M/I Homes Q1 Revenue Drops 6% to $921M, Net Income $67.8M
M/I Homes reported Q1 net income of $67.8M ($2.55/share) on $920.7M revenue, marking a 39% decline in pre-tax income to $89.2M and a 6% revenue drop year-over-year. The homebuilder posted record shareholders’ equity of $3.2B, repurchased $50M of stock and achieved a 22% gross margin with ROE of 12%.
1. Q1 Financial Results
M/I Homes generated $920.7M in revenue for the quarter ended March 31, 2026, a 6% decrease from $976.1M a year earlier. Pre-tax income declined 39% to $89.2M (10% of revenue) and net income fell to $67.8M ($2.55 per share) from $111.2M ($3.98 per share) in Q1 2025, while gross margin held at 22%.
2. New Contracts and Backlog
New sales contracts rose 3% to 2,350 homes versus 2,292, but home deliveries slipped 3% to 1,914 units. Backlog at quarter end stood at 2,245 units with a sales value of $1.20B, down 21% in units and 23% in value, and cancellation rate improved to 8% from 10%.
3. Balance Sheet Strength and Share Repurchase
Shareholders’ equity reached a record $3.2B with book value per share of $125, supported by cash of $767M and zero borrowings under the $900M credit facility. The company repurchased $50M of common stock in Q1, yielding a return on equity of 12%.