M/I Homes, Inc. reported its financial results for the third quarter and nine months ended September 30, 2026, revealing a decline in both revenue and profitability compared to the same period in 2025. The company generated revenue of $1.08 billion for the third quarter, down 5% from $1.13 billion in the prior year. For the nine-month period, total revenue decreased by 6% to $3.06 billion from $3.27 billion. Net income for the third quarter was $66.6 million, or $2.56 per diluted share, reflecting a 38% decrease from $106.5 million, or $3.92 per diluted share, in the same quarter of 2025. Year-to-date net income also fell by 37% to $213.5 million, or $8.14 per diluted share.

The decline in financial performance was attributed to several factors, including rising mortgage interest rates, which exceeded 7% by the end of the quarter, and increased costs associated with land and housing. The average sales price of homes delivered decreased by approximately $18,000, contributing to a gross margin decline of 310 basis points to 18.4% for the third quarter. The company also reported a decrease in the number of homes delivered, which fell by 2% to 2,241 homes in the third quarter and by 4% to 6,361 homes for the nine-month period.

Operationally, M/I Homes experienced a slight decrease in new contracts, which fell by 2% to 1,861 in the third quarter but increased by 5% to 6,598 for the nine months. The company opened 76 new communities during the first nine months of 2026, closing 62, resulting in a total of 246 active communities by the end of the quarter. The company’s financial services segment reported revenue of $32.7 million for the third quarter, a decrease of 5% from the previous year, primarily due to lower loan origination volumes and margins.

Looking ahead, M/I Homes remains cautious about the housing market, citing ongoing economic challenges, including inflation and geopolitical uncertainties. The company plans to continue offering targeted sales incentives to improve affordability and stimulate demand. Despite the current market conditions, M/I Homes maintains a strong balance sheet with $620.6 million in cash and cash equivalents as of September 30, 2026, and a homebuilding debt-to-capital ratio of 18%. The company is focused on managing its land acquisition and development spending while maintaining liquidity to navigate the evolving market landscape.

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.

This description was generated via AI from an annual report. Updated about 1 year ago.

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