M/I Homes Reports Second Quarter Results for 2026
M/I Homes Inc. (NYSE: MHO) reported its financial results for the second quarter of 2026, showing a record number of new contracts at 2,387 units, up 15% year-over-year. However, homes delivered declined by 6%, and revenue dropped 9% to $1.1 billion due in part to inventory charges. Despite these challenges, the company maintained strong financial metrics with a gross margin of 22%, pre-tax income of $104.6 million (down from $160.1 million in Q2 2025), and net income of $79.1 million ($3.02 per diluted share). Shareholders' equity reached a record high of $3.2 billion, with book value per share also at an all-time peak. The company repurchased $50 million in common stock during the quarter and maintained a strong balance sheet, including no borrowings under its credit facility and cash reserves totaling $736 million. M/I Homes' CEO Robert H. Schottenstein highlighted solid performance amid challenging market conditions and noted an improved S&P credit rating to BB+. The company's cancellation rate dropped from 13% in Q2 2025 to 8%, indicating stronger customer retention.
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