About M/I Homes, Inc.
M/I Homes, Inc. (NYSE: MHO), celebrating its 50th year in business in 2026, is one of the nation’s leading homebuilders of single-family homes.
M/I Homes focuses on developing and selling new homes, from entry-level and first-time buyer homes to move-up and luxury models, in planned communities across the U.S. Through subsidiaries, it offers mortgage financing and title services to homebuyers as part of the buying process. The company buys undeveloped land, prepares lots, and builds residential communities.
It 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.
2025 Fourth Quarter Results
New contracts increased 9% to 1,921. Homes delivered decreased 4% to 2,301. Revenue declined 5% to $1.1 billion. Pre-tax income of $81 million, including charges of $51 million consisting of $40 million of inventory charges and $11 million of certain warranty charges. Gross margin of 18.1%; 22.6% excluding charges.
Net income of $64 million ($2.39 per diluted share; $3.91 per diluted share excluding charges) compared to $134 million ($4.71 per diluted share) in 2024. Ended the quarter with 232 communities versus 220 a year ago. Repurchased $50 million of stock.
2025 Full Year Results
New contracts decreased 4% to 8,199. Homes delivered decreased 1% to 8,921. Revenue decreased 2% to $4.4 billion. Pre-tax income of $527 million; 12% of revenue; including charges of $59 million consisting of $48 million of inventory charges and $11 million of certain warranty charges. Net income of $403 million ($14.74 per diluted share; $16.39 per diluted shares excluding charges). Shareholders’ equity reached an all-time record of $3.2 billion, with book value per share of $123. Repurchased $202 million of stock. Return on equity of 13%. Homebuilding debt to capital ratio of 18%.
Earnings Performance
In Q4 2025 the company reported pre-tax income of $80.6 million and net income of $64.0 million ($2.39 per diluted share). Results included $51.2 million in pre-tax charges (inventory and warranty). For full year 2025, pre-tax income was $526.6 million and net income was $402.9 million ($14.74 per diluted share). Results Included $58.9 million in charges. Earnings declined year over year, largely due to inventory and warranty-related charges.
Home Deliveries & New Contracts
In Q4 2025 company delivered 2,301 homes (-4% YoY). In full year 2025 the company delivered 8,921 homes (-1% YoY). In Q4 2025 company had 1,921 new contracts (+9% YoY). In full year 2025 the company had 8,199 new contracts (-4% YoY). Stronger contract activity in Q4 despite softer annual totals.
Backlog & Pricing
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.
Communities & Cancellations
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.
Summary
M/I Homes saw lower earnings and backlog in 2025, pressured by inventory and warranty charges and softer deliveries. However, Q4 contract growth, improved cancellation rates, and an expanded community count point to improving demand momentum entering 2026.