PulteGroup, Inc. earnings overview

PHM FY2026 Q2 · Calendar Q3 2026

PulteGroup, Inc.

PulteGroup's Q2 2026 results showed tangible progress on the operational priorities management outlined in Q1. Gross margins recovered from 24.4% to 25% as incentives declined from 10.9% to 10.4% of sales price. Net new orders grew 6% year-over-year, led by a 12% jump in active-adult orders. The company aggressively reduced spec inventory to 1.3 homes per community (a 13% YoY decline in total spec units) while build-to-order homes reached 45% of new orders, advancing toward the 60% target. Management reaffirmed full-year guidance for closings, ASP, and gross margin. The stock responded with a 2.1% abnormal move on 1.64x baseline volume, followed by continued upward drift of 1.7% in subsequent sessions. Analyst consensus target of $143.29 implies roughly 12% upside from the current price of $128.49.