mho-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to _____________________

Commission File Number 1-12434

M/I HOMES, INC.

(Exact name of registrant as specified in its charter)

Ohio

31-1210837

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

4131 Worth Avenue, Suite 500, Columbus, Ohio 43219

(Address of principal executive offices) (Zip Code)

(614) 418-8000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value $.01	MHO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. q

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

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☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common shares, par value $.01 per common share: 25,590,109 shares outstanding as of April 22, 2026.


M/I HOMES, INC.
FORM 10-Q

TABLE OF CONTENTS

PART 1.	FINANCIAL INFORMATION

	Item 1.	M/I Homes, Inc. and Subsidiaries Unaudited Condensed Consolidated Financial Statements

		Unaudited Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	3

		Unaudited Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025	4

		Unaudited Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2026 and 2025	5

		Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025	6

		Notes to Unaudited Condensed Consolidated Financial Statements	7

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39

	Item 4.	Controls and Procedures	41

PART II.	OTHER INFORMATION

	Item 1.	Legal Proceedings	41

	Item 1A.	Risk Factors	41

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41

	Item 3.	Defaults Upon Senior Securities	42

	Item 4.	Mine Safety Disclosures	42

	Item 5.	Other Information	42

	Item 6.	Exhibits	42

Signatures			43

M/I HOMES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(Dollars in thousands, except par values)	March 31, 2026		December 31, 2025


ASSETS:
Cash, cash equivalents and restricted cash	$	767,416	$	689,189
Mortgage loans held for sale	261,807		309,100
Inventory	3,399,101		3,383,941
Property and equipment - net	31,879		34,342
Investment in joint venture arrangements	68,357		106,299
Operating lease right-of-use assets	53,116		54,976
Deferred income tax asset	4,508		4,508
Goodwill	16,400		16,400

Other assets	185,802		178,370
TOTAL ASSETS	$	4,788,386	$	4,777,125

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES:
Accounts payable	$	215,817	$	181,189
Customer deposits	59,439		50,841
Operating lease liabilities	54,867		56,675
Other liabilities	252,172		308,535

Community development district obligations	12,884		10,209
Obligation for consolidated inventory not owned	44,055		30,330

Notes payable bank - financial services operations	260,201		276,856





Senior notes due 2028 - net	398,620		398,427
Senior notes due 2030 - net	297,999		297,873
TOTAL LIABILITIES	$	1,596,054	$	1,610,935

Commitments and contingencies (Note 6)	—		—

SHAREHOLDERS’ EQUITY:

Common shares - $0.01 par value; authorized 58,000,000 shares at both March 31, 2026 and December 31, 2025; issued 30,137,141 shares at both March 31, 2026 and December 31, 2025	$	301	$	301
Additional paid-in capital	333,362		344,118
Retained earnings	3,335,846		3,268,014
Treasury shares - at cost - 4,547,032 and 4,374,432 shares at March 31, 2026 and December 31, 2025, respectively	(477,177)		(446,243)
TOTAL SHAREHOLDERS’ EQUITY	$	3,192,332	$	3,166,190
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,788,386	$	4,777,125

See Notes to Unaudited Condensed Consolidated Financial Statements.

M/I HOMES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME


	Three Months Ended March 31,
(In thousands, except per common share amounts)	2026		2025

Revenue	$	920,707	$	976,093
Costs and expenses:
Land and housing	$	718,116	$	723,310

General and administrative	61,186		59,073
Selling	55,340		52,786


Interest income, net of interest expense	(3,105)		(5,197)


Total costs and expenses	$	831,537	$	829,972

Income before income taxes	89,170		146,121

Provision for income taxes	21,338		34,884

Net income	$	67,832	$	111,237


Earnings per common share:
Basic	$	2.61	$	4.07
Diluted	$	2.55	$	3.98

Weighted average shares outstanding:
Basic	26,007		27,314
Diluted	26,562		27,941

See Notes to Unaudited Condensed Consolidated Financial Statements.

M/I HOMES, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Three Months Ended March 31, 2026




	Common Shares
	Shares Outstanding			Additional Paid-in Capital		Retained Earnings		Treasury Shares		Total Shareholders’ Equity
(Dollars in thousands)		Amount
Balance at December 31, 2025	25,762,709	$	301	$	344,118	$	3,268,014	$	(446,243)	$	3,166,190
Net income	—	—		—		67,832		—		67,832


Stock options exercised	89,000	—		(5,032)		—		9,131		4,099
Stock-based compensation expense	—	—		4,185		—		—		4,185
Repurchase of common shares	(359,000)	—		—		—		(50,066)		(50,066)
Deferral of executive and director compensation	—	—		92		—		—		92
Executive and director deferred compensation distributions	97,400

SEC Form 10-Q filed by M/I Homes Inc.