M/I Homes Q3 pre-tax income falls 26% as revenue dips 1% to $1.1 billion
M/I Homes reported third-quarter 2025 results, with revenue down 1% to $1.1 billion and pre-tax income of $140 million, down 26% from a year earlier, including a $7.6 million inventory charge. Net income was $106.5 million ($3.92 per diluted share) versus $145.4 million ($5.10 per diluted share) in the third quarter of 2024. Lower profit reduces earnings for shareholders, while the company reported record homes delivered, record shareholders' equity, a Moody's upgrade to Ba1, and a $50 million stock buyback.
Key points
- Revenue fell 1% to $1.1 billion; homes delivered rose 1% to a third-quarter record of 2,296.
- Net income was $106.5 million ($3.92 per diluted share), down from $145.4 million ($5.10 per diluted share).
- New contracts fell 6% to 1,908 homes; backlog sales value was $1.21 billion, down 30%.
- Moody's upgraded the company to Ba1, and the bank credit facility was extended to 2030 with capacity raised to $900 million.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:38 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 22, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.