Mattamy Homes Q4 revenue drops 18% as orders jump 40%

Mattamy Group Corporation reported lower revenue and closings but stronger sales orders in its fiscal fourth quarter ended May 31, 2026, suggesting early signs of a demand recovery for the North American homebuilder.

The Toronto-based company said fourth-quarter revenue fell 17.9% year over year to $2.18 billion, down from $2.66 billion in the same period a year earlier, according to a company announcement. Closings also declined, with homes closed down 10.4% to 3,143 units from 3,509.

At the same time, net sales orders rose sharply in the quarter, up 40% to 2,532 homes compared with 1,808 a year earlier. Mattamy’s sales order backlog decreased 20% to 3,147 units, from 3,934 units in the prior-year quarter, suggesting the builder continued to convert earlier demand into deliveries even as new orders picked back up.

For the full fiscal year ending May 31, 2026, revenue declined 7.9% to $5.90 billion, compared with $6.40 billion in the prior year. Full-year homes closed slipped 2.3% to 8,261 from 8,453. Net sales orders for the year increased 8.6% to 7,474 homes, up from 6,885.

The mixed results reflect broader conditions facing large homebuilders in 2025 and 2026 as higher mortgage rates, affordability constraints and uneven resale supply pressured closings, even as underlying household formation and limited inventory supported demand for new construction. A double-digit increase in quarterly orders alongside a shrinking backlog suggests that Mattamy, like many big builders, is working through existing pipelines while beginning to rebuild its order book.

For homebuilders and land sellers, Mattamy’s trends underline a few key signals: price and incentive strategies have likely preserved demand enough to drive order growth, but delivery and revenue timing remain under pressure. Trade partners and suppliers can read the smaller decline in full-year closings relative to revenue as a sign that mix, incentives and potentially more entry-level product are weighing on top-line dollars per unit.

Mattamy, which bills itself as the largest family-owned homebuilder in North America, posted additional LTM financial results for the quarter on Intralinks. The company did not disclose net income figures in the operating summary.

Why this matters for builders

Mattamy’s Q4 and full-year numbers offer another data point that demand for new homes is stabilizing but not yet translating into stronger revenue growth. Builders watching absorption, backlog and spec strategy can use these metrics as a benchmark: higher orders with a smaller backlog and lower revenue suggest a market where volume is returning first, with pricing power and margins likely to follow later—if rates and affordability conditions cooperate.