Meritage Homes Corporation (MTH) Income Statement
MTH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMTH revenue and net income
Where MTH's revenue goes
2025Each bar shows an amount and its share of revenue. MTH kept 7.7% of revenue as net income.
MTH profit margins
MTH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.4% | −2.4% | +5.4% | +8.5% |
| Gross profit | −27.8% | −13.8% | +2.9% | +8.4% |
| Operating income | −43.9% | −25.2% | −0.6% | +9.7% |
| Net income | −42.4% | −23.0% | +1.4% | +13.4% |
| EPS (diluted) | −50.5% | −21.5% | +3.3% | +15.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MTH quarterly EPS vs estimates
Meritage Homes beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 28, 2026 (estimate $1.18).
MTH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.86B | $6.40B | $6.11B | $6.29B | $5.14B | $4.50B | $3.67B | $3.53B | $3.24B | $3.04B |
| Cost of revenue | $4.69B | $4.80B | $4.61B | $4.49B | $3.70B | $3.50B | $2.96B | $2.87B | $2.65B | $2.48B |
| Gross profit | $1.15B | $1.60B | $1.50B | $1.80B | $1.44B | $1.00B | $707.5M | $659.9M | $595.3M | $556.9M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $211.8M | $639.9M | $231.7M | $516.2M | $466.9M | $446.9M | $392.8M | $380.4M | $345.7M | $338.9M |
| Total operating expenses | $616.2M | $639.9M | $231.7M | $516.2M | $466.9M | $446.9M | $392.8M | $380.4M | $345.7M | $338.9M |
| Operating income | $537.5M | $958.3M | $1.27B | $1.29B | $970.6M | $554.0M | $314.7M | $279.5M | $249.6M | $218.0M |
| Interest expense | $3.0M | $2.1M | $656,000 | $41,000 | $318,000 | $2.2M | $8.4M | $785,000 | $3.9M | $5.2M |
| Income before taxes | $584.6M | $1.00B | $949.4M | $1.29B | $954.8M | $533.6M | $302.9M | $283.3M | $247.5M | $218.1M |
| Income taxes | $131.6M | $216.7M | −$210.7M | $297.1M | $217.4M | $110.1M | $53.3M | $55.9M | $104.3M | $68.5M |
| Net income | $453.0M | $786.2M | $738.7M | $992.2M | $737.4M | $423.5M | $249.7M | $227.3M | $143.3M | $149.5M |
| EBITDA | $609.9M | $1.03B | $1.27B | $1.31B | $981.4M | $585.0M | $342.6M | $306.5M | $266.3M | $234.0M |
| EPS (diluted) | $6.48 | $13.08 | $9.96 | $13.39 | $9.88 | $5.52 | $3.28 | $2.70 | $1.95 | $1.78 |
| Gross margin | 19.7% | 25.0% | 24.6% | 28.7% | 28.0% | 22.2% | 19.3% | 18.7% | 18.4% | 18.3% |
| Operating margin | 9.2% | 15.0% | 20.8% | 20.4% | 18.9% | 12.3% | 8.6% | 7.9% | 7.7% | 7.2% |
| Net margin | 7.7% | 12.3% | 12.1% | 15.8% | 14.3% | 9.4% | 6.8% | 6.4% | 4.4% | 4.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.47B | $1.12B | $1.44B | $1.42B | $1.63B | $1.36B | $1.62B | $1.60B | $1.70B | $1.47B | $1.66B | $1.62B |
| Cost of revenue | $1.14B | $923.4M | $1.20B | $1.15B | $1.29B | $1.06B | $1.24B | $1.20B | $1.26B | $1.10B | $1.24B | $1.18B |
| Gross profit | $328.2M | $196.2M | $235.3M | $271.6M | $346.2M | $302.4M | $380.3M | $396.3M | $444.3M | $377.3M | $422.1M | $435.5M |
| Sales, general & admin | $144.2M | $51.4M | $148.9M | $151.5M | $164.0M | $151.7M | $172.7M | $157.1M | $157.8M | $152.3M | $176.1M | $162.2M |
| Total operating expenses | $144.2M | $130.9M | $148.9M | $151.5M | $164.0M | $151.7M | $172.7M | $157.1M | $157.8M | $152.3M | $176.1M | $162.2M |
| Operating income | $184.0M | $65.3M | $86.3M | $120.1M | $182.2M | $150.7M | $207.6M | $239.2M | $286.5M | $225.0M | $246.0M | $273.3M |
| Interest expense | $2.2M | $587,000 | $1.1M | $331,000 | $842,000 | $673,000 | $2.8M | $1.3M | $0 | $0 | $0 | $2.5M |
| Income before taxes | $120.6M | $72.5M | $103.1M | $128.2M | $193.1M | $160.2M | $221.6M | $249.9M | $297.4M | $234.0M | $258.9M | $285.7M |
| Income taxes | $29.9M | $17.2M | $19.1M | $29.0M | $46.2M | $37.4M | $48.9M | $54.0M | $65.8M | $48.0M | $60.0M | $64.0M |
| Net income | $90.6M | $55.3M | $84.0M | $99.3M | $146.9M | $122.8M | $172.6M | $196.0M | $231.6M | $186.0M | $198.9M | $221.8M |
| EBITDA | $182.3M | $78.5M | $109.8M | $134.2M | $199.7M | $166.1M | $228.2M | $256.5M | $304.1M | $240.1M | $266.6M | $292.1M |
| EPS (diluted) | $1.42 | $0.86 | $1.20 | $1.55 | $2.04 | $1.69 | $4.72 | $2.67 | $3.16 | $2.53 | $2.69 | $2.99 |
| Gross margin | 22.3% | 17.5% | 16.4% | 19.1% | 21.2% | 22.2% | 23.5% | 24.8% | 26.1% | 25.6% | 25.4% | 26.9% |
| Operating margin | 12.5% | 5.8% | 6.0% | 8.4% | 11.2% | 11.0% | 12.8% | 15.0% | 16.8% | 15.3% | 14.8% | 16.9% |
| Net margin | 6.2% | 4.9% | 5.9% | 7.0% | 9.0% | 9.0% | 10.6% | 12.3% | 13.6% | 12.6% | 12.0% | 13.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MTH's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MTH financial results
In fiscal year 2025 (ended December 31, 2025), Meritage Homes reported revenue of $5.9 billion, down 8.4% from the year before. It had net income of $453.0 million (down 42.4%), a net profit margin of 7.7%. Diluted earnings per share came to $6.48. Over five years revenue grew at an average rate of 5.4% a year.
See the MTH stock overview for the latest quote and news, or the MTH chart for price history and technical indicators.
MTH income statement FAQ
What is Meritage Homes's annual revenue?
Meritage Homes reported total revenue of $5.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 8.4% from $6.4 billion the previous year.
Is Meritage Homes profitable?
Yes. Meritage Homes reported net income of $453.0 million in fiscal 2025, a net profit margin of 7.7%; its operating margin was 9.2%.
What is Meritage Homes's gross margin?
Meritage Homes's gross margin was 19.7% in fiscal 2025: for every $100 of revenue, Meritage Homes kept $20 after the direct cost of its products and services.
How fast is Meritage Homes growing?
Revenue grew 5.4% a year on average over the last five fiscal years, from $4.5 billion to $5.9 billion.
What are Meritage Homes's earnings per share?
Meritage Homes earned $6.48 per diluted share in fiscal 2025, compared with $13.08 a year earlier.
When will Meritage Homes report its next earnings?
Meritage Homes is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 after the market closes.
When does Meritage Homes's fiscal year end?
Meritage Homes's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.