PulteGroup (PHM) Q3 2026 Earnings Report
MX:PHM Q3 2026 EPS Results
- Actual EPS
- MXN 47.22
- Consensus EPS
- MXN 49.42
- Beat/Miss
- Missed by -MXN 2.20
- One Year Ago EPS
- MXN 55.24
MX:PHM Q3 2026 Revenue Results
- Actual Revenue
- MXN 74.16B
- Expected Revenue
- MXN 77.45B
- Beat/Miss
- Missed by -MXN 3.29B
- YoY Revenue Growth
- -9.78%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
PulteGroup's next earnings date is estimated for February 2, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call presented a mixed outlook. PulteGroup maintained strong gross margins, liquidity, cash generation expectations, cost control, shareholder returns, and strategic flexibility, while active adult demand and several geographic markets performed well. However, the quarter was materially affected by higher interest rates, lower traffic and absorption, reduced orders and closings, weaker revenue and earnings, higher SG&A as a percentage of revenue, and continued weakness in Texas and the West. Management remained disciplined and confident in its long-term housing strategy, but near-term operating conditions were described as challenging.
PulteGroup now expects to close between 7 thousand and 7.5 thousand homes in the fourth quarter and anticipates full year closings to be in the range of 27 thousand to 27.5 thousand homes; it is guiding its average sales price in closings to be in the range of $550 thousand to $560 thousand in the fourth quarter and for the full year, year over year community count growth of 3% to 5% in the fourth quarter, fourth quarter gross margins in the range of 24.0% to 24.5%, full year gross margin in the range of 24.5% to 25.0%, full year 2026 SG&A expense in the range of 10.3% to 10.5% of home sale revenues, a fourth-quarter tax rate of approximately 24.5% assuming no discrete period specific tax events, approximately $5.3 billion in land investment for all of 2026, and operating cash flow generation for the full year of approximately $1 billion; teams expect to bring costs down year over year on low single digits again in the fourth quarter.
- Strong Quarterly Earnings and Gross MarginPulteGroup delivered earnings of $476 million, or $2.53 per share, in the third quarter. Reported gross margin was 24.8%, supported by a focus on core home-buying demand rather than pursuing volume in a market showing little price elasticity.
- Solid Year-to-Date Operating PerformanceThrough the first nine months of 2026, PulteGroup delivered just shy of 20 thousand homes and generated $11 billion of home sale revenues. Year-to-date gross margin was 24.7% and operating margin was 14.2%.
- Backlog Increased Year Over YearThird-quarter ending backlog increased to 10.3 thousand homes valued at $6.4 billion, compared with 9.89 thousand homes valued at $6.2 billion in the prior-year period.
- Stable Cancellation RatesThe third-quarter cancellation rate was 10% of starting backlog, down from 12% last year and down 50 basis points from the second quarter of 2026. Management said the relatively stable rate suggests customers under contract remain committed to closing.
- Active Adult Sign-Ups IncreasedThird-quarter active adult sign-ups increased 11% year over year. PulteGroup said it continues to benefit from prior-year land investments, community-count growth, and the ongoing rollout of the Explore by Del Webb brand.
- Active Adult Community ExpansionPulteGroup has grown its active adult community count by 20% over the past five years and said it intends to increase market share further through the Explore by Del Webb rollout.
- Construction Cost ManagementThird-quarter build costs were $75 per square foot, down 5% year over year and flat with the second quarter. Management said national and divisional procurement teams continued to work effectively with trades and suppliers to manage construction costs.
- Fourth-Quarter Cost Outlook Remains FavorableManagement expects build costs in the fourth quarter to decline year over year in the low single digits. It said fourth-quarter costs should look similar to the third quarter, with lumber having stabilized after moving higher earlier in the year.
- Cycle Time ImprovedConstruction cycle time fell below 100 days for the first time since pre-COVID levels, reaching 99 days, including the company's large four- and five-story multifamily buildings.
- Financial Services Performance Improved SlightlyThird-quarter financial services pretax income was $46 million, up slightly from $44 million in the prior-year period. Mortgage capture rate increased to 85% from 84% last year.
- Shareholder Returns and Share RepurchasesPulteGroup returned nearly $400 million to shareholders in the third quarter. It repurchased 2.8 million common shares for $350 million at an average price of $124.70 per share, bringing nine-month repurchases to 8.4 million shares for $1 billion.
- Significant Land InvestmentPulteGroup invested $1.3 billion in land acquisition and development during the third quarter, with 51% directed toward developing existing land assets. Year-to-date land investment reached $4 billion, and full-year land investment is expected to be approximately $5.3 billion.
- Strong Balance Sheet and LiquidityThe company ended the quarter with $1.4 billion of cash, a debt-to-capital ratio of 12.1%, and a net debt-to-capital ratio of 3%. Management said the balance sheet provides financial flexibility to weather difficult conditions and capitalize on opportunities.
- Expected Operating Cash FlowPulteGroup continues to expect approximately $1 billion of operating cash flow generation for full-year 2026.
- Geographic and Buyer DiversificationOutperformance in Florida operations and key Midwest markets helped offset softer demand in other areas, including the Southeast and West. Management said the diversified operating platform also allows the company to capitalize on stronger markets and consumer groups.
- Higher Lot Premiums and Resilient Buyer UpgradesLot premiums averaged $117 thousand per lot in the quarter, up from last year and the prior quarter. Management said buyers who proceeded with purchases remained better prepared, had equity from prior sales, and showed little change in upgrade and feature spending compared with prior quarters.
- Build-to-Order Financing ActivityApproximately 40% of financing incentives and forward commitments were associated with build-to-order homes. Management said these homes carry higher margins and support backlog building for the fourth quarter and into 2027.
- Disciplined M&A and Land UnderwritingManagement said it has the financial capability to pursue acquisitions but remains highly selective, evaluating opportunities based on strategic access to consumer groups and markets rather than simply increasing company size. The company also continues to re-underwrite land multiple times before purchase.
MX:PHM Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 02, 2027 | 2026 (Q4) | 49.10- | 47.78 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 49.4247.22 | 55.24 | -14.53% (-8.02) | |
| Jul 22, 2026 | 2026 (Q2) | 44.0146.28 | 56.55 | -18.15% (-10.26) | |
| Apr 23, 2026 | 2026 (Q1) | 33.7633.41 | 47.96 | -30.35% (-14.56) | |
| Jan 29, 2026 | 2025 (Q4) | 52.4847.78 | 82.68 | -42.21% (-34.90) | |
| Oct 21, 2025 | 2025 (Q3) | 53.9555.24 | 62.52 | -11.64% (-7.28) | |
| Jul 22, 2025 | 2025 (Q2) | 55.0056.55 | 71.48 | -20.89% (-14.93) | |
| Apr 22, 2025 | 2025 (Q1) | 45.4147.96 | 57.85 | -17.10% (-9.89) | |
| Jan 30, 2025 | 2024 (Q4) | 60.7882.68 | 61.21 | 35.06% (+21.46) | |
| Oct 22, 2024 | 2024 (Q3) | 58.1962.52 | 54.12 | 15.52% (+8.40) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
