The sequential deterioration in orders and closings, combined with rising mortgage rates and affordability headwinds cited by management, suggests further downside risk to Q4 results. Monitor the conference call for commentary on community count trajectory and pricing strategy adjustments.
Price Chart
Executive Summary
PulteGroup reported Q3 2026 EPS of $2.53, slightly below consensus of $2.54, on home sale revenues of $3.86B, which missed the $4.30B estimate and declined 9% YoY. Closings fell 9% to 6,876 homes, net new orders dropped 6%, and home sale gross margin contracted to 24.8% from 26.2% a year ago, including $26M in land impairments. The company continued aggressive share repurchases ($350M in the quarter) and maintained a strong balance sheet with a 12.1% debt-to-capital ratio.
Key Financial Metrics
Key Facts
- Q3 2026 diluted EPS of $2.53 vs consensus $2.54 (miss by ~0.4%)
- Home sale revenues of $3.86B, down 9% YoY from $4.25B, missing $4.30B consensus
- Closings decreased 9% to 6,876 homes; average selling price down 1% to $561,000
- Home sale gross margin of 24.8% vs 26.2% a year ago, inclusive of $26M land impairments
- Net new orders fell 6% to 6,208 homes; order value down to $3.5B from $3.6B
- Unit backlog increased 4% to 10,298 homes; backlog value up 3% to $6.4B
- Repurchased 2.8M shares for $350M in Q3; YTD repurchases of 8.4M shares for $1.0B
- Financial services pre-tax income of $46M, comparable to prior year; mortgage capture rate 85%
- Cash of $1.4B; debt-to-capital ratio of 12.1%
Financial Impact
Revenue miss of ~$440M vs consensus; EPS miss of $0.01; gross margin contraction of 140 bps YoY
Risk Factors
- Continued pressure from rising mortgage rates and strained housing affordability
- Further gross margin compression from land impairments and higher incentives
- Potential for additional order cancellations if interest rates remain elevated
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000822416-26-000041 |
| Document: phm-20261022.htm | 0000822416-26-000041 |
| Document: 0000822416-26-000041-index-headers.html | 0000822416-26-000041 |
| Document: 0000822416-26-000041-index.html | 0000822416-26-000041 |
| Document: 0000822416-26-000041.txt | 0000822416-26-000041 |
| 8-K Data (Synthetic) | 0000822416-26-000041 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Institutional Cluster | $121.31 | awaiting T+60 | awaiting T+60 | $121.63 (+0.26%) |
Oct 22, 2026 5d ago | 8-K | $119.48 | awaiting T+60 | awaiting T+60 | $121.63 (−1.80%) |
Jul 22, 2026 13w ago | 8-K | $126.75 $112.99 | ▲ +10.86% | ▲ +14.12% | $121.63 (+4.04%) |
Jun 18, 2026 18w ago | Institutional Cluster | $126.96 $118.94 | ▼ −6.32% | ▼ −8.21% | $121.63 (−4.20%) |
Apr 23, 2026 26w ago | 8-K | $130.64 $123.18 | ▲ +5.71% | ▲ +10.73% | $121.63 (+6.90%) |
Mar 13, 2026 32w ago | DEFA14A | $121.91 $117.71 | ▼ −3.45% | ▼ −13.93% | $121.63 (−0.23%) |
Feb 28, 2026 34w ago | Institutional Cluster | $133.44 $117.84 | ▼ −11.69% | ▼ −21.01% | $121.63 (−8.85%) |
US Market Status
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