PulteGroup, Inc. Earnings Recaps
Q3 2026
Oct 25, 2026
PulteGroup’s shares rose 5.8% after earnings, as third-quarter EPS of $2.53 and a 24.8% gross margin appear to have outweighed signs of slowing demand. The quarter was not unambiguously strong: closings came in slightly below the company’s guide, and community traffic fell as higher rates weighed on buyers.
Key takeaways
- Q3 earnings were $476 million, or $2.53 per share; gross margin was 24.8%.
- The company delivered almost 7,000 homes, with closings slightly below its guide.
- Net new orders fell 6% year over year to 6,210 homes. Absorption pace declined 13%, partly offset by a 7% increase in average community count.
- Traffic to communities was down 14% year over year and 11% sequentially from Q2; management said the slowdown continued into the first few weeks of October.
- The cancellation rate was 10%, down from 12% a year earlier.
Q1 2026
Apr 23, 2026
PulteGroup delivered a resilient Q1 2026 with 3% order growth, robust margins, and disciplined inventory management amid a challenging macro environment.
Key takeaways
- Achieved $3.3 billion in home sale revenues with 24.4% gross margins and EPS of $1.79, supported by strategic land investments and capital returns.
- Increased net new orders by 3% to over 8,000 homes, driven by an 18% order surge in Florida and a shift toward build-to-order homes now representing 43% of orders.
- Maintained strong liquidity with $1.8 billion cash and a near-zero net debt-to-capital ratio, while controlling finished spec inventory within target levels.
- Total community count grew 9% to over 1,040, enabling efficient demand capture and inventory turnover; starts amounted to 6,500 homes against 8,000 orders.
- Focused on maintaining diversification across segments, with a balanced approach to incentives (10.9% of gross sales price) and demand nuances across buyer groups in a K-shaped economic environment.