M/I Homes Reports 2025 Second Quarter Results
M/I Homes (NYSE:MHO) reported mixed second quarter 2025 results with record revenue and deliveries but declining profits. Revenue increased 5% to $1.2 billion, with homes delivered up 6% to 2,348 units. However, net income decreased to $121 million ($4.42 per diluted share) compared to $147 million ($5.12 per diluted share) in Q2 2024.
The company maintained strong financial health with shareholders' equity reaching $3.1 billion, a 12% year-over-year increase, and book value per share of $117. New contracts declined 8% to 2,078, while the cancellation rate increased to 13% from 10% last year. The company's balance sheet showed strength with $800 million in cash and an 18% homebuilding debt-to-capital ratio.
M/I Homes (NYSE:MHO) ha riportato risultati contrastanti nel secondo trimestre 2025, con ricavi e consegne record ma profitti in calo. I ricavi sono aumentati del 5% raggiungendo 1,2 miliardi di dollari, mentre le case consegnate sono cresciute del 6% a 2.348 unità. Tuttavia, l'utile netto è diminuito a 121 milioni di dollari (4,42 dollari per azione diluita) rispetto ai 147 milioni di dollari (5,12 dollari per azione diluita) del secondo trimestre 2024.
L'azienda ha mantenuto una solida situazione finanziaria con un patrimonio netto pari a 3,1 miliardi di dollari, in aumento del 12% su base annua, e un valore contabile per azione di 117 dollari. I nuovi contratti sono diminuiti dell'8% a 2.078, mentre il tasso di cancellazione è salito al 13% rispetto al 10% dell'anno precedente. Il bilancio della società ha mostrato solidità con 800 milioni di dollari in liquidità e un rapporto debito/capitale nel settore edilizio residenziale del 18%.
M/I Homes (NYSE:MHO) reportó resultados mixtos en el segundo trimestre de 2025, con ingresos y entregas récord, pero con beneficios en descenso. Los ingresos aumentaron un 5% hasta 1,2 mil millones de dólares, con viviendas entregadas que crecieron un 6% hasta 2.348 unidades. Sin embargo, el ingreso neto disminuyó a 121 millones de dólares (4,42 dólares por acción diluida) en comparación con 147 millones de dólares (5,12 dólares por acción diluida) en el segundo trimestre de 2024.
La compañía mantuvo una sólida salud financiera con un patrimonio neto de 3,1 mil millones de dólares, un aumento interanual del 12%, y un valor contable por acción de 117 dólares. Los nuevos contratos disminuyeron un 8% hasta 2.078, mientras que la tasa de cancelación aumentó al 13% desde el 10% del año anterior. El balance de la empresa mostró fortaleza con 800 millones de dólares en efectivo y una relación deuda-capital en construcción de viviendas del 18%.
M/I Homes (NYSE:MHO)는 2025년 2분기 실적에서 매출과 주택 인도는 기록적이었으나 이익은 감소하는 혼재된 결과를 보고했습니다. 매출은 5% 증가한 12억 달러를 기록했고, 인도된 주택 수는 6% 증가한 2,348채였습니다. 그러나 순이익은 2024년 2분기 1억 4,700만 달러(주당 희석 5.12달러)에서 1억 2,100만 달러(주당 희석 4.42달러)로 감소했습니다.
회사는 31억 달러에 달하는 주주 자본을 유지하며 전년 대비 12% 증가했고, 주당 장부 가치는 117달러였습니다. 신규 계약은 8% 감소한 2,078건이었으며, 취소율은 지난해 10%에서 13%로 상승했습니다. 회사의 재무 상태는 8억 달러 현금 보유와 18%의 주택 건설 부문 부채 대 자본 비율로 견고함을 나타냈습니다.
M/I Homes (NYSE:MHO) a présenté des résultats mitigés pour le deuxième trimestre 2025, avec un chiffre d'affaires et des livraisons records mais des bénéfices en baisse. Le chiffre d'affaires a augmenté de 5 % pour atteindre 1,2 milliard de dollars, avec des maisons livrées en hausse de 6 % à 2 348 unités. Toutefois, le bénéfice net a diminué à 121 millions de dollars (4,42 dollars par action diluée) contre 147 millions de dollars (5,12 dollars par action diluée) au deuxième trimestre 2024.
L'entreprise a maintenu une solide santé financière avec des capitaux propres atteignant 3,1 milliards de dollars, soit une augmentation de 12 % sur un an, et une valeur comptable par action de 117 dollars. Les nouveaux contrats ont diminué de 8 % à 2 078, tandis que le taux d'annulation est passé de 10 % à 13 %. Le bilan de la société a montré sa solidité avec 800 millions de dollars en liquidités et un ratio dette/capitaux propres dans la construction résidentielle de 18 %.
M/I Homes (NYSE:MHO) meldete gemischte Ergebnisse für das zweite Quartal 2025 mit Rekordumsätzen und -lieferungen, jedoch sinkenden Gewinnen. Der Umsatz stieg um 5 % auf 1,2 Milliarden US-Dollar, die ausgelieferten Häuser nahmen um 6 % auf 2.348 Einheiten zu. Der Nettogewinn sank jedoch auf 121 Millionen US-Dollar (4,42 US-Dollar je verwässerter Aktie) im Vergleich zu 147 Millionen US-Dollar (5,12 US-Dollar je verwässerter Aktie) im zweiten Quartal 2024.
Das Unternehmen behielt eine starke finanzielle Gesundheit mit einem Eigenkapital von 3,1 Milliarden US-Dollar, was einem Anstieg von 12 % gegenüber dem Vorjahr entspricht, und einem Buchwert je Aktie von 117 US-Dollar. Neue Verträge gingen um 8 % auf 2.078 zurück, während die Stornierungsrate von 10 % im Vorjahr auf 13 % anstieg. Die Bilanz zeigte Stärke mit 800 Millionen US-Dollar in bar und einer Verschuldungsquote im Wohnungsbau von 18 %.
- Record Q2 revenue of $1.2 billion, up 5% year-over-year
- Record Q2 home deliveries of 2,348 units, increasing 6%
- Strong gross margins of 25%
- Robust balance sheet with $800 million cash position
- Low homebuilding debt-to-capital ratio of 18%
- Book value per share increased to $117, up from $100.03 year-over-year
- Community count grew to 234 from 211 year-over-year
- Net income declined 17% to $121 million from $147 million year-over-year
- New contracts decreased 8% to 2,078 units
- Cancellation rate increased to 13% from 10% year-over-year
- Backlog value decreased 22% to $1.43 billion
- Backlog units declined 25% to 2,577 homes
Insights
M/I Homes delivered mixed Q2 results with record revenue but declining profits amid challenging housing market conditions.
M/I Homes reported record second quarter revenue of
The most concerning metrics are on the profitability side - pre-tax income declined
New order activity shows market softness with new contracts decreasing
On the positive side, M/I continues to invest in growth with community count increasing to 234 (up from 211 last year), and the balance sheet remains exceptionally strong with
The company's strategic focus on expanding community count (up
2025 Second Quarter Highlights:
- Record second quarter revenue and homes delivered
- Revenue increased
5% to$1.2 billion - Homes delivered increased
6% to 2,348 - Pre-tax income decreased
18% to$160 million 14% of revenue - Net income of
$121 million $4.42 $147 million $5.12 - Shareholders' equity reached a record
$3.1 billion 12% increase from a year ago, book value per share of$117 - New contracts were 2,078, compared to 2,255 in last year's second quarter, an
8% decrease - Repurchased
$50 million - Return on equity of
17%
The Company reported pre-tax income of
Homes delivered in 2025's second quarter increased
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results, despite continued challenging market conditions. Our results are highlighted by new second quarter records in revenue and homes delivered, strong gross margins of
Mr. Schottenstein added, "Although market conditions remain choppy and challenging, we are confident in the underlying fundamentals of the housing industry and our ability to navigate through this uncertain environment. Our balance sheet remains very strong, with zero borrowings under our
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 remain available on our website through July 2026.
M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in
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, 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 | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
New contracts | 2,078 | 2,255 | 4,370 | 4,802 | |||
Average community count | 230 | 215 | 227 | 214 | |||
Cancellation rate | 13 % | 10 % | 11 % | 9 % | |||
Backlog units | 2,577 | 3,422 | 2,577 | 3,422 | |||
Backlog sales value | $ 1,425,138 | $ 1,822,686 | $ 1,425,138 | $ 1,822,686 | |||
Homes delivered | 2,348 | 2,224 | 4,324 | 4,382 | |||
Average home closing price | $ 479 | $ 482 | $ 477 | $ 477 | |||
Homebuilding revenue: | |||||||
Housing revenue | $ 1,124,475 | $ 1,072,044 | $ 2,064,506 | $ 2,088,557 | |||
Land revenue | 6,667 | 6,975 | 11,209 | 10,203 | |||
Total homebuilding revenue | $ 1,131,142 | $ 1,079,019 | $ 2,075,715 | $ 2,098,760 | |||
Financial services revenue | 31,450 | 30,762 | 62,970 | 57,724 | |||
Total revenue | $ 1,162,592 | $ 1,109,781 | $ 2,138,685 | $ 2,156,484 | |||
Cost of sales - operations | 875,973 | 800,501 | 1,599,283 | 1,563,861 | |||
Gross margin | $ 286,619 | $ 309,280 | $ 539,402 | $ 592,623 | |||
General and administrative expense | 67,247 | 63,994 | 126,320 | 120,078 | |||
Selling expense | 63,655 | 58,495 | 116,441 | 112,435 | |||
Operating income | $ 155,717 | $ 186,791 | $ 296,641 | $ 360,110 | |||
Interest income, net of interest expense | (4,377) | (7,348) | (9,574) | (14,268) | |||
Income before income taxes | $ 160,094 | $ 194,139 | $ 306,215 | $ 374,378 | |||
Provision for income taxes | 38,851 | 47,393 | 73,735 | 89,571 | |||
Net income | $ 121,243 | $ 146,746 | $ 232,480 | $ 284,807 | |||
Earnings per share: | |||||||
Basic | $ 4.52 | $ 5.26 | $ 8.59 | $ 10.18 | |||
Diluted | $ 4.42 | $ 5.12 | $ 8.40 | $ 9.90 | |||
Weighted average shares outstanding: | |||||||
Basic | 26,836 | 27,878 | 27,074 | 27,965 | |||
Diluted | 27,406 | 28,668 | 27,673 | 28,777 | |||
M/I Homes, Inc. and Subsidiaries Summary Balance Sheet and Other Information (unaudited) (Dollars in thousands, except per share amounts) | |||
As of | |||
June 30, | |||
2025 | 2024 | ||
Assets: | |||
Total cash, cash equivalents and restricted cash (1) | $ 800,398 | $ 837,458 | |
Mortgage loans held for sale | 280,867 | 227,254 | |
Inventory: | |||
Lots, land and land development | 1,683,930 | 1,467,961 | |
Land held for sale | 5,005 | 4,235 | |
Homes under construction | 1,403,582 | 1,306,650 | |
Other inventory | 194,089 | 159,618 | |
Total Inventory | $ 3,286,606 | $ 2,938,464 | |
Property and equipment - net | 33,749 | 36,438 | |
Investments in joint venture arrangements | 67,466 | 46,180 | |
Operating lease right-of-use assets | 56,403 | 56,697 | |
Goodwill | 16,400 | 16,400 | |
Deferred income tax asset | 13,451 | 15,313 | |
Other assets | 184,699 | 165,866 | |
Total Assets | $ 4,740,039 | $ 4,340,070 | |
Liabilities: | |||
Debt - Homebuilding Operations: | |||
Senior notes due 2028 - net | $ 398,040 | $ 397,266 | |
Senior notes due 2030 - net | 297,621 | 297,117 | |
Total Debt - Homebuilding Operations | $ 695,661 | $ 694,383 | |
Notes payable bank - financial services operations | 275,926 | 222,792 | |
Total Debt | $ 971,587 | $ 917,175 | |
Accounts payable | 252,476 | 278,859 | |
Operating lease liabilities | 57,997 | 58,043 | |
Other liabilities | 375,843 | 344,876 | |
Total Liabilities | $ 1,657,903 | $ 1,598,953 | |
Shareholders' Equity | 3,082,136 | 2,741,117 | |
Total Liabilities and Shareholders' Equity | $ 4,740,039 | $ 4,340,070 | |
Book value per common share | $ 117.01 | $ 100.03 | |
Homebuilding debt to capital ratio (2) | 18 % | 20 % | |
(1) | Includes |
(2) | 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, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Cash provided by operating activities | $ 37,755 | $ 27,511 | $ 102,642 | $ 143,283 | |||
Cash used in investing activities | $ (12,318) | $ (10,433) | $ (15,246) | $ (27,541) | |||
Cash used in by financing activities | $ (1,417) | $ (49,782) | $ (108,568) | $ (11,088) | |||
Land/lot purchases | $ 101,751 | $ 119,182 | $ 247,734 | $ 226,842 | |||
Land development spending | $ 139,008 | $ 144,539 | $ 240,607 | $ 263,906 | |||
Land sale revenue | $ 6,667 | $ 6,975 | $ 11,209 | $ 10,203 | |||
Land sale gross profit | $ 3,202 | $ 1,933 | $ 3,988 | $ 3,246 | |||
Financial services pre-tax income | $ 14,476 | $ 14,400 | $ 30,582 | $ 26,712 | |||
M/I Homes, Inc. and Subsidiaries Non-GAAP Financial Results (1) (Dollars in thousands) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Net income | $ 121,243 | $ 146,746 | $ 232,480 | $ 284,807 | |||
Add: | |||||||
Provision for income taxes | 38,851 | 47,393 | 73,735 | 89,571 | |||
Interest income - net | (7,726) | (10,686) | (15,767) | (20,453) | |||
Interest amortized to cost of sales | 8,227 | 7,938 | 15,128 | 16,240 | |||
Depreciation and amortization | 4,904 | 4,607 | 9,681 | 9,074 | |||
Non-cash charges | 3,916 | 3,810 | 8,116 | 7,349 | |||
Adjusted EBITDA | $ 169,415 | $ 199,808 | $ 323,373 | $ 386,588 | |||
(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 | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
Northern | 873 | 1,002 | (13) % | 1,938 | 2,164 | (10) % | |||||||
Southern | 1,205 | 1,253 | (4) % | 2,432 | 2,638 | (8) % | |||||||
Total | 2,078 | 2,255 | (8) % | 4,370 | 4,802 | (9) % | |||||||
HOMES DELIVERED | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
% | % | ||||||||||||
Region | 2025 | 2024 | Change | 2025 | 2024 | Change | |||||||
Northern | 967 | 951 | 2 % | 1,793 | 1,794 | — % | |||||||
Southern | 1,381 | 1,273 | 8 % | 2,531 | 2,588 | (2) % | |||||||
Total | 2,348 | 2,224 | 6 % | 4,324 | 4,382 | (1) % | |||||||
BACKLOG | ||||||||||||
June 30, 2025 | June 30, 2024 | |||||||||||
Dollars | Average | Dollars | Average | |||||||||
Region | Units | (millions) | Sales Price | Units | (millions) | Sales Price | ||||||
Northern | 1,281 | $ 721 | $ 563,000 | 1,618 | $ 853 | $ 527,000 | ||||||
Southern | 1,296 | $ 704 | $ 543,000 | 1,804 | $ 970 | $ 538,000 | ||||||
Total | 2,577 | $ 1,425 | $ 553,000 | 3,422 | $ 1,823 | $ 533,000 | ||||||
LAND POSITION SUMMARY | ||||||||||||
June 30, 2025 | June 30, 2024 | |||||||||||
Lots | Lots Under | Lots | Lots Under | |||||||||
Region | Owned | Contract | Total | Owned | Contract | Total | ||||||
Northern | 7,104 | 8,710 | 15,814 | 6,784 | 10,250 | 17,034 | ||||||
Southern | 17,403 | 17,247 | 34,650 | 16,520 | 15,898 | 32,418 | ||||||
Total | 24,507 | 25,957 | 50,464 | 23,304 | 26,148 | 49,452 | ||||||
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SOURCE M/I Homes, Inc.
FAQ
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