Filing Flows › M/I Homes (MHO) › Q1 2026
M/I Homes (MHO) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 24, 2026
M/I Homes (MHO) reported revenue of $921M for the first quarter 2026 (Q1 2026), -6% from a year earlier and -20% from the quarter before. Operating margin was 9.3%, net earnings $67.8M (7.4% of revenue).
M/I Homes, Q1 2026: revenue $921M (-6% year over year), operating margin 9.3%, net earnings $67.8M, operating cash flow $136M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $921M | -20% | -6% |
| Operating profit | $86.1M | +15% | -39% |
| Net earnings | $67.8M | +6% | -39% |
| Operating cash flow | $136M | — | +109% |
| Free cash flow | $136M | — | +113% |
What changed
Revenue was $920.7M in Q1 2026, down 6% year over year and down 20% from the previous quarter. Construction was the largest line at 95% of revenue. Construction lost $61.4M year over year (down 7%), 111% of the total change.
Operating profit was $86.1M, a 9.3% margin (down 5.1 points year over year). Total costs fell 0% while revenue fell 6%. Net earnings were $67.8M, down 39% year over year. The effective tax rate was 23.9%.
Operating cash flow was $135.7M (up 109% year over year), 200% of net earnings. Non-cash charges added back $4.1M of depreciation and $4.2M of share-based compensation. Working capital and other items added $59.6M. Capital expenditures of $154K left free cash flow of $135.6M.
Questions
What was M/I Homes' revenue in the first quarter 2026?
M/I Homes (MHO) reported revenue of $921M for the first quarter 2026 (Q1 2026), -6% from a year earlier and -20% from the quarter before.
Was M/I Homes profitable in the first quarter 2026?
Operating profit was $86.1M (9.3% of revenue) and net earnings $67.8M.
Source: M/I Homes 10-Q on SEC EDGAR.