On this page of StockholderLetter.com we present the latest annual shareholder letter from Taylor Morrison Home Corp — ticker symbol TMHC. Reading current and past TMHC letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025 WE RE BUILT FOR THIS.
2
To our shareholders, In homebuilding, resilience isn t optional it s As we look ahead, we are strengthening our focus on foundational. And in 2025, that foundation was tested. who we are. We are concentrating on customers whose The year underscored the grit, discipline and steadfast decision is less Can I buy? and more Should I buy? belief in strategy required to operate in our sector. allowing us to sell the enduring value of our communities Entering the year, our industry had clear expectations for rather than compete solely on price. what we were all supposed to deliver. Demand remained fundamentally sound, demographics were supportive, Our focus on thoughtfully designed communities in and the long-term need for housing was undeniable. highly desirable core locations, combined with our expertise in serving all consumer cohorts, and our In March of 2025, Taylor Morrison hosted our inaugural trusted reputation is the very fabric of who we've always Investor Day, a milestone moment of pride for both me been. These are the areas we ve always been good at. and the company. We introduced our diversified strategy This is Taylor Morrison, getting back to its roots, and I and articulated our goal of delivering 20,000 homes have more conviction than ever that we know who we annually by 2028. We showcased the premium resort are and where we want to go. lifestyle offered by our Esplanade brand. We also shared how our balanced portfolio, geographic footprint, and We believe our goal of delivering 20,000 homes annually operational scale position us to compete in a range of is still squarely in our sights and the market backdrop market environments. will help determine the ultimate timing of that goal. In the nearer term, we expect 2026 to include a deliberate Quickly thereafter, the market shifted. reset toward a more to-be-built mix following a specheavy 2025. It will require greater discipline on land, Macroeconomic uncertainty intensified. Tariffs and particularly in tertiary markets, and renewed focus on political tensions introduced new noise. Housing policy our core locations. It also means a willingness to accept moved front and center. Consumers began feeling a temporary reduction in volume in exchange for long- the full brunt of inflationary pressures and financial term margin health and brand strength. anxiety. There is no playbook for navigating a moment like this. But as leaders in our industry, I believe we I m a firm believer that environments like the one we re in own the responsibility of helping customers find clarity today are defining moments, and I m inspired to take an amid uncertainty and confidence in one of life s most entirely new direction for my letter. In the pages to follow, important decisions. I ll shine a light on the challenges we see, and even more importantly, the solutions we re actively pursuing. Through it all, Taylor Morrison delivered one of the strongest home closings gross margins in the industry, Because at Taylor Morrison, we believe firmly in our a clear validation of the strategy we ve built and refined strategy, we re deeply committed to what makes over time. We proved that diversification is not a us so unique, and we re ready to set the stage for headline, it s a discipline, and in 2025, it proved its value. reacceleration. We are built for this. 3
2025 Financial Snapshot Mason Woods | Houston, TX $8.1B 12,997 Total revenue Homes delivered $597K 2.7 Home closing ASP Annualized monthly sales pace per community 4 $7.8B Home closings revenue 6.1 Years of land supply
$817M $2.2B $381M Operating cash flow generated Invested in homebuilding land and development Invested in share repurchases 23.9% 24.4% 22.5% $1.8B 2023 Year-end liquidity Home closings gross margin 2024 2025 15% 16% 2023 2024 13% 2025 Return on equity Calculated as annual net income divided by the average of stockholders equity in the current and prior-year period. 5
 • shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/14/2023 TMHC Stockholder Letter
 • stockholder letter icon 4/10/2024 TMHC Stockholder Letter
 • stockholder letter icon 4/11/2025 TMHC Stockholder Letter
 • stockholder letter icon More "General Contractors & Builders" Category Stockholder Letters
 • Benford's Law Stocks icon TMHC Benford's Law Stock Score = 70


TMHC Shareholder/Stockholder Letter Transcript:

Annual Report
2025
WE  RE BUILT FOR THIS.

2

To our shareholders,
In homebuilding, resilience isn  t optional   it  s
As we look ahead, we are strengthening our focus on
foundational. And in 2025, that foundation was tested.
who we are. We are concentrating on customers whose
The year underscored the grit, discipline and steadfast
decision is less    Can I buy?   and more    Should I buy?     
belief in strategy required to operate in our sector.
allowing us to sell the enduring value of our communities
Entering the year, our industry had clear expectations for
rather than compete solely on price.
what we were all supposed to deliver. Demand remained
fundamentally sound, demographics were supportive,
Our focus on thoughtfully designed communities in
and the long-term need for housing was undeniable.
highly desirable core locations, combined with our
expertise in serving all consumer cohorts, and our
In March of 2025, Taylor Morrison hosted our inaugural
trusted reputation is the very fabric of who we've always
Investor Day, a milestone moment of pride for both me
been. These are the areas we  ve always been good at.
and the company. We introduced our diversified strategy
This is Taylor Morrison, getting back to its roots, and I
and articulated our goal of delivering 20,000 homes
have more conviction than ever that we know who we
annually by 2028. We showcased the premium resort
are and where we want to go.
lifestyle offered by our Esplanade brand. We also shared
how our balanced portfolio, geographic footprint, and
We believe our goal of delivering 20,000 homes annually
operational scale position us to compete in a range of
is still squarely in our sights and the market backdrop
market environments.
will help determine the ultimate timing of that goal. In
the nearer term, we expect 2026 to include a deliberate
Quickly thereafter, the market shifted.
reset toward a more to-be-built mix following a specheavy 2025. It will require greater discipline on land,
Macroeconomic uncertainty intensified. Tariffs and
particularly in tertiary markets, and renewed focus on
political tensions introduced new noise. Housing policy
our core locations. It also means a willingness to accept
moved front and center. Consumers began feeling
a temporary reduction in volume in exchange for long-
the full brunt of inflationary pressures and financial
term margin health and brand strength.
anxiety. There is no playbook for navigating a moment
like this. But as leaders in our industry, I believe we
I  m a firm believer that environments like the one we  re in
own the responsibility of helping customers find clarity
today are defining moments, and I  m inspired to take an
amid uncertainty   and confidence in one of life  s most
entirely new direction for my letter. In the pages to follow,
important decisions.
I  ll shine a light on the challenges we see, and even more
importantly, the solutions we  re actively pursuing.
Through it all, Taylor Morrison delivered one of the
strongest home closings gross margins in the industry,
Because at Taylor Morrison, we believe firmly in our
a clear validation of the strategy we  ve built and refined
strategy, we  re deeply committed to what makes
over time. We proved that diversification is not a
us so unique, and we  re ready to set the stage for
headline, it  s a discipline, and in 2025, it proved its value.
reacceleration. We are built for this.
3

2025 Financial Snapshot
Mason Woods | Houston, TX
$8.1B
12,997
Total revenue
Homes delivered
$597K
2.7
Home closing ASP
Annualized monthly
sales pace per community
4
$7.8B
Home closings revenue
6.1
Years of land supply

$817M
$2.2B
$381M
Operating cash flow generated
Invested in homebuilding
land and development
Invested in share repurchases
23.9%
24.4%
22.5%
$1.8B
2023
Year-end liquidity
Home closings gross margin
2024
2025
15%
16%
2023
2024
13%
2025
Return on equity   
Calculated as annual net income divided by the average of stockholders   equity in the current and prior-year period.

5


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