Short answer
M/I HOMES, INC. (MHO) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $4.4B (−1.9% year over year) and net income of $403M.
- Top risk flagged: Regulatory risk: Warranty claims in Florida; $11.2M warranty charges for attic ventilation issues in two Florida communities impacting reserves
FY2025 key financial metrics · XBRL
- Revenue
- $4.4B
- −1.9% YoY
- Net income
- $403M
- −28.5% YoY
- Operating margin
- 11.5%
- −4.2 pp YoY
- EPS (diluted)
- $14.74
- −25.2% YoY
- ROE
- 12.7%
- −6.5 pp YoY
- Operating cash flow
- $137M
- −23.6% YoY
Source: XBRL data from the M/I HOMES, INC. (MHO) FY2025 10-K on SEC EDGAR. USD.
M/I HOMES, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design, construct, market, and sell single-family homes and townhomes, plus ancillary mortgage and title services
- New emphasis on inventory homes with 68% of 2025 deliveries as inventory, up from 60% in 2024, supporting Ready Now Homes program for faster closings
- Strategic focus on affordability via “Smart Series” homes, now 52% of 2025 sales, targeting entry-level and move-down buyers with multi-family expansions
- Backlog declined to 1,809 homes ($989.9M) at 2025 year-end from 2,531 homes ($1.4B) in 2024, reflecting lower demand and increased inventory home sales
- Celebrated 50th year in business in 2026, reinforcing brand trust during challenging housing market with elevated mortgage rates and affordability concerns
Management Discussion & Analysis
- Revenue $4.29B, net income $369M, net income declined $160.8M YoY, home deliveries 8,921 units down from prior year
- Operating margin impacted by increased land and housing costs of $3.35B and SG&A of $452M, net income margin approx. 8.6% on $4.29B revenue
- Best segment: Homebuilding with $4.29B revenue; financial services had weighted borrowings $725M at 5.37% interest
- Cash from operations $137.3M vs $179.7M in 2024, used $210M in financing primarily for $202M buybacks, invested $59.7M in investing activities
- 2026 outlook: Expect continued share repurchases, cautious land spending, offering mortgage interest rate buydown incentives amid high mortgage rates and inflation risks
Risk Factors
- Regulatory risk: Warranty claims in Florida; $11.2M warranty charges for attic ventilation issues in two Florida communities impacting reserves
- Macroeconomic threat: Elevated mortgage rates contributed to 4% decrease in new contracts and 2% revenue decline to $4.4B in 2025
- Operational vulnerability: Inventory impairment charges totaled $47.7M in 2025 including $30.9M in Southern region, affecting margins and costs
- Competitive risk: Increased realtor commissions rose $8.9M in 2025 due to higher competition for homebuyers and larger community count
- Financial risk: Homebuilding debt-to-capital ratio improved to 18% in 2025 but slower absorption pace declined to 3.0 homes/month from 3.3 in 2024
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