Form 8-K

8-K — Meritage Homes CORP

Accession: 0000833079-26-000125

Filed: 2026-07-29

Period: 2026-07-29

CIK: 0000833079

SIC: 1531 (OPERATIVE BUILDERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mth-20260729.htm (Primary)

EX-99.1 (mth20260630earningsrelease.htm)

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GRAPHIC (mth_logoxstandardxhorizonta.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mth-20260729.htm · Sequence: 1

mth-20260729

0000833079false00008330792026-07-292026-07-29

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): July 29, 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 July 29, 2026, Meritage Homes Corporation (the "Company") announced in a press release information concerning its results for the quarterly period ended June 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 July 29, 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: July 29, 2026

MERITAGE HOMES CORPORATION

/s/ Alison Sasser

By: Alison Sasser

Senior Vice President and Chief Accounting Officer

EX-99.1

Filename: mth20260630earningsrelease.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 second quarter 2026 results

SCOTTSDALE, Ariz., July 29, 2026 - Meritage Homes Corporation (NYSE: MTH), the fifth-largest U.S. homebuilder, reported second quarter results for the period ended June 30, 2026.

Summary Operating Results (unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 % Chg 2026 2025 % Chg

Homes closed (units) 3,725 4,170 (11) % 6,692 7,586 (12) %

Home closing revenue $ 1,387,911 $ 1,615,709 (14) % $ 2,495,733 $ 2,957,813 (16) %

Average sales price — closings $ 373 $ 387 (4) % $ 373 $ 390 (4) %

Home orders (units) 3,575 3,914 (9) % 7,239 7,790 (7) %

Home order value $ 1,376,338 $ 1,547,438 (11) % $ 2,776,778 $ 3,105,615 (11) %

Average sales price — orders $ 385 $ 395 (3) % $ 384 $ 399 (4) %

Ending backlog (units) 1,715 1,748 (2) %

Ending backlog value $ 661,906 $ 695,476 (5) %

Average sales price — backlog $ 386 $ 398 (3) %

Home closing gross margin 18.3% 21.1% (280) bps 17.9% 21.5% (360) bps

Earnings before income taxes $ 120,564 $ 193,060 (38) % $ 193,088 $ 353,219 (45) %

Net earnings $ 90,630 $ 146,879 (38) % $ 145,939 $ 269,685 (46) %

Diluted EPS $ 1.37 $ 2.04 (33) % $ 2.18 $ 3.73 (42) %

MANAGEMENT COMMENTS

"The 2026 spring selling season remained softer than expected this quarter as macroeconomic uncertainty and volatile interest rates continued to pressure buyer psychology. Although below prior year levels, our second quarter 2026 absorptions reflected pockets of solid performance which accelerated community close outs in some markets," said Steven J. Hilton, executive chairman of Meritage Homes.

"Our available home inventory and improved cycle times drove a backlog conversion rate of 200% and 3,725 closings this quarter, with nearly 60% generated from intra-quarter sales," added Phillippe Lord, chief executive officer of Meritage Homes. "Second quarter 2026 home closing revenue totaled $1.4 billion which generated adjusted home closing gross margin of 18.6% and adjusted diluted EPS of $1.42, excluding $3.6 million of real estate inventory impairments and $0.3 million in terminated land deal walk-away charges."

"We remain committed to a disciplined capital allocation strategy that balances growth and shareholder returns while ensuring sufficient liquidity in a volatile interest rate environment. During the current quarter, we returned $131 million to shareholders via share repurchases and dividends. And while we moderated land spend to $357 million from $509 million in the second quarter of 2025, we are reiterating our prior community count growth expectation of 5-10% year-over-year for full year 2026," concluded Mr. Lord. "We ended the second quarter of 2026 with cash of $807 million, no borrowings under our revolving credit facility and a net debt-to-capital ratio of 17.1%. As of June 30, 2026, our book value per share increased 5% year-over-year."

SECOND QUARTER RESULTS

•Orders of 3,575 homes for the second quarter of 2026 decreased 9% year-over-year mainly as a result of 19% lower average absorption pace, which was partially offset by a 14% increase in average community count. Second quarter 2026 average sales price ("ASP") on orders of $385,000 was down 3% from the second quarter of 2025, primarily due to geographic mix.

•The 14% year-over-year decrease in home closing revenue in the second quarter of 2026 to $1.4 billion was due to 11% lower closing volume of 3,725 homes combined with a 4% decrease in ASP on closings to $373,000. The closing ASP decline was a function of geographic mix.

•Home closing gross margin of 18.3% in the second quarter of 2026 was 280 bps lower than 21.1% in the prior year as a result of lost leverage on lower home closing revenue and higher lot costs, which were partially offset by direct cost savings and quicker cycle times. Excluding $3.6 million of real estate inventory impairments and $0.3 million in terminated land deal walk-away charges in the second quarter of 2026, compared to no impairments and $4.2 million in terminated land deal walk-away charges in the prior year, adjusted home closing gross margin was 18.6% and 21.4% for the second quarters of 2026 and 2025, respectively.

•Selling, general and administrative expenses ("SG&A") as a percentage of second quarter 2026 home closing revenue were 10.4% compared to 10.2% in the second quarter of 2025, as a result of lost leverage on lower home closing revenue, which was partially offset by decreased compensation expense and an intentional pull back in discretionary expenses.

•The second quarter effective income tax rate was 24.8% in 2026 compared to 23.9% in 2025 due to higher income state tax.

•Net earnings were $91 million ($1.37 per diluted share) for the second quarter 2026, a 38% decrease from $147 million ($2.04 per diluted share) for the second 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 $1.42 and $2.09 for the second quarters of 2026 and 2025, respectively.

YEAR TO DATE RESULTS

•Total sales orders for the first six months of 2026 decreased 7% year-over-year, reflecting an 18% decrease in average absorption pace partially offset by a 14% increase in average communities compared to the first six months of 2025. The 4% lower ASP on orders for the first six months of 2026 year-over-year was primarily due to geographic mix.

•Home closing revenue decreased 16% year-over-year in the first six months of 2026 to $2.5 billion, driven by 12% lower home closing volume and a 4% decrease in ASP on closings compared to the first six months of 2025. The 4% lower ASP on closings for the first six months of 2026 compared to prior year reflected geographic mix.

•Home closing gross margin of 17.9% decreased 360 bps in the first six months of 2026 from 21.5% in the prior year due to lost leverage on lower home closing revenue and higher lot costs, which were partially offset by direct cost savings and quicker cycle times. Excluding $6.0 million of real estate inventory impairments and $1.6 million in terminated land deal walk-away charges in the first six months of 2026, compared to no impairments and $5.6 million in terminated land deal walk-away charges in the prior year, adjusted home closing gross margin was 18.2% and 21.7% for the first six months of 2026 and 2025, respectively.

•SG&A as a percentage of home closing revenue was 11.0% in the first six months of 2026 compared to 10.7% in the prior year, as a result of lost leverage on lower home closing revenue, which was partially offset by decreased compensation expense and an intentional reduction in discretionary expenses.

•The effective income tax rate in the first six months of 2026 was 24.4% compared to 23.6% in 2025 due to higher income state tax.

•Net earnings were $146 million ($2.18 per diluted share) for the first six months of 2026, a 46% decrease from $270 million ($3.73 per diluted share) for the first six 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 $2.27 and $3.79 for the first six months of 2026 and 2025, respectively.

BALANCE SHEET & LIQUIDITY

•Cash and cash equivalents at June 30, 2026 totaled $807 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 $357 million and $509 million for the second quarter of 2026 and 2025, respectively.

•Approximately 73,200 lots were owned or controlled as of June 30, 2026, compared to approximately 81,900 lots as of June 30, 2025. Nearly 1,700 net new lots were added in the second quarter of 2026, representing an estimated 13 future communities.

•Second quarter 2026 ending community count of 340 was up 9% compared to prior year and down 1% sequentially from the first quarter of 2026.

•Debt-to-capital and net debt-to-capital ratios were 26.8% and 17.1%, respectively, at June 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 second quarter of 2026. This compared to $0.43 per share totaling $31 million in the second quarter of 2025. Year-to-date dividends paid were $63 million and $61 million in 2026 and 2025, respectively.

•During the second quarter of 2026, the Company repurchased 1,528,340 shares of stock, or 2.3% of shares outstanding at the beginning of the quarter, for $100 million. This compared to $45 million in the second quarter of 2025. For the first six months of 2026, the Company repurchased 3,344,160 shares of stock, or 4.9% of shares outstanding at the beginning of the year, for $230 million. This compared to year-to-date 2025 spend of $90 million. As of June 30, 2026, $284 million remained available to repurchase.

•During the second quarter of 2026, the Company refinanced the revolving credit facility, primarily to increase the facility size to $980 million and extend its maturity from 2030 to 2031.

GUIDANCE

Based on current market conditions and year-to-date results, we are updating our guidance for full year 2026 home closing volume and revenue to around 5% below full year 2025 results, although home closing revenue could trend lower if market conditions require higher incentives.

CONFERENCE CALL

Management will host a conference call to discuss its second quarter 2026 results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Thursday, July 30, 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 June 30,

2026 2025 Change $ Change %

Homebuilding:

Home closing revenue $ 1,387,911 $ 1,615,709 $ (227,798) (14) %

Land closing revenue 12,720 8,277 4,443 54 %

Total closing revenue 1,400,631 1,623,986 (223,355) (14) %

Cost of home closings (1,134,298) (1,274,381) (140,083) (11) %

Cost of land closings (12,196) (8,996) 3,200 36 %

Total cost of closings (1,146,494) (1,283,377) (136,883) (11) %

Home closing gross profit 253,613 341,328 (87,715) (26) %

Land closing gross profit/(loss) 524 (719) 1,243 173 %

Total closing gross profit 254,137 340,609 (86,472) (25) %

Financial Services:

Revenue 7,784 9,425 (1,641) (17) %

Expense (4,141) (4,656) (515) (11) %

Earnings from financial services unconsolidated entities and other, net 1,684 842 842 100 %

Financial services profit 5,327 5,611 (284) (5) %

Commissions and other sales costs (91,805) (108,830) (17,025) (16) %

General and administrative expenses (52,380) (55,183) (2,803) (5) %

Interest expense (2,187) — 2,187 N/A

Other income, net 7,472 10,853 (3,381) (31) %

Earnings before income taxes 120,564 193,060 (72,496) (38) %

Provision for income taxes (29,934) (46,181) (16,247) (35) %

Net earnings $ 90,630 $ 146,879 $ (56,249) (38) %

Earnings per common share:

Basic Change $ or shares Change %

Earnings per common share $ 1.38 $ 2.06 $ (0.68) (33) %

Weighted average shares outstanding 65,787 71,456 (5,669) (8) %

Diluted

Earnings per common share $ 1.37 $ 2.04 $ (0.67) (33) %

Weighted average shares outstanding 66,131 71,900 (5,769) (8) %

Six Months Ended June 30,

2026 2025 Change $ Change %

Homebuilding:

Home closing revenue $ 2,495,733 $ 2,957,813 $ (462,080) (16) %

Land closing revenue 22,081 23,698 (1,617) (7) %

Total closing revenue 2,517,814 2,981,511 (463,697) (16) %

Cost of home closings (2,048,322) (2,320,835) (272,513) (12) %

Cost of land closings (21,826) (21,252) 574 3 %

Total cost of closings (2,070,148) (2,342,087) (271,939) (12) %

Home closing gross profit 447,411 636,978 (189,567) (30) %

Land closing gross profit 255 2,446 (2,191) (90) %

Total closing gross profit 447,666 639,424 (191,758) (30) %

Financial Services:

Revenue 14,069 16,507 (2,438) (15) %

Expense (7,764) (8,848) (1,084) (12) %

Earnings from financial services unconsolidated entities and other, net

2,515 1,515 1,000 66 %

Financial services profit 8,820 9,174 (354) (4) %

Commissions and other sales costs (171,277) (203,550) (32,273) (16) %

General and administrative expenses (103,782) (112,180) (8,398) (7) %

Interest expense (2,774) — 2,774 N/A

Other income, net 14,435 20,351 (5,916) (29) %

Earnings before income taxes 193,088 353,219 (160,131) (45) %

Provision for income taxes (47,149) (83,534) (36,385) (44) %

Net earnings $ 145,939 $ 269,685 $ (123,746) (46) %

Earnings per common share:

Basic Change $ or shares Change %

Earnings per common share $ 2.19 $ 3.76 $ (1.57) (42) %

Weighted average shares outstanding 66,573 71,684 (5,111) (7) %

Diluted

Earnings per common share $ 2.18 $ 3.73 $ (1.55) (42) %

Weighted average shares outstanding 66,934 72,246 (5,312) (7) %

Meritage Homes Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

June 30, 2026 December 31, 2025

Assets:

Cash and cash equivalents $ 807,267 $ 775,157

Other receivables 304,098 306,956

Real estate (1)

5,891,978 5,987,120

Deposits on real estate under option or contract 168,977 174,170

Investments in unconsolidated entities 59,423 57,268

Property and equipment, net 46,085 46,647

Deferred tax asset, net 47,064 53,293

Prepaids, other assets and goodwill 230,041 221,676

Total assets $ 7,554,933 $ 7,622,287

Liabilities:

Accounts payable $ 215,737 $ 200,679

Accrued and other liabilities 423,865 387,698

Home sale deposits 10,017 9,213

Loans payable and other borrowings 39,535 24,328

Senior and convertible senior notes, net 1,807,842 1,804,726

Total liabilities 2,496,996 2,426,644

Stockholders' Equity:

Preferred stock — —

Common stock, par value $0.01. Authorized 125,000,000 shares; 65,174,093 and 68,168,923 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 652 682

Additional paid-in capital — —

Retained earnings 5,057,285 5,194,961

Total stockholders’ equity 5,057,937 5,195,643

Total liabilities and stockholders’ equity $ 7,554,933 $ 7,622,287

(1) Real estate – Allocated costs:

Homes completed and under construction $ 1,891,356 $ 2,069,548

Finished home sites and home sites under development 3,922,515 3,917,572

Consolidated real estate not owned 78,107 —

Total real estate $ 5,891,978 $ 5,987,120

Meritage Homes Corporation and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended June 30,

2026 2025

Cash flows from operating activities:

Net earnings $ 145,939 $ 269,685

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

Depreciation and amortization 11,451 12,612

Real estate and land impairments 6,009 —

Write-off of terminated land deals 1,649 5,638

Stock-based compensation 11,682 9,922

Equity in earnings from unconsolidated entities (2,085) (2,164)

Distribution of earnings from unconsolidated entities 2,027 2,116

Other 6,173 2,189

Changes in assets and liabilities:

Decrease/(increase) in real estate 132,331 (224,617)

Decrease/(increase) in deposits on real estate under option or contract 2,625 (30,415)

Increase in other receivables, prepaids and other assets (3,101) (43,264)

Decrease in accounts payable and accrued and other liabilities (24,723) (21,013)

Increase/(decrease) in home sale deposits 804 (9,564)

Net cash provided by/(used in) operating activities 290,781 (28,875)

Cash flows from investing activities:

Investments in unconsolidated entities (15,583) (9,377)

Purchases of property and equipment (9,876) (12,359)

Proceeds from sales of property and equipment 190 126

Maturities/sales of investments and securities — 750

Payments to purchase investments and securities — (750)

Net cash used in investing activities (25,269) (21,610)

Cash flows from financing activities:

Repayment of loans payable and other borrowings (48) (11,213)

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 (63,301) (61,484)

Repurchase of shares (230,000) (89,999)

Net cash (used in)/provided by financing activities (233,402) 329,393

Net increase in cash and cash equivalents 32,110 278,908

Beginning cash and cash equivalents 775,157 651,555

Ending cash and cash equivalents $ 807,267 $ 930,463

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 June 30,

2026 2025

Homes Value Homes Value

Homes Closed:

West Region 825 $ 400,755 1,165 $ 549,205

Central Region 1,308 446,726 1,374 480,425

East Region 1,592 540,430 1,631 586,079

Total 3,725 $ 1,387,911 4,170 $ 1,615,709

Homes Ordered:

West Region 762 $ 391,197 1,001 $ 484,756

Central Region 1,259 439,882 1,298 475,275

East Region 1,554 545,259 1,615 587,407

Total 3,575 $ 1,376,338 3,914 $ 1,547,438

Six Months Ended June 30,

2026 2025

Homes Value Homes Value

Homes Closed:

West Region 1,511 $ 736,938 2,163 $ 1,028,841

Central Region 2,416 823,026 2,561 892,962

East Region 2,765 935,769 2,862 1,036,010

Total 6,692 $ 2,495,733 7,586 $ 2,957,813

Homes Ordered:

West Region 1,660 $ 835,490 2,094 $ 1,024,350

Central Region 2,575 897,181 2,663 964,435

East Region 3,004 1,044,107 3,033 1,116,830

Total 7,239 $ 2,776,778 7,790 $ 3,105,615

At June 30,

2026 2025

Homes Value Homes Value

Order Backlog:

West Region 334 $ 173,220 366 $ 182,308

Central Region 616 218,725 583 220,889

East Region 765 269,961 799 292,279

Total 1,715 $ 661,906 1,748 $ 695,476

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Ending Average Ending Average Ending Average Ending Average

Active Communities:

West Region 89 88.5 85 85.0 89 86.6 85 87.0

Central Region 99 103.0 85 83.5 99 106.1 85 85.6

East Region 152 151.0 142 132.5 152 147.7 142 125.2

Total 340 342.5 312 301.0 340 340.4 312 297.8

Meritage Homes Corporation and Subsidiaries

Supplement and Non-GAAP information

(Unaudited)

Supplemental Information (Dollars in thousands):

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Depreciation and amortization $ 6,078 $ 6,663 $ 11,451 $ 12,612

Summary of Capitalized Interest:

Capitalized interest, beginning of period $ 84,464 $ 57,107 $ 77,064 $ 53,678

Interest incurred 20,114 19,995 40,119 34,709

Interest expensed (2,187) — (2,774) —

Interest amortized to cost of home and land closings (15,654) (13,288) (27,672) (24,573)

Capitalized interest, end of period $ 86,737 $ 63,814 $ 86,737 $ 63,814

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 June 30, Six Months Ended June 30,

2026 2025 2026 2025

Home closing gross profit $ 253,613 $ 341,328 $ 447,411 $ 636,978

Home closing gross margin 18.3 % 21.1 % 17.9 % 21.5 %

Add: Real estate-related impairments 3,582 — 6,009 —

Add: Write-off of terminated land deals 276 4,205 1,649 5,638

Adjusted home closing gross profit $ 257,471 $ 345,533 $ 455,069 $ 642,616

Adjusted home closing gross margin 18.6 % 21.4 % 18.2 % 21.7 %

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

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Earnings before income taxes $ 120,564 $ 193,060 $ 193,088 $ 353,219

Add: Real estate-related impairments 3,582 — 6,039 —

Add: Write-off of terminated land deals 276 4,205 1,649 5,638

Adjusted earnings before income taxes $ 124,422 $ 197,265 $ 200,776 $ 358,857

Incremental tax rate 24.6 % 24.1 % 24.7 % 24.3 %

Adjusted provision for income tax (30,883) (47,194) (49,048) (84,904)

Adjusted net earnings 93,539 150,071 151,728 273,953

Diluted earnings per common share $ 1.37 $ 2.04 $ 2.18 $ 3.73

Adjusted diluted earnings per common share $ 1.42 $ 2.09 $ 2.27 $ 3.79

Debt-to-Capital Ratios

June 30, 2026 December 31, 2025

Senior and convertible senior notes, net and loans payable and other borrowings $ 1,847,377 $ 1,829,054

Stockholders' equity 5,057,937 5,195,643

Total capital $ 6,905,314 $ 7,024,697

Debt-to-capital 26.8% 26.0%

Senior and convertible senior notes, net and loans payable and other borrowings $ 1,847,377 $ 1,829,054

Less: cash and cash equivalents (807,267) (775,157)

Net debt $ 1,040,110 $ 1,053,897

Stockholders’ equity 5,057,937 5,195,643

Total net capital $ 6,098,047 $ 6,249,540

Net debt-to-capital 17.1% 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 210,000 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 our future results including our full year 2026 projected home closing volume, home closing revenue and community count growth.

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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