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M/I Homes cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$17.0M in Q3 2026 · $137M over twelve months

Operating cash flow−$13.3M
Capital spending−$3.6M
Free cash flow−$17.0M
Cash / net income-0.2×

Analysis

In Q3 2026, M/I Homes generated −$13.3M of operating cash flow and spent $3.6M on capital projects, leaving free cash flow of −$17.0M. That is $59.0M less than in Q3 2025 ($42.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $151M; the largest uses were buybacks ($202M), other investing ($56.4M), capital spending ($13.4M); besides operations, cash came from shares issued ($9.6M); the cash balance fell by $114M.

Operating cash flow was −$13.3M against net income of $66.6M — -0.2× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$95.4M, prepaid and other assets −$24.9M, payables −$15.4M.

Free cash flow

M/I Homes: free cash flow by quarterM/I Homes: free cash flow by quarter$102MQ4 2024$63.5MQ1 2025$35.1MQ2 2025$42.0MQ3 2025−$13.0MQ4 2025$136MQ1 2026$31.4MQ2 2026−$17.0MQ3 2026
Operating cash flow less capital spending.
M/I Homes: operating cash flow against capital spendingM/I Homes: operating cash flow against capital spendingOperating cash flowCapital spending$104M$2.1MQ4 2024$64.9M$1.3MQ1 2025$37.8M$2.6MQ2 2025$43.4M$1.4MQ3 2025−$8.7M$4.3MQ4 2025$136M$154KQ1 2026$36.8M$5.4MQ2 2026−$13.3M$3.6MQ3 2026
Latest (Q3 2026): Operating cash flow −$13.3M, Capital spending $3.6M.

Capital allocation, year by year

M/I Homes: where the cash came from (up) and went (down), by fiscal yearM/I Homes: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow −$16.8MFY2021: Net borrowing $91.0MFY2021: Shares issued $11.2MFY2021: Asset sales $8.6MFY2021: Capital spending −$25.3MFY2021: Buybacks −$51.5M$111MFY2021FY2022: Operating cash flow $184MFY2022: Net borrowing −$25.0MFY2022: Shares issued $1.4MFY2022: Capital spending −$9.3MFY2022: Buybacks −$55.3M$185MFY2022FY2023: Operating cash flow $552MFY2023: Net borrowing −$79.9MFY2023: Shares issued $33.8MFY2023: Capital spending −$5.8MFY2023: Buybacks −$65.3M$586MFY2023FY2024: Operating cash flow $180MFY2024: Net borrowing $120MFY2024: Shares issued $21.3MFY2024: Capital spending −$8.4MFY2024: Buybacks −$177M$321MFY2024FY2025: Operating cash flow $137MFY2025: Net borrowing −$9.3MFY2025: Shares issued $8.4MFY2025: Capital spending −$9.6MFY2025: Buybacks −$202M$146MFY2025
Over these 5 years operating cash flow totalled $1.0B; the largest uses were buybacks ($551M) and net borrowing ($114M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$621M
Debtnone
Net cash$621M
Due within a year$277M
Cash runway9.2 years

M/I Homes is burning cash: its operations consume cash, a free cash flow of −$67.8M a year at the current rate against $621M of cash and investments: a runway of about 9.2 years; $277M of debt also comes due within a year, which the cash covers before any new financing.

M/I Homes: debt maturities by year (FY2025)M/I Homes: debt maturities by year (FY2025)$277MYear 1$400MYear 3$300MYear 5
Principal due in each year as disclosed in the annual report, against $621M of cash and investments now.

Where the cash came from and went

M/I Homes: sources (+) and uses (−) of cash, Q3 2026M/I Homes: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$115MBuybacks−$50.1MOther investing−$30.4MNet borrowing (+) / repaid (−)−$21.9MOperating cash flow−$13.3MShares issued$4.0MCapital spending−$3.6M
M/I Homes: sources (+) and uses (−) of cash, TTM to Q3 2026M/I Homes: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$202MOperating cash flow$151MCash drawn (+) / kept (−)$114MOther investing−$56.4MCapital spending−$13.4MShares issued$9.6MNet borrowing (+) / repaid (−)−$1.6MOther financing−$498K

From profit to cash

M/I Homes: net income to operating cash flow, Q3 2026M/I Homes: net income to operating cash flow, Q3 2026Net income$66.6MDepreciation & amortization$4.7MStock-based pay$4.6MDeferred taxes−$1.9MImpairments$4.7MInventory−$95.4MPayables−$15.4MPrepaid and other assets−$24.9MOther liabilities$3.7MOperating cash flow−$13.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$13.3M−$3.6M−$50.1M−$21.9M$4.0M$115M−$17.0M
Q2 2026$36.8M−$5.4M−$50.0M−$7.8M$1.5M$31.5M$31.4M
Q1 2026$136M−$154K−$50.1M−$16.7M$4.1M−$78.2M$136M
Q4 2025−$8.7M−$4.3M−$51.7M$44.9M$40K$45.0M−$13.0M
Q3 2025$43.4M−$1.4M−$50.2M−$43.9M$6.4M$66.2M$42.0M
Q2 2025$37.8M−$2.6M−$50.1M$48.0M$758K−$24.0M$35.1M
Q1 2025$64.9M−$1.3M−$50.1M−$58.2M$1.1M$45.2M$63.5M
Q4 2024$104M−$2.1M−$51.1M$50.7M$8.3M−$102M$102M

M/I Homes: income statement and cash flow

M/I Homes, Q3 2026: revenue $1.1B (-5% year over year), operating margin 7.7%. The chart follows the revenue to costs, profit and cash.

M/I Homes: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.