M/I Homes Hits Record Contract Volume Despite Revenue Dip
M/I Homes secured a record 2,387 new home contracts during the second quarter of 2026, marking a 15% increase over the previous year. While buyer demand surged, the Columbus-based builder faced headwinds as total revenue fell 9% to $1.1 billion and home deliveries dropped 6% to 2,206 units.
The company reported net income of $79 million for the quarter, down from $121 million in the same period last year. This performance reflects a broader cooling in the housing sector, compounded by $4.2 million in pre-tax inventory charges. Despite these pressures, CEO Robert H. Schottenstein highlighted the firm's financial resilience, noting a 22% gross margin and a 10% return on equity.
M/I Homes maintains a robust balance sheet, bolstered by a record $3.2 billion in shareholders' equity and $736 million in cash. With a homebuilding debt-to-capital ratio of 18% and no current borrowings on its $900 million credit facility, the company is positioning itself to navigate ongoing market volatility. While the backlog of homes has decreased by 8% in value compared to last year, the company continues to focus on its established geographic footprint across 234 communities.
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