Taylor Morrison Home Corporation

Latest Results (02.04.2026):

Taylor Morrison Home Corporation — fourth quarter 2025 results: the company reported Q4 2025 net income of $174 million ($1.76 diluted) and adjusted net income of $188 million ($1.91 diluted), with home closings revenue of $1.96 billion in Q4 and $7.76 billion for full-year 2025. The quarter and year reflected modest volume and margin pressure versus 2024, solid liquidity and balance sheet metrics, meaningful share repurchases, and guidance for a cautious start to 2026.

Earnings

Q4 2025 reported net income was $174M ($1.76 diluted); adjusted net income $188M ($1.91 diluted). Full-year 2025 reported net income was $783M ($7.77 diluted) and adjusted net income $830M ($8.24 diluted).

Revenue & closings

Q4 home closings revenue was $1.958B on 3,285 closings (average selling price $596K). For 2025 total home closings revenue was $7.755B on 12,997 closings (average $597K), essentially flat vs. 2024 on an annual basis.

Margins & operating efficiency

Q4 home closings gross margin was 21.8% (down 300 bps YoY). Full-year reported home closings gross margin was 22.5% and 23.0% on an adjusted basis (down 150–190 bps YoY). SG&A was 9.9% of home closings revenue in Q4 and 9.5% for the year (40 bps improvement YoY).

Orders, backlog & absorption

Q4 net sales orders were 2,499 (down ~5% YoY) with a monthly absorption pace of 2.4 net orders per community. Backlog at quarter end was 2,819 homes with a sales value of ~$1.9B. Cancellations were 9.9% of beginning backlog (up from 7.0% a year ago) but cancellations as a percent of gross orders improved slightly to 12.5%.

Land portfolio & investments

Homebuilding lot supply totaled 78,835 homesites (54% controlled off balance sheet), representing ~6.1 years of supply (2.8 years owned). Full-year 2025 land investment was ~$2.2B (Q4 land investment $550M, including $213M for development).

Balance sheet & liquidity

Total liquidity was ~$1.8B at year-end (including $850M cash and $928M available on the revolver). Gross homebuilding debt-to-capital was 26.0%; net homebuilding debt-to-capital was 17.8% including unrestricted cash.

Capital return & buyback program

Taylor Morrison repurchased 6.5M shares for $381M in 2025 (1.2M shares/$71M in Q4). The Board increased the repurchase authorization to $1.0B through December 31, 2027; the company indicated ~ $400M of buybacks planned for 2026.

Guidance for 2026

Q1 2026 guidance: ~2,200 home closings, average closing price ≈ $580K, home closings gross margin ~20%, effective tax rate 23.0–23.5%, diluted share count ≈98M. Full-year 2026: ~11,000 closings, average price $580–590K, SG&A in the mid‑10% range, effective tax rate ≈25%, ~ $2B planned homebuilding land investment, and ~ $400M of share repurchases planned.