Earnings Roundup: M/I Homes and NVR Report Q4 Results

D.R. Horton kicked off public builder earnings season on Jan. 20, highlighting that cautious consumer sentiment and affordability constraints continue to weigh down new-home demand. For the largest company on the Builder 100 list, home building revenue and closings declined on a year-over-year basis and incentives remain an important element of the sales process.

For two more reporting public companies—NVR and M/I Homes—closings and revenues also were down on a year-over-year basis with similar market conditions impacting demand. Despite the annual declines compared to 2024 levels, both builders beat Wall Street projections for profit and profit per share in the fourth quarter. 

NVR

The fourth largest company on the Builder 100 list reported net orders increased by 3% in the fourth quarter to 4,951 with an average price of $454,200. Deliveries in the fourth quarter declined 8% to 5,668 units with an average price of $464,900. The cancellation rate for NVR in the fourth quarter was 16.6%, essentially flat from 16.9% in the fourth quarter of 2024. 

For the full fiscal year 2025, orders declined 10% to 20,410 while deliveries declined 4% to 21,915 units. 

Revenue in the fourth quarter of 2025 for NVR was $2.64 billion, down 5% compared to revenues of $2.78 in the fourth quarter of 2024. For the full fiscal year, revenue was $10.09 billion, down 2% compared to revenue in the 2024 fiscal year. 

The builder generated a profit of $363.8 million, or $121.54 per share, in the fiscal fourth quarter, down 20% and 13%, respectively, compared to the fourth quarter of 2024. The fourth quarter results represented a surprise of 15.8% compared to Wall Street projections, according to Zacks Investment Research.

For the full year, NVR generated a profit of $1.34 billion, or $436.55 per share, down 20% and 14%, respectively, compared to 2024. 

M/I Homes

The 13th largest company on the Builder 100 list delivered 2,301 homes in the fourth quarter, down 4% compared to the prior-year period. For the full fiscal year, M/I Homes delivered 8,291 homes, down 1% compared to 2024 levels. The builder generated 1,921 new contracts in the fourth quarter, up 9% compared to the same period of 2024. For the full year, new contracts decreased 4% to 8,199. 

“Our full year 2025 results reflect the economic conditions that we and our entire industry experienced throughout the year. Despite choppy demand, affordability challenges, economic uncertainty, and other macroeconomic pressures, our performance remained very solid,” CEO and president Robert Schottenstein said during the builders earnings call. “Though new contracts were down slightly for the full year, we were pleased that our monthly new contracts during the fourth quarter showed a 9% year-over-year increase and that we successfully increased our 2025 average community count by 6%.”

Homes in backlog decreased 29% at the end of the fiscal year to 1,809 units. M/I Homes reported a cancellation rate of 10% in the fourth quarter, an improvement from 14% in the fourth quarter of 2024.

Our primary incentives were mortgage rate buydowns. We will continue to use these incentives as necessary on a community by community basis,” Schottenstein said. “Our Smart Series, which is our most affordably-priced product, continues to have a very positive and meaningful impact not just on our sales but on our overall performance. Smart Series sales comprised 49% of total company sales in the fourth quarter.”

The builder reported a fourth quarter profit of $64 million, or $3.91 per share, down from $134 million, or $4.71 per share, in the fourth quarter of 2024. Despite the year-over-year contraction, the results beat Wall Street projections of profit per share of $3.88. For the full fiscal year, M/I Homes generated a profit of $403 million, or $16.39 per share. 

“We are extremely proud to announce that 2026 marks our 50th year in business,” Schottenstein said. “While home building conditions remain somewhat choppy and challenging, we are very confident in the long-term fundamentals of our industry and our ability to deliver strong results.