The 15% increase in new contracts is a positive leading indicator, but the persistent YoY decline in revenue and earnings suggests headwinds remain. Watch the trajectory of backlog conversion and land spending; the Q3 2026 earnings release will be critical to gauge whether contract growth translates to delivery stabilization.
Price Chart
Executive Summary
M/I Homes reported Q2 2026 results with revenue declining 9% YoY to $1.063B and GAAP EPS of $3.02 missing consensus of $3.13 by 3.5%. Net income fell 35% to $79M from $121M a year ago, though new contracts set a second-quarter record at 2,387, up 15% YoY. The continued earnings deterioration and absence of formal guidance reinforce the bearish narrative signaled in the prior quarter.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $1.063B, down 9% YoY from $1.163B
- GAAP diluted EPS $3.02 vs consensus $3.13 (-3.5% miss)
- Net income $79.1M, down 35% from $121.2M
- New contracts record 2,387 (+15% YoY), but backlog value fell 8% to $1.31B
- Homes delivered 2,206, down 6% YoY; average closing price $459K vs $479K
- Gross margin flat at 22%; pre-tax margin 10% vs 14% a year ago
- Record shareholders' equity $3.2B; no borrowings under $900M credit facility
- S&P credit rating upgraded to BB+ (mentioned in CEO commentary)
Financial Impact
Revenue declined $99M YoY; net income dropped $42M; EPS miss of $0.11 vs consensus
Risk Factors
- Continued housing demand weakness from high interest rates
- Margin compression from elevated land and labor costs
- Further inventory impairment charges (already $4.2M in Q2)
- Backlog value decline of 8% signals future revenue pressure
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000799292-26-000025 |
| Document: mho-20260729.htm | 0000799292-26-000025 |
| Document: 0000799292-26-000025-index-headers.html | 0000799292-26-000025 |
| Document: 0000799292-26-000025-index.html | 0000799292-26-000025 |
| Document: 0000799292-26-000025.txt | 0000799292-26-000025 |
| 8-K Data (Synthetic) | 0000799292-26-000025 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Press Release | $139.10 $141.16 | ▼ −1.48% | ▼ −1.98% | $134.76 (+3.12%) |
Jul 29, 2026 9w ago | 8-K | $154.48 $150.54 | ▲ +2.55% | ▲ +8.08% | $134.76 (+12.77%) |
Apr 22, 2026 23w ago | 8-K | $133.64 $134.17 | ▲ +0.40% | ▲ +0.34% | $134.76 (+0.84%) |
Mar 4, 2026 30w ago | 8-K | $138.37 $128.31 | ▼ −7.27% | ▼ −5.03% | $134.76 (−2.61%) |
US Market Status
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