M/I Homes Q2 2026: Record Contracts but Margin Squeeze Bites
As seen on the 24/7 Wall St. homepage on July 29, 2026.
Record new contracts of 2,387 units signal demand resilience, but a 6% revenue slide and gross margin compression to 22% from 25% expose the pricing pressure hammering homebuilders in a tougher market.
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M/I Homes posted Q2 2026 revenue of $1.06 billion, coming in about 1.5% ahead of the $1.05 billion consensus estimate but still roughly 6% below the $1.11 billion it reported in Q2 2024. Earnings per share of $3.14 edged past the $3.125 estimate, a narrow beat that nonetheless keeps the company in positive territory against Wall Street expectations.
The headline demand figure is striking: a record 2,387 new contracts signals that buyers are still showing up despite a difficult environment for homebuilders. But the revenue decline and a gross margin that compressed from 25% to 22% year over year tell a harder story — M/I Homes is having to work harder, and likely offer more incentives or price concessions, to close those deals.
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Zooming out on the revenue trend, the quarterly pattern shows a business that has been running between roughly $920 million and $1.21 billion over the past nine quarters, with first quarters consistently softer. The Q2 2026 result of $1.06 billion sits at the lower end of that band, suggesting the pricing pressure flagged in margins is already showing up in the top line even as contract volumes hit a record high.
Mentioned: MHO