M/I Homes, Inc. (NYSE: MHO) has reported its third-quarter results for 2025, revealing a 1% increase in homes delivered, reaching a third-quarter record of 2,296 homes. However, revenue declined by 1% to $1.1 billion. The pre-tax income stood at $140 million, representing 12% of revenue, although this figure is down 26% from the previous period. The company also reported net income of $106.5 million ($3.92 per diluted share), a decrease from $145 million ($5.10 per diluted share) in the same quarter last year.
In terms of new contracts, there was a 6% decrease, with 1,908 new contracts compared to 2,023 in the previous year's third quarter. However, shareholders' equity reached a record $3.1 billion, marking an 11% increase from the previous year, with a book value per share reaching a record high of $120.
The company also repurchased $50 million of common stock and received an upgrade from Moody's to ba1. Additionally, the bank credit facility was extended to 2030, and the borrowing capacity was increased to $900 million.
Looking at the nine months ended September 30, 2025, pre-tax income was $446.0 million and net income was $339.0 million, or $12.32 per diluted share, compared to $563.1 million and $430.3 million, or $14.99 per diluted share, for the same period in 2024.
Homes delivered in the third quarter of 2025 increased by 1% to a third-quarter record of 2,296 homes, compared to 2,271 homes delivered in the same period in 2024. Homes delivered for the nine months ended September 30, 2025, totaled 6,620, compared to 6,653 in 2024.
The backlog units at September 30, 2025, decreased by 31% to 2,189 homes, with a record average sales price of $553,000. This is a decrease from the backlog sales value of $1.73 billion, with backlog units of 3,174 and an average sales price of $544,000 at September 30, 2024. The company had 233 communities at September 30, 2025, compared to 217 communities at September 30, 2024. The cancellation rate was 12% in the third quarter of 2025, compared to 10% in the third quarter of 2024.
Robert H. Schottenstein, Chief Executive Officer and President, noted, “despite the continued challenging housing market conditions and uneven demand environment, we had a solid quarter. We produced $140 million of pre-tax income representing 12% of revenue and delivered a third-quarter record 2,296 homes. This resulted in a strong return on equity of 16%.”
M/I Homes, Inc. is a leading homebuilder of single-family homes with operations in several locations across the United States. The market has reacted to these announcements by moving the company's shares 0.93% to a price of $140.30. If you want to know more, read the company's complete 8-K report here.
