M/I Homes Third-Quarter Net Income Falls to $66.6 Million as Deliveries and New Contracts Each Slip 2%
Columbus, Ohio-based homebuilder M/I Homes, Inc. (NYSE: MHO) on October 21 released its results for the third quarter ended September 30, 2026 via PR Newswire: net income of $66.6 million, or $2.56 per diluted share, down from $106.5 million, or $3.92 per diluted share, a year earlier. Pre-tax income was $86.9 million, down 38% from $139.8 million, and revenue declined 5% to about $1.08 billion.
Homes delivered decreased 2% to 2,241, from 2,296 a year earlier, and new contracts decreased 2% to 1,861, from 1,908. Backlog at September 30 stood at 2,046 homes, down 7%, with a total sales value of about $1.1 billion, down 9%, and an average sales price of $539,000, compared with $553,000 a year earlier. The cancellation rate was 12% in both quarters.
Gross margin was 20.9%, or 21.3% excluding inventory charges; the quarter included $4.7 million in pre-tax inventory charges, about $0.14 per diluted share. The company ended the quarter with 246 active communities, up from 233 a year earlier, and 48,934 total owned and controlled lots, roughly a five-year supply.
The balance sheet remained conservative: shareholders' equity reached a record $3.3 billion and book value per share a record of about $130; the company repurchased $50 million of common stock in the quarter, held $620.6 million in cash and equivalents, and reported a homebuilding debt-to-capital ratio of 18%. For the first nine months of 2026, pre-tax income was $280.6 million and net income was $213.5 million, or $8.14 per diluted share, with 6,361 homes delivered, down 4%, and 6,598 new contracts, up 5%.
Published by GSM · USA (original Chinese edition)
Photo: 美国郊区住宅区航拍（资料图，加州 Daly City）。照片：Dicklyon 摄，CC BY-SA 4.0，经维基共享资源／Aerial view of suburban tract housing in Daly City, California (file photo). Photo: Dicklyon, CC BY-SA 4.0, via Wikimedia Commons
