Q1 2026 Taylor Morrison Home Corp Earnings Call Transcript
Key Points
- Taylor Morrison Home Corp (TMHC) delivered 2,268 homes at an average price of $578,000, generating approximately $1.3 billion in home closings revenue.
- The company achieved an adjusted home closings gross margin of 20.6%, exceeding their guidance of approximately 20%.
- TMHC increased its backlog by 23% from year-end to 3,465 homes, indicating strong demand for to-be-built homes.
- The company hosted over 140 design center open houses with a strong average conversion rate of 23%, driving to-be-built sales.
- TMHC ended the quarter with $1.6 billion in liquidity, including $653 million in cash and no outstanding borrowings on their revolving credit facility.
- Net orders in the first quarter totaled 2,914 homes, down 14% year over year.
- The company's reported net income was $99 million, a decrease from $213 million in the first quarter of 2025.
- SG&A expense was 11.4% of home closings revenue, up from 9.7% in the first quarter of 2025 due to the deleveraging impact of lower revenue.
- The average selling price of homes increased only 2% year over year, indicating limited pricing power.
- TMHC faced challenges with consumer confidence due to geopolitical turmoil and macroeconomic uncertainty, impacting sales momentum.
Good morning, and welcome to Taylor Morrison's first-quarter 2026 earnings webcast. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to introduce Mackenzie Aron, Vice President of Investor Relations.
Thank you, and good morning, everyone. Before we begin, let me remind you that this call, including the question-and-answer session, will include forward-looking statements. These statements are subject to the safe harbor statement for forward-looking information that you can review in our earnings release on the Investor Relations portion of our website at taylormorrison.com. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.
These risks and uncertainties include, but are not limited to, those factors identified in the release and in our filings with the SEC, and we do not undertake any obligation to update our forward
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