M/I Homes reported a second-quarter 2026 record of 2,387 new contracts, while closings, revenue and profit declined amid challenging market conditions and the company highlighted record equity, strong liquidity and a recent S&P credit upgrade.
M/I Homes reported a record 2,387 new contracts in the second quarter of 2026, up 15% from a year earlier, even as closings, revenue and profit declined amid what Chief Executive Officer and President Robert H. Schottenstein described as continued challenging market conditions. Homes delivered fell 6% to 2,206, total revenue declined 9% to $1.063 billion, and net income dropped to $79.1 million, or $3.02 per diluted share, from $121.2 million, or $4.42 per diluted share, in the second quarter of 2025. Pre-tax income was $104.6 million and included $4.2 million of pre-tax inventory charges. The cancellation rate improved to 8% from 13% a year earlier. Backlog at June 30, 2026 totaled $1.31 billion across 2,426 homes, down from $1.43 billion and 2,577 homes a year earlier, while shareholders' equity reached a record $3.2 billion and book value per share rose to a record $127.88.