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M/I Homes (NYSE: MHO) posts lower Q1 earnings but record equity

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

M/I Homes reported weaker results for the three months ended March 31, 2026, with total revenue of $920.7 million compared to $976.1 million a year earlier. Net income was $67.8 million, down from $111.2 million, and diluted EPS fell to $2.55 from $3.98.

Gross margin remained solid at 22%, while pre-tax income of $89.2 million represented 10% of revenue and was described as down 39%. New contracts rose 3% to 2,350, but homes delivered fell 3% to 1,914 and backlog sales value declined 23% to $1.20 billion.

Shareholders’ equity reached a record $3.2 billion, with book value per share increasing to $124.75. The company ended the quarter with cash, cash equivalents and restricted cash of $767.4 million, homebuilding debt of $696.6 million, and a homebuilding debt-to-capital ratio of 18%.

Positive

  • None.

Negative

  • Profitability declined sharply, with net income falling from $111.2 million to $67.8 million and adjusted EBITDA dropping from $154.0 million to $99.5 million for the first quarter.
  • Future pipeline softened, as backlog sales value decreased 23% to $1.20 billion and backlog units declined 21% to 2,245 homes at March 31, 2026.

Insights

Revenue and earnings declined meaningfully, but margins, cash and equity remain strong.

M/I Homes saw first-quarter 2026 revenue fall to $920.7 million, a 6% decline from $976.1 million in 2025. Net income dropped to $67.8 million from $111.2 million, and adjusted EBITDA decreased to $99.5 million from $154.0 million, indicating softer profitability.

Operationally, new contracts increased 3% to 2,350, but homes delivered slipped 3% to 1,914. Backlog units fell 21% and backlog sales value declined 23% to $1.20 billion, suggesting a lighter future delivery pipeline even as the average backlog sales price remained above $500,000.

The balance sheet appears robust, with cash, cash equivalents and restricted cash of $767.4 million, shareholders’ equity of $3.19 billion, and a homebuilding debt-to-capital ratio of 18%. The company repurchased $50 million of stock and generated operating cash flow of $135.7 million in the quarter, while management highlighted return on equity of 12% and no borrowings under a $900 million credit facility.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenue $920.7 million Three months ended March 31, 2026 vs $976.1M in 2025
Net income $67.8 million Three months ended March 31, 2026 vs $111.2M in 2025
Diluted EPS $2.55 per share Q1 2026 diluted earnings per share vs $3.98 in Q1 2025
Gross margin 22% Q1 2026 gross margin on total revenue
Backlog sales value $1.204 billion Backlog at March 31, 2026 vs $1.559B at March 31, 2025
Shareholders’ equity $3.192 billion As of March 31, 2026; record level with higher book value
Cash and equivalents $767.4 million Total cash, cash equivalents and restricted cash at March 31, 2026
Adjusted EBITDA $99.5 million Q1 2026 non-GAAP adjusted EBITDA vs $154.0M in Q1 2025
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.
backlog financial
"Homes in backlog at March 31, 2026 had a total sales value"
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.
cancellation rate financial
"The Company's cancellation rate was 8% in the first quarter of 2026"
The cancellation rate is the share of orders, bookings, subscriptions or appointments that are cancelled before they are completed, expressed as a percentage of total commitments. Investors care because a rising cancellation rate is like many diners calling off reservations: it can signal weaker demand, lower predictable revenue, higher costs to replace lost business, and risks to future growth and cash flow forecasts.
homebuilding revenue financial
"Total homebuilding revenue | $ | 889,476 | | | $ | 944,573"
book value per common share financial
"Book value per common share | $ | 124.75 | | | $ | 112.29"
The amount of a company’s net worth that is allocable to each common share, calculated by taking the company’s total assets minus its liabilities and dividing that net figure by the number of common shares outstanding. Investors use it as a back‑of‑the‑envelope measure of what each share would be worth if the company’s assets were converted to cash and debts paid; it’s especially useful for spotting stocks that may be cheap relative to their underlying assets, much like checking the estimated resale value of a house per room.
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.
Offering Type earnings_snapshot
Understanding 8-K Material Events →
4/22/20260000799292false00007992922026-04-222026-04-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): April 22, 2026

M/I HOMES, INC.
(Exact name of registrant as specified in its charter)
Ohio1-1243431-1210837
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)

4131 Worth Avenue, Suite 500             Columbus, OH 43219
(Address of principal executive offices)          (Zip Code)

(614) 418-8000
(Telephone Number)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $.01MHONew York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




SECTION 2    FINANCIAL INFORMATION

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On April 22, 2026, M/I Homes, Inc. (the “Company”) issued a press release reporting financial results for the three-months ended March 31, 2026. A copy of this press release, including information concerning forward-looking statements and factors that may affect our future results, is attached hereto as Exhibit 99.1.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS
(d)    Exhibits.
Exhibit No.
Description of Exhibit
99.1
Press release dated April 22, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).*

         *Submitted electronically with this Report in accordance with the provisions of Regulation S-T.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  April 22, 2026

M/I Homes, Inc.

By:
/s/ Ann Marie W. Hunker
Ann Marie W. Hunker
VP, Chief Accounting Officer and Controller



Exhibit 99.1

image.jpg

M/I Homes Reports
2026 First Quarter Results

Columbus, Ohio (April 22, 2026) - 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.


Contact M/I Homes, Inc.
Ann Marie W. Hunker, Vice President, Chief Accounting Officer and Controller, (614) 418-8225
Mark Kirkendall, Vice President, Treasurer, (614) 418-8021



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,
20262025
New contracts2,350 2,292 
Average community count231 223 
Cancellation rate8%10%
Backlog units2,245 2,847 
Backlog sales value$1,204,172 $1,559,251 
Homes delivered1,914 1,976 
Average home closing price$459 $476 
Homebuilding revenue:
   Housing revenue$878,610 $940,031 
   Land revenue10,866 4,542 
Total homebuilding revenue$889,476 $944,573 
Financial services revenue31,231 31,520 
Total revenue$920,707 $976,093 
Cost of sales - operations718,116 723,310 
Gross margin$202,591 $252,783 
General and administrative expense61,186 59,073 
Selling expense55,340 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 taxes21,338 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:
Basic26,007 27,314 
Diluted26,562 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,
20262025
Assets:
Total cash, cash equivalents and restricted cash$767,416 $776,378 
Mortgage loans held for sale261,807 238,583 
Inventory:
Lots, land and land development1,866,252 1,666,045 
Land held for sale31,961 3,903 
Homes under construction1,267,202 1,342,424 
Other inventory233,686 192,333 
Total Inventory$3,399,101 $3,204,705 
Property and equipment - net31,879 33,569 
Investments in joint venture arrangements68,357 70,727 
Operating lease right-of-use assets53,116 57,428 
Goodwill16,400 16,400 
Deferred income tax asset4,508 13,451 
Other assets185,802 173,982 
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 - net297,999 297,495 
Total Debt - Homebuilding Operations$696,619 $695,341 
Notes payable bank - financial services operations260,201 227,957 
Total Debt$956,820 $923,298 
Accounts payable215,817 228,909 
Operating lease liabilities54,867 58,960 
Other liabilities368,550 367,722 
Total Liabilities$1,596,054 $1,578,889 
Shareholders’ Equity3,192,332 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,
20262025
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,
20262025
Net income$67,832 $111,237 
Add:
Provision for income taxes21,338 34,884 
Interest income - net(5,840)(8,041)
Interest amortized to cost of sales6,694 6,901 
Depreciation and amortization5,254 4,777 
Non-cash charges4,185 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,
%
Region20262025Change
Northern1,026 1,065 (4)%
Southern1,324 1,227 8 %
Total2,350 2,292 3 %


HOMES DELIVERED
Three Months Ended
March 31,
%
Region20262025Change
Northern752 826 (9)%
Southern1,162 1,150 1 %
Total1,914 1,976 (3)%


BACKLOG
March 31, 2026March 31, 2025
DollarsAverageDollarsAverage
RegionUnits(millions)Sales PriceUnits(millions)Sales Price
Northern1,110 $633 $570,000 1,375 $765 $556,000 
Southern1,135 $571 $503,000 1,472 $795 $540,000 
Total2,245 $1,204 $536,000 2,847 $1,559 $548,000 


LAND POSITION SUMMARY
March 31, 2026March 31, 2025
LotsLots UnderLotsLots Under
RegionOwnedContractTotalOwnedContractTotal
Northern6,888 12,953 19,841 6,855 9,501 16,356 
Southern17,370 12,832 30,202 18,355 16,386 34,741 
Total24,258 25,785 50,043 25,210 25,887 51,097 


Source: View Original Filing on SEC EDGAR

FAQ

How did MHO’s revenue perform in the first quarter of 2026?

M/I Homes’ first-quarter 2026 revenue was $920.7 million, down from $976.1 million a year earlier, a 6% decline. The drop reflected lower housing revenue despite relatively stable financial services revenue of just over $31 million in both periods.

What were MHO’s earnings and EPS for Q1 2026?

M/I Homes reported Q1 2026 net income of $67.8 million versus $111.2 million in 2025. Diluted earnings per share were $2.55, down from $3.98, as lower operating income and reduced gross margin dollars outweighed modest savings in operating expenses.

How did MHO’s backlog change as of March 31, 2026?

At March 31, 2026, M/I Homes’ backlog totaled 2,245 homes with sales value of $1.20 billion, down from 2,847 homes and $1.56 billion a year earlier. The average backlog sales price declined slightly to $536,000 from $548,000.

What margins did MHO achieve in the first quarter of 2026?

M/I Homes generated a first-quarter 2026 gross margin of 22% on total revenue of $920.7 million. Pre-tax income was $89.2 million, representing about 10% of revenue, demonstrating continued profitability despite lower overall earnings versus the prior year.

What is MHO’s balance sheet and leverage position as of Q1 2026?

As of March 31, 2026, M/I Homes reported $767.4 million in cash, cash equivalents and restricted cash, homebuilding debt of $696.6 million, and shareholders’ equity of $3.19 billion. The homebuilding debt-to-capital ratio was a relatively low 18%, indicating moderate leverage.

Did MHO repurchase any stock during the first quarter of 2026?

Yes. M/I Homes repurchased $50 million of common stock during the first quarter of 2026. Despite these repurchases, shareholders’ equity still increased to a record $3.19 billion, and book value per common share rose to $124.75 from $112.29 a year earlier.

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