5 March 2026
If you are covering Taylor Wimpey’s full year results, please see the following comment from Oli Creasey, head of property research at Quilter Cheviot:
“Taylor Wimpey's full year results contained few surprises this morning. Having already guided to completions, revenues and operating margin in a January trading statement, this morning's announcement has largely confirmed those figures. 2025 was a year of modest recovery for the company at the top line level, with revenues up 13% year-on-year, although this wasn't fully reflected in profits, with the operating margin declining to just under 11%, and profit less than half the prior year - largely a result of exceptional items relating to fire safety costs.
“Taylor Wimpey also gave guidance for 2026 in its January statement, and while today's announcement only serves to reiterate that, it isn't an easy read for investors looking for growth. The company remarked that the budget in late 2025 created a period of uncertainty which has impacted the size of the order book brought forward into 2026. Coupled with mortgage affordability issues for first-time buyers in the South of England, this is likely to impact the number of completions in the current year, and guidance of 10,600-11,000 suggests a 4% drop compared to 2025.
“Likewise, softer pricing conditions mean the operating profit margin is expected to be lower than last year as well. The company has reiterated medium term guidance for 14,000 completions per year, and a profit margin between 16-18%. However, both metrics are some way below 2025 figures, and with deterioration expected in 2026, it is becoming increasingly difficult to see those targets reached within the expected three to five year timeframe.”
