M/I Homes (MHO) financial statements
M/I Homes reported revenue of $4.4B in fiscal 2025, up 11.3% a year over 9 years.
Net income was $403M and the operating margin 11.5%, against 6.4% in 2016.
Free cash flow was $128M, and the company returned $202M in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from M/I Homes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B | $2.0B | $2.3B | $2.5B | $3.0B | $3.7B | $4.1B | $4.0B | $4.5B | $4.4B |
| Cost of revenue | — | $1.6B | $1.8B | $2.0B | $2.4B | $2.8B | $3.1B | $3.0B | $3.3B | $3.4B |
| Gross profit | — | $401M | $450M | $494M | $685M | $909M | $1.0B | $1.0B | $1.2B | $1.0B |
| Selling, general and admin | $220M | $255M | $281M | $302M | $357M | $391M | $406M | $432M | $493M | $511M |
| Operating income | $109M | $139M | $163M | $187M | $319M | $518M | $637M | $587M | $706M | $507M |
| Interest expense | $18M | $19M | $20M | $21M | $10M | $2M | $2M | -$20M | — | — |
| Pre-tax income | $92M | $120M | $141M | $166M | $310M | $509M | $635M | $607M | $734M | $527M |
| Income tax | $35M | $48M | $34M | $38M | $70M | $112M | $145M | $142M | $170M | $124M |
| Net income | $57M | $72M | $108M | $128M | $240M | $397M | $491M | $465M | $564M | $403M |
| EPS (diluted) | $1.84 | $2.26 | $3.70 | $4.48 | $8.23 | $13.28 | $17.24 | $16.21 | $19.71 | $14.74 |
| Diluted shares | 30M | 31M | 29M | 28M | 29M | 30M | 28M | 29M | 29M | 27M |
| Gross margin | — | 20.4% | 19.7% | 19.8% | 22.5% | 24.3% | 25.3% | 25.3% | 26.6% | 23.0% |
| Operating margin | 6.4% | 7.1% | 7.1% | 7.5% | 10.5% | 13.8% | 15.4% | 14.6% | 15.7% | 11.5% |
| Net margin | 3.3% | 3.7% | 4.7% | 5.1% | 7.9% | 10.6% | 11.9% | 11.5% | 12.5% | 9.1% |
Balance sheet
Fiscal years, from M/I Homes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $34M | $152M | $22M | $6M | $261M | $236M | $312M | $733M | $822M | $689M |
| Property, plant and equipment | $22M | $27M | $29M | $22M | $27M | $38M | $37M | $35M | $35M | $34M |
| Goodwill | — | $0 | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $16M |
| Total assets | $1.5B | $1.9B | $2.0B | $2.1B | $2.6B | $3.2B | $3.7B | $4.0B | $4.5B | $4.8B |
| Long-term debt | — | — | — | $66M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $894M | $1.1B | $1.2B | $1.1B | $1.4B | $1.6B | $1.6B | $1.5B | $1.6B | $1.6B |
| Shareholders' equity | $654M | $747M | $855M | $1.0B | $1.3B | $1.6B | $2.1B | $2.5B | $2.9B | $3.2B |
| Net debt | -$34M | -$152M | -$22M | $60M | -$261M | -$236M | -$312M | -$733M | -$822M | -$689M |
Cash flow
Fiscal years, from M/I Homes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $34M | -$53M | -$3M | $66M | $168M | -$17M | $184M | $552M | $180M | $137M |
| Capital spending | $13M | $9M | $8M | $5M | $12M | $25M | $9M | $6M | $8M | $10M |
| Free cash flow | $21M | -$62M | -$11M | $61M | $157M | -$42M | $175M | $546M | $171M | $128M |
| Stock-based compensation | $5M | $6M | $6M | $6M | $7M | $9M | $9M | $11M | $15M | $17M |
| Dividends paid | -$5M | $4M | $0 | $0 | — | — | — | — | — | — |
| Share buybacks (net) | $0 | $0 | -$26M | -$5M | -$2M | -$52M | -$55M | -$65M | -$177M | -$202M |
| Free cash flow margin | 1.2% | -3.2% | -0.5% | 2.4% | 5.1% | -1.1% | 4.2% | 13.5% | 3.8% | 2.9% |
| Dividends per share | $0.16 | $0.12 | — | — | — | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for MHO.
Open MHO in InvestinglyQuestions
What was M/I Homes's revenue in 2025?
$4.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does M/I Homes generate?
$128M in fiscal 2025 (operating cash flow minus capital spending).
From M/I Homes's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.