Taylor Wimpey Stock Earnings Reports

Taylor Wimpey delivered a resilient 2025 despite a tougher market backdrop. Key financials: group revenue rose 13% to £3.84bn; gross profit was £658m (gross margin 17.1%); adjusted operating profit was £421m (adjusted operating margin 10.9%); adjusted EPS and PBT were down reflecting higher finance costs; return on net operating assets improved to 11%. Volumes and pricing: UK completions (ex-JVs) were 10,614 (up 6.4%), private ASP ~£374k and blended ASP £335k (c. +5% year-on-year by region mix). 2026 guidance: UK completions 10,600–11,000 and adjusted operating profit around £400m; H1 is expected to be weaker (c. 40% of volumes in H1) with net cash of c. £0–50m at the half. Balance sheet & capital: strong net cash of £343m at year end; landbank reduced to 77,000 short-term plots and outlet openings accelerated (71 opened in 2025; 219 outlets at year end) with confidence to open more outlets in 2026. Capital policy evolution: the Board retains the 7.5% of NAV distribution quantum but adds flexibility—minimum 5% paid as ordinary dividend and the remainder via dividend or buyback; announced final dividend £0.0295/share (£105m) and a £52m buyback (total 2025 distributions £322m). Land & planning: assertive planning strategy is gaining momentum (detailed planning for >10,000 plots in 2025; approvals and positive planning officer recommendations materially improved), supporting outlet growth without net land investment. Build costs & margins: modest build-cost inflation (c. 1% in 2025, low single-digit expected in 2026) and some margin headwinds from opening order book mix and London bulk deals; land sales aided margin in 2025 but are not expected to be enhancing in 2026. Building safety: provision of £544m set aside, £131m spent to date, remaining provision £413m; cash remediation outflows expected ~£150m in 2026 and ~£100m in 2027 with remediation expected to conclude by 2030. Operational / market notes: incentives running around 6%; sales momentum improved in early 2026 (recent 4-week private sales rates ~0.83–0.87); management remains focused on cost discipline, capital efficiency and converting strategic land into outlets. Risks: guidance does not assume any potential macro impact from recent Middle East events; market and local planning variability remain execution risks.