Columbus-based M/I Homes reported third-quarter results on Wednesday, October 21, posting net income of $67 million as home deliveries and revenue eased from a year earlier. The company, one of the nation’s larger homebuilders and headquartered in Columbus, announced the results for the three and nine months ended September 30, 2026.
Net income was $67 million, or $2.56 per diluted share, compared with $107 million, or $3.92 per diluted share, in the same quarter a year earlier. Pre-tax income was $87 million, down 38 percent, and included inventory charges of $5 million. Revenue declined 5 percent to $1.1 billion for the quarter.
Demand held close to last year’s pace on the sales side. New contracts decreased 2 percent to 1,861 homes, and homes delivered decreased 2 percent to 2,241. The company’s gross margin was 20.9 percent for the quarter, or 21.3 percent excluding the inventory charges.
M/I Homes builds single-family homes in markets across the country, including its home market in central Ohio, where its communities are a familiar part of suburban growth around Columbus. The quarterly numbers show a builder still selling and delivering homes at close to last year’s volume, while earnings came in lower on thinner margins and the inventory charges. The results cover both the third quarter and the first nine months of the company’s year, which ended September 30.
The balance sheet reached new highs even as quarterly profit fell. Shareholders’ equity rose to a record $3.3 billion, and book value per share increased to a record $130. The company also repurchased $50 million of its common stock during the period covered by the report.
For central Ohio, the results matter beyond the stock price. Homebuilding is a major source of construction jobs and housing supply in the Columbus region, and the pace of new contracts and deliveries at large builders is one measure of whether new homes are keeping up with the area’s population growth.
M/I Homes trades on the New York Stock Exchange under the symbol MHO. The third-quarter report covers the period through September 30, and the company released the figures Wednesday morning from Columbus.
Photo: Kgacs, CC BY-SA 4.0