosures; our exposure to information technology failures and security breaches and the impact thereof; the loss of key personnel; changes in tax laws that adversely impact us or our homebuyers; our inability to prevail on contested tax positions; failure of our employees and representatives to comply with laws and regulations; our compliance with government regulations; liabilities or restrictions resulting from regulations applicable to our financial services operations; negative publicity that affects our reputation; potential disruptions to our business by an epidemic or pandemic, and measures that federal, state and local

governments and/or health authorities implement to address it; and other factors identified in documents filed by the Company with the Securities and Exchange Commission, including those set forth in our Form 10-K for the year ended December 31, 2025 and our subsequent Form 10-Qs under the caption "Risk Factors," which can be found on our website at https://investors.meritagehomes.com.

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