Taylor Morrison Home CorpTMHC
Taylor Morrison Home Corp Segments Disclosure
OPERATING AND REPORTING SEGMENTS
We have multiple homebuilding operating components which are engaged in the business of acquiring and developing land, constructing homes, marketing and selling homes, and providing warranty and customer service. We aggregate our homebuilding operating components into three reporting segments, East, Central, and West, based on similar long-term economic characteristics. The activity from our Build-to-Rent and Urban Form operations are included in our Corporate segment. We also have a Financial Services reporting segment which offers a number of finance-related products and services to our customers through our mortgage lending and title operations.
The Company defines the Chief Operating Decision Maker ("CODM") function as the Chief Executive Officer, the Chief Financial Officer, and the Chief Corporate Operations Officer. On a quarterly basis, the CODM is provided with the financial results and key performance metrics at consolidated and disaggregated levels. The Company’s CODM assesses the segment's performance by using each segment's gross margin and income before income taxes (which includes certain corporate overhead allocations to each homebuilding segment for certain costs such as travel and entertainment and payroll-related costs for the marketing department). The CODM makes company decisions and allocates resources based on the results and performance of the reporting segments.
Our reporting segments are as follows:
| East | Atlanta, Charlotte, Jacksonville, Naples, Orlando, Raleigh, Sarasota, and Tampa | ||||
| Central | Austin, Dallas, Denver, Houston, and Indianapolis | ||||
| West | Bay Area, Las Vegas, Phoenix, Pacific Northwest(1), Sacramento, and Southern California | ||||
| Financial Services | Taylor Morrison Home Funding, Inspired Title Services, and Taylor Morrison Insurance Services | ||||
(1) During the year ended December 31, 2025, we combined our Portland and Seattle divisions to become Pacific Northwest
Operating results for each segment may not be indicative of the results for such segment had it been an independent, stand-alone entity. The segment information is consistent with the metrics reviewed in the CODM's package and is as follows (in thousands):
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
East | Central | West | Financial Services | Operating and Reporting Segment Subtotal | Corporate and Unallocated(1) | Total | |||||||||||||||||||||||||||||||||||
| Home closings revenue, net | $ | 2,816,997 | $ | 1,780,460 | $ | 3,157,977 | $ | — | $ | 7,755,434 | $ | — | $ | 7,755,434 | |||||||||||||||||||||||||||
| All other revenue | 21,910 | 23,941 | 14,382 | 209,407 | 269,640 | 96,406 | $ | 366,046 | |||||||||||||||||||||||||||||||||
| Total revenue | 2,838,907 | 1,804,401 | 3,172,359 | 209,407 | 8,025,074 | 96,406 | 8,121,480 | ||||||||||||||||||||||||||||||||||
| Cost of home closings | 2,176,900 | 1,374,183 | 2,456,924 | — | 6,008,007 | — | $ | 6,008,007 | |||||||||||||||||||||||||||||||||
| All other cost of revenue | 24,672 | 17,012 | 15,917 | 104,618 | 162,219 | 81,046 | $ | 243,265 | |||||||||||||||||||||||||||||||||
Total cost of revenue | 2,201,572 | 1,391,195 | 2,472,841 | 104,618 | 6,170,226 | 81,046 | 6,251,272 | ||||||||||||||||||||||||||||||||||
| Home closings gross margin | 640,097 | 406,277 | 701,053 | — | 1,747,427 | — | $ | 1,747,427 | |||||||||||||||||||||||||||||||||
| Total gross margin | 637,335 | 413,206 | 699,518 | 104,789 | 1,854,848 | 15,360 | $ | 1,870,208 | |||||||||||||||||||||||||||||||||
Sales, commissions and other marketing costs(2) | (177,473) | (121,870) | (149,723) | — | (449,066) | (12,419) | $ | (461,485) | |||||||||||||||||||||||||||||||||
| General and administrative expenses | (45,396) | (32,462) | (46,643) | — | (124,501) | (149,005) | $ | (273,506) | |||||||||||||||||||||||||||||||||
Net income/(loss) from unconsolidated entities | 301 | 132 | (2,915) | 12,540 | 10,058 | (5,191) | $ | 4,867 | |||||||||||||||||||||||||||||||||
Interest and other (expense)/income, net(3) | (25,363) | (19,455) | (47,845) | 1,362 | (91,301) | 6,584 | $ | (84,717) | |||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | (13,324) | (13,324) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 389,404 | $ | 239,551 | $ | 452,392 | $ | 118,691 | $ | 1,200,038 | $ | (157,995) | $ | 1,042,043 | |||||||||||||||||||||||||||
(1)Includes the activity from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
East | Central | West | Financial Services | Operating and Reporting Segment Subtotal | Corporate and Unallocated(1) | Total | |||||||||||||||||||||||||||||||||||
| Home closings revenue, net | $ | 2,826,628 | $ | 1,969,381 | $ | 2,959,210 | $ | — | $ | 7,755,219 | $ | — | $ | 7,755,219 | |||||||||||||||||||||||||||
| All other revenue | 52,908 | 24,514 | 27,607 | 199,459 | 304,488 | 108,429 | 412,917 | ||||||||||||||||||||||||||||||||||
| Total revenue | 2,879,536 | 1,993,895 | 2,986,817 | 199,459 | 8,059,707 | 108,429 | 8,168,136 | ||||||||||||||||||||||||||||||||||
| Cost of home closings | 2,065,218 | 1,485,968 | 2,312,557 | — | 5,863,743 | — | 5,863,743 | ||||||||||||||||||||||||||||||||||
| All other cost of revenue | 43,604 | 20,825 | 34,569 | 108,592 | 207,590 | 112,591 | 320,181 | ||||||||||||||||||||||||||||||||||
Total cost of revenue | 2,108,822 | 1,506,793 | 2,347,126 | 108,592 | 6,071,333 | 112,591 | 6,183,924 | ||||||||||||||||||||||||||||||||||
| Home closings gross margin | 761,410 | 483,413 | 646,653 | — | 1,891,476 | — | 1,891,476 | ||||||||||||||||||||||||||||||||||
| Total gross margin | 770,714 | 487,102 | 639,691 | 90,867 | 1,988,374 | (4,162) | 1,984,212 | ||||||||||||||||||||||||||||||||||
Sales, commissions and other marketing costs(2) | (169,270) | (131,997) | (146,909) | — | (448,176) | (7,916) | (456,092) | ||||||||||||||||||||||||||||||||||
| General and administrative expenses | (47,888) | (34,501) | (46,514) | — | (128,903) | (185,503) | (314,406) | ||||||||||||||||||||||||||||||||||
| Net (loss)/income from unconsolidated entities | — | (51) | (28) | 8,915 | 8,836 | (2,489) | 6,347 | ||||||||||||||||||||||||||||||||||
Interest and other (expense)/income, net(3) | (771) | (16,087) | (6,646) | 2,112 | (21,392) | (42,551) | (63,943) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 552,785 | $ | 304,466 | $ | 439,594 | $ | 101,894 | $ | 1,398,739 | $ | (242,621) | $ | 1,156,118 | |||||||||||||||||||||||||||
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
East | Central | West | Financial Services | Operating and Reporting Segment Subtotal | Corporate and Unallocated(1) | Total | |||||||||||||||||||||||||||||||||||
| Home closings revenue, net | $ | 2,619,322 | $ | 1,935,500 | $ | 2,604,035 | $ | — | $ | 7,158,857 | $ | — | $ | 7,158,857 | |||||||||||||||||||||||||||
| All other revenue | 55,308 | 28,765 | 1,414 | 160,312 | $ | 245,799 | 13,175 | 258,974 | |||||||||||||||||||||||||||||||||
| Total revenue | 2,674,630 | 1,964,265 | 2,605,449 | 160,312 | 7,404,656 | 13,175 | 7,417,831 | ||||||||||||||||||||||||||||||||||
| Cost of home closings | 1,900,833 | 1,443,490 | 2,107,078 | — | 5,451,401 | — | 5,451,401 | ||||||||||||||||||||||||||||||||||
| All other cost of revenue | 52,478 | 24,846 | 2,053 | 93,989 | 173,366 | 9,991 | 183,357 | ||||||||||||||||||||||||||||||||||
Total cost of revenue | 1,953,311 | 1,468,336 | 2,109,131 | 93,989 | 5,624,767 | 9,991 | 5,634,758 | ||||||||||||||||||||||||||||||||||
| Home closings gross margin | 718,489 | 492,010 | 496,957 | — | 1,707,456 | — | 1,707,456 | ||||||||||||||||||||||||||||||||||
| Total gross margin | 721,319 | 495,929 | 496,318 | 66,323 | 1,779,889 | 3,184 | 1,783,073 | ||||||||||||||||||||||||||||||||||
Sales, commissions and other marketing costs(2) | (145,943) | (128,914) | (136,522) | — | (411,379) | (6,755) | (418,134) | ||||||||||||||||||||||||||||||||||
| General and administrative expenses | (39,381) | (29,893) | (42,306) | — | (111,580) | (168,993) | (280,573) | ||||||||||||||||||||||||||||||||||
| Net (loss)/income from unconsolidated entities | — | (98) | (217) | 9,148 | 8,833 | (76) | 8,757 | ||||||||||||||||||||||||||||||||||
Interest and other expense, net(3) | (73,205) | (7,608) | 3,981 | — | (76,832) | 1,842 | (74,990) | ||||||||||||||||||||||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | (295) | (295) | ||||||||||||||||||||||||||||||||||
| Income before income taxes | $ | 462,790 | $ | 329,416 | $ | 321,254 | $ | 75,471 | $ | 1,188,931 | $ | (171,093) | $ | 1,017,838 | |||||||||||||||||||||||||||
(1)Includes the assets from our Build-To-Rent and Urban Form operations
(2)Includes corporate marketing expense allocations
(3)Interest and other (expense)/income, net includes pre-acquisition write-offs of terminated projects
| As of December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| East | Central | West | Financial Services | Operating and Reporting Segment Subtotal | Corporate and Unallocated(1) | Total | |||||||||||||||||||||||||||||||||||
| Real estate inventory and land deposits | $ | 2,471,115 | $ | 1,177,184 | $ | 2,853,054 | $ | — | $ | 6,501,353 | $ | — | $ | 6,501,353 | |||||||||||||||||||||||||||
| Investments in unconsolidated entities | 97,679 | 206,571 | 75,473 | 5,483 | 385,206 | 101,772 | 486,978 | ||||||||||||||||||||||||||||||||||
| Other assets | 226,288 | 272,770 | 581,059 | 227,218 | 1,307,335 | 1,542,131 | 2,849,466 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 2,795,082 | $ | 1,656,525 | $ | 3,509,586 | $ | 232,701 | $ | 8,193,894 | $ | 1,643,903 | $ | 9,837,797 | |||||||||||||||||||||||||||
(1)Includes the assets from our Build-To-Rent and Urban Form operations
| As of December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| East | Central | West | Financial Services | Operating and Reporting Segment Subtotal | Corporate and Unallocated(1) | Total | |||||||||||||||||||||||||||||||||||
| Real estate inventory and land deposits | $ | 2,389,791 | $ | 1,296,272 | $ | 2,847,689 | $ | — | $ | 6,533,752 | $ | — | $ | 6,533,752 | |||||||||||||||||||||||||||
| Investments in unconsolidated entities | 86,378 | 164,434 | 94,864 | 5,483 | 351,159 | 88,562 | 439,721 | ||||||||||||||||||||||||||||||||||
| Other assets | 173,489 | 225,846 | 610,212 | 297,107 | 1,306,654 | 1,017,004 | 2,323,658 | ||||||||||||||||||||||||||||||||||
| Total assets | $ | 2,649,658 | $ | 1,686,552 | $ | 3,552,765 | $ | 302,590 | $ | 8,191,565 | $ | 1,105,566 | $ | 9,297,131 | |||||||||||||||||||||||||||
(1)Includes the assets from our Build-To-Rent and Urban Form operations
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 21, 2017 | |
| 2015 | Feb 25, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.