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M/I Homes Reports Fourth Quarter and Year-End Financial Results

On January 28, 2026, M/I Homes, Inc. (NYSE: MHO) released its financial results for the fourth quarter and full year ended December 31, 2025. The findings spotlight several dynamics within the housing market, showing shifts in contracts, deliveries, and revenue compared to previous periods.

Fourth Quarter Highlights

For the fourth quarter of 2025:

• - New Contracts: M/I Homes reported a 9% increase in new contracts, totaling 1,921. This marks a notable rise from 1,759 contracts in the last quarter of 2024.
• - Homes Delivered: There was a 4% reduction in the number of homes delivered, down to 2,301 from 2,402 in the previous year.
• - Revenue: The total revenue decreased by 5%, landing at approximately $1.1 billion, down from $1.175 billion in Q4 2024.
• - Pre-tax Income: The company registered a pre-tax income of $81 million, which included charges of $51 million primarily attributed to inventory and warranty issues.
• - Net Income: The net income for the fourth quarter stood at $64 million, or $2.39 per diluted share, which contrasts sharply with the $134 million in net income reported in the same quarter of 2024.

The gross margin during this period was 18.1%, dropping to 22.6% when excluding charges.

Full Year Overview

Reflecting on the entire year of 2025, some key statistics include:

• - New Contracts: A slight 4% decline in new contracts, totaling 8,199 compared to 8,584 in 2024.
• - Homes Delivered: Deliveries also saw a minimal decrease of 1%, leading to a total of 8,921 homes delivered in 2025.
• - Total Revenue: Revenue ticked down by 2% to $4.4 billion from $4.5 billion in 2024.
• - Pre-tax Income: Pre-tax income was reported at $527 million, representing 12% of total revenue, inclusive of charges totaling $59 million.
• - Net Income: The full year net income reached $403 million, or $14.74 per diluted share, which is significantly lower than $563 million or $19.71 per diluted share from the previous year.

M/I Homes concluded the year with a record shareholders' equity of $3.2 billion, reflecting the unwavering commitment to maintaining financial strength, even amidst prevailing economic headwinds.

Market Summary and Future Outlook

M/I Homes ended the year operating 232 active communities, up from 220 the previous year. Contrary to rising new contracts, the number of homes in backlog decreased markedly by 29%, indicating a tightened market landscape.

CEO Robert H. Schottenstein articulated optimism regarding the company's positioning, stating, “2025 was a very solid year for M/I Homes, leading into our 50th anniversary in 2026. Despite challenging macroeconomic factors impacting housing demand, we delivered close to 9,000 homes and achieved significant income returns. The fundamentals of our industry remain strong.”

For investors looking for further insights, M/I Homes will be hosting a live conference call today at 10:30 a.m. ET to discuss these results, accessible via their website.

In conclusion, while facing challenges, M/I Homes remains a dominant force in the homebuilding industry, underscoring the company's resilience and responsiveness to market fluctuations as it looks ahead to the future. The commitment to quality and customer satisfaction continues to drive M/I Homes forward, ensuring its place as a trusted name in residential construction.