M/I Homes Reports 2026 First Quarter Results

M/I Homes (NYSE:MHO) reported 2026 Q1 results: revenue $920.7M (down 6%), net income $67.8M ($2.55 diluted), and pre-tax income $89.2M (10% of revenue, down 39%).

Rhea-AI Summary

M/I Homes (NYSE:MHO) reported 2026 Q1 results: revenue $920.7M (down 6%), net income $67.8M ($2.55 diluted), and pre-tax income $89.2M (10% of revenue, down 39%).

Backlog units fell 21% to 2,245 with sales value down 23% to $1.20B. Shareholders' equity reached a record $3.19B and book value per share rose to $124.75. The company repurchased $50M of stock and held $767M cash with no borrowings under its $900M credit facility.

Positive

• Record shareholders' equity of $3.19 billion
• Book value per share up ~11% to $124.75
• Repurchased $50 million of common stock
• Cash balance of $767 million and no borrowings under $900M credit facility
• Gross margin of 22% and return on equity of 12%

Negative

• Net income declined 39% to $67.8 million ($2.55 diluted)
• Pre-tax income fell 39% to $89.2 million
• Backlog sales value down 23% year-over-year to $1.20 billion
• Backlog units decreased 21% to 2,245 homes
• Adjusted EBITDA decreased ~35% to $99.5 million

Argus Apr 22 session

+3.69% close to close Open Argus

Details

News Market Reaction – MHO

In the Apr 22 session, MHO gained 3.69%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a mixed Q1 2026: revenue and diluted EPS fell year over year, and backlog ...

Analysis

This announcement details a mixed Q1 2026: revenue and diluted EPS fell year over year, and backlog value declined to $1.204B, while new contracts grew 3% and gross margin held at 22%. The balance sheet remains strong with record shareholders’ equity of about $3.2B and cash of roughly $767M. Investors may watch backlog trends, contract pace by region, and future margin stability alongside ongoing share repurchases and governance developments when assessing the outlook.

Key Figures

Total revenue: $920.7M Diluted EPS: $2.55 Gross margin: 22% +5 more

Total revenue

$920.7M

Q1 2026 vs $976.1M in Q1 2025

Diluted EPS

$2.55

Q1 2026 vs $3.98 in Q1 2025

Gross margin

22%

Q1 2026 homebuilding operations

Adjusted EBITDA

$99.5M

Q1 2026 non-GAAP result

Backlog sales value

$1.204B

Backlog at March 31, 2026 vs $1.559B a year ago

New contracts

2,350

Q1 2026, up 3% from 2,292 in Q1 2025

Shareholders' equity

$3.192B

Record equity at March 31, 2026; book value $124.75 per share

Cash balance

$767.4M

Total cash, cash equivalents and restricted cash at March 31, 2026

Historical Context

5 past events · Latest: Mar 11

5 events

1. Mar 11

   Earnings webcast notice

   24h Move

   -2.4%

   Announced timing and access details for upcoming Q1 2026 webcast.

2. Mar 04

   Board transition

   24h Move

   -3.8%

   Longtime independent director announced retirement at end of current term.

3. Jan 28

   Earnings results

   24h Move

   +2.9%

   Reported Q4 and full-year 2025 results with strong equity and cash position.

4. Dec 10

   Webcast announcement

   24h Move

   +4.5%

   Set date and access details for Q4 and year-end 2025 results webcast.

5. Nov 12

   Buyback authorization

   24h Move

   +0.3%

   Authorized up to $250M in new common share repurchases.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

forward-looking statements, non-gaap financial measures, adjusted ebitda, homebuilding debt to capital ratio

4 terms

forward-looking statements regulatory

"Certain statements in this press release are forward-looking statements within the meaning..."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

non-gaap financial measures financial

"We believe these non-GAAP financial measures are relevant and useful to investors..."

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

adjusted ebitda financial

"Adjusted EBITDA | $ 99,463 | | $ 153,958"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

homebuilding debt to capital ratio financial

"Homebuilding debt to capital ratio (1) | 18 % | | 19 %"

The homebuilding debt to capital ratio measures how much a homebuilder relies on borrowed money versus its total funding (borrowed debt plus owners’ investment). Think of it like the share of a house bought with a mortgage versus the portion paid by the owner; a higher ratio means more leverage and greater sensitivity to interest rates, cost overruns or sales slowdowns, which affects credit risk, profit variability and return potential for investors.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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COLUMBUS, Ohio, April 22, 2026 /PRNewswire/ -- 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.

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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SOURCE M/I Homes, Inc.

FAQ

What were M/I Homes (MHO) Q1 2026 earnings and EPS?

M/I Homes reported Q1 2026 net income of $67.8M, or $2.55 diluted EPS. According to the company, pre-tax income was $89.2M, with total revenue of $920.7M for the quarter.

How did M/I Homes' backlog change in Q1 2026 for MHO?

Backlog for M/I Homes fell materially: 2,245 units with a sales value of $1.20B. According to the company, backlog units and value declined 21% and 23% year-over-year, respectively.

What liquidity and capital actions did M/I Homes (MHO) report in Q1 2026?

M/I Homes held $767M cash, had no borrowings under its $900M credit facility, and repurchased $50M of stock. According to the company, this reflects a strong balance sheet position.

Did M/I Homes (MHO) show margin and profitability strength in Q1 2026?

The company delivered a 22% gross margin and a 12% return on equity in Q1 2026. According to the company, margins remained solid despite lower revenue and earnings compared with last year.

How did M/I Homes' revenue and EBITDA compare year-over-year for Q1 2026 (MHO)?

Total revenue was $920.7M, down 6% year-over-year, and adjusted EBITDA fell to $99.5M. According to the company, adjusted EBITDA declined about 35% versus Q1 2025.