M/I Homes Reports 2025 Second Quarter Results
COLUMBUS, Ohio, July 23, 2025 /PRNewswire/ -- M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2025.
2025 Second Quarter Highlights:
Record second quarter revenue and homes delivered
Revenue increased 5% to $1.2 billion
Homes delivered increased 6% to 2,348
Pre-tax income decreased 18% to $160 million, 14% of revenue
Net income of $121 million ($4.42 per diluted share) versus $147 million ($5.12 per diluted share)
Shareholders' equity reached a record $3.1 billion, a 12% increase from a year ago, book value per share of $117
New contracts were 2,078, compared to 2,255 in last year's second quarter, an 8% decrease
Repurchased $50 million of common stock
Return on equity of 17%
The Company reported pre-tax income of $160.1 million and net income of $121.2 million ($4.42 per diluted share) for the second quarter of 2025. This compares to pre-tax income of $194.1 million and net income of $146.7 million, or $5.12 per diluted share, for the second quarter of 2024. For the six months ended June 30, 2025, the Company reported pre-tax income of $306.2 million and net income of $232.5 million, or $8.40 per diluted share, compared to $374.4 million and $284.8 million, or $9.90 per diluted share, for the same period of 2024, respectively.
Homes delivered in 2025's second quarter increased 6% to 2,348 homes, a second quarter record. This compares to 2,224 homes delivered in 2024's second quarter. Homes delivered for the six months ended June 30, 2025 decreased 1% to 4,324 from deliveries of 4,382 for the six months ended June 30, 2024. New contracts were 2,078 for the second quarter of 2025, an 8% decrease compared to 2,255 in last year's second quarter. For the first half of 2025, new contracts were 4,370, a 9% decrease compared to 4,802 in the first half of 2024. Homes in backlog at June 30, 2025 had a total sales value of $1.43 billion, a 22% decrease from a year ago. Backlog units at June 30, 2025 decreased 25% to 2,577 homes, with an average sales price of $553,000. At June 30, 2024, backlog sales value was $1.82 billion, with backlog units of 3,422 and an average sales price of $533,000. M/I Homes had a record 234 communities at June 30, 2025 compared to 211 communities at June 30, 2024. The Company's cancellation rate was 13% in the second quarter of 2025 compared to 10% in the second quarter of 2024.
Robert H. Schottenstein, Chief Executive Officer and President, commented, "We delivered solid second quarter results, despite continued challenging market conditions. Our results are highlighted by new second quarter records in revenue and homes delivered, strong gross margins of 25%, 14% pre-tax income and 17% return on equity."
Mr. Schottenstein added, "Although market conditions remain choppy and challenging, we are confident in the underlying fundamentals of the housing industry and our ability to navigate through this uncertain environment. Our balance sheet remains very strong, with zero borrowings under our $650 million unsecured credit facility, a cash position of $800 million, homebuilding debt-to-capital of 18%, and a net debt-to-capital ratio of negative 3%. We continue to strategically invest in our operations and are on track to grow our average community count by approximately 5% this year."
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes' website at mihomes.com, click on the "Investors" section of the site, and select "Listen to the Conference Call." A replay of the call will remain available on our website through July 2026.
M/I Homes, Inc. is one of the nation's leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.
Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "envisions," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations including changes in trade policy affecting business such as new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties, as more fully discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.
M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended
Six Months Ended
June 30,
June 30,
2025
2024
2025
2024
New contracts
2,078
2,255
4,370
4,802
Average community count
230
215
227
214
Cancellation rate
13 %
10 %
11 %
9 %
Backlog units
2,577
3,422
2,577
3,422
Backlog sales value
$ 1,425,138
$ 1,822,686
$ 1,425,138
$ 1,822,686
Homes delivered
2,348
2,224
4,324
4,382
Average home closing price
$ 479
$ 482
$ 477
$ 477
Homebuilding revenue:
Housing revenue
$ 1,124,475
$ 1,072,044
$ 2,064,506
$ 2,088,557
Land revenue
6,667
6,975
11,209
10,203
Total homebuilding revenue
$ 1,131,142
$ 1,079,019
$ 2,075,715
$ 2,098,760
Financial services revenue
31,450
30,762
62,970
57,724
Total revenue
$ 1,162,592
$ 1,109,781
$ 2,138,685
$ 2,156,484
Cost of sales - operations
875,973
800,501
1,599,283
1,563,861
Gross margin
$ 286,619
$ 309,280
$ 539,402
$ 592,623
General and administrative expense
67,247
63,994
126,320
120,078
Selling expense
63,655
58,495
116,441
112,435
Operating income
$ 155,717
$ 186,791
$ 296,641
$ 360,110
Interest income, net of interest expense
(4,377)
(7,348)
(9,574)
(14,268)
Income before income taxes
$ 160,094
