, /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2026.
2026 Third Quarter Results:
New contracts decreased 2% to 1,861
Homes delivered decreased 2% to 2,241
Revenue declined 5% to $1.1 billion
Gross margin of 20.9%; 21.3% excluding inventory charges
Pre-tax income of $87 million, including inventory charges of $5 million, down 38%
Net income of $67 million ($2.56 per diluted share) versus $107 million ($3.92 per diluted share)
Shareholders' equity reached a record $3.3 billion, with book value per share increasing to a record $130
Repurchased $50 million of common stock
Homebuilding debt to capital ratio of 18%
The Company reported pre-tax income of $86.9 million and net income of $66.6 million ($2.56 per diluted share). These results include pre-tax inventory charges of $4.7 million ($0.14 per diluted share). This compares to pre-tax income of $139.8 million and net income of $106.5 million, or $3.92 per diluted share, for the third quarter of 2025. For the nine months ended September 30, 2026, pre-tax income was $280.6 million and net income was $213.5 million, or $8.14 per diluted share. This compared to pre-tax income of $446.0 million and net income of $339.0 million, or $12.32 per diluted share, for the same period of 2025.
Homes delivered in 2026's third quarter decreased 2% to 2,241 homes. This compares to 2,296 homes delivered in 2025's third quarter. Homes delivered for the nine months ended September 30, 2026 were 6,361 compared to 2025's deliveries of 6,620 for the nine months ended September 30, 2025, a decrease of 4%. New contracts decreased 2% to 1,861 for the third quarter of 2026 compared to 1,908 in last year's third quarter. For the first nine months of 2026, new contracts were 6,598 compared to 6,278 in 2025, an increase of 5%. Homes in backlog at September 30, 2026 had a total sales value of $1.1 billion, a 9% decrease from a year ago. Backlog units at September 30, 2026 decreased 7% to 2,046 homes, with an average sales price of $539,000. At September 30, 2025, backlog sales value was $1.2 billion, with backlog units of 2,189 and an average sales price of $553,000. M/I Homes had 246 communities at September 30, 2026 compared to 233 communities at September 30, 2025. The Company's cancellation rate was 12% in both the third quarter of 2026 and 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "Our third quarter results reflect increasingly difficult market conditions, including higher mortgage interest rates, weaker demand and growing economic uncertainty. Notwithstanding these conditions, we produced fairly solid results generating $87 million of pre-tax income, equating to an 8% return. Despite the current conditions, we remain confident in the long-term fundamentals of the housing industry. Our financial condition is excellent, is highlighted by a very strong balance sheet with record shareholders' equity of $3.3 billion, no borrowings under our $900 million unsecured credit facility, cash of $621 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of 2%. We are well positioned to manage through this current cycle given the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through October 2027.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
New contracts
1,861
1,908
6,598
6,278
Average community count
240
234
236
228
Cancellation rate
12 %
12 %
10 %
12 %
Backlog units
2,046
2,189
2,046
2,189
Backlog sales value
$1,103,044
$1,210,790
$1,103,044
$1,210,790
Homes delivered
2,241
2,296
6,361
6,620
Average home closing price
$ 460
$ 477
$ 459
$ 477
Homebuilding revenue:
Housing revenue
$1,031,362
$1,095,418
$2,921,946
$3,159,924
Land revenue
11,963
1,724
41,777
12,933
Total homebuilding revenue
$1,043,325
$1,097,142
$2,963,723
$3,172,857
Financial services revenue
32,744
34,649
96,311
97,619
Total revenue
$1,076,069
$1,131,791
$3,060,034
$3,270,476
Cost of sales - operations
846,869
854,122
2,388,544
2,453,405
Cost of sales - inventory charges
4,723
7,583
8,923
7,583
Gross margin
$ 224,477
$ 270,086
$ 662,567
$ 809,488
General and administrative expense
76,568
70,766
207,952
197,086
Selling expense
64,611
64,049
183,974
180,490
Operating income
$ 83,298
$ 135,271
$ 270,641
$ 431,912
Interest income, net of interest expense
(3,578)
(4,548)
(9,969)
(14,122)
Income before income taxes
$ 86,876
$ 139,819
$ 280,610
$ 446,034
Provision for income taxes
20,323
33,329
67,157
107,064
Net income
$ 66,553
$ 106,490
$ 213,453
$ 338,970
Earnings per share:
Basic
$ 2.62
$ 4.01
$ 8.31
$ 12.60
Diluted
$ 2.56
$ 3.92
$ 8.14
$ 12.32
Weighted average shares outstanding:
Basic
25,431
26,544
25,699
26,895
Diluted
25,949
27,188
26,233
27,513
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
September 30,
2026
2025
Assets:
Total cash, cash equivalents and restricted cash
$ 620,595
$ 734,174
Mortgage loans held for sale
232,575
239,585
Inventory:
Lots, land and land development
1,846,926
1,743,476
Land held for sale
37,867
9,231
Homes under construction
1,488,266
1,457,843
Other inventory
227,589
202,280
Total Inventory
$ 3,600,648
$ 3,412,830
Property and equipment - net
34,884
32,668
Investments in joint venture arrangements
87,167
81,514
Operating lease right-of-use assets
49,793
50,322
Goodwill
16,400
16,400
Deferred income tax asset
4,508
13,451
Other assets
213,595
188,600
Total Assets
$ 4,860,165
$ 4,769,544
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net
$ 399,007
$ 398,233
Senior notes due 2030 - net
298,251
297,747
Total Debt - Homebuilding Operations
$ 697,258
$ 695,980
Notes payable bank - financial services operations
230,424
231,979
Total Debt
$ 927,682
$ 927,959
Accounts payable
229,132
257,981
Operating lease liabilities
51,637
51,968
Other liabilities
399,147
382,187
Total Liabilities
$ 1,607,598
$ 1,620,095
Shareholders' Equity
3,252,567
3,149,449
Total Liabilities and Shareholders' Equity
$ 4,860,165
$ 4,769,544
Book value per common share
$ 129.94
$ 120.44
Homebuilding debt to capital ratio (1)
18 %
18 %
(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Cash (used in) provided by operating activities
$ (13,319)
$ 43,414
$ 159,218
$ 146,056
Cash used in investing activities
$ (34,013)
$ (15,452)
$ (40,768)
$ (30,698)
Cash used in financing activities
$ (68,014)
$ (94,186)
$ (187,044)
$ (202,754)
Land/lot purchases
$ 135,209
$ 115,372
$ 345,505
$ 363,106
Land development spending
$ 154,418
$ 181,320
$ 413,523
$ 421,927
Land sale revenue
$ 11,963
$ 1,724
$ 41,777
$ 12,933
Land sale gross profit
$ 2,304
$ 163
$ 9,994
$ 4,151
Financial services pre-tax income
$ 13,432
$ 16,598
$ 41,952
$ 47,180
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income
$ 66,553
$ 106,490
$ 213,453
$ 338,970
Add:
Provision for income taxes
20,323
33,329
67,157
107,064
Interest income - net
(6,484)
(8,118)
(18,480)
(23,885)
Interest amortized to cost of sales
7,915
7,651
22,561
22,779
Depreciation and amortization
5,775
5,116
16,362
14,797
Non-cash charges
9,357
12,108
22,303
20,224
Adjusted EBITDA
$ 103,439
$ 156,576
$ 323,356
$ 479,949
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
NEW CONTRACTS
Three Months Ended
Nine Months Ended
September 30,
September 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
746
742
1 %
2,788
2,680
4 %
Southern
1,115
1,166
(4) %
3,810
3,598
6 %
Total
1,861
1,908
(2) %
6,598
6,278
5 %
HOMES DELIVERED
Three Months Ended
Nine Months Ended
September 30,
September 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
949
942
1 %
2,593
2,735
(5) %
Southern
1,292
1,354
(5) %
3,768
3,885
(3) %
Total
2,241
2,296
(2) %
6,361
6,620
(4) %
BACKLOG
September 30, 2026
September 30, 2025
Dollars
Average
Dollars
Average
Region
Units
(millions)
Sales Price
Units
(millions)
Sales Price
Northern
1,031
$ 595
$ 577,000
1,081
$ 609
$ 563,000
Southern
1,015
$ 508
$ 501,000
1,108
$ 602
$ 544,000
Total
2,046
$ 1,103
$ 539,000
2,189
$ 1,211
$ 553,000
LAND POSITION SUMMARY
September 30, 2026
September 30, 2025
Lots
Lots Under
Lots
Lots Under
Region
Owned
Contract
Total
Owned
Contract
Total
Northern
6,880
13,396
20,276
7,140
10,843
17,983
Southern
16,545
12,113
28,658
17,268
15,374
32,642
Total
23,425
25,509
48,934
24,408
26,217
50,625
M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Income before income taxes
$ 86,876
$ 139,819
$ 280,610
$ 446,034
Add: Inventory charges (2)
4,723
7,583
8,923
7,583
Adjusted income before income taxes
$ 91,599
$ 147,402
$ 289,533
$ 453,617
Net income
$ 66,553
$ 106,490
$ 213,453
$ 338,970
Add: Inventory charges - net of tax (2)
3,618
5,991
6,788
5,991
Adjusted net income
$ 70,171
$ 112,481
$ 220,241
$ 344,961
Inventory charges - net of tax (2)
$ 3,618
$ 5,991
$ 6,788
$ 5,991
Divided by: Diluted weighted average shares outstanding
25,949
27,188
26,233
27,513
Diluted earnings per share related to inventory charges (2)
$ 0.14
$ 0.22
$ 0.26
$ 0.22
Add: Diluted earnings per share
2.56
3.92
8.14
12.32
Adjusted diluted earnings per share
$ 2.70
$ 4.14
$ 8.40
$ 12.54
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
(2)
Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.
Akcie M/I Homes za poslední měsíc klesly o 9,11 %. Společnost má 21. října 2026 oznámit výsledky, přičemž se očekává zisk 3,05 USD na akcii a tržby ve výši 1,09 mld. USD.
M/I Homes (MHO - Free Report) closed the most recent trading day at $132.00, moving -2.05% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.66%. Meanwhile, the Dow experienced a rise of 0.18%, and the technology-dominated Nasdaq saw an increase of 1.05%.
Shares of the homebuilder have depreciated by 9.11% over the course of the past month, underperforming the Construction sector's loss of 2.15%, and the S&P 500's gain of 0.55%.
The upcoming earnings release of M/I Homes will be of great interest to investors. The company's earnings report is expected on October 21, 2026. On that day, M/I Homes is projected to report earnings of $3.05 per share, which would represent a year-over-year decline of 26.33%. At the same time, our most recent consensus estimate is projecting a revenue of $1.09 billion, reflecting a 3.31% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $12 per share and revenue of $4.18 billion, which would represent changes of -18.59% and -5.37%, respectively, from the prior year.
Any recent changes to analyst estimates for M/I Homes should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.96% lower. As of now, M/I Homes holds a Zacks Rank of #5 (Strong Sell).
Valuation is also important, so investors should note that M/I Homes has a Forward P/E ratio of 11.23 right now. This represents a discount compared to its industry average Forward P/E of 12.72.
The Building Products - Home Builders industry is part of the Construction sector. With its current Zacks Industry Rank of 239, this industry ranks in the bottom 3% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
, /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) today announced that its Board of Directors approved a share repurchase authorization, pursuant to which the Company may purchase up to $250 million of its common shares. The $250 million authorization replaces the Company's prior authorization.
Such common shares may be purchased through open-market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing and amount of any purchases will be determined by the Company's management at its discretion based on a variety of factors, including the market price of the Company's common shares, business considerations, general market and economic conditions and legal requirements. The authorization has no expiration date and may be modified, discontinued or suspended at any time.
M/I Homes, Inc. celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina; and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes (MHO - Free Report) came out with quarterly earnings of $3.14 per share, missing the Zacks Consensus Estimate of $3.17 per share. This compares to earnings of $4.42 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.95%. A quarter ago, it was expected that this homebuilder would post earnings of $2.64 per share when it actually produced earnings of $2.55, delivering a surprise of -3.41%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
M/I Homes, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.06 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.46%. This compares to year-ago revenues of $1.16 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
M/I Homes shares have added about 18.9% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for M/I Homes?While M/I Homes has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for M/I Homes was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.39 on $1.1 billion in revenues for the coming quarter and $12.60 on $4.2 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Toll Brothers (TOL - Free Report) , has yet to report results for the quarter ended July 2026.
This home builder is expected to post quarterly earnings of $2.90 per share in its upcoming report, which represents a year-over-year change of -22.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Toll Brothers' revenues are expected to be $2.6 billion, down 11.8% from the year-ago quarter.
M/I Homes ve 2. čtvrtletí zvýšila nové kontrakty o 15 % na rekordních 2 387, ale výnosy klesly o 9 % na 1,1 miliardy USD a čistý zisk klesl na 79 milionů USD.
, /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced results for the three and six months ended June 30, 2026.
2026 Second Quarter Results:
New contracts increased 15% to 2,387, a second quarter record Homes delivered decreased 6% to 2,206 Revenue declined 9% to $1.1 billion Gross margin of 22% Pre-tax income of $105 million, including inventory charges of $4 million, 10% of revenue, down 35% Net income of $79 million ($3.02 per diluted share) versus $121 million ($4.42 per diluted share) Shareholders' equity reached a record $3.2 billion, with book value per share increasing to a record $128 Repurchased $50 million of common stock Return on equity of 10% Homebuilding debt to capital ratio of 18% The Company reported pre-tax income of $104.6 million and net income of $79.1 million ($3.02 per diluted share). These results include pre-tax inventory charges of $4.2 million ($0.12 per diluted share). This compares to pre-tax income of $160.1 million and net income of $121.2 million, or $4.42 per diluted share, for the second quarter of 2025. For the six months ended June 30, 2026, pre-tax income was $193.7 million and net income was $146.9 million, or $5.57 per diluted share. This compared to pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, for the same period of 2025.
Homes delivered in 2026's second quarter decreased 6% to 2,206 homes. This compares to 2,348 homes delivered in 2025's second quarter. Homes delivered for the six months ended June 30, 2026 were 4,120 compared to 2025's deliveries of 4,324 for the six months ended June 30, 2025, a decrease of 5%. New contracts increased 15% to a record 2,387 for the second quarter of 2026 compared to 2,078 in last year's second quarter. For the first half of 2026, new contracts were 4,737 compared to 4,370 in 2025, an increase of 8%. Homes in backlog at June 30, 2026 had a total sales value of $1.31 billion, an 8% decrease from a year ago. Backlog units at June 30, 2026 decreased 6% to 2,426 homes, with an average sales price of $538,000. At June 30, 2025, backlog sales value was $1.43 billion, with backlog units of 2,577 and an average sales price of $553,000. M/I Homes had 234 communities at both June 30, 2026 and 2025. The Company's cancellation rate was 8% in the second quarter of 2026 compared to 13% in the second quarter of 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results despite continued challenging market conditions. Highlights included a second quarter record of 2,387 new contracts, gross margins of 22%, a pre-tax margin of 10% and a return on equity of 10%."
Mr. Schottenstein added, "Notwithstanding current market conditions, we are confident in the long-term fundamentals of the housing industry and in our ability to navigate this uncertain environment. Our financial condition is excellent, highlighted by S&P's recent upgrade of our credit rating to BB+. We have a very strong balance sheet with record shareholders' equity of $3.2 billion, no borrowings under our $900 million unsecured credit facility, cash of $736 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%. Given the quality of our geographic footprint, the diversity of our product offering and continued focus on well-located communities, we are well positioned to have a solid 2026."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will continue to be available on our website through July 2027.
M/I Homes, Inc., celebrating its 50th year in business in 2026, is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
New contracts
2,387
2,078
4,737
4,370
Average community count
232
230
232
227
Cancellation rate
8 %
13 %
8 %
11 %
Backlog units
2,426
2,577
2,426
2,577
Backlog sales value
$ 1,305,248
$ 1,425,138
$ 1,305,248
$ 1,425,138
Homes delivered
2,206
2,348
4,120
4,324
Average home closing price
$ 459
$ 479
$ 459
$ 477
Homebuilding revenue:
Housing revenue
$ 1,011,974
$ 1,124,475
$ 1,890,584
$ 2,064,506
Land revenue
18,948
6,667
29,814
11,209
Total homebuilding revenue
$ 1,030,922
$ 1,131,142
$ 1,920,398
$ 2,075,715
Financial services revenue
32,336
31,450
63,567
62,970
Total revenue
$ 1,063,258
$ 1,162,592
$ 1,983,965
$ 2,138,685
Cost of sales - operations
823,559
875,973
1,541,675
1,599,283
Cost of sales - inventory charges
4,200
—
4,200
—
Gross margin
$ 235,499
$ 286,619
$ 438,090
$ 539,402
General and administrative expense
70,198
67,247
131,384
126,320
Selling expense
64,023
63,655
119,363
116,441
Operating income
$ 101,278
$ 155,717
$ 187,343
$ 296,641
Interest income, net of interest expense
(3,286)
(4,377)
(6,391)
(9,574)
Income before income taxes
$ 104,564
$ 160,094
$ 193,734
$ 306,215
Provision for income taxes
25,496
38,851
46,834
73,735
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Earnings per share:
Basic
$ 3.08
$ 4.52
$ 5.69
$ 8.59
Diluted
$ 3.02
$ 4.42
$ 5.57
$ 8.40
Weighted average shares outstanding:
Basic
25,667
26,836
25,836
27,074
Diluted
26,193
27,406
26,376
27,673
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
June 30,
2026
2025
Assets:
Total cash, cash equivalents and restricted cash
$ 735,941
$ 800,398
Mortgage loans held for sale
258,965
280,867
Inventory:
Lots, land and land development
1,850,007
1,683,930
Land held for sale
40,887
5,005
Homes under construction
1,387,441
1,403,582
Other inventory
226,963
194,089
Total Inventory
$ 3,505,298
$ 3,286,606
Property and equipment - net
34,446
33,749
Investments in joint venture arrangements
62,018
67,466
Operating lease right-of-use assets
51,929
56,403
Goodwill
16,400
16,400
Deferred income tax asset
4,508
13,451
Other assets
186,538
184,699
Total Assets
$ 4,856,043
$ 4,740,039
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net
$ 398,814
$ 398,040
Senior notes due 2030 - net
298,125
297,621
Total Debt - Homebuilding Operations
$ 696,939
$ 695,661
Notes payable bank - financial services operations
252,366
275,926
Total Debt
$ 949,305
$ 971,587
Accounts payable
244,494
252,476
Operating lease liabilities
53,732
57,997
Other liabilities
381,092
375,843
Total Liabilities
$ 1,628,623
$ 1,657,903
Shareholders' Equity
3,227,420
3,082,136
Total Liabilities and Shareholders' Equity
$ 4,856,043
$ 4,740,039
Book value per common share
$ 127.88
$ 117.01
Homebuilding debt to capital ratio (1)
18 %
18 %
(1)
The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders' equity.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Cash provided by operating activities
$ 36,806
$ 37,755
$ 172,537
$ 102,642
Cash used in investing activities
$ (11,873)
$ (12,318)
$ (6,755)
$ (15,246)
Cash used in financing activities
$ (56,408)
$ (1,417)
$ (119,030)
$ (108,568)
Land/lot purchases
$ 131,056
$ 101,751
$ 210,296
$ 247,734
Land development spending
$ 154,742
$ 139,008
$ 259,105
$ 240,607
Land sale revenue
$ 18,948
$ 6,667
$ 29,814
$ 11,209
Land sale gross profit
$ 5,491
$ 3,202
$ 7,690
$ 3,988
Financial services pre-tax income
$ 14,423
$ 14,476
$ 28,520
$ 30,582
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Add:
Provision for income taxes
25,496
38,851
46,834
73,735
Interest income - net
(6,156)
(7,726)
(11,996)
(15,767)
Interest amortized to cost of sales
7,952
8,227
14,646
15,128
Depreciation and amortization
5,333
4,904
10,587
9,681
Non-cash charges
8,761
3,916
12,946
8,116
Adjusted EBITDA
$ 120,454
$ 169,415
$ 219,917
$ 323,373
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data
NEW CONTRACTS
Three Months Ended
Six Months Ended
June 30,
June 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
1,016
873
16 %
2,042
1,938
5 %
Southern
1,371
1,205
14 %
2,695
2,432
11 %
Total
2,387
2,078
15 %
4,737
4,370
8 %
HOMES DELIVERED
Three Months Ended
Six Months Ended
June 30,
June 30,
%
%
Region
2026
2025
Change
2026
2025
Change
Northern
892
967
(8) %
1,644
1,793
(8) %
Southern
1,314
1,381
(5) %
2,476
2,531
(2) %
Total
2,206
2,348
(6) %
4,120
4,324
(5) %
BACKLOG
June 30, 2026
June 30, 2025
Dollars
Average
Dollars
Average
Region
Units
(millions)
Sales Price
Units
(millions)
Sales Price
Northern
1,234
$ 699
$ 567,000
1,281
$ 721
$ 563,000
Southern
1,192
$ 606
$ 508,000
1,296
$ 704
$ 543,000
Total
2,426
$ 1,305
$ 538,000
2,577
$ 1,425
$ 553,000
LAND POSITION SUMMARY
June 30, 2026
June 30, 2025
Lots
Lots Under
Lots
Lots Under
Region
Owned
Contract
Total
Owned
Contract
Total
Northern
7,138
12,519
19,657
7,104
8,710
15,814
Southern
16,244
13,149
29,393
17,403
17,247
34,650
Total
23,382
25,668
49,050
24,507
25,957
50,464
M/I Homes, Inc. and Subsidiaries
Non-GAAP Reconciliation (1)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Income before income taxes
$ 104,564
$ 160,094
$ 193,734
$ 306,215
Add: Inventory charges (2)
4,200
—
4,200
—
Adjusted income before income taxes
$ 108,764
$ 160,094
$ 197,934
$ 306,215
Net income
$ 79,068
$ 121,243
$ 146,900
$ 232,480
Add: Inventory charges - net of tax (2)
3,176
—
3,185
—
Adjusted net income
$ 82,244
$ 121,243
$ 150,085
$ 232,480
Inventory charges - net of tax (2)
$ 3,176
$ —
$ 3,185
$ —
Divided by: Diluted weighted average shares outstanding
26,193
27,406
26,376
27,673
Diluted earnings per share related to inventory charges (2)
$ 0.12
$ —
$ 0.12
$ —
Add: Diluted earnings per share
3.02
4.42
5.57
8.40
Adjusted diluted earnings per share
$ 3.14
$ 4.42
$ 5.69
$ 8.40
(1)
We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.
(2)
Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.
