Q1 26 EPS
$1.79
Q1 26 Revenue
$3.41B
BEAT +0.79%
Est. $3.38B
vs S&P Since Q1 26
-8.0%
TRAILING MARKET
PHM -6.3% vs S&P +1.7%
Market Reaction
Did PHM Beat Earnings? Q1 2026 Results
PulteGroup delivered a mixed first quarter for 2026, narrowly missing on the bottom line while edging ahead on revenue, as a bruising affordability environment continued to weigh on the homebuilder's results. The company posted diluted EPS of $1.79, … Read more PulteGroup delivered a mixed first quarter for 2026, narrowly missing on the bottom line while edging ahead on revenue, as a bruising affordability environment continued to weigh on the homebuilder's results. The company posted diluted EPS of $1.79, falling just short of the $1.81 consensus estimate by 1.15%, while revenue of $3.41 billion came in 0.79% ahead of the $3.38 billion consensus, though it still represented a steep 12.4% decline from the year-ago period. The primary culprit was a sharp compression in home sale gross margin, which fell to 24.4% from 27.5% a year earlier, as PulteGroup leaned on higher incentives to clear excess spec inventory and compete in a softening market. Closing volumes slipped 7% to 6,102 homes and average selling prices dipped 5% to $542,000, compounding the revenue pressure. Against that backdrop, net new orders rose 3% to 8,034 homes, and the company's $1.5 billion expansion of its share repurchase authorization to $2.1 billion underscored management's confidence in longer-term cash generation, even as consumer sentiment remains fragile.
Key Takeaways
- • Net new orders increased 3% to 8,034 homes driven by 9% growth in average active communities to 1,043
- • Home sale gross margin declined to 24.4% from 27.5% due to higher incentives to address competitive dynamics and reduce excess spec inventory
- • Average selling price decreased 5% to $542,000
- • Closing volumes declined 7% to 6,102 homes
- • Florida net new orders increased significantly to 2,206 from 1,869 units year-over-year
- • SG&A expense as a percentage of home sale revenues increased to 11.5% from 10.5%
PHM Forward Guidance & Outlook
Management signaled a cautious but constructive outlook, noting consumers remain desirous of homeownership despite concerns about affordability and the broader economy. The company plans to continue intelligently managing sales pace, incentives, and production to position for near- and long-term success. PulteGroup invested $1.3 billion in land acquisition and development during Q1 and expanded its community count by 9% year-over-year, signaling continued investment in future growth. The $1.5 billion increase to the share repurchase authorization suggests confidence in future cash generation.
PHM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PHM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter results reflect PulteGroup's ability to successfully navigate current market conditions as we work to meet buyer demand, turn our assets and drive high returns. Along with increased net new orders, we generated strong closings, revenues and earnings, while investing $1.3 billion into land acquisition and development and returning $360 million back to shareholders.”
— Ryan Marshall, Q1 2026 Earnings Press Release
PHM Earnings Trends
PHM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PHM EPS Trend
Earnings per share: estimate vs actual
PHM Revenue Trend
Quarterly revenue: estimate vs actual
PHM Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.79 | — | $3.41B | +0.79% |
| Q4 25 MISS FY | $2.83 | $2.56 | -9.54% | $4.61B | +5.56% |
| FY Full Year | $11.38 | $11.12 | -2.28% | $17.31B | +1.42% |
| Q3 25 BEAT | $2.90 | $2.96 | +2.14% | $4.40B | +2.26% |
| Q2 25 BEAT | $3.01 | $3.03 | +0.74% | $4.40B | -0.48% |
| Q1 25 BEAT | $2.42 | $2.57 | +6.00% | $3.89B | +1.81% |