Quarter ended June 30, 2026.
| Closings | 3,725 (↓11%) |
| Revenue | $1.39B (↓14%) |
| Gross margin | 18.3% |
| Orders | 3,575 (↓9%) |
From the call
“We reduced our completed specs to 1,500 units in Q2, which was 42% lower than prior year and 30% of our total specs, our lowest percentage in two years and right around our target of one-third.”
Meritage manages specs by stage, not just count: no more than a third finished at any time. Homes still under construction are cheaper to reprice than finished ones.
Source: Meritage Homes 8-K and earnings call.
