M/I Homes, Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a slight decline in revenue and profitability compared to the previous fiscal period. The company generated $1.13 billion in revenue for the third quarter, a decrease of 1% from $1.14 billion in the same period last year. For the nine months, total revenue also fell by 1% to $3.27 billion from $3.30 billion. Net income for the third quarter was $106.5 million, or $3.92 per diluted share, down 27% from $145.4 million, or $5.10 per diluted share, in the prior year. Year-to-date net income decreased by 21% to $339.0 million, or $12.32 per diluted share.
The company experienced a 1% increase in the number of homes delivered during the third quarter, totaling 2,296 homes, which marked a record for the quarter. However, new contracts decreased by 6% to 1,908, reflecting ongoing challenges in the housing market, including elevated mortgage interest rates and affordability concerns. The average sales price of homes delivered decreased by $12,000, contributing to a decline in gross margins, which fell by 320 basis points to 23.9% for the quarter. The company also recorded $6.0 million in inventory impairment charges and $1.6 million in land deposit write-offs during the quarter.
M/I Homes has been actively managing its operations in response to market conditions. The company opened 64 new communities and closed 51 during the nine months ended September 30, 2025, resulting in a total of 233 active communities. The company’s strategic focus includes controlling overhead costs, managing land investments, and offering targeted incentives to stimulate demand. The financial services segment achieved a record revenue of $34.6 million in the third quarter, driven by higher margins and an increase in loan originations.
Looking ahead, M/I Homes anticipates continued challenges in the housing market due to macroeconomic factors, but remains optimistic about long-term fundamentals. The company plans to emphasize sales through interest rate buydowns and other incentives, manage land spending, and maintain a strong balance sheet. As of September 30, 2025, M/I Homes had $734.2 million in cash and cash equivalents, with no outstanding borrowings under its $900 million credit facility, providing ample liquidity to navigate the current market environment.
About M/I HOMES, INC.
M/I Homes, Inc. is a leading U.S. homebuilder specializing in designing, constructing, and selling single-family homes and townhomes across 17 markets in 10 states. The company offers a wide range of product options, emphasizing quality, energy efficiency, and customer service. Its business model integrates homebuilding with financial services, including mortgage and title operations, to streamline home sales and enhance customer experience.
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