M/I Homes reported a 9% increase in new contracts to 1,921 during Q4 2025, while homes delivered declined 4% to 2,301 units. Total revenue fell 5% year-over-year to $1.1 billion, reflecting softer closings and modest land sales. Pre-tax income came in at $81 million, which included $40 million of inventory impairment charges and $11 million of warranty charges. Excluding those charges, gross margin expanded to 22.6% from 20.8% a year ago. Net income was $64 million, or $2.39 per diluted share; adjusted earnings per share excluding charges reached $3.91, narrowly above consensus estimates and down from $4.71 in Q4 2024. The quarter ended with 232 active communities, up from 220 a year ago, and the company repurchased $50 million of its common stock.

For the full year, M/I Homes delivered 8,921 homes, down 1%, and new contracts totaled 8,199, down 4% from 2024. Total revenue was $4.4 billion, a 2% decline driven by lower homebearing closings and land revenues. Pre-tax income reached $527 million (12% of revenue), including $48 million of inventory charges and $11 million of warranty charges. Full-year net income was $403 million, or $14.74 per diluted share (adjusted to $16.39 excluding charges). Shareholders’ equity rose to a record $3.2 billion, with book value per share of $123. The company ended 2025 with $689 million in cash, zero borrowings under its $900 million credit facility, and a homebuilding debt-to-capital ratio of 18%. During the year it repurchased $202 million of stock and achieved a 13% return on equity.

CEO Robert H. Schottenstein characterized 2025 as a “very solid year,” noting resilient demand despite macroeconomic headwinds. He highlighted record shareholders’ equity, strong cash generation and a zero net‐debt position. As M/I Homes enters its 50th year in business in 2026, management reaffirmed confidence in the long-term fundamentals of the single-family housing market and reiterated its focus on quality, customer service and disciplined capital allocation. The company plans to leverage its strengthened balance sheet to support community expansion in key Midwest and Sun Belt markets.