M/I Homes, Inc. (MHO) Earnings
M/I Homes, Inc. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $3.17. MHO has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -2.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $2.64 | $2.55 | -3.4% | $921M | -0.1% |
| Jan 28, 2026 | $3.88 | $3.91 | +0.8% | $1.1B | +26.7% |
| Oct 22, 2025 | $4.36 | $4.14 | -5.0% | $1.1B | -2.1% |
| Jul 23, 2025 | $4.43 | $4.42 | -0.2% | $1.2B | +0.6% |
| Apr 23, 2025 | $4.16 | $3.98 | -4.3% | $976M | -13.8% |
| Jan 29, 2025 | $4.96 | $4.71 | -5.0% | $1.2B | +4.8% |
| Oct 30, 2024 | $4.94 | $5.10 | +3.2% | $1.1B | +1.4% |
| Jan 31, 2024 | $4.94 | $3.66 | -25.9% | $976M | -17.7% |
| Oct 25, 2023 | $4.27 | $4.82 | +12.9% | $1.0B | -2.0% |
| Jul 26, 2023 | $2.45 | $4.12 | +68.2% | $1.0B | +23.2% |
| Feb 1, 2023 | $4.16 | $5.15 | +23.8% | $1.2B | +18.7% |
| Oct 26, 2022 | $4.05 | $4.67 | +15.3% | $1.0B | -3.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Solid first quarter with revenues $921M, pre-tax income $89M, 10% pre-tax income return. - Sales momentum from late last year continued into Jan-Feb despite winter storms, but market shifted in Mar due to Middle East events pushing mortgage rates up. - Mortgage rate buy-downs used as sales strategy. - Sales improved 3% y-o-y, sold 2,350 homes, monthly sales pace 3.4 homes per community. - Smart Series sales 47% of total. - Division income led by Chicago, Columbus, Dallas, Orlando, Raleigh. - Northern region new contracts down 4%, deliveries down 9%; southern region new contracts up 8%, deliveries up 1%. - Strong balance sheet: $3.2B equity, zero borrowings under credit facility, $767M cash. - Mortgage and title operations pre-tax income $14.1M, down 12% y-o-y.
Guidance
- 2026 marks 50th year, well positioned with strong balance sheet, geographic footprint, land position, diverse product offering to deliver solid results. - Expect average sell price to be at current level, maybe slightly higher, bounce around in upper fours for foreseeable future. - Focus on profitable growth with solid returns.
Segment performance
Product segments: Home building: Revenues $921 million, down 6% y-o-y; pre-tax income $89.2 million, down 39% y-o-y; gross margin 22%, down 390 basis points y-o-y. New contracts up 3%, closed 1,914 homes, down 3% y-o-y. Smart Series sales 47% of total sales. Mortgage company: Pre-tax income $14.1 million, down 12% y-o-y; revenue $31.2 million, down 1% y-o-y; loans originated 1,579, up 3% y-o-y; mortgage operation captured 96% of business, up from 92% last year. Revenue contribution: Home building is the main segment, mortgage contributes a smaller portion.
Risks & headwinds
- Market challenges: affordability, uneven consumer confidence, Middle East conflict, general economic uncertainty and volatility impacting new home demand and building conditions. - Fuel price increases could impact costs if not negotiated with trade partners. - Market volatility affecting mortgage rates and gas prices, leading to market uncertainty.
Analyst Q&A
Q: Did receive communication about cost increases from vendors due to fuel prices and ability to negotiate?
A: Yes, fuel cost issue came up in several divisions, so far no impact but could get worse, long-standing relationships help negotiate.
Q: What drove ASP lower this quarter?
A: More mix of affordable product, particularly attached townhome product.
Q: Are intra-quarter order closings mostly from Smart Series?
A: Not necessarily, related to community location, not just price point.
Q: Margin trends in different regions?
A: Margins held up better in Midwest than Florida, some markets like Dallas have lower margins now but still solid.
Q: Increase in northern region lots and impact on margins?
A: Increase in lots in northern markets with growth opportunities, over time expected to contribute to profitability.
Q: Smart Series community mix between north and south?
A: Pretty evenly balanced with some exceptions like San Antonio and Houston.
Q: Gross margin in backlog?
A: Backlog not changed much, hard to predict due to uncertainty.
Q: Traffic and monthly order cadence?
A: Pleased with traffic through first quarter and April so far; monthly order cadence: up 11% in Jan, 7% in Feb, down 6% in Mar.
Q: Response to March volatility in incentives and carry forward to Q2 margins?
A: Used 30-year fixed rate mortgage incentives, cost fluctuated with rate volatility.
Q: Possibility of increasing share repurchase schedule?
A: Will discuss with board, likely stay current but possible change.