Taylor Morrison Home Earnings Call Transcripts
Fiscal Year 2026
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Stockholders approved the merger with Berkshire Hathaway Inc., making the company its wholly-owned subsidiary. An advisory vote on executive compensation related to the merger also passed, with results to be reported in a Form 8-K.
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The meeting covered director elections, executive compensation, and auditor ratification. All proposals passed, including annual say-on-pay votes and Deloitte's appointment as auditor. Voting results will be filed and reported in a Form 8-K.
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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 margins, improved SG&A leverage, and robust liquidity. Over 100 new communities are set to open next year, supporting outlet growth, while innovative sales tools and disciplined capital allocation position the business for continued resilience.
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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 secured, and share repurchases continue.
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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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Aiming for 20,000 closings by 2028, the company is driving organic growth, reallocating capital to higher-return regions, and expanding its Esplanade brand. Operational efficiency, digital transformation, and a diversified portfolio underpin its strategy, while risk management and returns remain top priorities.
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, EPS, and margin growth, with 3,394 homes delivered and net income up 54% year-over-year. Orders rose 9%, margins exceeded guidance, and the company remains confident in meeting or exceeding long-term growth and return targets.
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Q2 saw 3,200 home deliveries, $1.9B in revenue, and a 23.9% adjusted gross margin, with net orders up 3% year-over-year. Full-year guidance was raised for closings and margins, and strong liquidity and capital allocation support continued growth.