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Sep 30
M/I Homes Q3 2025 Earnings Report
M/I Homes reported its third quarter 2025 results, showing a decrease in net income and EPS compared to the previous year, despite a slight increase in homes delivered.
Key Takeaways
M/I Homes experienced a solid third quarter in 2025, achieving $140 million in pre-tax income and delivering a record 2,296 homes, despite challenging housing market conditions. However, net income and diluted EPS decreased compared to the third quarter of 2024. The company maintained a strong financial position with a low homebuilding debt-to-capital ratio and increased borrowing capacity.
Net income for Q3 2025 was $106.5 million ($3.92 per diluted share), down from $145.4 million ($5.10 per diluted share) in Q3 2024.
Homes delivered increased by 1% to a record 2,296 homes in Q3 2025 compared to 2,271 homes in Q3 2024.
New contracts decreased to 1,908 in Q3 2025 from 2,023 in Q3 2024, a 6% decline.
The company maintained a strong balance sheet with a homebuilding debt-to-capital ratio of 18% and zero borrowings under its credit facility.
M/I Homes
M/I Homes
M/I Homes Revenue by Segment
Revenue by Segment
Housing Revenue
CapyFin.comLand Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
M/I Homes is confident in the long-term fundamentals of the housing industry despite volatile market conditions. The company's strong financial position, including a credit rating upgrade and extended credit facility, positions it well for the fourth quarter of 2025.
Positive Outlook
- Strong financial position highlighted by Moody's credit rating upgrade.
- Extension of unsecured credit facility to 2030 with increased borrowing capacity from $650 million to $900 million.
- Ended the quarter with zero borrowings under the credit facility.
- Homebuilding debt-to-capital ratio of 18% and a net debt-to-capital ratio of negative 1%.
- Well-positioned for the fourth quarter of 2025 due to strong balance sheet, diverse product offerings, and well-located communities.
Challenges Ahead
- Continued challenging housing market conditions.
- Uneven demand environment.
- Market conditions remain volatile.
- No specific negative forward guidance points were explicitly stated beyond the general market challenges.
- No specific negative forward guidance points were explicitly stated beyond the general market challenges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income