ATLANTA – Oct. 22, 2026 – PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2026.For the quarter, the Company reported net income of $476 million, or $2.53 per share.
In the prior year period, the Company reported net income of $586 million, or $2.96 per share.“With homebuying demand increasingly pressured by rising mortgage rates, widespread inflation, and global unrest, we continue to benefit from our diversified operating platform and consistent strategies for delivering superior returns over the housing cycle,” said PulteGroup President and CEO, Ryan Marshall. “With more than 60% of our business now comprised of more profitable move-up and active-adult homebuyers, our strong gross margins were instrumental to driving third quarter earnings of $2.53 per share.
“The rapid increase in interest rates has stretched affordability even further, made selling an existing home even harder, and has pushed even more consumers to the sidelines,” added Mr. Marshall.“Within this environment, we continue to appropriately balance the price and pace of home sales, align production accordingly, and remain disciplined in our allocation of capital.”
The Company generated home sale revenues in the third quarter of $3.9 billion, a decrease of 9% from home sale revenues of $4.2 billion realized in the prior year period. Home sale revenues in the third quarter reflect a 9% decrease in closings to 6,876 homes, in combination with a 1% decrease in the average sales price of homes closed to $561,000.
In the third quarter, the Company reported home sale gross margin of 24.8%, compared with 26.2% in the comparable prior year period.The Company’s reported third quarter gross margin is inclusive of $26 million, or approximately 70 basis points, of land impairments recorded in the period. Third quarter SG&A expenses were $397 million, or 10.3% of home sale revenues, compared with $401 million, or 9.4%, in last year’s third quarter.
Third quarter net new orders totaled 6,208 homes, which is down 6% from the prior year’s net new orders of 6,638 homes.The value of net new orders in the third quarter was $3.5 billion, compared with $3.6 billion in the third quarter of last year. For its third quarter, the Company’s average community count totaled 1,077, or an increase of 7% from the prior year period.
At the end of the third quarter, the Company’s backlog was 10,298 homes with a value of $6.4 billion. The Company ended last year’s third quarter with a backlog of 9,888 homes with a value of $6.2 billion.
In the third quarter, the Company's financial services operations generated pre-tax income of $46 million, which is comparable with the prior year period.Mortgage capture rate in the quarter was 85%, up from 84% in the prior year period.
PulteGroup repurchased 2.8 million of its common shares in the third quarter for $350 million, or an average price of $124.70 per share.Through the first nine months of 2026, the Company repurchased 8.4 million common shares, or 4% of shares outstanding, for $1.0 billion, or an average price of $123.51 per share. The Company ended the quarter with $1.4 billion of cash and a debt-to-capital ratio of 12%.
A conference call discussing PulteGroup's third quarter 2026 results is scheduled for Thursday, October 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.
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,” “continue,” “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 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.