M/I Homes Delivers Strong Q3 Results Amidst Market Challenges
M/I Homes Reports Impressive Third Quarter Results
M/I Homes, Inc. (NYSE: MHO) has disclosed its financial performance for the third quarter and nine months ended September 30, reflecting its ability to navigate through challenging market conditions.
2025 Third Quarter Highlights
The following are some key takeaways from the company’s latest report:
- Homes delivered increased by 1% to a record-breaking 2,296 homes during the third quarter.
- Revenue for the quarter reached $1.1 billion, representing a minor decline of 1% compared to the previous year.
- Pre-tax income for the quarter was $140 million, or 12% of total revenue, indicating a decline of 26% due to inventory charges amounting to $7.6 million.
- Net income was reported at $106.5 million, equating to $3.92 per diluted share, down from $145 million ($5.10 per diluted share) in the same period last year.
- The company secured 1,908 new contracts, compared to 2,023 contracts during the same quarter last year, representing a 6% decrease.
- M/I Home's total equity achieved a record high of $3.1 billion, marking an 11% increase from the previous year, with book value per share climbing to $120.
- The company repurchased $50 million of its common stock during this quarter.
- M/I Homes was upgraded by Moody's to a Ba1 rating, reflecting its robust financial position.
- Additionally, the company extended its bank credit facility to 2030 and increased its borrowing capacity to $900 million.
Operational Insights
During the third quarter, M/I Homes reported pre-tax income of $139.8 million and a net income of $106.5 million, or $3.92 per diluted share. This performance includes the noted inventory charge and compares to higher figures of $188.7 million and $145.4 million ($5.10 per share) from the previous year’s third quarter.
The total homes delivered during the first nine months of 2025 reached 6,620, slightly behind the 6,653 homes delivered in the same period of 2024.
The backlog remained significant, with a total sales value of $1.21 billion as of September 30, 2025, although this represented a 30% decline compared to the previous year. Backlog units also decreased by 31% to 2,189 homes, with the average sales price marked at a record $553,000.
CEO Commentary
Robert H. Schottenstein, Chief Executive Officer and President, stated, “Despite ongoing challenges within the housing market, our team has delivered a record number of homes. We are pleased about achieving $140 million in pre-tax income, showcasing our resilience.”
He further added, “We remain confident in the housing sector's long-term fundamentals. Our solid balance sheet, strong consumer demand for our diverse product offerings, and desirable communities position us well for continued growth into 2025.”
Financial Conference Call
M/I Homes will hold a live earnings conference call today at 10:30 A.M. Eastern Time. Those interested in watching can find the broadcast on M/I Homes' website, under the 'Investors' section. The replay of this conference will remain accessible on their site until October 2026.
About M/I Homes
M/I Homes, Inc. stands as one of the leading homebuilders in the United States, focusing on single-family homes. With operations spanning multiple markets, the company continues to commit to quality construction and customer satisfaction.
Frequently Asked Questions
1. What were M/I Homes' net income figures for Q3 2025?
M/I Homes reported a net income of $106.5 million or $3.92 per diluted share for the third quarter of 2025.
2. How many homes did M/I Homes deliver in Q3 2025?
The company delivered a record-breaking 2,296 homes in the third quarter of 2025.
3. What was the revenue for M/I Homes in Q3 2025?
The total revenue for Q3 2025 was $1.1 billion, showing a slight decline of 1% from the previous year.
4. Describe M/I Homes' current financial standing.
M/I Homes boasts a total equity of $3.1 billion and recently received a credit rating upgrade to Ba1.
5. When will M/I Homes hold its earnings conference call?
The earnings conference call is scheduled for today at 10:30 A.M. Eastern Time, with a replay available until October 2026.
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