Filing Flows › M/I Homes (MHO) › Q2 2026 › vs Q2 2025
M/I Homes (MHO) Q2 2026 vs Q2 2025 (year over year)
M/I Homes's revenue fell $99.3M (-9%) from $1.2B in Q2 2025 to $1.1B in Q2 2026. The biggest changes: Construction −$113M (-10%); Land +$12.3M (+184%); Financial Service +$886K (+3%). Operating margin 9.5% against 13.4% (-3.9 pts).
M/I Homes, Q2 2026: revenue $1.1B (-8% year over year), operating margin 9.5%, net earnings $79.1M, operating cash flow $36.8M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.5% | 13.4% | -3.9 pts |
| Net margin | 7.4% | 10.4% | -3.0 pts |
| Free cash flow margin | 3.0% | 3.0% | -0.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Construction | $1.0B | $1.1B | −$113M | -10% |
| Financial Service | $32.3M | $31.4M | $886K | +3% |
| Land | $18.9M | $6.7M | $12.3M | +184% |
| Revenue | $1.1B | $1.2B | −$99.3M | -9% |
| Other income, net | $3.3M | $4.4M | −$1.1M | -25% |
| Operating profit | $101M | $156M | −$54.4M | -35% |
| Costs & expenses | $962M | $1.0B | −$44.9M | -4% |
| Pre-tax earnings | $105M | $160M | −$55.5M | -35% |
| Cost of revenue | $828M | $876M | −$48.2M | -6% |
| Sales & marketing | $64.0M | $63.7M | $368K | +0.6% |
| General & admin | $70.2M | $67.2M | $3.0M | +4% |
| Net earnings | $79.1M | $121M | −$42.2M | -35% |
| Income tax | $25.5M | $38.9M | −$13.4M | -34% |
| Depreciation | $4.4M | $3.8M | $509K | +13% |
| Share-based compensation | $4.6M | $3.9M | $645K | +16% |
| Working capital & other | $51.2M | $91.2M | −$40.1M | -44% |
| Operating cash flow | $36.8M | $37.8M | −$949K | -3% |
| Free cash flow (OCF − capex) | $31.4M | $35.1M | −$3.7M | -11% |
| Capital expenditures | $5.4M | $2.6M | $2.8M | +106% |
Questions
How much did M/I Homes's revenue grow year over year in Q2 2026?
M/I Homes's revenue fell $99.3M (-9%) from $1.2B in Q2 2025 to $1.1B in Q2 2026.
What drove M/I Homes's revenue change in Q2 2026?
Construction −$113M (-10%); Land +$12.3M (+184%); Financial Service +$886K (+3%).