Meritage Homes Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	453.01	786.19	738.75	992.19	737.44
Depreciation & Amortization	25.29	25.96	25.33	24.75	26.25
Asset Writedown & Restructuring Costs	18.12	-	-	-	-
Loss (Gain) on Equity Investments	0.17	-1.76	0.42	-0.19	0.29
Stock-Based Compensation	19.68	25.81	22.51	22.33	20.07
Other Operating Activities	40.71	15.09	5.02	10.86	15.28
Change in Accounts Receivable	-55.27	39.78	-64.17	-102.95	-65.11
Change in Inventory	-274.05	-979.25	-357.41	-624.52	-948.06
Change in Accounts Payable	-92.37	-41.93	22.61	76.99	76.16
Change in Unearned Revenue	-11.3	-16.09	-1.36	-4.65	17.54
Change in Other Net Operating Assets	-5.71	-81.35	-36.14	10.46	-31.95
Operating Cash Flow	118.29	-227.58	355.57	405.27	-152.09
Operating Cash Flow Growth	-	-	-12.26%	-	-
Capital Expenditures	-25.72	-28.66	-38.19	-26.97	-25.66
Sale of Property, Plant & Equipment	0.25	0.26	0.42	0.48	0.55
Investment in Securities	-32.23	-15.68	-5.85	-5.8	-1.71
Investing Cash Flow	-57.7	-44.07	-43.62	-32.29	-26.82
Long-Term Debt Issued	497.2	575	-	-	450
Long-Term Debt Repaid	-13.01	-321.42	-153.68	-20.46	-331.28
Net Debt Issued (Repaid)	484.19	253.58	-153.68	-20.46	118.72
Repurchase of Common Stock	-295	-125.93	-59.07	-109.3	-60.99
Common Dividends Paid	-121.07	-108.59	-39.53	-	-
Other Financing Activities	-5.11	-17.08	-	-	-6.1
Financing Cash Flow	63.01	1.98	-252.28	-129.76	51.63
Net Cash Flow	123.6	-269.67	59.67	243.23	-127.29
Free Cash Flow	92.57	-256.23	317.38	378.3	-177.76
Free Cash Flow Growth	-	-	-16.10%	-	-
Free Cash Flow Margin	1.58%	-4.01%	5.17%	6.01%	-3.46%
Free Cash Flow Per Share	1.30	-3.49	4.28	5.10	-2.33
Cash Income Tax Paid	-	207.61	211.25	311.73	221.1
Levered Free Cash Flow	-51.21	-471.91	135.06	189.22	-348.58
Unlevered Free Cash Flow	-51.21	-471.91	135.06	189.25	-348.39
Change in Working Capital	-438.7	-1,079	-436.46	-644.67	-951.42

Source: S&P Global Market Intelligence. Standard template. Financial Sources.