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

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

M/I Homes (NYSE: MHO) reported fourth-quarter and full-year 2025 results. Q4 revenue fell 5% to $1.15B with pre-tax income of $81M including $51M of charges; Q4 net income was $64M ($2.39 diluted). Full-year revenue was $4.42B, pre-tax income $527M, and net income $403M ($14.74 diluted). Backlog units fell 29% to 1,809; shareholders' equity reached a record $3.2B and the company repurchased $202M of stock in 2025.

Management noted $689M cash, zero borrowings under its $900M credit facility, and a homebuilding debt-to-capital ratio of 18% at year-end.

Positive

Record shareholders' equity of $3.2 billion at year-end
Repurchased $202 million of common stock in 2025
Homebuilding debt-to-capital ratio remained low at 18%
Ended year with $689 million cash and zero credit borrowings

Negative

Pre-tax income declined ~28% to $527 million for 2025
Net income declined ~28% to $403 million for 2025
Backlog units decreased 29% to 1,809 units
Total cash declined about 16% to $689 million year-over-year

News Market Reaction

+2.92%

3 alerts

+2.92% News Effect

+$100M Valuation Impact

$3.53B Market Cap

1.4x Rel. Volume

On the day this news was published, MHO gained 2.92%, reflecting a moderate positive market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $100M to the company's valuation, bringing the market cap to $3.53B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $1.1 billion 2025 revenue: $4.4 billion 2025 pre-tax income: $527 million +5 more

8 metrics

Q4 2025 revenue $1.1 billion 2025 fourth quarter; declined 5% year-over-year

2025 revenue $4.4 billion Full year 2025; decreased 2% from 2024

2025 pre-tax income $527 million Full year 2025; includes $59M inventory and warranty charges

2025 net income $403 million Full year 2025; diluted EPS $14.74

Adjusted diluted EPS $3.91 Q4 2025, excluding inventory and certain warranty charges

Return on equity 13% Full year 2025 ROE

Backlog sales value $989.9 million 1,809 homes in backlog at December 31, 2025

Stock repurchases 2025 $202 million Total share repurchases during full year 2025

Market Reality Check

Price: $136.37 Vol: Volume 376,130 is elevate...

high vol

$136.37 Last Close

Volume Volume 376,130 is elevated at 1.95x the 20‑day average of 192,437, indicating heightened trading interest ahead of and around the earnings release. high

Technical Shares at $128.60 trade 19.08% below the 52‑week high of $158.92 but remain above the 200‑day MA of $126.76, suggesting a pullback within a longer‑term uptrend.

Peers on Argus

MHO fell 4.02% with heavy volume while key peers also traded lower: SKY -4.98%, ...

MHO fell 4.02% with heavy volume while key peers also traded lower: SKY -4.98%, CVCO -3.09%, MTH -2.14%, TPH -0.95%, and KBH -0.69%. The lack of scanner‑flagged momentum and varied magnitudes point to a company‑specific reaction to earnings rather than a coordinated sector move.

Historical Context

5 past events · Latest: Dec 10 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 10	Earnings webcast notice	Neutral	+4.5%	Announcement of timing and access details for Q4 and year‑end webcast.
Nov 12	Buyback authorization	Positive	+0.3%	Board approved new <b>$250 million</b> share repurchase program replacing prior plan.
Oct 22	Q3 2025 earnings	Negative	-6.1%	Q3 revenue and earnings declined year‑over‑year despite record deliveries and equity.
Sep 19	Credit facility increase	Positive	-3.1%	Amended unsecured facility to <b>$900 million</b> with extended maturity and better terms.
Sep 12	Q3 webcast notice	Neutral	-1.8%	Scheduled Q3 2025 earnings webcast and confirmed same‑day results release.

Pattern Detected

Recent history shows that fundamentally significant updates, including strong balance sheet moves and mixed earnings, have often been met with negative or cautious price reactions, even when the news skewed positive or neutral.

Recent Company History

Over the last several months, M/I Homes has combined solid operating performance with balance sheet strengthening and capital returns. Q3 2025 results on Oct 22 showed modest revenue pressure and lower earnings, with the stock dropping 6.14%. On Sep 19, the company expanded and extended its $900 million credit facility yet shares fell 3.09%. A new $250 million repurchase authorization announced on Nov 12 saw only a marginal price gain. Today’s Q4 and full‑year 2025 results, featuring lower revenue and sizeable inventory and warranty charges, fit this pattern of cautious investor response despite robust long‑term metrics like record shareholders’ equity and disciplined leverage.

Market Pulse Summary

This announcement details a mixed 2025 for M/I Homes, with revenue of $4.4 billion and net income of...

Analysis

This announcement details a mixed 2025 for M/I Homes, with revenue of $4.4 billion and net income of $403 million but meaningful inventory and warranty charges totaling $59 million. Backlog units and value both fell 29%, yet shareholders’ equity reached a record $3.2 billion and homebuilding debt‑to‑capital remained at 18%. Investors may watch future orders, margin trends, and community count, alongside capital allocation actions such as the $202 million of stock repurchases in 2025, to assess sustainability of returns.

Key Terms

gross margin, pre-tax income, net income, diluted share, +4 more

8 terms

gross margin financial

"Gross margin of 18.1%; 22.6% excluding charges"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

pre-tax income financial

"Pre-tax income of $81 million, including charges of $51 million"

Pre-tax income is the amount a company earns after subtracting all costs and expenses but before paying income taxes. Think of it like your paycheck before tax withholding: it shows the business’s underlying profit power without the distorting effect of different tax rates or one-time tax events. Investors use it to compare operating performance across companies and to gauge profitability and trends before tax policy or timing alters the bottom line.

net income financial

"Net income of $64 million ($2.39 per diluted share..."

Net income is the amount of money a company keeps after paying all its costs, interest, taxes and one-time charges — effectively the company’s profit “left over” at the end of a reporting period. Investors use it like a report card: it shows whether the business is generating real profit, influences earnings per share and dividend potential, and helps determine valuation and long-term financial health.

return on equity financial

"Return on equity of 13%"

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

homebuilding debt to capital ratio financial

"Homebuilding debt to capital ratio of 18%"

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.

backlog financial

"Homes in backlog decreased 29% at December 31, 2025 to 1,809 units"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

adjusted EBITDA financial

"Adjusted EBITDA | $ 128,507 | | $ 183,080 | | $ 608,456"

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.

AI-generated analysis. Not financial advice.

01/28/2026 - 07:30 AM

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:

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%

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

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SOURCE M/I Homes, Inc.

FAQ

What were M/I Homes (MHO) fourth-quarter 2025 results?

M/I Homes reported Q4 2025 net income of $64.0 million ($2.39 diluted). According to the company, Q4 included $51.2 million of pre-tax charges and total revenue of $1.15 billion.

How did M/I Homes' full-year 2025 net income and EPS compare to 2024?

Full-year 2025 net income was $402.9 million, or $14.74 diluted per share. According to the company, this compares with $563.7 million and $19.71 diluted per share in 2024.

Why did M/I Homes report inventory and warranty charges in 2025?

The company recorded $58.9 million of inventory and warranty charges for 2025. According to M/I Homes, the charges totaled $47.7 million inventory and $11.2 million in certain warranty charges, impacting GAAP results.

What happened to M/I Homes' backlog and what is the sales value?

Backlog units fell 29% to 1,809 with a sales value of $989.9 million. According to the company, average backlog sales price was $547,000 at December 31, 2025.

How much stock did M/I Homes repurchase in 2025 and what is the cash position?

M/I Homes repurchased $202 million of stock during 2025 and ended the year with $689 million cash. According to the company, it had zero borrowings under its $900 million credit facility.

What leverage metrics did M/I Homes report for year-end 2025?

M/I Homes reported a homebuilding debt-to-capital ratio of 18% at year-end 2025. According to the company, net debt to capital was effectively zero due to cash and lack of credit borrowings.

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