M/I Homes (MHO) Q3 FY2025 earnings: revenue $1.1 billion, down 1.0% on the year

M/I Homes, Inc. (MHO) reported revenue of $1.1 billion for Q3 FY2025, the quarter ended 30 September 2025, down 1.0% on the same quarter a year earlier. Net income was $106 million, down 26.8% on the year, and diluted earnings per share $3.92. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2025.

Revenue$1.1 billiondown 1.0%

Net income$106 milliondown 26.8%

Diluted EPS$3.92

QuarterQ3 FY2025ended 30 September 2025

The quarter, against the one before and a year earlier

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Revenue	1,132	1,163	1,143	-1.0%
Cost of revenue	854	876	833	+2.5%
Gross profit	278	287	309	-10.3%
Gross margin	24.5%	24.7%	27.1%
Operating income	135	156	182	-25.7%
Operating margin	12.0%	13.4%	15.9%
Income tax	33.3	38.9	43.2	-22.9%
Net income	106	121	145	-26.8%
Net margin	9.4%	10.4%	12.7%
Diluted EPS	$3.92	$4.42	$5.10	-23.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Operating cash flow	43.4	37.8	-67.9	n/a
Capital expenditure	1.4	2.6	0.6	+142.1%
Free cash flow	42.0	35.1	-68.5	n/a
Free cash flow margin	3.7%	3.0%	-6.0%
Cash from investing	-15.5	-12.3	-17.5	n/a
Cash from financing	-94.2	-1.4	-32.1	n/a
Share-based compensation	4.5	3.9	3.5	+28.9%
Buybacks	50.2	50.1	50.2	-0.1%
Diluted shares, weighted	27m	27m	29m	-4.7%
Shares outstanding at period end	26m	26m	27m	-3.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2025	Q2 FY2025	Q3 FY2024	Change on the year
Shareholders' equity	3,149	3,082	2,845	+10.7%
Debt	530	574	533	-0.6%
Other liabilities	1,090	1,084	1,082	+0.8%
Total liabilities and equity	4,770	4,740	4,460	+6.9%
Fixed assets	32.7	33.7	34.7	-5.9%
Goodwill	16.4	16.4	16.4	+0.0%
Cash and equivalents	734	800	720	+2.0%
Other assets	3,986	3,889	3,689	+8.1%
Total assets	4,770	4,740	4,460	+6.9%

Questions

What was M/I Homes' revenue in Q3 FY2025?

M/I Homes (MHO) reported revenue of $1.1 billion for Q3 FY2025, the quarter ended 30 September 2025, down 1.0% on the same quarter a year earlier.

How much did M/I Homes earn in Q3 FY2025?

Net income for Q3 FY2025 was $106 million, down 26.8% on the year, and diluted earnings per share $3.92.

When did M/I Homes report Q3 FY2025 results?

M/I Homes filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 24 October 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,046	973	1,047	1,110	1,143	1,205	976	1,163	1,132	1,147	921	1,063
Cost of revenue	765	728	763	801	833	908	723	876	854	947	718	828
Gross profit	282	244	283	309	309	297	253	287	278	200	203	235
Gross margin	27%	25%	27%	28%	27%	25%	26%	25%	25%	17%	22%	22%
Operating income	172	130	173	187	182	164	141	156	135	74.6	86.1	101
Operating margin	16%	13%	17%	17%	16%	14%	14%	13%	12%	7%	9%	10%
Net income	139	105	138	147	145	133	111	121	106	64.0	67.8	79.1
Net margin	13%	11%	13%	13%	13%	11%	11%	10%	9%	6%	7%	7%
Diluted EPS	$4.82	$3.66	$4.78	$5.12	$5.10	$4.71	$3.98	$4.42	$3.92	$2.39	$2.55	$3.02
Operating cash flow	79.5	54.9	116	27.5	-67.9	104	64.9	37.8	43.4	-8.7	136	36.8
Capital expenditure	2.5	1.2	0.3	5.5	0.6	2.1	1.3	2.6	1.4	4.3	0.2	5.4
Free cash flow	77.0	53.7	115	22.0	-68.5	102	63.5	35.1	42.0	-13.0	136	31.4
Buybacks	25.1	25.1	25.3	50.3	50.2	51.1	50.1	50.1	50.2	51.7	50.1	50.0
Shares outstanding	28m	28m	28m	27m	27m	27m	27m	26m	26m	26m	26m	25m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2025, filed 24 October 2025, accession 0000799292-25-000077: the filing on EDGAR. All of M/I Homes, Inc.'s filings: EDGAR company page.

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