M/I Homes Q3 2026 pretax earnings fall 38%

Q: What was MHO's adjusted EBITDA in the third quarter of 2026?

M/I Homes reported adjusted EBITDA of $103.439 million for the three months ended September 30, 2026, compared with $156.576 million for the same period in 2025.

Quarterly earnings and homebuilding activity declined year over year, while quarter-end shareholders’ equity reached a record $3.3 billion.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

M/I Homes, Inc. (MHO) reported third-quarter 2026 revenue of $1,076.069 million, down 5% from $1,131.791 million a year earlier. Net income was $66.553 million ($2.56 per diluted share), versus $106.490 million ($3.92); income before taxes was $86.876 million versus $139.819 million, down 38%. The quarter included $4.723 million in pre-tax inventory charges. Adjusted EBITDA was $103.439 million, compared with $156.576 million.

New contracts declined 2% to 1,861 and homes delivered declined 2% to 2,241. At September 30, 2026, backlog comprised 2,046 homes with a sales value of $1,103.044 million and an average sales price of $539,000; backlog units were down 7% and sales value 9% year over year. M/I Homes repurchased $50 million of common stock. Shareholders’ equity reached a record $3.3 billion, cash, cash equivalents and restricted cash totaled $620.595 million, and homebuilding debt-to-capital was 18% at quarter-end.

0 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 3 points

How the balance works

Positive

None.

Negative

Moderate pointThird-quarter revenue declined 5% to $1,076.069 million.
Moderate pointThird-quarter pre-tax income fell 38% to $86.876 million.
Moderate pointThird-quarter net income was $66.553 million, versus $106.490 million a year earlier.

Filing Explained

Third-quarter operating activities used $13,319 thousand of cash; nine-month operations provided $159,218 thousand.

The October 21 Form 8-K reports completed results for the quarter and nine months ended September 30, 2026; nine-month net income was $213,453 thousand versus $338,970 thousand, while new contracts rose 5% and deliveries fell 4% year over year.

Operating activities used $13,319 thousand during the quarter, compared with $43,414 thousand provided in the year-earlier quarter; for the nine months, operating activities provided $159,218 thousand versus $146,056 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, or exhibit attachments filed with this report.

Key Figures

Total revenue: $1,076.069 million Income before income taxes: $86.876 million Net income: $66.553 million +5 more

8 metrics

Total revenue $1,076.069 million Three months ended September 30, 2026; down 5% from $1,131.791 million in 2025

Income before income taxes $86.876 million Three months ended September 30, 2026; down 38% from $139.819 million in 2025

Net income $66.553 million Three months ended September 30, 2026, versus $106.490 million in 2025

Diluted earnings per share $2.56 Three months ended September 30, 2026, versus $3.92 in 2025

Adjusted EBITDA $103.439 million Three months ended September 30, 2026, compared with $156.576 million in 2025

New contracts 1,861 contracts Three months ended September 30, 2026; decreased 2%

Homes delivered 2,241 homes Three months ended September 30, 2026; decreased 2%

Cash, cash equivalents and restricted cash $620.595 million As of September 30, 2026

Key Terms

Adjusted EBITDA, inventory charges, backlog, homebuilding debt-to-capital ratio

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA in non-GAAP financial results"

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.

inventory charges financial

"pre-tax inventory charges"

backlog financial

"Backlog units at September 30, 2026"

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%"

Earnings Snapshot

Total revenue: $1,076.069 million

Three months ended September 30, 2026

Total revenue $1,076.069 million Down 5% from $1,131.791 million in 2025

Income before income taxes $86.876 million Down 38% from $139.819 million in 2025

Net income $66.553 million Versus $106.490 million in 2025

Diluted earnings per share $2.56 Versus $3.92 in 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was MHO's adjusted EBITDA in the third quarter of 2026?

M/I Homes reported adjusted EBITDA of $103.439 million for the three months ended September 30, 2026, compared with $156.576 million for the same period in 2025.

How did MHO's third-quarter new contracts compare by region?

For the three months ended September 30, 2026, Northern-region new contracts were 746, up 1% from 742; Southern-region contracts were 1,115, down 4% from 1,166.

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

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Available on EDGAR 10/21/2026 - 07:35 AM EDT Accepted by SEC EDGAR 10/21/2026 - 07:35 AM EDT

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): October 21, 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 October 21, 2026, M/I Homes, Inc. (the “Company”) issued a press release reporting financial results for the three- and nine-months ended September 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 October 21, 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: October 21, 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 Third Quarter Results

Columbus, Ohio (October 21, 2026) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and nine months ended September 30, 2026.

2026 Third Quarter Results:

•New contracts decreased 2% to 1,861

•Homes delivered decreased 2% to 2,241

•Revenue declined 5% to $1.1 billion

•Gross margin of 20.9%; 21.3% excluding inventory charges

•Pre-tax income of $87 million, including inventory charges of $5 million, down 38%

•Net income of $67 million ($2.56 per diluted share) versus $107 million ($3.92 per diluted share)

•Shareholders’ equity reached a record $3.3 billion, with book value per share increasing to a record $130

•Repurchased $50 million of common stock

•Homebuilding debt to capital ratio of 18%

The Company reported pre-tax income of $86.9 million and net income of $66.6 million ($2.56 per diluted share). These results include pre-tax inventory charges of $4.7 million ($0.14 per diluted share). This compares to pre-tax income of $139.8 million and net income of $106.5 million, or $3.92 per diluted share, for the third quarter of 2025. For the nine months ended September 30, 2026, pre-tax income was $280.6 million and net income was $213.5 million, or $8.14 per diluted share. This compared to pre-tax income of $446.0 million and net income of $339.0 million, or $12.32 per diluted share, for the same period of 2025.

Homes delivered in 2026's third quarter decreased 2% to 2,241 homes. This compares to 2,296 homes delivered in 2025’s third quarter. Homes delivered for the nine months ended September 30, 2026 were 6,361 compared to 2025’s deliveries of 6,620 for the nine months ended September 30, 2025, a decrease of 4%. New contracts decreased 2% to 1,861 for the third quarter of 2026 compared to 1,908 in last year’s third quarter. For the first nine months of 2026, new contracts were 6,598 compared to 6,278 in 2025, an increase of 5%. Homes in backlog at September 30, 2026 had a total sales value of $1.1 billion, a 9% decrease from a year ago. Backlog units at September 30, 2026 decreased 7% to 2,046 homes, with an average sales price of $539,000. At September 30, 2025, backlog sales value was $1.2 billion, with backlog units of 2,189 and an average sales price of $553,000. M/I Homes had 246 communities at September 30, 2026 compared to 233 communities at September 30, 2025. The Company's cancellation rate was 12% in both the third quarter of 2026 and 2025.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “Our third quarter results reflect increasingly difficult market conditions, including higher mortgage interest rates, weaker demand and growing economic uncertainty. Notwithstanding these conditions, we produced fairly solid results generating $87 million of pre-tax income, equating to an 8% return. Despite the current conditions, we remain confident in the long-term fundamentals of the housing industry. Our financial condition is excellent, is highlighted by a very strong balance sheet with record shareholders’ equity of $3.3 billion, no borrowings under our $900 million unsecured credit

facility, cash of $621 million, a homebuilding debt-to-capital ratio of 18%, and a net debt-to-capital ratio of 2%. We are well positioned to manage through this current cycle given the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities.”

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 October 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