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M/I Homes
M/I Homes (MHO) investor relations material
M/I Homes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Celebrated 50th anniversary, reporting best financial condition in company history and strong leadership across 17 markets.
Fourth quarter 2025 saw new contracts rise 9% year-over-year to 1,921, but homes delivered fell 4% to 2,301 and revenue declined 5% to $1.1 billion.
Full-year 2025 new contracts decreased 4% to 8,199, homes delivered dropped 1% to 8,921, and revenue slipped 2% to $4.4 billion.
Net income for 2025 was $403 million ($14.74 per share), down from $564 million ($19.71 per share) in 2024.
Ended 2025 with 232 active communities, up from 220 a year ago.
Financial highlights
Delivered 8,921 homes and generated $4.4 billion in revenue for 2025.
Pre-tax income, excluding $59 million in charges, was nearly $590 million; reported pre-tax income was $527 million.
Net income was $403 million, or $14.74 per share, with return on equity at 13.1%.
Gross margin for the year, excluding charges, was 24.4%, down 220 basis points year-over-year; Q4 gross margin was 18.1%, or 22.6% excluding charges.
Shareholders’ equity reached a record $3.2 billion, with book value per share at $123.
Outlook and guidance
Expect average 2026 community count to be about 5% higher than 2025.
No specific margin guidance provided, but focus remains on cost control and cycle time improvements.
Management remains confident in long-term industry fundamentals despite choppy and challenging homebuilding conditions.
Optimism for demand and selling season in early 2026.
Future inventory management given 2025 charges
Backlog decline vs Q4 contract growth outlook
Cash flow strategy given Q4 negative operating cash
Impairment strategy for 2026 margin stabilization
How do buydowns drive 2/3 spec sales?
How flexible is new community product planning?
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Next M/I Homes earnings date
Q1 202622 Apr, 2026
M/I Homes
Next M/I Homes earnings date
Q1 202622 Apr, 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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