Taylor Morrison Home Earnings Call Transcripts
Fiscal Year 2026
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First quarter results showed strong execution with $1.3B in revenue, 20.6% adjusted gross margin, and a 23% increase in backlog. Guidance for 2026 was reaffirmed, with margin improvement expected in the second half as to-be-built sales rise and inventory stabilizes.
Fiscal Year 2025
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Fourth quarter and full-year 2025 results met or exceeded expectations, with strong gross margins, improved SG&A leverage, and robust capital returns. 2026 guidance anticipates lower home deliveries and margins early in the year, but expects improvement as the mix shifts to higher-margin to-be-built homes and new community openings accelerate.
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Q3 results exceeded guidance on key metrics, with strong earnings, cash flow, and margin performance. Over 100 new communities are set to open next year, and cost controls, digital innovation, and land deal renegotiations support future growth amid ongoing market volatility.
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Q2 2025 results met or exceeded guidance, with 3,340 homes delivered and $2B in revenue. Spec sales hit a record 71%, pressuring margins, but full-year adjusted gross margin is expected at 23%. A $3B finance facility was announced for the for-rent business.
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Q1 saw 12% revenue growth and 25% higher adjusted EPS, driven by strong operational execution and a diversified portfolio. Guidance was revised lower for full-year deliveries and margins due to higher spec penetration and market headwinds, but liquidity and capital allocation remain robust.
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A new long-term target of 20,000 annual closings by 2028 is set, driven by organic growth, capital reallocation to higher-return regions, and expansion of the Esplanade and Yardly platforms. Operational efficiency, digital transformation, and a diversified product mix underpin margin and ROE goals, while financial flexibility and disciplined capital allocation remain central.
Fiscal Year 2024
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Q4 saw strong home closings, revenue, and margin growth, with adjusted EPS up 29% year-over-year. 2025 guidance anticipates stable closings and margins despite higher incentives and land cost inflation, supported by a diversified portfolio and robust liquidity.
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Q3 saw strong revenue, margin, and EPS growth, driven by higher closings and resilient demand across segments. Guidance was raised for full-year closings and margins, with robust liquidity, increased share repurchases, and continued expansion of off-balance sheet land control.
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Q2 saw strong home closings, stable gross margins, and 3% order growth, with guidance raised for full-year deliveries and margins. Active adult and move-up segments remain robust, while land and capital positions are strong. Share repurchases and community initiatives continue.