Taylor Morrison Home Corp 2025年度报告

To our shareholders, In homebuilding, resilience isnʼt optional—itʼsfoundational. And in 2025, that foundation was tested.The year underscored the grit, discipline and steadfastbelief in strategy required to operate in our sector.Entering the year, our industry had clear expectations forwhat we were all supposed to deliver. Demand remainedfundamentally sound, demographics were supportive,and the long-term need for housing was undeniable. As we look ahead, we are strengthening our focus onwho we are. We are concentrating on customers whosedecision is less “Can I buy?ˮand more “Should I buy?ˮ—allowing us to sell the enduring value of our communitiesrather than compete solely on price. Our focus on thoughtfully designed communities inhighly desirable core locations, combined with ourexpertise in serving all consumer cohorts, and ourtrusted reputation is the very fabric of who we've alwaysbeen. These are the areas weʼve always been good at.This is Taylor Morrison, getting back to its roots, and Ihave more conviction than ever that we know who weare and where we want to go. In March of 2025, Taylor Morrison hosted our inauguralInvestor Day, a milestone moment of pride for both meand the company. We introduced our diversified strategyand articulated our goal of delivering 20,000 homesannually by 2028. We showcased the premium resortlifestyle offered by our Esplanade brand. We also sharedhow our balanced portfolio, geographic footprint, andoperational scale position us to compete in a range ofmarket environments. We believe our goal of delivering 20,000 homes annuallyis still squarely in our sights and the market backdropwill help determine the ultimate timing of that goal. Inthe nearer term, we expect 2026 to include a deliberatereset toward a more to-be-built mix following a spec-heavy 2025. It will require greater discipline on land,particularly in tertiary markets, and renewed focus onour core locations. It also means a willingness to accepta temporary reduction in volume in exchange for long-term margin health and brand strength. Quickly thereafter, the market shifted. Macroeconomic uncertainty intensified. Tariffs andpolitical tensions introduced new noise. Housing policymoved front and center. Consumers began feelingthe full brunt of inflationary pressures and financialanxiety. There is no playbook for navigating a momentlike this. But as leaders in our industry, I believe weown the responsibility of helping customers find clarityamid uncertainty—and confidence in one of lifeʼs mostimportant decisions. Iʼm a firm believer that environments like the one weʼre intoday are defining moments, and Iʼm inspired to take anentirely new direction for my letter. In the pages to follow,Iʼll shine a light on the challenges we see, and even moreimportantly, the solutions weʼre actively pursuing. Through it all, Taylor Morrison delivered one of thestrongest home closings gross margins in the industry,a clear validation of the strategy weʼve built and refinedover time. We proved that diversification is not aheadline, itʼs a discipline, and in 2025, it proved its value. Because at Taylor Morrison, we believe firmly in ourstrategy, weʼre deeply committed to what makesus so unique, and weʼre ready to set the stage forreacceleration.We are built for this. 2025 Financial Snapshot Home closings revenue$7.8B $8.1B 12,997 Total revenue Homes delivered $597K Home closing ASP Years of land supply6.1 2.7 Annualized monthlysales pace per community $2.2B $381M $817M Operating cash flow generated Invested in homebuildingland and development Invested in share repurchases $1.8BYear-end liquidity Return on equity Home closings gross margin Awards 2025 2025 Since 2016 Since 2025 2019, 2020and 2026 Since 2023 Since 2022 Since 2023 Since 2025 Our Markets WESTBay AreaLas VegasPacific NorthwestPhoenixSacramentoSouthern California CENTRALAustinDallasDenverHoustonIndianapolis EASTAtlantaCharlotteJacksonvilleNaplesOrlandoRaleighSarasotaTampaTreasure Coast THE CHALLENGE A Market in Stalemate The housing market sits in an unusual middle ground—neither a true buyerʼs market nor a sellerʼs market. Manyhomeowners remain locked into historically low mortgage rates with little urgency to sell, while consumer confidencenears a multi-decade low and affordability pressures continue to weigh on purchase decisions. Both supply anddemand are out of rhythm, creating friction across the system. Mortgage rates hovering near Resale inventory building for 6% Unsold new homes at a 12-year high Elevated multifamily vacancy 2.7per community 35year high OUR RESPONSE A Moderate Reset We view 2026 not as a retreat, but as a moderate reset.In a market where home sales, both new and resale,are likely to remain pressured in the near term, weare narrowing our focus away from incentive-heavy,commoditized segments and leaning into core move-upand resort-lifestyle buyers where brand strength, build-to-order personalizat