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M/I Homes (MHO) investor relations material
M/I Homes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Pre-tax income for the quarter was $140 million, down 26% year-over-year, with net income at $106.5 million and EPS at $3.92, both down from last year, as revenue declined 1% to $1.13 billion.
Achieved a record 2,296 homes delivered in the quarter, up 1% year-over-year, while new contracts fell 6% to 1,908, reflecting softer demand and longer buyer decision timelines.
Gross margin declined 320 basis points to 23.9%, primarily due to increased incentives, higher lot costs, and $7.6 million in inventory charges.
Smart Series homes comprised 52% of sales, and the company ended the quarter with 233 communities, up 7% year-over-year.
Shareholders' equity reached a record $3.1 billion, with book value per share at $120.
Financial highlights
Nine-month revenue was $3.27 billion, down from $3.30 billion year-over-year, and nine-month net income was $339 million ($12.32 per share), down from $430.3 million ($14.99 per share).
Adjusted EBITDA for the quarter was $156.6 million, down from $197.8 million last year.
SG&A expenses were 11.9% of revenue, up from 11.2% last year, with total expenses increasing 6% due to higher community count and selling expenses.
Homebuilding debt-to-capital ratio improved to 18% from 20% year-over-year; net debt-to-capital ratio was -1%.
Book value per share rose to $120, up $16 from a year ago.
Outlook and guidance
Market expected to remain soft through year-end due to elevated mortgage rates and affordability concerns, but management remains confident in long-term housing fundamentals.
Average community count expected to grow by about 5% in 2025, with continued focus on existing markets.
Management targets double-digit pre-tax income percentage and return on equity, aiming to maintain current strong levels.
Anticipates continued use of mortgage rate buy-downs as primary sales incentive, with margin pressures expected to stabilize.
Strong balance sheet and increased borrowing capacity position the company well for the fourth quarter.
Backlog decline impact on future revenue?
Inventory growth despite demand softening?
Northern vs Southern region performance drivers?
Current cost of mortgage rate buydowns?
Long-term unit growth potential in existing markets
How do local zoning regulations impact affordability?
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Q4 202528 Jan, 2026
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Frequently asked questions
M/I Homes Inc is a homebuilding company engaged in the construction and sale of single-family homes, townhomes, and condominiums. It operates in several U.S. metropolitan markets, targeting first-time, move-up, and luxury homebuyers. The company also offers mortgage and title services through its financial subsidiaries. The company is headquartered in Columbus, Ohio, and its shares are listed on the NYSE.
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