M/I Homes (4MI) Q3 2026 Earnings Report
DE:4MI Q3 2026 EPS Results
- Actual EPS
- EUR 2.42
- Consensus EPS
- EUR 2.91
- Beat/Miss
- Missed by -EUR 0.50
- One Year Ago EPS
- EUR 3.51
DE:4MI Q3 2026 Revenue Results
- Actual Revenue
- EUR 967.55M
- Expected Revenue
- EUR 989.90M
- Beat/Miss
- Missed by -EUR 22.35M
- YoY Revenue Growth
- -4.31%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/21/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 21, 2026
M/I Homes's next earnings date is estimated for February 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call reflected a challenging near-term operating environment, with higher mortgage rates, weaker September contracts, lower closings, revenue, margins, EBITDA, earnings per share, and mortgage profitability. These pressures were partially offset by a record balance sheet, substantial liquidity, a strong land position, high mortgage capture, solid buyer credit metrics, community growth, stable construction costs, and management's confidence in execution and long-term homebuilding fundamentals.
Management estimates its 2026 year-end community count will be about 5% higher than last year and said increasing community count 5% to 10% a year is kind of our goal; it has reduced starts a little bit, with spec levels a little over 3 thousand in total and finished spec levels in that 700 range, and said it could be doing probably 1 thousand or 1.5 thousand more homes a year if the demand was there. Management said it is not gonna make any material changes to strategy, although in 2 or 3 or maybe 4 markets it is shifting the mix a little bit more towards the move up, and will be more careful about new deals, watch new hiring, and control expenses; it also said the current choppy and challenging conditions may continue for some time.
- Strong Balance Sheet and LiquidityThe company ended the third quarter with an all-time record $3.3 billion of equity, book value of $130 per share, over $600 million in cash, and zero borrowings under its $900 million unsecured revolving credit facility. Debt to capital was 18% and net debt to capital was 2%, described as among the lowest debt levels in the homebuilding industry.
- Solid Quarterly Pretax Income and ReturnsDespite increasingly difficult market conditions, M/I Homes generated $87 million of pretax income, equating to an 8%-plus return. Phillip Creek also reported a 9% return on equity for the quarter.
- Year-to-Date Home Sales GrowthThe company sold 6.6 thousand homes during the first nine months of 2026, 5% more than a year ago.
- High Mortgage Capture Rate and Buyer Credit QualityThe mortgage company captured 96% of the company's business during the quarter, up from 93% a year ago and described as one of the highest capture rates in the homebuilding industry. Average buyer credit scores were 748 and average down payments were over 16%.
- Smart Series and First-Time Buyer ContributionThe Smart Series, described as the company's most affordable line and generally appealing to first-time buyers, comprised about half of third-quarter sales. Separately, 50% of third-quarter sales were to first-time buyers.
- Community Count GrowthThe company ended the quarter with 246 communities, up 6% from a year ago. It opened 27 new communities and closed 15 during the quarter, and estimates that its 2026 year-end community count will be about 5% higher than last year.
- Strong Land PositionM/I Homes owned approximately 23.4 thousand lots, representing roughly a 2.5-year supply, and controlled approximately 25.6 thousand additional lots through option contracts. The total of roughly 49 thousand owned and controlled lots equated to about a 5-year supply. The company said it does virtually zero land banking and has essentially zero goodwill on its balance sheet.
- Regional Performance LeadersDivision income contributions were led by Chicago, Columbus, Minneapolis, Dallas, and Charlotte. New contracts in the Northern region increased by 1%, and Northern-region deliveries increased by 1% and represented 42% of company-wide deliveries.
- Stable Construction Costs and Cycle TimeConstruction cost and cycle time were flat in the third quarter compared with the second quarter. Management also said construction costs and land development costs had continued to be pretty flat despite increases in gas, diesel, and land development costs.
- Mortgage Capture ImprovementThe mortgage operation captured 96% of company business in the third quarter, compared with 93% in the 2025 third quarter.
- Mortgage Product Mix Shift Toward Conventional LoansOf loans closed in the quarter, 63% were conventional and 37% were FHA or VA, compared with 55% and 45%, respectively, in the 2025 third quarter.
- Repurchase Program ProgressThe company spent $50 million repurchasing stock during the third quarter, had $200 million remaining under its current board authorization, and has repurchased 21% of its outstanding shares since the start of 2022.
- Customer Service and Home Readiness RecordsManagement reported that customer service scores, home readiness scores at closing, and Google review scores across all divisions were at the highest levels in company history, based on third-party tabulation for the first two measures.
- Fort Myers and Naples Performing Above ExpectationsManagement said the relatively new Fort Myers and Naples division was exceeding expectations, had gotten off to a very good start, and remained an area of optimism.
- Strategic Flexibility and Controlled Spec ActivityThe company said it had reduced starts somewhat because of market conditions, while finished spec levels of roughly 700 were pretty much flat with a year ago despite having 5% more stores. Management also said it was focusing on being more careful with new land deals and would continue an existing shift toward more move-up communities in select markets.
- Strong Mortgage Credit MetricsThe average loan-to-value ratio on first mortgages was 84%, consistent with the 2025 third quarter.
DE:4MI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 03, 2027 | 2026 (Q4) | 2.34- | 3.5 | ― | ― |
| Oct 21, 2026 | 2026 (Q3) | 2.912.42 | 3.51 | -31.12% (-1.09) | |
| Jul 29, 2026 | 2026 (Q2) | 2.802.81 | 3.96 | -28.96% (-1.15) | |
| Apr 22, 2026 | 2026 (Q1) | 2.252.28 | 3.56 | -35.93% (-1.28) | |
| Jan 28, 2026 | 2025 (Q4) | 3.483.50 | 4.22 | -16.99% (-0.72) | |
| Oct 22, 2025 | 2025 (Q3) | 3.913.51 | 4.57 | -23.14% (-1.06) | |
| Jul 23, 2025 | 2025 (Q2) | 3.973.96 | 4.58 | -13.67% (-0.63) | |
| Apr 23, 2025 | 2025 (Q1) | 3.723.56 | 4.28 | -16.74% (-0.72) | |
| Jan 29, 2025 | 2024 (Q4) | 4.334.22 | 3.28 | 28.69% (+0.94) | |
| Oct 30, 2024 | 2024 (Q3) | 4.424.57 | 4.31 | 5.81% (+0.25) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
