M/I Homes, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 22 April 2026: press release. The quarter’s numbers.

Key takeaways

Pre-tax income fell 39%: Pre-tax income was $89.2 million, against $146.1 million a year earlier. Net income was $67.8 million, or $2.55 per diluted share, against $111.2 million, or $3.98. Source
Southern new contracts rose 8%: New contracts were 1,324 in the Southern region, up 8%, and 1,026 in the Northern region, down 4%. Source
New contracts rose 3%: New contracts were 2,350, up 3% from 2,292. The average community count was 231, against 223 a year earlier. Source
Backlog units down 21%: Backlog units were 2,245, down 21%, with total sales value of $1.20 billion, down 23%, and average sales price of $536,000 against $548,000. Source
Gross margin dollars declined: Gross margin was $202.6 million, or 22%, against $252.8 million. Cost of sales from operations was $718.1 million, against $723.3 million. Source
Land and lot purchases fell: Land and lot purchases were $79.2 million, against $146.0 million. Land development spending was $104.4 million, against $101.6 million. Source

“In the face of challenging market conditions, we produced very solid first quarter results”
Robert H. Schottenstein, Chief Executive Officer and President

Earnings and revenue

Pre-tax income fell 39%: Pre-tax income was $89.2 million, against $146.1 million a year earlier. Net income was $67.8 million, or $2.55 per diluted share, against $111.2 million, or $3.98. Source
Total revenue down 6%: Total revenue was $920.7 million, against $976.1 million. Financial services revenue was $31.2 million, against $31.5 million. Source
Homes delivered fell 3%: Housing revenue was $878.6 million, against $940.0 million. Homes delivered were 1,914, down from 1,976 a year earlier. Source
Land sales revenue rose: Land revenue was $10.9 million, against $4.5 million. Land sale gross profit was $2.2 million, against $0.8 million. Source

Regions and financial services

Southern new contracts rose 8%: New contracts were 1,324 in the Southern region, up 8%, and 1,026 in the Northern region, down 4%. Source
Northern deliveries fell 9%: Deliveries were 752 in the Northern region, down 9% from 826, and 1,162 in the Southern region, up 1%. Source
Backlog split by region: Northern backlog was 1,110 units worth $633 million at an average price of $570,000. Southern backlog was 1,135 units worth $571 million at an average price of $503,000. Source

“We continue to believe that long-term housing demand is supported by favorable demographic trends and an undersupply of housing.”
Robert H. Schottenstein, Chief Executive Officer and President

Orders, backlog and cancellations

New contracts rose 3%: New contracts were 2,350, up 3% from 2,292. The average community count was 231, against 223 a year earlier. Source
Backlog units down 21%: Backlog units were 2,245, down 21%, with total sales value of $1.20 billion, down 23%, and average sales price of $536,000 against $548,000. Source
Cancellation rate lower: The cancellation rate was 8% in the first quarter of 2026, against 10% in the first quarter of 2025. Source

Costs, margins and pricing

Gross margin dollars declined: Gross margin was $202.6 million, or 22%, against $252.8 million. Cost of sales from operations was $718.1 million, against $723.3 million. Source
Selling and G&A expenses rose: General and administrative expense was $61.2 million, against $59.1 million. Selling expense was $55.3 million, against $52.8 million. Source
Operating income fell: Operating income was $86.1 million, against $140.9 million a year earlier. Source
Adjusted EBITDA declined: Adjusted EBITDA, a non-GAAP measure the company presents, was $99.5 million, against $154.0 million. Source
Average closing price lower: The average home closing price was $459,000, against $476,000 a year earlier. Source

“we believe we are well positioned to continue delivering solid results despite all of the market uncertainty.”
Robert H. Schottenstein, Chief Executive Officer and President

Land and inventory

Land and lot purchases fell: Land and lot purchases were $79.2 million, against $146.0 million. Land development spending was $104.4 million, against $101.6 million. Source
Total inventory increased: Total inventory was $3.40 billion at March 31, 2026, against $3.20 billion. Lots, land and land development were $1.87 billion. Source
Lots owned and under contract: Lots owned were 24,258 and lots under contract were 25,785, for 50,043 in total, against 51,097 a year earlier. Source

Cash, debt and shareholder returns

Operating cash flow rose: Cash from operating activities was $135.7 million, against $64.9 million. Cash, cash equivalents and restricted cash was $767.4 million, against $776.4 million. Source
Repurchased $50 million of stock: The company repurchased $50 million of common stock during the quarter. Return on equity was 12%. Source
Equity and book value at records: Shareholders' equity was a record $3.2 billion, and book value per share was $124.75, against $112.29 a year earlier. Source
Homebuilding debt to capital 18%: Homebuilding debt to capital was 18%, against 19% a year earlier. Total debt was $956.8 million, including $260.2 million of financial services bank notes payable. Source

Figures management reported

Figure	Reported
New contracts Source	2,350
Homes delivered Source	1,914
Backlog units Source	2,245
Backlog sales value Source	$1.20 billion
Communities Source	230
Cancellation rate Source	8%

Risks management discussed

External: Management referred to challenging market conditions and market uncertainty as the setting for the quarter. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

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.

Forward-looking statements notice

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,
	2026	2025
New contracts	2,350	2,292
Average community count	231	223
Cancellation rate	8%	10%
Backlog units	2,245	2,847
Backlog sales value	$1,204,172	$1,559,251
Homes delivered	1,914	1,976
Average home closing price	$459	$476
Homebuilding revenue:
Housing revenue	$878,610	$940,031
Land revenue	10,866	4,542
Total homebuilding revenue	$889,476	$944,573
Financial services revenue	31,231	31,520
Total revenue	$920,707	$976,093
Cost of sales - operations	718,116	723,310
Gross margin	$202,591	$252,783
General and administrative expense	61,186	59,073
Selling expense	55,340	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 taxes	21,338	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:
Basic	26,007	27,314
Diluted	26,562	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,
	2026	2025
Assets:
Total cash, cash equivalents and restricted cash	$767,416	$776,378
Mortgage loans held for sale	261,807	238,583
Inventory:
Lots, land and land development	1,866,252	1,666,045
Land held for sale	31,961	3,903
Homes under construction	1,267,202	1,342,424
Other inventory	233,686	192,333
Total Inventory	$3,399,101	$3,204,705
Property and equipment - net	31,879	33,569
Investments in joint venture arrangements	68,357	70,727
Operating lease right-of-use assets	53,116	57,428
Goodwill	16,400	16,400
Deferred income tax asset	4,508	13,451
Other assets	185,802	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 - net	297,999	297,495
Total Debt - Homebuilding Operations	$696,619	$695,341
Notes payable bank - financial services operations	260,201	227,957
Total Debt	$956,820	$923,298
Accounts payable	215,817	228,909
Operating lease liabilities	54,867	58,960
Other liabilities	368,550	367,722
Total Liabilities	$1,596,054	$1,578,889
Shareholders’ Equity	3,192,332	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	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,
	2026	2025
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

(Dollars in thousands)

	Three Months Ended
	March 31,
	2026	2025
Net income	$67,832	$111,237
Add:
Provision for income taxes	21,338	34,884
Interest income - net	(5,840)	(8,041)
Interest amortized to cost of sales	6,694	6,901
Depreciation and amortization	5,254	4,777
Non-cash charges	4,185	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,
Region		2026		2025	Change
Northern	1,026		1,065		(4)%
Southern	1,324		1,227		8%
Total	2,350		2,292		3%

	HOMES DELIVERED
	Three Months Ended
	March 31,
Region		2026		2025	Change
Northern	752		826		(9)%
Southern	1,162		1,150		1%
Total	1,914		1,976		(3)%

	BACKLOG
	March 31, 2026			March 31, 2025
		Dollars	Average		Dollars	Average
Region	Units	(millions)	Sales Price	Units	(millions)	Sales Price
Northern	1,110	$633	$570,000	1,375	$765	$556,000
Southern	1,135	$571	$503,000	1,472	$795	$540,000
Total	2,245	$1,204	$536,000	2,847	$1,559	$548,000

	LAND POSITION SUMMARY
	March 31, 2026			March 31, 2025
	Lots	Lots Under		Lots	Lots Under
Region	Owned	Contract	Total	Owned	Contract	Total
Northern	6,888	12,953	19,841	6,855	9,501	16,356
Southern	17,370	12,832	30,202	18,355	16,386	34,741
Total	24,258	25,785	50,043	25,210	25,887	51,097