NYSE: TMHC
Taylor Morrison Home CorpCIK 0001562476 · SIC 1531 · Operative Builders
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Berkshire Hathaway completes $6.8B acquisition of Taylor Morrison at $72.50/share
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Taylor Morrison clears HSR antitrust review for Berkshire Hathaway acquisition
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Berkshire Hathaway to acquire Taylor Morrison for $72.50/share in all-cash deal
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Taylor Morrison shareholders re-elect 8 directors, approve executive pay in routine annual meeting
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Q1 revenue falls 28% to $1.39B as orders drop 14% amid tariffs, Iran war, rate headwinds
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Taylor Morrison reports Q1 2026 financial results in routine earnings release
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Taylor Morrison board member David Merritt to retire at 2026 annual meeting
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Latest financial statements
From 10-Q filed Apr 22, 2026 (period ending Mar 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts, unaudited)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| Home closings revenue, net | 1,311,421 | 1,830,068 |
| Land closings revenue | 14,479 | 4,261 |
| Financial services revenue, net | 49,264 | 51,193 |
| Amenity and other revenue | 11,928 | 10,497 |
| Total revenue | 1,387,092 | 1,896,019 |
| Cost of home closings | 1,049,700 | 1,391,360 |
| Cost of land closings | 12,002 | 3,489 |
| Financial services expenses | 24,451 | 28,321 |
| Amenity and other expenses | 10,301 | 9,575 |
| Total cost of revenue | 1,096,454 | 1,432,745 |
| Gross margin | 290,638 | 463,274 |
| Sales, commissions and other marketing costs | 89,876 | 109,076 |
| General and administrative expenses | 58,971 | 67,548 |
| Net income from unconsolidated entities | (2,877) | (1,975) |
| Interest expense, net | 11,155 | 8,499 |
| Other expense, net | 2,831 | 1,557 |
| Income before income taxes | 130,682 | 278,569 |
| Income tax provision | 30,253 | 64,838 |
| Net income before allocation to non-controlling interests | 100,429 | 213,731 |
| Net income attributable to non-controlling interests | (1,804) | (265) |
| Net income | 98,625 | 213,466 |
| Earnings per common share: | ||
| Basic | 1.03 | 2.11 |
| Diluted | 1.01 | 2.07 |
| Weighted average number of shares of common stock: | ||
| Basic | 96,033 | 101,245 |
| Diluted | 97,530 | 103,017 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, unaudited)
| Description | March 31, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 652,933 | 850,037 |
| Restricted cash | 500 | 1,194 |
| Total cash | 653,433 | 851,231 |
| Real estate inventory: | ||
| Owned inventory | 6,138,036 | 6,046,468 |
| Consolidated real estate not owned | 100,527 | 94,195 |
| Total real estate inventory | 6,238,563 | 6,140,663 |
| Land deposits | 388,277 | 360,690 |
| Mortgage loans held for sale | 139,001 | 132,512 |
| Lease right of use assets | 63,073 | 60,800 |
| Prepaid expenses and other assets, net | 530,473 | 566,670 |
| Other receivables, net | 269,835 | 241,678 |
| Investments in unconsolidated entities | 483,011 | 486,978 |
| Deferred tax assets, net | 74,363 | 74,363 |
| Property and equipment, net | 268,773 | 259,015 |
| Goodwill | 663,197 | 663,197 |
| Total assets | 9,771,999 | 9,837,797 |
| Liabilities and stockholders' equity | ||
| Accounts payable | 255,352 | 251,641 |
| Accrued expenses and other liabilities | 586,138 | 682,500 |
| Lease liabilities | 72,822 | 71,525 |
| Income taxes payable | 8,333 | 8,146 |
| Customer deposits | 154,527 | 125,029 |
| Estimated development liabilities | 4,365 | 4,365 |
| Senior notes, net | 1,463,865 | 1,463,333 |
| Loans payable and other borrowings | 787,061 | 745,169 |
| Revolving credit facility borrowings | — | — |
| Mortgage warehouse facilities borrowings | 90,855 | 82,605 |
| Liabilities attributable to consolidated real estate not owned | 100,527 | 94,195 |
| Total liabilities | 3,523,845 | 3,528,508 |
| COMMITMENTS AND CONTINGENCIES (Note 13) | ||
| Total stockholders’ equity | 6,248,154 | 6,309,289 |
| Total liabilities and stockholders’ equity | 9,771,999 | 9,837,797 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands, unaudited)
| Description | Three months ended March 31, 2026 | Three months ended March 31, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income before allocation to non-controlling interests | 100,429 | 213,731 |
| Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | ||
| Net income from unconsolidated entities | (2,877) | (1,975) |
| Stock compensation expense | 6,560 | 7,785 |
| Distributions of earnings from unconsolidated entities | 4,577 | 3,096 |
| Depreciation and amortization | 10,735 | 9,021 |
| Lease expense | 5,000 | 4,945 |
| Debt issuance costs amortization | 800 | 665 |
| Inventory impairment charges | 8,182 | 14,878 |
| Changes in operating assets and liabilities: | ||
| Real estate inventory and land deposits | (127,337) | (79,943) |
| Mortgage loans held for sale, prepaid expenses and other assets | (6,083) | (46,004) |
| Customer deposits | 29,498 | 3,567 |
| Accounts payable, accrued expenses and other liabilities | (40,102) | (117,349) |
| Income taxes payable | 187 | 64,814 |
| Net cash (used in)/provided by operating activities | (10,431) | 77,231 |
| Cash Flows from Investing Activities: | ||
| Purchase of property and equipment | (9,963) | (8,513) |
| Distributions of capital from unconsolidated entities | 8,750 | — |
| Investments of capital into unconsolidated entities | (6,483) | (36,592) |
| Purchase of fixed-maturity securities | (15,727) | — |
| Proceeds from sale and maturities of fixed-maturity securities | 6,285 | — |
| Purchase of equity securities | (995) | — |
| Net cash used in investing activities | (18,133) | (45,105) |
| Cash Flows from Financing Activities | ||
| Repayments on loans payable and other borrowings | (9,618) | — |
| Borrowings on mortgage warehouse facilities | 531,191 | 854,722 |
| Repayments on mortgage warehouse facilities | (522,941) | (853,441) |
| Changes in stock option exercises and issuance of restricted stock units, net | (7,570) | (5,663) |
| Payment of principal portion of finance lease | (1,321) | (1,321) |
| Repurchase of common stock, net | (149,578) | (135,093) |
| Cash and distributions to non-controlling interests of consolidated joint ventures | (9,397) | (393) |
| Net cash used in financing activities | (169,234) | (141,189) |
| Net Decrease in Cash and Cash Equivalents and Restricted Cash | (197,798) | (109,063) |
| Cash, Cash Equivalents, and Restricted Cash Beginning of period | 851,231 | 487,166 |
| Cash, Cash Equivalents, and Restricted Cash End of period | 653,433 | 378,103 |
| Supplemental Cash Flow Information | ||
| Income taxes paid, net | 677 | (24) |
| Supplemental Non-Cash Investing and Financing Activities: | ||
| Loans payable issued to sellers in connection with land purchase contracts | 76,886 | 220 |
| Change in consolidated real estate not owned | 6,332 | 55,200 |
| Accrual of excise tax on share repurchases | (1,227) | (1,023) |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share amounts, unaudited); (In thousands, unaudited). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗