PULTEGROUP REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
•Earnings of $2.48 Per Share
•Home Sale Revenues of $3.8 Billion Driven by Closings of 6,997 Homes
•Home Sale Gross Margin of 25.0%
•Net New Orders Increased 6% Over Prior Year to 7,536 Homes
•Order Value Increased 5% to $4.1 Billion
•Unit Backlog Increased 2% to 10,966 Homes with a Value of $6.8 Billion
•Company Repurchased $373 Million of Common Shares in the Period
ATLANTA - July 22, 2026 – PulteGroup, Inc. (NYSE: PHM) announced today financial results for its second quarter ended June 30, 2026. For the quarter, the Company reported net income of $472 million, or $2.48 per share. In the prior year period, the Company reported net income of $608 million, or $3.03 per share.
“We continue to capture benefits from our return-focused operating model and business platform that is well diversified across markets and buyer groups,” said Ryan Marshall, President and CEO of PulteGroup. “The resulting benefits helped PulteGroup generate earnings of $2.48 per share in the quarter, while realizing a 6% increase in net new orders and generating a sequential increase in gross margin of 60 basis points.”
“Overall, market conditions remain highly competitive as macroeconomic uncertainty, volatile interest rates and strained affordability weigh on housing demand, but there are early signs that conditions may be stabilizing in select geographies around the country. Within this operating environment, we continue to execute focused, tactical adjustments as we work to balance price and pace within each community in support of delivering high returns across the enterprise.”
Second quarter home sale revenues decreased 11% from the prior year to $3.8 billion. Lower revenues for the period reflect an 8% decrease in closing volumes to 6,997 homes, in combination with a 3% decrease in average sales price to $544,000.
For its second quarter, PulteGroup reported home sale gross margin of 25.0%, a sequential increase of 60 basis points from the first quarter of 2026, which is down from 27.0% last year. Second quarter SG&A expense for the Company was $383 million, or 10.1% of home sale revenues. Prior year SG&A expense was $390 million, or 9.1% of home sale revenues.
Net new orders for the second quarter increased 6% to 7,536 homes, as higher community count helped to drive an increase in orders across all buyer groups. The dollar value of net new orders in the period was $4.1
1
billion, which is an increase of 5% over the prior year quarter. Community count for the second quarter averaged 1,074, which is an increase of 8% over the second quarter of 2025.
The Company ended the second quarter with a backlog of 10,966 homes, which is an increase of 2% over the second quarter of last year. Backlog value for the second quarter decreased 1% over last year to $6.8 billion.
The Company's financial services operations reported second quarter pre-tax income of $37 million, compared with prior year pre-tax income of $43 million. Mortgage capture rate was 85% for the second quarter in both the current and prior year periods.
The Company ended the quarter with $1.4 billion in cash and a debt-to-capital ratio of 12.3%.
In the second quarter, the Company repurchased 3.1 million of its outstanding common shares for $373 million, or an average price of $119.42 per share. Through the first six months of 2026, the Company has repurchased 5.5 million shares, or 3% of its common shares, for $681 million.
A conference call discussing PulteGroup's second quarter 2026 results is scheduled for Wednesday, July 22, 2026, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.
Forward-Looking Statements
This release includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry conditions or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; supply shortages and the cost of labor and building materials; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; rapidly changing technological developments including, but not limited to, the use of artificial intelligence in the homebuilding industry; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks associated with the implementation of a new enterprise resource planning system; risks related to information technology failures, data security issues, and the effect of
2
cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; disruptions associated with epidemics, pandemics or other serious public health threats (as well as fear of such events), and the measures taken to address it; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.
For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.
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3
PulteGroup, Inc.
Consolidated Statements of Operations
($000's omitted, except per share data)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Homebuilding
Home sale revenues
$
3,807,097
$
4,267,975
$
7,114,607
$
8,017,244
Land sale and other revenues
78,921
34,622
108,235
87,176
3,886,018
4,302,597
7,222,842
8,104,420
Financial Services
96,939
101,158
168,687
191,986
Total revenues
3,982,957
4,403,755
7,391,529
8,296,406
Homebuilding Cost of Revenues:
Home sale cost of revenues
(2,856,634)
(3,115,450)
(5,356,788)
(5,834,564)
Land sale and other cost of revenues
(68,129)
(30,488)
(95,276)
(81,443)
(2,924,763)
(3,145,938)
(5,452,064)
(5,916,007)
Financial Services expenses
(60,673)
(59,611)
(119,839)
(114,581)
Selling, general, and administrative expenses
(382,965)
(390,453)
(763,298)
(783,790)
Equity income from unconsolidated entities, net
3,962
409
4,841
911
Other income (expense), net
3,921
(1,006)
10,666
5,355
Income before income taxes
622,439
807,156
1,071,835
1,488,294
Income tax expense
(150,436)
(198,673)
(252,837)
(357,012)
Net income
$
472,003
$
608,483
$
818,998
$
1,131,282
Per share:
Basic earnings
$
2.49
$
3.05
$
4.29
$
5.64
Diluted earnings
$
2.48
$
3.03
$
4.27
$
5.60
Cash dividends declared
$
0.26
$
0.22
$
0.52
$
0.44
Number of shares used in calculation:
Basic
189,388
199,243
190,734
200,645
Effect of dilutive securities
1,195
1,438
1,256
1,520
Diluted
190,583
200,681
191,990
202,165
4
PulteGroup, Inc.
Condensed Consolidated Balance Sheets
($000's omitted)
(Unaudited)
June 30, 2026
December 31, 2025
ASSETS
Cash and equivalents
$
1,335,709
$
1,980,869
Restricted cash
41,633
27,907
Total cash, cash equivalents, and restricted cash
1,377,342
2,008,776
House and land inventory
13,715,417
12,925,413
Residential mortgage loans available-for-sale
549,713
613,665
Investments in unconsolidated entities
202,796
167,342
Other assets
2,307,328
2,217,483
Goodwill
40,377
40,377
Other intangible assets
23,385
26,210
Deferred tax assets
46,832
49,157
$
18,263,190
$
18,048,423
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable
$
717,891
$
724,885
Customer deposits
512,255
387,837
Deferred tax liabilities
459,586
448,493
Accrued and other liabilities
1,261,546
1,338,330
Financial Services debt
477,904
532,338
Notes payable
1,820,277
1,631,098
5,249,459
5,062,981
Shareholders' equity
13,013,731
12,985,442
$
18,263,190
$
18,048,423
5
PulteGroup, Inc.
Consolidated Statements of Cash Flows
($000's omitted)
(Unaudited)
Six Months Ended
June 30,
2026
2025
Cash flows from operating activities:
Net income
$
818,998
$
1,131,282
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense
13,402
19,798
Land-related charges
27,561
42,184
Loss on debt retirement
2,637
—
Depreciation and amortization
49,935
49,714
Equity income from unconsolidated entities, net
(4,841)
(911)
Distributions of income from unconsolidated entities
4,758
3,060
Share-based compensation expense
34,207
30,973
Other, net
569
(380)
Increase (decrease) in cash due to:
Inventories
(807,305)
(533,041)
Residential mortgage loans available-for-sale
63,933
47,986
Other assets
(94,825)
(175,258)
Accounts payable, accrued and other liabilities
67,773
(193,674)
Net cash provided by operating activities
176,802
421,733
Cash flows from investing activities:
Capital expenditures
(55,297)
(64,138)
Investments in unconsolidated entities
(40,875)
(7,954)
Distributions of capital from unconsolidated entities
5,508
39,419
Other investing activities, net
2,905
(6,509)
Net cash used in investing activities
(87,759)
(39,182)
Cash flows from financing activities:
Proceeds from debt issuance
794,784
—
Repayments of notes payable
(600,681)
(9,163)
Financial Services borrowings (repayments), net
(54,434)
(28,549)
Debt issuance costs
(22,759)
—
Proceeds from liabilities related to consolidated inventory not owned
18,303
16,633
Payments related to consolidated inventory not owned
(23,155)
(22,438)
Share repurchases
(681,167)
(600,000)
Excise tax on share repurchases
(11,482)
(11,550)
Cash paid for shares withheld for taxes
(38,062)
(23,761)
Dividends paid
(101,824)
(90,077)
Net cash used in financing activities
(720,477)
(768,905)
Net increase (decrease) in cash, cash equivalents, and restricted cash
(631,434)
(386,354)
Cash, cash equivalents, and restricted cash at beginning of period
2,008,776
1,653,680
Cash, cash equivalents, and restricted cash at end of period
$
1,377,342
$
1,267,326
Supplemental Cash Flow Information:
Interest paid (capitalized), net
$
5,879
$
8,088
Income taxes paid (refunded), net
$
270,253
$
392,286
6
PulteGroup, Inc.
Segment Data
($000's omitted)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
HOMEBUILDING:
Home sale revenues
$
3,807,097
$
4,267,975
$
7,114,607
$
8,017,244
Land sale and other revenues
78,921
34,622
108,235
87,176
Total Homebuilding revenues
3,886,018
4,302,597
7,222,842
8,104,420
Home sale cost of revenues
(2,856,634)
(3,115,450)
(5,356,788)
(5,834,564)
Land sale and other cost of revenues
(68,129)
(30,488)
(95,276)
(81,443)
Selling, general, and administrative expenses
(382,965)
(390,453)
(763,298)
(783,790)
Equity income (loss) from unconsolidated
entities, net
2,852
(841)
3,731
(339)
Other income (expense), net
3,921
(1,006)
10,666
5,355
Income before income taxes
$
585,063
$
764,359
$
1,021,877
$
1,409,639
FINANCIAL SERVICES:
Income before income taxes
$
37,376
$
42,797
$
49,958
$
78,655
CONSOLIDATED:
Income before income taxes
$
622,439
$
807,156
$
1,071,835
$
1,488,294
7
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Home sale revenues
$
3,807,097
$
4,267,975
$
7,114,607
$
8,017,244
Closings - units
Northeast
331
451
592
790
Southeast
1,370
1,402
2,598
2,595
Florida
1,875
1,882
3,564
3,532
Midwest
1,173
1,272
2,150
2,362
Texas
1,121
1,218
1,987
2,257
West
1,127
1,414
2,208
2,686
6,997
7,639
13,099
14,222
Average selling price
$
544
$
559
$
543
$
564
Net new orders - units
Northeast
399
384
840
788
Southeast
1,442
1,405
2,865
2,761
Florida
2,115
1,773
4,321
3,642
Midwest
1,409
1,272
2,694
2,660
Texas
1,053
1,042
2,311
2,329
West
1,118
1,207
2,539
2,668
7,536
7,083
15,570
14,848
Net new orders - dollars
$
4,084,351
$
3,887,938
$
8,649,377
$
8,365,765
Unit backlog
Northeast
755
613
Southeast
2,018
2,078
Florida
3,178
2,905
Midwest
2,149
2,100
Texas
1,115
1,020
West
1,751
2,063
10,966
10,779
Dollars in backlog
$
6,804,881
$
6,843,239
8
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
MORTGAGE ORIGINATIONS:
Origination volume
4,629
4,984
8,618
9,255
Origination principal
$
1,976,303
$
2,164,755
$
3,679,319
$
4,030,773
Capture rate
85.2
%
84.8
%
85.0
%
85.5
%
Supplemental Data
($000's omitted)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Interest in inventory, beginning of period
$
125,265
$
139,541
$
122,327
$
139,960
Interest capitalized
28,489
26,129
56,324
52,221
Interest expensed
(28,455)
(29,046)
(53,352)
(55,557)
Interest in inventory, end of period
$
125,299
$
136,624
$
125,299
$
136,624
9
PulteGroup, Inc.
Reconciliation of Non-GAAP Financial Measures
This report contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financial measures. We calculate total net debt by subtracting total cash, cash equivalents, and restricted cash from notes payable to present the amount of assets needed to satisfy the debt. We use the debt-to-capital and net debt-to-capital ratios as indicators of our overall leverage and believe they are useful financial measures in understanding the leverage employed in our operations. We believe that these measures provide investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.
The following table sets forth a reconciliation of the debt-to-capital ratios ($000's omitted):
Debt-to-Capital Ratios
June 30, 2026
December 31, 2025
Notes payable
$
1,820,277
$
1,631,098
Shareholders' equity
13,013,731
12,985,442
Total capital
$
14,834,008
$
14,616,540
Debt-to-capital ratio
12.3
%
11.2
%
Notes payable
$
1,820,277
$
1,631,098
Less: Total cash, cash equivalents, and restricted cash
