M/I Homes, Inc. reported its financial results for the second quarter and first half of 2025, revealing a revenue increase of 5% to $1.16 billion for the quarter, while total revenue for the first half decreased slightly by 1% to $2.14 billion compared to the same period in 2024. The company delivered a record 2,348 homes in the second quarter, a 6% increase from the previous year, but the overall number of homes delivered in the first half fell by 1% to 4,324. Despite these positive indicators, net income for the second quarter decreased by 17% to $121.2 million, and for the first half, it dropped 18% to $232.5 million, reflecting the impact of increased costs and sales incentives aimed at boosting demand.
The company’s gross margins also faced pressure, declining by 320 basis points to 24.7% in the second quarter and by 230 basis points to 25.2% for the first half. This decline was attributed to rising lot costs and increased incentives offered to homebuyers, which totaled $47.1 million in the second quarter. M/I Homes' financial services segment, however, achieved a record revenue of $31.5 million in the second quarter, up 2% year-over-year, driven by higher margins and an increase in loans originated.
In terms of operational metrics, M/I Homes experienced a decrease in new contracts, which fell by 8% to 2,078 in the second quarter and by 9% to 4,370 in the first half. The backlog of homes also decreased significantly, down 25% year-over-year to 2,577 homes at the end of the second quarter. The company ended the quarter with 234 active communities, an increase from 211 a year earlier, and plans to open additional communities throughout 2025 to support sales.
M/I Homes' balance sheet showed total assets of $4.74 billion as of June 30, 2025, up from $4.55 billion at the end of 2024. Shareholders' equity increased by 12% to $3.08 billion, reflecting a strong capital position. The company maintained a homebuilding debt-to-capital ratio of 18%, indicating a conservative leverage strategy. Looking ahead, M/I Homes anticipates continued challenges in the housing market due to elevated mortgage rates and economic uncertainties but remains optimistic about its long-term fundamentals, supported by favorable demographic trends and a healthy backlog. The company plans to manage its land investments and operational costs prudently while offering targeted incentives to stimulate demand.
About M/I HOMES, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.