M/I Homes Reports 2026 Third Quarter Results
Key Highlights
- ➤Revenue declined 5% to $1.1 billion
- ➤Pre-tax income fell 38% to $87 million, including $5 million inventory charges
- ➤Net income dropped to $67 million, or $2.56 per diluted share
- ➤Backlog sales value decreased 9% to $1.1 billion; units fell 7% to 2,046
- ➤Shareholders’ equity reached a record $3.3 billion; $50 million stock repurchased
Expert Statements
Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes
“Our third quarter results reflect increasingly difficult market conditions, including higher mortgage interest rates, weaker demand and growing economic uncertainty.”
Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes
“Notwithstanding these conditions, we produced fairly solid results generating $87 million of pre-tax income, equating to an 8% return.”
Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes
“Despite the current conditions, we remain confident in the long-term fundamentals of the housing industry.”
Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes
“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%.”
Robert H. Schottenstein, Chief Executive Officer and President of M/I Homes
“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.”
COLUMBUS, Ohio, Oct. 21, 2026 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2026.
* 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.
Get started
Create a free account to read the full story.