M/I Homes Reports Fourth Quarter and Year-End Results

COLUMBUS, Ohio, Jan. 28, 2026 /PRNewswire/ -- M/I Homes, Inc. (NYSE: MHO) announced results for its fourth quarter and year ended December 31, 2025.

2025 Fourth Quarter Results:

2025 Full Year Results:

The Company reported pre-tax income of $80.6 million and net income of $64.0 million ($2.39 per diluted share) in the fourth quarter of 2025. These results include pre-tax charges of $51.2 million ($1.52 per diluted share) consisting of $40.1 million of inventory charges and $11.2 million of certain warranty charges. This compares to pre-tax income of $170.6 million and net income of $133.5 million, or $4.71 per diluted share, for the fourth quarter of 2024, both were fourth quarter records. For the year ended December 31, 2025, pre-tax income was $526.6 million and net income was $402.9 million, or $14.74 per diluted share. These results include charges of $58.9 million ($1.65 per diluted share) consisting of $47.7 million of inventory charges and $11.2 million of certain warranty charges. This compared to pre-tax income of $733.6 million and net income of $563.7 million, or $19.71 per diluted share, for the same period of 2024.

Homes delivered in 2025's fourth quarter were 2,301, a 4% decrease compared to 2,402 deliveries in 2024's fourth quarter. Homes delivered for the twelve months ended December 31, 2025 decreased 1% to 8,921 from 2024's deliveries of 9,055. New contracts for 2025's fourth quarter increased 9% to 1,921 from 1,759 new contracts in 2024's fourth quarter. For 2025, new contracts were 8,199, a 4% decrease from 2024's 8,584 new contracts. Homes in backlog decreased 29% at December 31, 2025 to 1,809 units, with a sales value of $989.9 million, a 29% decrease from last year, while the average sales price in backlog decreased 1% to $547,000. At December 31, 2024, the sales value of the 2,531 homes in backlog was $1.4 billion, with an average sales price of $553,000. M/I Homes had 232 active communities at December 31, 2025 compared to 220 a year ago. The Company's cancellation rate was 10% in 2025's fourth quarter compared to 14% for the prior year's fourth quarter.

Robert H. Schottenstein, Chief Executive Officer and President, commented, "2025 was a very solid year for M/I Homes. Despite the various macro-economic factors impacting new home demand, we were pleased to deliver 8,921 homes for the year, produce $527 million of pretax income, generate a 12% pretax income return, as well as a 13% return on equity. We ended the year in excellent financial condition with record shareholders' equity of $3.2 billion, cash of $689 million, zero borrowings under our $900 million credit facility, a homebuilding debt to capital ratio of 18% and a net debt to capital ratio of zero."

Mr. Schottenstein concluded, "We are extremely proud to announce that 2026 marks our 50 th year in business. Over the past 5 decades, M/I Homes has grown to become one of the nation's largest and most respected homebuilders with an unwavering focus on quality, customer service and operating at a high standard. While homebuilding conditions remain somewhat choppy and challenging, we are very confident in the long-term fundamentals of our industry and our ability to deliver strong results."

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 January 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 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, 2024, 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

Twelve Months Ended

December 31,

2025

2024

2025

2024

New contracts

1,921

1,759

8,199

8,584

Average community count

233

219

229

216

Cancellation rate

10 %

14 %

11 %

10 %

Backlog units

1,809

2,531

1,809

2,531

Backlog sales value

$ 989,930

$ 1,399,683

$ 989,930

$ 1,399,683

Homes delivered

2,301

2,402

8,921

9,055

Average home closing price

$ 484

$ 490

$ 479

$ 483

Homebuilding revenue:

Housing revenue

$ 1,114,750

$ 1,175,883

$ 4,274,674

$ 4,375,829

Land revenue

4,711

882

17,644

12,635

Total homebuilding revenue

$ 1,119,461

$ 1,176,765

$ 4,292,318

$ 4,388,464

Financial services revenue

27,844

28,512

125,463

116,206

Total revenue

$ 1,147,305

$ 1,205,277

$ 4,417,781

$ 4,504,670

Cost of sales - operations (1)

899,508

908,452

3,352,913

3,305,781

Cost of sales - inventory charges

40,086

—

47,669

—

Gross margin

$ 207,711

$ 296,825

$ 1,017,199

$ 1,198,889

General and administrative expense

65,680

70,059

262,766

258,422

Selling expense

67,390

62,775

247,880

234,373

Operating income

$ 74,641

$ 163,991

$ 506,553

$ 706,094

Interest income, net of interest expense

(5,913)

(6,566)

(20,035)

(27,514)

Income before income taxes

$ 80,554

$ 170,557

$ 526,588

$ 733,608

Provision for income taxes

16,583

37,088

123,647

169,883

Net income

$ 63,971

$ 133,469

$ 402,941

$ 563,725

Earnings per share:

Basic

$ 2.44

$ 4.85

$ 15.07

$ 20.29

Diluted

$ 2.39

$ 4.71

$ 14.74

$ 19.71

Weighted average shares outstanding:

Basic

26,241

27,538

26,730

27,777

Diluted

26,814

28,308

27,338

28,600

(1)

Includes $11.2 million of certain warranty charges for the three and twelve months ended December 31, 2025.

M/I Homes, Inc. and Subsidiaries

Summary Balance Sheet and Other Information (unaudited)

(Dollars in thousands, except per share amounts)

As of

December 31,

2025

2024

Assets:

Total cash, cash equivalents and restricted cash

$ 689,189

$ 821,570

Mortgage loans held for sale

309,100

283,540

Inventory:

Lots, land and land development

1,881,158

1,630,190

Land held for sale

13,599

7,699

Homes under construction

1,282,608

1,271,626

Other inventory

206,576

182,347

Total Inventory

$ 3,383,941

$ 3,091,862

Property and equipment - net

34,342

34,513

Operating lease right-of-use assets

54,976

53,895

Goodwill

16,400

Investments in joint venture arrangements

106,299

65,334

Deferred income tax asset

4,508

13,451

Other assets

178,370

169,231

Total Assets

$ 4,777,125

$ 4,549,796

Liabilities:

Debt - Homebuilding Operations:

Senior notes due 2028 - net

398,427

397,653

Senior notes due 2030 - net

297,873

297,369

Total Debt - Homebuilding Operations

$ 696,300

$ 695,022

Notes payable bank - financial services operations

276,856

286,159

Total Debt

$ 973,156

$ 981,181

Accounts payable

181,189

198,579

Operating lease liabilities

56,675

55,365

Other liabilities

399,915

374,994

Total Liabilities

$ 1,610,935

$ 1,610,119

Shareholders' Equity

3,166,190

2,939,677

Total Liabilities and Shareholders' Equity

$ 4,777,125

$ 4,549,796

Book value per common share

$ 122.90

$ 108.62

Homebuilding debt / 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

(Dollars in thousands)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Cash (used in) provided by operating activities

$ (8,707)

$ 104,395

$ 137,349

$ 179,736

Cash used in investing activities

$ (29,042)

$ (9,859)

$ (59,740)

$ (54,896)

Cash (used in) provided by financing activities

$ (7,236)

$ 7,114

$ (209,990)

$ (36,074)

Land/lot purchases

$ 160,583

$ 107,384

$ 523,689

$ 472,937

Land development spending

$ 223,670

$ 201,301

$ 645,597

$ 645,960

Land sale revenue

$ 4,711

$ 882

$ 17,644

$ 12,635

Land sale gross profit

$ 933

$ 391

$ 4,196

$ 3,709

Financial services pre-tax income

$ 8,476

$ 10,034

$ 55,656

$ 49,682

M/I Homes, Inc. and Subsidiaries

Non-GAAP Financial Results (1)

(Dollars in thousands)

Three Months Ended

Twelve Months Ended

December 31,

2025

2024

2025

2024

Net income

$ 63,971

$ 133,469

$ 402,941

$ 563,725

Add:

Provision for income taxes

16,583

37,088

123,647

169,883

Interest income - net

(9,149)

(10,177)

(33,034)

(40,719)

Interest amortized to cost of sales

7,412

8,181

30,191

32,053

Depreciation and amortization

5,247

4,810

20,044

18,700

Non-cash charges

44,443

9,709

64,667

23,808

Adjusted EBITDA

$ 128,507

$ 183,080

$ 608,456

$ 767,450

(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

Twelve Months Ended

December 31,

Region

2025

2024

Change

2025

2024

Change

Northern

736

707

4 %

3,416

3,761

(9) %

Southern

1,185

1,052

13 %

4,783

4,823

(1) %

Total

1,921

1,759

9 %

8,199

8,584

(4) %

HOMES DELIVERED

Three Months Ended

Twelve Months Ended

December 31,

Region

2025

2024

Change

2025

2024

Change

Northern

981

1,064

(8) %

3,716

3,873

(4) %

Southern

1,320

1,338

(1) %

5,205

5,182

— %

Total

2,301

2,402

(4) %

8,921

9,055

(1) %

BACKLOG

December 31, 2025

December 31, 2024

Dollars

Average

Dollars

Average

Region

Units

(millions)

Sales Price

Units

(millions)

Sales Price

Northern

836

$ 476

$ 569,000

1,136

$ 637

$ 561,000

Southern

973

$ 514

$ 528,000

1,395

$ 763

$ 547,000

Total

1,809

$ 990

$ 547,000

2,531

$ 1,400

$ 553,000

LAND POSITION SUMMARY

December 31, 2025

December 31, 2024

Lots

Lots Under

Lots

Lots Under

Region

Owned

Contract

Total

Owned

Contract

Total

Northern

7,528

11,590

19,118

6,546

11,076

17,622

Southern

18,124

12,739

30,863

17,290

17,244

34,534

Total

25,652

24,329

49,981

23,836

28,320

52,156

M/I Homes, Inc. and Subsidiaries

Non-GAAP Reconciliation (1)

(Dollars and shares in thousands, except per share amounts)

Three Months Ended

Twelve months ended

December 31,

2025

2024

2025

2024

Income before income taxes

$ 80,554

$ 170,557

$ 526,588

$ 733,608

Add: Impairment of inventory and land deposit write-offs

40,086

—

47,669

—

Add: Certain warranty charges

11,162

—

11,162

—

Adjusted income before income taxes

$ 131,802

$ 170,557

$ 585,419

$ 733,608

Net income

$ 63,971

$ 133,469

$ 402,941

$ 563,725

Add: Impairment of inventory and land deposit write-offs - net of tax

31,832

—

36,476

—

Add: Certain warranty charges - net of tax

8,864

—

8,541

—

Adjusted net income

$ 104,667

$ 133,469

$ 447,958

$ 563,725

Impairment of inventory and land deposit write-offs - net of tax

$ 31,832

$ —

$ 36,476

$ —

Certain warranty charges - net of tax

$ 8,864

$ —

$ 8,541

$ —

Divided by: Diluted weighted average shares outstanding

26,814

28,308

27,338

28,600

Diluted earnings per share related to Impairment of inventory and land deposit write-offs (2)

$ 1.19

$ —

$ 1.34

$ 0.01

Diluted earnings per share related to certain warranty charges (2)

0.33

—

0.31

—

Add: Diluted earnings per share

2.39

4.71

14.74

19.71

Adjusted diluted earnings per share

$ 3.91

$ 4.71

$ 16.39

$ 19.72

(1)

(2)

Represents the related charges divided by diluted weighted average shares outstanding during the respective period as presented in the Summary Statement of Income.

SOURCE M/I Homes, Inc.