MI Homes Inc. (MHO) financial statements: income statement, balance sheet and cash flow

MI Homes Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MI Homes Inc. reported revenue of $4.4B (-1.9% year on year) and net income of $402.9M (-28.5% year on year).

Income statement

MI Homes Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue	$4.4B	$4.5B	$4.0B	$4.1B
Cost of Product and Service Sold, excluding Impairment of Real Estate	$3.4B	—	—	—
Land and Housing	$3.4B	$3.3B	$3.0B	$3.1B
Impairment of inventory and investment in joint venture arrangements	$47.7M	—	—	$18.4M
General and administrative	$262.8M	$258.4M	$222.8M	$214.8M
Selling	$247.9M	$234.4M	$208.9M	$191.6M
Other Income	$0	$0	($33.0K)	($6.0K)
Interest Income, net of Interest Expense	$20.0M	$27.5M	($20.0M)	—
Total costs and expenses	$3.9B	$3.8B	$3.4B	$3.5B
Income before income taxes	$526.6M	$733.6M	$607.3M	$635.2M
Provision for income taxes	$123.6M	$169.9M	$141.9M	$144.5M
Net income	$402.9M	$563.7M	$465.4M	$490.7M
Basic	$15.07	$20.29	$16.76	$17.60
Diluted	$14.74	$19.71	$16.21	$17.24
Basic	26.7M	27.8M	27.8M	27.9M
Diluted	27.3M	28.6M	28.7M	28.5M

MI Homes Inc. income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Revenue	$1.1B	$1.1B	$920.7M	$1.1B
cost of product and service sold, excluding impairment of Real Estate	$846.9M	$823.6M	—	—
Production Related Impairments or Charges	$4.7M	$4.2M	—	$7.6M
General and administrative	$76.6M	$70.2M	$61.2M	$70.8M
Selling	$64.6M	$64.0M	$55.3M	$64.0M
Other expense (income)	$0	$0	$0	$0
Interest income	($3.6M)	($3.3M)	($3.1M)	($4.5M)
Total costs and expenses	$989.2M	$958.7M	$831.5M	$992.0M
Income before income taxes	$86.9M	$104.6M	$89.2M	$139.8M
Provision for income taxes	$20.3M	$25.5M	$21.3M	$33.3M
Net income	$66.6M	$79.1M	$67.8M	$106.5M
Basic	$2.62	$3.08	$2.61	$4.01
Diluted	$2.56	$3.02	$2.55	$3.92
Basic	25.4M	25.7M	26.0M	26.5M
Diluted	25.9M	26.2M	26.6M	27.2M

Balance sheet

MI Homes Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash, Cash Equivalents, and Restricted Cash	$689.2M	$821.6M	$732.8M	$311.5M
Mortgage loans Held-for-sale	$309.1M	$283.5M	$176.3M	$242.5M
Inventory	$3.4B	$3.1B	$2.8B	$2.8B
Property and equipment - net	$34.3M	$34.5M	$34.9M	$37.4M
Investment in joint venture arrangements	$106.3M	$65.3M	$44.0M	$51.6M
Operating Lease, Right-of-Use Asset	$55.0M	$53.9M	$56.4M	$60.4M
Deferred Income Tax Assets, Net	$4.5M	$13.5M	$16.1M	$18.0M
Goodwill	$16.4M	$16.4M	$16.4M	$16.4M
Other assets	$178.4M	$169.2M	$148.4M	$148.4M
TOTAL ASSETS	$4.8B	$4.5B	$4.0B	$3.7B
Accounts payable	$181.2M	$198.6M	$204.7M	$228.6M
Customer deposits	$50.8M	$69.3M	$85.1M	$93.1M
Operating Lease, Liability	$56.7M	$55.4M	$57.6M	$61.3M
Other liabilities	$308.5M	$281.0M	$252.3M	$276.2M
Community Development District Obligation	$10.2M	$12.8M	$19.3M	$29.7M
Obligation for consolidated inventory not owned	$30.3M	$11.8M	$26.9M	$17.0M
Notes payable bank - homebuilding operations	$0	$0	$0	$0
Notes payable bank - financial services operations	$276.9M	$286.2M	$165.8M	$245.7M
Senior Notes due 2028 - net	$398.4M	$397.7M	$396.9M	$396.1M
Senior Notes due 2030 - net	$297.9M	$297.4M	$296.9M	$296.4M
TOTAL LIABILITIES	$1.6B	$1.6B	$1.5B	$1.6B
Commitments and contingencies (Note 8)	$0	$0	$0	$0
Common shares - $0.01 par value; authorized 58,000,000 shares at both December 31, 2025 and 2024; issued 30,137,141 shares at both December 31, 2025 and 2024	301.0K	301.0K	301.0K	301.0K
Additional paid-in capital	$344.1M	$348.7M	$349.9M	$352.6M
Retained earnings	$3.3B	$2.9B	$2.3B	$1.8B
Treasury shares - at cost - 4,374,432 and 3,074,118 shares at December 31, 2025 and 2024, respectively	-446.2M	-274.4M	-134.6M	-118.2M
TOTAL SHAREHOLDERS' EQUITY	$3.2B	$2.9B	$2.5B	$2.1B
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$4.8B	$4.5B	$4.0B	$3.7B

MI Homes Inc. balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash, cash equivalents and restricted cash	$620.6M	$735.9M	$767.4M	$734.2M
Mortgage loans held for sale	$232.6M	$259.0M	$261.8M	$239.6M
Inventory	$3.6B	$3.5B	$3.4B	$3.4B
Property and equipment - net	$34.9M	$34.4M	$31.9M	$32.7M
Investment in joint venture arrangements	$87.2M	$62.0M	$68.4M	$81.5M
Operating lease right-of-use assets	$49.8M	$51.9M	$53.1M	$50.3M
Deferred Income Tax Assets, Net	$4.5M	$4.5M	$4.5M	$13.5M
Goodwill	$16.4M	$16.4M	$16.4M	$16.4M
Other assets	$213.6M	$186.5M	$185.8M	$188.6M
Total assets	$4.9B	$4.9B	$4.8B	$4.8B
Accounts payable	$229.1M	$244.5M	$215.8M	$258.0M
Customer deposits	$60.4M	$66.5M	$59.4M	$61.6M
Operating lease liabilities	$51.6M	$53.7M	$54.9M	$52.0M
Other liabilities	$301.2M	$277.1M	$252.2M	$293.7M
Community development district obligations	$16.4M	$17.4M	$12.9M	$8.7M
Obligation for consolidated inventory not owned	$21.1M	$20.1M	$44.1M	$18.1M
Notes payable bank - homebuilding operations	$0	$0	$0	$0
Notes payable bank - financial service operations	$230.4M	$252.4M	$260.2M	$232.0M
Senior notes due 2028 - net	$399.0M	$398.8M	$398.6M	$398.2M
Senior notes due 2030 - net	$298.3M	$298.1M	$298.0M	$297.7M
TOTAL LIABILITIES	$1.6B	$1.6B	$1.6B	$1.6B
Commitments and contingencies (Note 6)	$0	$0	$0	$0
Common shares - $0.01 par value; authorized 58,000,000 shares at both September 30, 2026 and December 31, 2025; issued 30,137,141 shares at both September 30, 2026 and December 31, 2025	301.0K	301.0K	301.0K	301.0K
Additional paid-in capital	$331.2M	$336.2M	$333.4M	$339.8M
Retained earnings	$3.5B	$3.4B	$3.3B	$3.2B
Treasury shares - at cost - 5,105,910 and 4,374,432 shares at September 30, 2026 and December 31, 2025, respectively	-560.4M	-524.0M	-477.2M	-394.7M
TOTAL SHAREHOLDERS' EQUITY	$3.3B	$3.2B	$3.2B	$3.1B
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$4.9B	$4.9B	$4.8B	$4.8B

Cash flow statement

MI Homes Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$402.9M	$563.7M	$465.4M	$490.7M
Impairment of inventory and abandoned land transaction write-offs	$47.7M	$9.2M	$10.6M	$18.4M
Equity in income from joint venture arrangements	$0	$0	($33.0K)	($6.0K)
Mortgage loan originations	($2.9B)	($2.7B)	($2.1B)	($2.1B)
Proceeds from the sale of mortgage loans	$2.9B	$2.6B	$2.2B	$2.1B
Fair value adjustment of mortgage loans held for sale	($4.9M)	$6.7M	($6.7M)	($408.0K)
Capitalization of originated mortgage servicing rights	($7.4M)	($5.6M)	($6.2M)	($8.9M)
Amortization of mortgage servicing rights	$1.1M	$1.3M	$1.6M	$1.6M
Gain on sale of mortgage servicing rights	$1.7M	$2.6M	$936.0K	—
Depreciation	$15.5M	$14.1M	$12.9M	$13.0M
Amortization of debt discount and debt issue costs	$3.4M	$3.2M	$2.9M	$2.6M
Stock-based compensation expense	$17.0M	$14.6M	$11.4M	$8.8M
Deferred Income Tax Expense	$8.9M	$1.9M	$2.7M	($7.8M)
Effective Income Tax Rate Reconciliation, Equity Compensation	($2.3M)	($5.3M)	—	—
Inventory	($313.5M)	($297.7M)	$46.7M	($348.6M)
Other assets	($4.3M)	($20.3M)	$3.4M	($31.5M)
Accounts payable	($17.4M)	($6.1M)	($23.9M)	($15.9M)
Customer deposits	($18.5M)	($15.8M)	($8.0M)	($14.7M)
Accrued compensation	($5.2M)	$9.2M	$2.6M	$8.7M
Other liabilities	$36.7M	$23.1M	($35.2M)	$34.3M
Net cash (used in) provided by operating activities	$137.3M	$179.7M	$552.1M	$184.1M
Purchase of property and equipment	($9.6M)	($8.4M)	($5.8M)	($9.3M)
Return of Capital from Joint Venture Arrangements	$2.0M	$0	$0	$1.9M
Investment in and advances to joint venture arrangements	($59.2M)	($54.1M)	($23.6M)	($20.1M)
Proceeds from the sale of mortgage servicing rights	$7.1M	$7.6M	$10.7M	$200.0K
Net cash provided by (used in) investing activities	($59.7M)	($54.9M)	($18.6M)	($27.4M)
(Net repayment of) net proceeds from bank borrowings - financial services operations	($9.3M)	$120.3M	($79.9M)	($20.4M)
Repurchase of common shares	-202.0M	-177.0M	-65.3M	-55.3M
Debt issue costs	($7.0M)	($723.0K)	($791.0K)	($2.6M)
Proceeds from exercise of stock options	$8.4M	$21.3M	$33.8M	$1.4M
Net cash provided (used in) by financing activities	($210.0M)	($36.1M)	($112.2M)	($81.5M)
Net (decrease) increase in cash, cash equivalents and restricted cash	($132.4M)	$88.8M	$421.3M	$75.2M
Cash, Cash Equivalents, and Restricted Cash-Period Start	$821.6M	$732.8M	$311.5M	$236.4M
Cash, Cash Equivalents, and Restricted Cash-Period End	$689.2M	$821.6M	$732.8M	$311.5M
Interest — net of amount capitalized	($822.0K)	($638.0K)	$1.5M	($649.0K)
Income taxes	$131.4M	$159.6M	$150.7M	$155.1M
Community development district infrastructure	($2.6M)	($6.5M)	($10.4M)	$9.6M
Consolidated inventory not owned	$18.5M	($15.1M)	$9.9M	$14.3M
Distribution of single-family lots from unconsolidated LLC's	$16.2M	$33.2M	$31.1M	$23.8M

MI Homes Inc. cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$213.5M	$146.9M	$67.8M	$339.0M
Production Related Impairments or Charges	$8.9M	$4.2M	—	$7.6M
Equity in loss (income) from joint venture arrangements	$0	$0	$0	$0
Mortgage loan originations	($2.1B)	($1.4B)	($633.7M)	($2.1B)
Proceeds from the sale of mortgage loans	$2.2B	$1.4B	$677.5M	$2.2B
Fair value adjustment of mortgage loans held for sale	$14.8M	$2.9M	$3.5M	($5.9M)
Servicing Asset at Fair Value, Additions	($4.9M)	($3.2M)	($1.4M)	($4.8M)
Amortization of mortgage servicing rights	$644.0K	$458.0K	$328.0K	$768.0K
Depreciation	$13.2M	$8.4M	$4.1M	$11.5M
Amortization of debt issue costs	$2.5M	$1.7M	$849.0K	$2.5M
Gain on sale of mortgage servicing rights	($1.6M)	($1.6M)	($1.6M)	($1.7M)
Stock-based compensation expense	$13.4M	$8.7M	$4.2M	$12.6M
Excess tax benefits on equity compensation	($3.1M)	($1.2M)	($752.0K)	($2.3M)
Inventory	($171.4M)	($76.0M)	$41.8M	($314.5M)
Other assets	($36.5M)	($11.6M)	($12.5M)	($12.0M)
Accounts payable	$47.9M	$63.3M	$34.6M	$59.4M
Customer deposits	$9.6M	$15.6M	$8.6M	($7.7M)
Accrued compensation	($13.0M)	($33.1M)	($44.2M)	($17.3M)
Other liabilities	$3.6M	($129.0K)	($13.4M)	$29.1M
Net cash (used in) provided by operating activities	$159.2M	$172.5M	$135.7M	$146.1M
Purchase of property and equipment	($9.2M)	($5.5M)	($154.0K)	($5.4M)
Return of capital from joint venture arrangements	$0	$200.0K	$300.0K	$2.0M
Investment in joint venture arrangements	($41.0M)	($10.3M)	($3.8M)	($34.4M)
Net proceeds from sale of mortgage servicing rights	$9.4M	$9.1M	$9.1M	$7.1M
Net cash provided by (used in) investing activities	($40.8M)	($6.8M)	$5.1M	($30.7M)
Net proceeds from (repayment of) bank borrowings - financial services operations	($46.4M)	($24.5M)	($16.7M)	($54.2M)
Payments for repurchase of common stock	($150.2M)	($100.1M)	($50.1M)	($150.4M)
Debt issue costs	$0	—	—	($6.5M)
Proceeds from exercise of stock options	$9.6M	$5.6M	$4.1M	$8.3M
Net cash (used in) provided by financing activities	($187.0M)	($119.0M)	($62.6M)	($202.8M)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	($68.6M)	$46.8M	$78.2M	($87.4M)
Cash, cash equivalents and restricted cash-Period Start	$689.2M	$689.2M	$689.2M	$821.6M
Cash, cash equivalents and restricted cash-Period End	$620.6M	$735.9M	$767.4M	$734.2M
Interest — net of amount capitalized	$8.4M	($434.0K)	($8.3M)	($7.6M)
Income taxes	$49.6M	$24.2M	$0	$103.8M
Community development district infrastructure	$6.2M	$7.2M	$2.7M	($4.1M)
Consolidated inventory not owned	($9.2M)	($10.3M)	$13.7M	$6.3M
Distribution of single-family lots from joint venture arrangements	$60.4M	$54.8M	$42.0M	$16.2M

MI Homes Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.