M/I Homes (NYSE: MHO) Q2 profit drops to $79M amid record equity

Q: How did M/I Homes (MHO) perform financially in Q2 2026?

M/I Homes reported Q2 2026 revenue of $1.06 billion and net income of $79.1 million , or $3.02 per diluted share. This compares with $1.16 billion revenue and $121.2 million net income, or $4.42 per diluted share, in Q2 2025.

Q: How did orders, deliveries, and backlog trend for M/I Homes (MHO) in Q2 2026?

New contracts rose 15% to a record 2,387 , while homes delivered declined 6% to 2,206 . Backlog at June 30, 2026 was 2,426 homes valued at $1.31 billion , versus 2,577 homes and $1.43 billion a year earlier.

Q: What margins and non-GAAP metrics did M/I Homes (MHO) report for Q2 2026?

M/I Homes posted a 22% gross margin and 10% pre-tax margin in Q2 2026, including $4.2 million of inventory charges. Adjusted EBITDA was $120.5 million , down from $169.4 million in Q2 2025, and adjusted diluted EPS was $3.14 .

Q: What is the balance sheet and leverage position of M/I Homes (MHO) as of June 30, 2026?

As of June 30, 2026, M/I Homes had $735.9 million in cash, total debt of $949.3 million , and shareholders’ equity of $3.23 billion . The homebuilding debt-to-capital ratio was 18% , and net debt-to-capital was -1% , with book value per share at $127.88 .

Q: Did M/I Homes (MHO) return capital to shareholders in Q2 2026?

Yes. M/I Homes repurchased $50 million of common stock in Q2 2026. The company also reported a 10% return on equity and record shareholders’ equity of $3.23 billion , reflecting ongoing capital deployment and retained earnings.

Q: How has M/I Homes’ (MHO) credit profile and liquidity changed recently?

The company highlighted S&P’s upgrade of its credit rating to BB+ . It reported no borrowings under a $900 million unsecured credit facility, strong cash of $735.9 million , and a homebuilding debt-to-capital ratio of 18% , supporting ample liquidity.

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

M/I Homes, Inc. reported second-quarter 2026 revenue of $1.06 billion, down from $1.16 billion a year earlier, and net income of $79.1 million, or $3.02 per diluted share, versus $121.2 million, or $4.42, in 2025. Pre-tax income was $104.6 million, including $4.2 million of inventory charges, with a gross margin of 22% and pre-tax margin of 10%. For the first half of 2026, revenue was $1.98 billion and net income $146.9 million, or $5.57 per diluted share, compared with $2.14 billion and $232.5 million, or $8.40, in 2025.

New contracts set a second-quarter record, rising 15% to 2,387, while homes delivered fell 6% to 2,206. Backlog at June 30, 2026 was 2,426 homes valued at $1.31 billion, down from $1.43 billion a year earlier, and the cancellation rate improved to 8% from 13%. Adjusted EBITDA for the quarter was $120.5 million, down from $169.4 million. Shareholders’ equity reached a record $3.23 billion, book value per share was $127.88, cash totaled $735.9 million, and the homebuilding debt-to-capital ratio remained at 18%, with a net debt-to-capital ratio of negative 1%. S&P recently upgraded the company’s credit rating to BB+.

Positive

S&P upgraded M/I Homes’ credit rating to BB+, while shareholders’ equity reached a record $3.23 billion and cash was $735.9 million, supporting a low homebuilding debt-to-capital ratio of 18% and a net debt-to-capital ratio of -1%.
New contracts grew 15% in Q2 2026 to a record 2,387, with the cancellation rate improving to 8% from 13%, indicating stronger demand and better order stability despite lower deliveries.

Negative

Q2 2026 net income declined to $79.1 million from $121.2 million and diluted EPS to $3.02 from $4.42, while total revenue fell about 9% to $1.06 billion.
Backlog value at June 30, 2026 decreased to $1.31 billion from $1.43 billion a year earlier, with backlog units down to 2,426 from 2,577, reflecting a smaller pipeline of future deliveries.

Filing Explained

At June 30, 2026, M/I Homes reported $736 million cash, no facility borrowings, and 49,050 lots across owned and contracted land.

The July 29 filing is a completed report for the three and six months ended June 30, 2026; its structural disclosure includes the company’s current facility status and land position.

Item 2.02 identifies the filing as a results-of-operations and financial-condition disclosure, with Exhibit 99.1 containing the related press release.

At June 30, 2026, the company reported $736 million of cash, no borrowings under its $900 million unsecured credit facility, and 49,050 total lots. The land position comprised 23,382 lots owned and 25,668 lots under contract, separating owned land from contracted land in the disclosed pipeline.

For the six months ended June 30, 2026, cash provided by operating activities was $172,537 thousand, compared with $102,642 thousand in the prior-year period, while cash used in financing activities was $119,030 thousand.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Q2 2026 Total Revenue: $1,063,258 thousand Q2 2026 Net Income: $79,068 thousand Q2 2026 Diluted EPS: $3.02 per share +5 more

8 metrics

Q2 2026 Total Revenue $1,063,258 thousand Three months ended June 30, 2026

Q2 2026 Net Income $79,068 thousand Three months ended June 30, 2026

Q2 2026 Diluted EPS $3.02 per share Three months ended June 30, 2026

Q2 2026 New Contracts 2,387 contracts Up 15% year over year in Q2 2026

Homes Delivered Q2 2026 2,206 homes Three months ended June 30, 2026

Backlog Value $1,305,248 thousand Backlog sales value at June 30, 2026

Shareholders’ Equity $3,227,420 thousand As of June 30, 2026

Homebuilding Debt to Capital 18% As of June 30, 2026

Key Terms

Adjusted EBITDA, backlog, homebuilding debt to capital ratio, cancellation rate, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA | $ | 120,454 | | | $ | 169,415"

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 June 30, 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.

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.

cancellation rate financial

"The Company's cancellation rate was 8% in the second quarter"

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.

Non-GAAP financial measures financial

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

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.

net debt-to-capital ratio financial

"a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%"

Net debt-to-capital ratio measures how much of a company’s long-term funding comes from borrowed money after subtracting cash on hand, compared with the total of that net debt plus the owners’ stake. Think of it like comparing your mortgage (minus your savings) to the combined value of your mortgage and your home equity; it tells investors how leveraged the business is and how much financial risk or room to borrow it may have.

Earnings Snapshot

Q2 2026 Total Revenue: $1,063,258 thousand

three and six months ended June 30, 2026

Q2 2026 Total Revenue $1,063,258 thousand Down from $1,162,592 thousand in Q2 2025

Q2 2026 Net Income $79,068 thousand Down from $121,243 thousand in Q2 2025

Q2 2026 Diluted EPS $3.02 per share Down from $4.42 per share in Q2 2025

Q2 2026 Adjusted EBITDA $120,454 thousand Down from $169,415 thousand in Q2 2025

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

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Available on EDGAR 07/29/2026 - 07:34 AM Accepted by SEC EDGAR 07/29/2026 - 07:33 AM

FAQ

How did M/I Homes (MHO) perform financially in Q2 2026?

M/I Homes reported Q2 2026 revenue of $1.06 billion and net income of $79.1 million, or $3.02 per diluted share. This compares with $1.16 billion revenue and $121.2 million net income, or $4.42 per diluted share, in Q2 2025.

What were M/I Homes (MHO) results for the first half of 2026?

For the six months ended June 30, 2026, M/I Homes generated $1.98 billion in revenue and $146.9 million in net income, or $5.57 diluted EPS. In the first half of 2025, revenue was $2.14 billion and net income $232.5 million, or $8.40 diluted EPS.

How did orders, deliveries, and backlog trend for M/I Homes (MHO) in Q2 2026?

New contracts rose 15% to a record 2,387, while homes delivered declined 6% to 2,206. Backlog at June 30, 2026 was 2,426 homes valued at $1.31 billion, versus 2,577 homes and $1.43 billion a year earlier.

What margins and non-GAAP metrics did M/I Homes (MHO) report for Q2 2026?

M/I Homes posted a 22% gross margin and 10% pre-tax margin in Q2 2026, including $4.2 million of inventory charges. Adjusted EBITDA was $120.5 million, down from $169.4 million in Q2 2025, and adjusted diluted EPS was $3.14.

What is the balance sheet and leverage position of M/I Homes (MHO) as of June 30, 2026?

As of June 30, 2026, M/I Homes had $735.9 million in cash, total debt of $949.3 million, and shareholders’ equity of $3.23 billion. The homebuilding debt-to-capital ratio was 18%, and net debt-to-capital was -1%, with book value per share at $127.88.

Did M/I Homes (MHO) return capital to shareholders in Q2 2026?

Yes. M/I Homes repurchased $50 million of common stock in Q2 2026. The company also reported a 10% return on equity and record shareholders’ equity of $3.23 billion, reflecting ongoing capital deployment and retained earnings.

How has M/I Homes’ (MHO) credit profile and liquidity changed recently?

The company highlighted S&P’s upgrade of its credit rating to BB+. It reported no borrowings under a $900 million unsecured credit facility, strong cash of $735.9 million, and a homebuilding debt-to-capital ratio of 18%, supporting ample liquidity.

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): July 29, 2026

M/I HOMES, INC.

(Exact name of registrant as specified in its charter)

Ohio

1-12434

31-1210837

(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 class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $.01	MHO	New 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 July 29, 2026, M/I Homes, Inc. (the “Company”) issued a press release reporting financial results for the three- and six-months ended June 30, 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 July 29, 2026.

104						Cover 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: July 29, 2026

M/I Homes, Inc.


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

Exhibit 99.1

M/I Homes Reports

2026 Second Quarter Results

Columbus, Ohio (July 29, 2026) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2026.

2026 Second Quarter Results:

•New contracts increased 15% to 2,387, a second quarter record

•Homes delivered decreased 6% to 2,206

•Revenue declined 9% to $1.1 billion

•Gross margin of 22%

•Pre-tax income of $105 million, including inventory charges of $4 million, 10% of revenue, down 35%

•Net income of $79 million ($3.02 per diluted share) versus $121 million ($4.42 per diluted share)

•Shareholders’ equity reached a record $3.2 billion, with book value per share increasing to a record $128

•Repurchased $50 million of common stock

•Return on equity of 10%

•Homebuilding debt to capital ratio of 18%

The Company reported pre-tax income of $104.6 million and net income of $79.1 million ($3.02 per diluted share). These results include pre-tax inventory charges of $4.2 million ($0.12 per diluted share). This compares to pre-tax income of $160.1 million and net income of $121.2 million, or $4.42 per diluted share, for the second quarter of 2025. For the six months ended June 30, 2026, pre-tax income was $193.7 million and net income was $146.9 million, or $5.57 per diluted share. This compared to pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, for the same period of 2025.

Homes delivered in 2026's second quarter decreased 6% to 2,206 homes. This compares to 2,348 homes delivered in 2025’s second quarter. Homes delivered for the six months ended June 30, 2026 were 4,120 compared to 2025’s deliveries of 4,324 for the six months ended June 30, 2025, a decrease of 5%. New contracts increased 15% to a record 2,387 for the second quarter of 2026 compared to 2,078 in last year’s second quarter. For the first half of 2026, new contracts were 4,737 compared to 4,370 in 2025, an increase of 8%. Homes in backlog at June 30, 2026 had a total sales value of $1.31 billion, an 8% decrease from a year ago. Backlog units at June 30, 2026 decreased 6% to 2,426 homes, with an average sales price of $538,000. At June 30, 2025, backlog sales value was $1.43 billion, with backlog units of 2,577 and an average sales price of $553,000. M/I Homes had 234 communities at both June 30, 2026 and 2025. The Company's cancellation rate was 8% in the second quarter of 2026 compared to 13% in the second quarter of 2025.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We delivered solid second quarter results despite continued challenging market conditions. Highlights included a second quarter record of 2,387 new contracts, gross margins of 22%, a pre-tax margin of 10% and a return on equity of 10%.”

Mr. Schottenstein added, “Notwithstanding current market conditions, we are confident in the long-term fundamentals of the housing industry and in our ability to navigate this uncertain environment. Our financial condition is excellent, highlighted by S&P’s recent upgrade of our credit rating to BB+. We have a very strong balance sheet with record shareholders’ equity of $3.2 billion, no borrowings under our $900 million unsecured credit facility, cash of $736 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of negative 1%. Given the quality of our geographic footprint, the diversity of our product offering and continued focus on well-located communities, we are well positioned to have a solid 2026.”

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 July 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