PulteGroup (NYSE: PHM) Q1 earnings drop as board boosts $2.1B buyback
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
PulteGroup, Inc. reported first quarter 2026 net income of $347 million, or $1.79 per diluted share, compared with $523 million, or $2.57 per share, in the prior-year period. Total revenues were $3.41 billion, including home sale revenues of $3.3 billion, a 12% decrease driven by 7% fewer closings and a 5% lower average selling price of $542,000.
Home sale gross margin declined to 24.4% from 27.5%, reflecting higher incentives and efforts to reduce spec inventory. Net new orders rose 3% to 8,034 homes valued at $4.6 billion, and backlog stood at 10,427 homes valued at $6.5 billion. The company operated from an average of 1,043 communities, up 9%.
PulteGroup repurchased $308 million of common shares in the quarter and ended with a 12.3% debt-to-capital ratio and $1.8 billion in cash. The board approved a $1.5 billion increase to the share repurchase authorization, bringing total remaining authorization to $2.1 billion.
Positive
- None.
Negative
- None.
Insights
Earnings fell on lower prices and margins, but orders grew and buybacks increased.
PulteGroup generated Q1 2026 net income of $347 million, down from $523 million, as home sale revenues declined 12% and home sale gross margin compressed from 27.5% to 24.4%. Lower average selling prices and higher incentives pressured profitability.
Operationally, net new orders increased 3% to 8,034 homes worth $4.6 billion, while unit backlog was 10,427 homes valued at $6.5 billion. The company expanded its community count by 9%, suggesting continued growth investment despite softer near-term earnings.
Capital allocation remained shareholder-focused: PulteGroup repurchased $308 million of stock and the board lifted remaining repurchase authorization to $2.1 billion. With a debt-to-capital ratio of 12.3% and cash of $1.8 billion as of March 31, 2026, leverage appears conservative, supporting ongoing buybacks if conditions remain similar.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues: $3,408,572,000
Net income: $346,996,000
Diluted EPS: $1.79 per share
+7 more
10 metrics
Total revenues
$3,408,572,000
Three months ended March 31, 2026
Net income
$346,996,000
Three months ended March 31, 2026
Diluted EPS
$1.79 per share
Three months ended March 31, 2026
Home sale gross margin
24.4%
Q1 2026 homebuilding operations
Net new orders
8,034 homes; $4,565,026,000
Three months ended March 31, 2026
Backlog
10,427 homes; $6,527,628,000
As of March 31, 2026
Share repurchases
$308,183,000
Q1 2026, 2.4 million shares at $127.39 average
Share repurchase authorization
$2.1 billion
Remaining authorization after $1.5 billion increase
Debt-to-capital ratio
12.3%
As of March 31, 2026
Cash and equivalents
$1,807,020,000
As of March 31, 2026
Key Terms
net new orders, home sale gross margin, debt-to-capital ratio, capture rate, +1 more
5 terms
net new orders financial
"The Company’s net new orders for the first quarter increased 3% to 8,034 homes with a value of $4.6 billion."
home sale gross margin financial
"First quarter home sale gross margin was 24.4%, compared with prior year gross margin of 27.5%."
debt-to-capital ratio financial
"The Company ended the quarter with a debt-to-capital ratio of 12.3%, and a cash balance of $1.8 billion."
The debt-to-capital ratio measures how much of a company’s total funding comes from borrowed money versus owned money, calculated by dividing its debt by the sum of debt plus equity. Think of it like a household that compares its mortgage to the total value of the home plus savings; a higher share of debt means more fixed obligations and greater risk for investors, while a lower share suggests more financial cushion and flexibility.
capture rate financial
"Capture rate for the quarter was 85%, compared with 86% in the comparable prior year period."
Capture rate is the percentage of an available group that a product, service or clinical procedure actually reaches or successfully treats; for example, the share of eligible patients who receive a therapy or the share of potential customers who adopt an offering. Investors care because a higher capture rate means faster growth and stronger revenue potential—like picking more apples from the same orchard, it shows how well a company converts opportunity into sales or clinical impact.
Earnings Snapshot
Home sale revenues: $3,307,510,000
Q1 2026
Home sale revenues
$3,307,510,000
decrease of 12% from prior year
Total revenues
$3,408,572,000
Net income
$346,996,000
Diluted EPS
$1.79
Home sale gross margin
24.4%
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 22, 2026
(Exact name of registrant as specified in its Charter)
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||
| of incorporation) | File Number) | Identification No.) | ||||||
(Address of principal executive offices) (Zip Code) | ||||||||
Registrant's telephone number, including area code 404 978-6400
____________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company. ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 23, 2026, PulteGroup, Inc. (the "Company") issued a press release announcing its financial results for its first quarter ended March 31, 2026. A copy of this earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in Item 2.02 by reference.
ITEM 8.01 OTHER EVENTS
On April 23, 2026, the Company issued a separate press release announcing a $1.5 billion increase in its share repurchase program, effective April 22, 2026. A copy of this press release is filed as Exhibit 99.2 to this Current Report on Form 8-K.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
99.1 First Quarter 2026 earnings press release dated April 23, 2026
99.2 Share repurchase program press release dated April 23, 2026
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
The information in Item 2.02 of this Current Report on Form 8-K, including the earnings press release incorporated in such Item 2.02, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PULTEGROUP, INC. | |||||||||||||||||
| Date: | April 23, 2026 | By: | /s/ Todd N. Sheldon | ||||||||||||||
| Name: | Todd N. Sheldon | ||||||||||||||||
| Title: | Executive Vice President, General Counsel and Corporate Secretary | ||||||||||||||||
| FOR IMMEDIATE RELEASE | Company Contact | ||||
| Investors: Jim Zeumer | |||||
| (404) 978-6434 | |||||
| Email: jim.zeumer@pultegroup.com | |||||
PULTEGROUP, INC. REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
•Earnings of $1.79 Per Share
•Net New Orders Increased 3% to 8,034 Homes with a Value of $4.6 Billion
•Closed 6,102 Homes Generating Home Sale Revenues of $3.3 Billion
•Home Sale Gross Margin of 24.4%
•Unit Backlog of 10,427 Homes with a Value of $6.5 Billion
•Repurchased $308 Million of Common Shares
•Board Approves $1.5 Billion Increase in Share Repurchase Authorization
ATLANTA – April 23, 2026 – PulteGroup, Inc. (NYSE: PHM) announced today financial results for its first quarter ended March 31, 2026. For the quarter, the Company reported net income of $347 million, or $1.79 per share. In the comparable prior year period, the Company reported net income of $523 million, or $2.57 per share.
“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,” said PulteGroup President and CEO Ryan Marshall. “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.
“Within a demand environment impacted by domestic and global dynamics, we see a consumer with concerns about affordability and the economy, but still desirous of homeownership as demonstrated by the 3% growth in our first quarter net new orders,” added Marshall. “Given these dynamics, we continue to intelligently manage sales, incentives and production to best position the Company for near- and long-term success.”
First Quarter Financial Results
Home sale revenues for the first quarter totaled $3.3 billion, which is a decrease of 12% from the prior year. Revenues in the quarter reflect a 7% decrease in closing volumes to 6,102 homes, along with a 5% decrease in average sales price to $542,000.
First quarter home sale gross margin was 24.4%, compared with prior year gross margin of 27.5%. First quarter gross margins reflect the impact of higher incentives as the Company responded to competitive market dynamics and successfully worked to reduce excess spec inventory.
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First quarter SG&A expense was $380 million, or 11.5% of home sale revenues. Prior year reported SG&A expense was $393 million, or 10.5% of home sale revenues.
The Company’s net new orders for the first quarter increased 3% to 8,034 homes with a value of $4.6 billion. Prior year net new orders totaled 7,765 homes with a value of $4.5 billion. In the first quarter, the Company operated from an average of 1,043 communities, which is an increase of 9% over the prior year.
The Company’s quarter-end backlog was 10,427 homes with a value of $6.5 billion.
In the first quarter, the Company’s financial services operations reported pre-tax income of $13 million, compared with prior year pre-tax income of $36 million. Capture rate for the quarter was 85%, compared with 86% in the comparable prior year period.
In the first quarter, the Company repurchased 2.4 million of its common shares outstanding for $308 million, or an average price of $127.39 per share. The Company ended the quarter with a debt-to-capital ratio of 12.3%, and a cash balance of $1.8 billion.
In a separate release, PulteGroup announced that its Board of Directors approved a $1.5 billion increase to the Company’s share repurchase authorization, bringing its remaining share repurchase authorization to $2.1 billion.
A conference call to discuss PulteGroup's first quarter results and financial and operational outlook is scheduled for Thursday April 23, 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
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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.
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.
# # #
3
PulteGroup, Inc.
Consolidated Statements of Operations
($000's omitted, except per share data)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
| Homebuilding | |||||||||||
| Home sale revenues | $ | 3,307,510 | $ | 3,749,269 | |||||||
| Land sale and other revenues | 29,315 | 52,554 | |||||||||
| 3,336,825 | 3,801,823 | ||||||||||
| Financial Services | 71,747 | 90,827 | |||||||||
| Total revenues | 3,408,572 | 3,892,650 | |||||||||
| Homebuilding Cost of Revenues: | |||||||||||
| Home sale cost of revenues | (2,500,153) | (2,719,115) | |||||||||
| Land sale and other cost of revenues | (27,148) | (50,955) | |||||||||
| (2,527,301) | (2,770,070) | ||||||||||
| Financial Services expenses | (59,165) | (54,970) | |||||||||
| Selling, general, and administrative expenses | (380,334) | (393,337) | |||||||||
| Equity income from unconsolidated entities, net | 879 | 502 | |||||||||
| Other income, net | 6,745 | 6,362 | |||||||||
| Income before income taxes | 449,396 | 681,137 | |||||||||
| Income tax expense | (102,400) | (158,338) | |||||||||
| Net income | $ | 346,996 | $ | 522,799 | |||||||
| Per share: | |||||||||||
| Basic earnings | $ | 1.81 | $ | 2.59 | |||||||
| Diluted earnings | $ | 1.79 | $ | 2.57 | |||||||
| Cash dividends declared | $ | 0.26 | $ | 0.22 | |||||||
| Number of shares used in calculation: | |||||||||||
| Basic | 192,088 | 202,063 | |||||||||
| Effect of dilutive securities | 1,315 | 1,601 | |||||||||
| Diluted | 193,403 | 203,664 | |||||||||
4
PulteGroup, Inc.
Condensed Consolidated Balance Sheets
($000's omitted)
(Unaudited)
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | |||||||||||
| Cash and equivalents | $ | 1,807,020 | $ | 1,980,869 | |||||||
| Restricted cash | 36,368 | 27,907 | |||||||||
| Total cash, cash equivalents, and restricted cash | 1,843,388 | 2,008,776 | |||||||||
| House and land inventory | 13,301,028 | 12,925,413 | |||||||||
| Residential mortgage loans available-for-sale | 509,270 | 613,665 | |||||||||
| Investments in unconsolidated entities | 168,139 | 167,342 | |||||||||
| Other assets | 2,260,830 | 2,217,483 | |||||||||
| Goodwill | 40,377 | 40,377 | |||||||||
| Other intangible assets | 24,798 | 26,210 | |||||||||
| Deferred tax assets | 48,150 | 49,157 | |||||||||
| $ | 18,195,980 | $ | 18,048,423 | ||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Accounts payable | $ | 688,539 | $ | 724,885 | |||||||
| Customer deposits | 466,554 | 387,837 | |||||||||
| Deferred tax liabilities | 456,784 | 448,493 | |||||||||
| Accrued and other liabilities | 1,354,128 | 1,338,330 | |||||||||
| Financial Services debt | 455,052 | 532,338 | |||||||||
| Notes payable | 1,820,771 | 1,631,098 | |||||||||
| 5,241,828 | 5,062,981 | ||||||||||
| Shareholders' equity | 12,954,152 | 12,985,442 | |||||||||
| $ | 18,195,980 | $ | 18,048,423 | ||||||||
5
PulteGroup, Inc.
Consolidated Statements of Cash Flows
($000's omitted)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 346,996 | $ | 522,799 | |||||||
| Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
| Deferred income tax expense | 9,291 | 20,413 | |||||||||
| Land-related charges | 10,881 | 23,772 | |||||||||
| Loss on debt retirement | 2,637 | — | |||||||||
| Depreciation and amortization | 24,538 | 24,668 | |||||||||
| Equity income from unconsolidated entities, net | (879) | (502) | |||||||||
| Distributions of income from unconsolidated entities | — | 1,810 | |||||||||
| Share-based compensation expense | 19,354 | 18,127 | |||||||||
| Other, net | (83) | (196) | |||||||||
| Increase (decrease) in cash due to: | |||||||||||
| Inventories | (376,394) | (270,583) | |||||||||
| Residential mortgage loans available-for-sale | 104,386 | (13,211) | |||||||||
| Other assets | (36,695) | (71,846) | |||||||||
| Accounts payable, accrued and other liabilities | 55,719 | (121,023) | |||||||||
| Net cash provided by operating activities | 159,751 | 134,228 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (25,396) | (29,606) | |||||||||
| Investments in unconsolidated entities | (2,922) | (6,679) | |||||||||
| Distributions of capital from unconsolidated entities | 3,008 | — | |||||||||
| Other investing activities, net | 383 | (3,448) | |||||||||
| Net cash used in investing activities | (24,927) | (39,733) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from debt issuance | 794,784 | — | |||||||||
| Repayments of notes payable | (599,682) | (2,688) | |||||||||
| Financial Services borrowings (repayments), net | (77,286) | (100,055) | |||||||||
| Debt issuance costs | (22,592) | — | |||||||||
| Proceeds from liabilities related to consolidated inventory not owned | 6,178 | 11,060 | |||||||||
| Payments related to consolidated inventory not owned | (4,582) | (11,363) | |||||||||
| Share repurchases | (308,183) | (300,000) | |||||||||
| Cash paid for shares withheld for taxes | (36,814) | (23,422) | |||||||||
| Dividends paid | (52,035) | (45,822) | |||||||||
| Net cash used in financing activities | (300,212) | (472,290) | |||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (165,388) | (377,795) | |||||||||
| 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 | $ | 1,843,388 | $ | 1,275,885 | |||||||
| Supplemental Cash Flow Information: | |||||||||||
| Interest paid (capitalized), net | $ | 4,506 | $ | 3,342 | |||||||
| Income taxes paid (refunded), net | $ | 3,914 | $ | 69,743 | |||||||
6
PulteGroup, Inc.
Segment Data
($000's omitted)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| HOMEBUILDING: | |||||||||||
| Home sale revenues | $ | 3,307,510 | $ | 3,749,269 | |||||||
| Land sale and other revenues | 29,315 | 52,554 | |||||||||
| Total Homebuilding revenues | 3,336,825 | 3,801,823 | |||||||||
| Home sale cost of revenues | (2,500,153) | (2,719,115) | |||||||||
| Land sale and other cost of revenues | (27,148) | (50,955) | |||||||||
| Selling, general, and administrative expenses | (380,334) | (393,337) | |||||||||
| Equity income from unconsolidated entities, net | 879 | 502 | |||||||||
| Other income, net | 6,745 | 6,362 | |||||||||
| Income before income taxes | $ | 436,814 | $ | 645,280 | |||||||
| FINANCIAL SERVICES: | |||||||||||
| Income before income taxes | $ | 12,582 | $ | 35,857 | |||||||
| CONSOLIDATED: | |||||||||||
| Income before income taxes | $ | 449,396 | $ | 681,137 | |||||||
7
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Home sale revenues | $ | 3,307,510 | $ | 3,749,269 | |||||||
| Closings - units | |||||||||||
| Northeast | 261 | 339 | |||||||||
| Southeast | 1,228 | 1,193 | |||||||||
| Florida | 1,689 | 1,650 | |||||||||
| Midwest | 977 | 1,090 | |||||||||
| Texas | 866 | 1,039 | |||||||||
| West | 1,081 | 1,272 | |||||||||
| 6,102 | 6,583 | ||||||||||
| Average selling price | $ | 542 | $ | 570 | |||||||
| Net new orders - units | |||||||||||
| Northeast | 441 | 404 | |||||||||
| Southeast | 1,423 | 1,356 | |||||||||
| Florida | 2,206 | 1,869 | |||||||||
| Midwest | 1,285 | 1,388 | |||||||||
| Texas | 1,258 | 1,287 | |||||||||
| West | 1,421 | 1,461 | |||||||||
| 8,034 | 7,765 | ||||||||||
| Net new orders - dollars | $ | 4,565,026 | $ | 4,477,827 | |||||||
| Unit backlog | |||||||||||
| Northeast | 687 | 680 | |||||||||
| Southeast | 1,946 | 2,075 | |||||||||
| Florida | 2,938 | 3,014 | |||||||||
| Midwest | 1,913 | 2,100 | |||||||||
| Texas | 1,183 | 1,196 | |||||||||
| West | 1,760 | 2,270 | |||||||||
| 10,427 | 11,335 | ||||||||||
| Dollars in backlog | $ | 6,527,628 | $ | 7,223,276 | |||||||
8
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| MORTGAGE ORIGINATIONS: | |||||||||||
| Origination volume | 3,989 | 4,271 | |||||||||
| Origination principal | $ | 1,703,016 | $ | 1,866,018 | |||||||
| Capture rate | 84.8 | % | 86.4 | % | |||||||
Supplemental Data
($000's omitted)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Interest in inventory, beginning of period | $ | 122,327 | $ | 139,960 | |||||||
| Interest capitalized | 27,835 | 26,092 | |||||||||
| Interest expensed | (24,897) | (26,511) | |||||||||
| Interest in inventory, end of period | $ | 125,265 | $ | 139,541 | |||||||
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 | ||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Notes payable | $ | 1,820,771 | $ | 1,631,098 | ||||||||||
| Shareholders' equity | 12,954,152 | 12,985,442 | ||||||||||||
| Total capital | $ | 14,774,923 | $ | 14,616,540 | ||||||||||
| Debt-to-capital ratio | 12.3 | % | 11.2 | % | ||||||||||
| Notes payable | $ | 1,820,771 | $ | 1,631,098 | ||||||||||
| Less: Total cash, cash equivalents, and restricted cash | (1,843,388) | (2,008,776) | ||||||||||||
| Total net debt | $ | (22,617) | $ | (377,678) | ||||||||||
| Shareholders' equity | 12,954,152 | 12,985,442 | ||||||||||||
| Total net capital | $ | 12,931,535 | $ | 12,607,764 | ||||||||||
| Net debt-to-capital ratio | (0.2) | % | (3.0) | % | ||||||||||
10
| FOR IMMEDIATE RELEASE | Company Contact | ||||
| Investors: Jim Zeumer | |||||
| (404) 978-6434 | |||||
Email: jim.zeumer@pultegroup.com | |||||
PulteGroup Announces $1.5 Billion Increase to
Share Repurchase Authorization
ATLANTA – April 23, 2026 – PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors has approved a $1.5 billion increase to the Company’s share repurchase authorization. This increase brings the Company’s current share repurchase authorization to $2.1 billion.
“PulteGroup continues to allocate capital in alignment with its stated priorities of investing in the business, paying dividends and returning excess funds to shareholders,” said Ryan Marshall, PulteGroup President and CEO. “Over the past 10 years, we have invested $38 billion into our business while returning $9 billion to shareholders through dividends and share repurchases.”
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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FAQ
How did PulteGroup (PHM) perform financially in Q1 2026?
PulteGroup reported Q1 2026 net income of $347 million, or $1.79 per diluted share. Total revenues were $3.41 billion, including $3.3 billion of home sale revenues. Earnings and revenue were lower than the prior year, but the company remained solidly profitable.
What happened to PulteGroup (PHM) home sale revenues and margins in Q1 2026?
Home sale revenues were $3.3 billion, a 12% decrease from the prior year. The decline came from a 7% drop in closings and a 5% lower average selling price of $542,000. Home sale gross margin fell to 24.4% from 27.5% due to higher incentives.
How strong were PulteGroup (PHM) orders and backlog in Q1 2026?
Net new orders rose 3% to 8,034 homes valued at $4.6 billion. Unit backlog at quarter-end was 10,427 homes worth $6.5 billion. The company also operated from an average of 1,043 communities, a 9% increase over the prior year.
What is PulteGroup (PHM)’s leverage and liquidity position after Q1 2026?
PulteGroup ended Q1 2026 with a debt-to-capital ratio of 12.3% and $1.8 billion in cash and equivalents. Notes payable totaled $1.82 billion, while shareholders’ equity was about $13.0 billion, supporting a conservative balance sheet alongside ongoing buybacks.
How did PulteGroup (PHM)’s Financial Services segment perform in Q1 2026?
The Financial Services segment generated pre-tax income of $12.6 million, down from $35.9 million a year earlier. Mortgage origination principal was $1.70 billion on 3,989 originations, with a capture rate of 84.8% compared with 86.4% in the prior-year quarter.