M/I Homes Q1 Net Income Drops to $67.8M

By Chris Stiles • Wednesday, April 22 10:24 • Permanent Link

M/I Homes reported first-quarter 2026 net income of $67.8 million, down from $111.2 million a year earlier, as revenue fell 6% to $921 million and pre-tax income dropped 39% to $89.2 million.

The homebuilder delivered 1,914 homes in the quarter, down 3% from 1,976 in the first quarter of 2025. New contracts rose 3% to 2,350 from 2,292.

Backlog shrank sharply from a year ago. Homes in backlog fell 21% to 2,245 units from 2,847, while the dollar value of backlog declined 23% to $1.20 billion from $1.56 billion. The average backlog sales price slipped to $536,000 from $548,000.

The company’s cancellation rate improved to 8% from 10% in the prior-year quarter.

M/I Homes ended the quarter with 230 communities, up from 226 a year earlier. Shareholders’ equity reached a record $3.2 billion, and book value per share also hit a record at $125. The company repurchased $50 million of common stock during the quarter. Cash stood at $767 million, with no borrowings under its $900 million credit facility. Today the company's shares have moved -0.99% to a price of $121.88. Check out the company's full 8-K submission here.

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