Form 8-K
8-K — M/I HOMES, INC.
Accession: 0000799292-26-000014
Filed: 2026-04-22
Period: 2026-04-22
CIK: 0000799292
SIC: 1531 (OPERATIVE BUILDERS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — mho-20260422.htm (Primary)
EX-99.1 (exhibit991earningspressrel.htm)
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8-K
8-K (Primary)
Filename: mho-20260422.htm · Sequence: 1
mho-20260422
4/22/20260000799292false00007992922026-04-222026-04-22
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2026
M/I HOMES, INC.
(Exact name of registrant as specified in its charter)
Ohio 1-12434 31-1210837
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
4131 Worth Avenue, Suite 500 Columbus, OH 43219
(Address of principal executive offices) (Zip Code)
(614) 418-8000
(Telephone Number)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Shares, par value $.01 MHO New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
SECTION 2 FINANCIAL INFORMATION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 22, 2026, M/I Homes, Inc. (the “Company”) issued a press release reporting financial results for the three-months ended March 31, 2026. A copy of this press release, including information concerning forward-looking statements and factors that may affect our future results, is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
Exhibit No.
Description of Exhibit
99.1
Press release dated April 22, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).*
*Submitted electronically with this Report in accordance with the provisions of Regulation S-T.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 22, 2026
M/I Homes, Inc.
By:
/s/ Ann Marie W. Hunker
Ann Marie W. Hunker
VP, Chief Accounting Officer and Controller
EX-99.1
EX-99.1
Filename: exhibit991earningspressrel.htm · Sequence: 2
Document
Exhibit 99.1
M/I Homes Reports
2026 First Quarter Results
Columbus, Ohio (April 22, 2026) - M/I Homes, Inc. (NYSE:MHO) announced results for the three months ended March 31, 2026.
2026 First Quarter Highlights:
•New contracts increased 3% to 2,350
•Homes delivered decreased 3% to 1,914
•Revenue declined 6% to $921 million
•Gross margin of 22%
•Pre-tax income of $89 million, 10% of revenue, down 39%
•Net income of $68 million ($2.55 per diluted share) versus $111 million ($3.98 per diluted share)
•Shareholders’ equity reached a record $3.2 billion, with book value per share increasing to a record $125
•Repurchased $50 million of common stock
•Return on equity of 12%
The Company reported pre-tax income of $89.2 million and net income of $67.8 million ($2.55 per diluted share). This compares to pre-tax income of $146.1 million and net income of $111.2 million, or $3.98 per diluted share, for the first quarter of 2025.
Homes delivered in 2026's first quarter decreased 3% to 1,914 homes. This compares to 1,976 homes delivered in 2025’s first quarter. New contracts increased 3% to 2,350 for the first quarter of 2026 compared to 2,292 in last year’s first quarter. Homes in backlog at March 31, 2026 had a total sales value of $1.20 billion, a 23% decrease from a year ago. Backlog units at March 31, 2026 decreased 21% to 2,245 homes, with an average sales price of $536,000. At March 31, 2025, backlog sales value was $1.56 billion, with backlog units of 2,847 and an average sales price of $548,000. M/I Homes had 230 communities at March 31, 2026 compared to 226 communities at March 31, 2025. The Company's cancellation rate was 8% in the first quarter of 2026 compared to 10% in the first quarter of 2025.
Robert H. Schottenstein, Chief Executive Officer and President, commented, “In the face of challenging market conditions, we produced very solid first quarter results – led by increased new contracts, gross margins of 22%, pre-tax income of 10%, and a return on equity of 12%. We continue to believe that long-term housing demand is supported by favorable demographic trends and an undersupply of housing. We have a strong financial position with record shareholders’ equity of $3.2 billion, cash of $767 million, and no borrowings under our $900 million credit facility. With a strong balance sheet, a diverse product offering, and well-located communities, we believe we are well positioned to continue delivering solid results despite all of the market uncertainty.”
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 April 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.
Contact M/I Homes, Inc.
Ann Marie W. Hunker, Vice President, Chief Accounting Officer and Controller, (614) 418-8225
Mark Kirkendall, Vice President, Treasurer, (614) 418-8021
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
March 31,
2026 2025
New contracts 2,350 2,292
Average community count 231 223
Cancellation rate 8 % 10 %
Backlog units 2,245 2,847
Backlog sales value $ 1,204,172 $ 1,559,251
Homes delivered 1,914 1,976
Average home closing price $ 459 $ 476
Homebuilding revenue:
Housing revenue $ 878,610 $ 940,031
Land revenue 10,866 4,542
Total homebuilding revenue $ 889,476 $ 944,573
Financial services revenue 31,231 31,520
Total revenue $ 920,707 $ 976,093
Cost of sales - operations 718,116 723,310
Gross margin $ 202,591 $ 252,783
General and administrative expense 61,186 59,073
Selling expense 55,340 52,786
Operating income $ 86,065 $ 140,924
Interest income, net of interest expense
(3,105) (5,197)
Income before income taxes $ 89,170 $ 146,121
Provision for income taxes 21,338 34,884
Net income $ 67,832 $ 111,237
Earnings per share:
Basic $ 2.61 $ 4.07
Diluted $ 2.55 $ 3.98
Weighted average shares outstanding:
Basic 26,007 27,314
Diluted 26,562 27,941
M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)
As of
March 31,
2026 2025
Assets:
Total cash, cash equivalents and restricted cash $ 767,416 $ 776,378
Mortgage loans held for sale 261,807 238,583
Inventory:
Lots, land and land development 1,866,252 1,666,045
Land held for sale 31,961 3,903
Homes under construction 1,267,202 1,342,424
Other inventory 233,686 192,333
Total Inventory $ 3,399,101 $ 3,204,705
Property and equipment - net 31,879 33,569
Investments in joint venture arrangements 68,357 70,727
Operating lease right-of-use assets 53,116 57,428
Goodwill 16,400 16,400
Deferred income tax asset 4,508 13,451
Other assets 185,802 173,982
Total Assets $ 4,788,386 $ 4,585,223
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net $ 398,620 $ 397,846
Senior notes due 2030 - net 297,999 297,495
Total Debt - Homebuilding Operations $ 696,619 $ 695,341
Notes payable bank - financial services operations 260,201 227,957
Total Debt $ 956,820 $ 923,298
Accounts payable 215,817 228,909
Operating lease liabilities 54,867 58,960
Other liabilities 368,550 367,722
Total Liabilities $ 1,596,054 $ 1,578,889
Shareholders’ Equity 3,192,332 3,006,334
Total Liabilities and Shareholders’ Equity $ 4,788,386 $ 4,585,223
Book value per common share $ 124.75 $ 112.29
Homebuilding debt to capital ratio (1)
18 % 19 %
(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
March 31,
2026 2025
Cash provided by operating activities $ 135,731 $ 64,887
Cash provided by (used in) investing activities $ 5,118 $ (2,928)
Cash used in financing activities $ (62,622) $ (107,151)
Land/lot purchases $ 79,240 $ 145,983
Land development spending $ 104,363 $ 101,599
Land sale revenue $ 10,866 $ 4,542
Land sale gross profit
$ 2,199 $ 786
Financial services pre-tax income $ 14,097 $ 16,106
M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months Ended
March 31,
2026 2025
Net income $ 67,832 $ 111,237
Add:
Provision for income taxes 21,338 34,884
Interest income - net (5,840) (8,041)
Interest amortized to cost of sales 6,694 6,901
Depreciation and amortization 5,254 4,777
Non-cash charges 4,185 4,200
Adjusted EBITDA $ 99,463 $ 153,958
(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
March 31,
%
Region 2026 2025 Change
Northern 1,026 1,065 (4) %
Southern 1,324 1,227 8 %
Total 2,350 2,292 3 %
HOMES DELIVERED
Three Months Ended
March 31,
%
Region 2026 2025 Change
Northern 752 826 (9) %
Southern 1,162 1,150 1 %
Total 1,914 1,976 (3) %
BACKLOG
March 31, 2026 March 31, 2025
Dollars Average Dollars Average
Region Units (millions) Sales Price Units (millions) Sales Price
Northern 1,110 $ 633 $ 570,000 1,375 $ 765 $ 556,000
Southern 1,135 $ 571 $ 503,000 1,472 $ 795 $ 540,000
Total 2,245 $ 1,204 $ 536,000 2,847 $ 1,559 $ 548,000
LAND POSITION SUMMARY
March 31, 2026 March 31, 2025
Lots Lots Under Lots Lots Under
Region Owned Contract Total Owned Contract Total
Northern 6,888 12,953 19,841 6,855 9,501 16,356
Southern 17,370 12,832 30,202 18,355 16,386 34,741
Total 24,258 25,785 50,043 25,210 25,887 51,097
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Cover Page Cover Page
Apr. 22, 2026
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M/I HOMES, INC.
Entity Incorporation, State or Country Code
OH
Entity File Number
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Entity Tax Identification Number
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Entity Address, Address Line One
4131 Worth Avenue
Entity Address, Address Line Two
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OH
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