On its third-quarter 2026 earnings call, held on Oct. 21, 2026, M/I Homes (NYSE:MHO) reported pre-tax income of $87 million. Homebuilders face margin pressures when rising interest rates elevate customer financing subsidies. Maintaining a strong balance sheet while managing lot inventory determines long-term resilience through industry cycles. Three things management said stand out. Management prioritized order volume by offering mortgage rate buydowns, where it's paying upfront fees to reduce buyer interest rates. These financing subsidies helped maintain sales volume, but higher subsidy costs reduced gross margin, which is the percentage of revenue remaining after direct construction costs, to 21.3%.
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