M/I Homes, Inc. announced its second quarter 2025 results, reporting record revenue of $1.16 billion, a 5% increase year-over-year, and a record 2,348 homes delivered, up 6% from Q2 2024. Despite these record highs, pre-tax income decreased to $160.1 million from $194.1 million in Q2 2024. Net income was $121.2 million, or $4.42 per diluted share, down from $146.7 million, or $5.12 per diluted share, in the prior year.
New contracts for the second quarter decreased 8% to 2,078, and the cancellation rate rose to 13% from 10% in Q2 2024. Backlog units saw a significant 25% decrease to 2,577 homes, with a sales value of $1.43 billion, down 22% from a year ago. For the first half of 2025, new contracts were down 9% and homes delivered decreased 1%.
The company maintained a very strong balance sheet, with $800 million in cash and zero borrowings under its $650 million unsecured credit facility. M/I Homes also reported a record 234 active communities and a homebuilding debt-to-capital ratio of 18%. Management expects to grow its average community count by approximately 5% this year.
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