M/I Homes (MHO) Q4 2025 earnings summary

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.

• Ended 2025 with increased community count, strong land position, and positive momentum entering 2026.

• Navigated 2025's choppy demand, affordability challenges, and macroeconomic pressures with solid performance and disciplined growth.

Financial highlights

• Delivered 8,921 homes and generated $4.4 billion in revenue for 2025.

• Pre-tax income, excluding $59 million in inventory and warranty charges, was nearly $590 million, down 20% year-over-year.

• Net income was $403 million ($14.74 per share), with return on equity at 13.1%.

• Shareholders’ equity reached a record $3.2 billion, with book value per share at $123.

• Fourth quarter EPS dropped to $2.39 from $4.71 year-over-year; full-year EPS down 25%.

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, cycle time, and new community openings.

• Optimism for improved demand and stable margins in early 2026.