Analyst Consensus ?
ConsensusHold43 ratings
Bullish2046.5%
Neutral2046.5%
Bearish37.0%
PulteGroup, Inc. · PHM · FY2025 Q2 · Calendar Q3 2025
PHM Q2 2025: Margins Held and Guidance Was Maintained
The quarter supports a constructive operating case: resilient active-adult demand, margin performance at the top of guidance, and a maintained outlook outweigh near-term cost and inventory risks in the supplied analysis.
Reported Before market openNYSEConsumer Cyclical
$21.64B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.03
Consensus $2.95
EPS surprise
+2.7%
Reported versus consensus
Reported revenue
$4.40B
Consensus $4.38B
Revenue surprise
+0.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+11.5%
Event window
SPY move
+0.0%
Same window
Abnormal move
+11.5%
Stock minus SPY
Volume
2.2×
Versus trailing sessions
Subsequent drift
+7.6%
Up to 20 sessions
PHMSPY benchmark
Ask FN2 about PHM FY2025 Q2
Transcript, numbers and history already loaded
Why did PHM rise 11.5% after beating EPS estimates in FY2025 Q2?What changed in PHM's guidance and outlook in FY2025 Q2?Give me the bull and bear case for PHM after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management maintained the outlook while reporting 9% year-over-year active-adult growth. Lumber-tariff expectations were lower than previously projected, but incentive, labor, cost, and spec-inventory risks remained.
Guidance delta
Management maintained its full-year 2025 outlook: 29,000 homes to close, ASP of $560,000-$578,000, and spec inventory at 40%-45% of production.
Key takeaways
- Q2 gross margin was 27%, at the top of guidance despite higher incentive spending.
- Active-adult demand grew 9% year over year, supported by new Del Webb communities.
- Land acquisition totaled $1.3 billion in Q2, while management emphasized a larger land-option strategy to reduce risk.
- The full-year outlook was maintained, including 29,000 homes to close and a 40%-45% spec-inventory target.
Management priorities
- Bring new Del Webb communities online for 2026 closings and scale Del Webb Explore for Gen X buyers.
- Increase the land-option proportion toward 70% of the pipeline.
- Keep spec inventory within 40%-45% of production by year-end.
- Continue disciplined share repurchases and return excess capital.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$112.12Current
$52Low
$121.34Average
$166High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 10, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 6, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 25, 2026 |
| Truist Securities | Buy | Buy | Maintain | Sep 16, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 11, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Aug 24, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jul 24, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 23, 2026 |
| UBS | Buy | Buy | Maintain | Apr 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 20, 2026 |
| Seaport Global | Sell | Buy | Downgrade | Apr 7, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 3, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 30, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 23, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jan 14, 2025 |
| Wedbush | Outperform | Neutral | Upgrade | Jan 3, 2025 |
| BTIG | Buy | Buy | Maintain | Oct 23, 2024 |
| Zelman & Assoc | Outperform | Neutral | Upgrade | Apr 24, 2024 |
| Jefferies | Buy | Buy | Maintain | Apr 24, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 26, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Feb 3, 2023 |
| Susquehanna | Positive | Neutral | Upgrade | Oct 23, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 12, 2020 |
| CFRA | Hold | Hold | Maintain | Apr 23, 2020 |
| Bank of America | Neutral | Underperform | Upgrade | Jan 7, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Oct 24, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Oct 24, 2019 |
| BTIG Research | Neutral | Sell | Upgrade | Apr 24, 2019 |
| Deutsche Bank | Hold | Buy | Downgrade | Oct 22, 2018 |
| Mizuho | Neutral | Buy | Downgrade | Aug 7, 2018 |
| B. Riley FBR | Neutral | Buy | Downgrade | May 5, 2018 |
| B. Riley Securities | Buy | Neutral | Upgrade | Apr 25, 2018 |
| FBR Capital | Buy | Buy | Maintain | Oct 25, 2017 |
| Zelman | Hold | Buy | Downgrade | Apr 4, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Dec 22, 2015 |
| Sterne Agee | Neutral | Buy | Downgrade | Dec 22, 2015 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Oct 13, 2015 |
| Compass Point | Neutral | Neutral | Maintain | Oct 13, 2014 |
| FBN Securities | Underperform | Sector Perform | Downgrade | Dec 30, 2013 |
| Williams Financial | Buy | Hold | Upgrade | Jul 30, 2013 |
| Williams Capital | Buy | Hold | Upgrade | Jul 30, 2013 |
| ISI Group | Neutral | Strong Buy | Downgrade | Jul 26, 2013 |
| MKM Partners | Neutral | Buy | Downgrade | Jul 16, 2012 |
| Guggenheim | Neutral | Neutral | Maintain | Apr 26, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $112.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Piper Sandler | Analyst unavailable | $145 | $112.33 | +29.3% | Oct 8, 2026 |
| Melius Research | Analyst unavailable | $132 | $113.98 | +17.7% | Oct 6, 2026 |
| Barclays | Analyst unavailable | $110 | $113.98 | -1.9% | Oct 6, 2026 |
| Morgan Stanley | Adam Kramer | $128 | $116.06 | +14.2% | Oct 1, 2026 |
| Truist Financial | Jonathan Bettenhausen | $136 | $119.47 | +21.3% | Sep 16, 2026 |
| Wells Fargo | Analyst unavailable | $145 | $116.41 | +29.3% | Sep 11, 2026 |
| Wolfe Research | Analyst unavailable | $158 | $129 | +40.9% | Aug 24, 2026 |
| Wolfe Research | Trevor Allinson | $129 | $129 | +15.1% | Aug 24, 2026 |
| UBS | Analyst unavailable | $166 | $123.25 | +48.1% | Jul 23, 2026 |
| RBC Capital | Analyst unavailable | $116 | $123.28 | +3.5% | Jul 23, 2026 |
| Evercore ISI | Analyst unavailable | $162 | $122.5 | +44.5% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $124 | $126.75 | +10.6% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $123 | $123.75 | +9.7% | Jul 14, 2026 |
| UBS | Analyst unavailable | $162 | $129.16 | +44.5% | Apr 24, 2026 |
| Evercore ISI | Stephen Kim | $151 | $129.22 | +34.7% | Apr 24, 2026 |
| Wells Fargo | Analyst unavailable | $140 | $130.64 | +24.9% | Apr 24, 2026 |
| Truist Financial | Analyst unavailable | $150 | $121.33 | +33.8% | Apr 16, 2026 |
| Raymond James | Analyst unavailable | $145 | $130.46 | +29.3% | Feb 4, 2026 |
| RBC Capital | Analyst unavailable | $115 | $124.72 | +2.6% | Jan 30, 2026 |
| Oppenheimer | Analyst unavailable | $149 | $127.26 | +32.9% | Jan 30, 2026 |
| Goldman Sachs | Analyst unavailable | $144 | $133.23 | +28.4% | Jan 13, 2026 |
| RBC Capital | Mike Dahl | $111 | $123.16 | -1.0% | Jan 9, 2026 |
| UBS | Analyst unavailable | $159 | $119.86 | +41.8% | Jan 6, 2026 |
| Barclays | Matthew Bouley | $115 | $126.99 | +2.6% | Dec 8, 2025 |
| Evercore ISI | Analyst unavailable | $134 | $123.27 | +19.5% | Oct 22, 2025 |
| Evercore ISI | Analyst unavailable | $154 | $135.48 | +37.4% | Oct 7, 2025 |
| RBC Capital | Mike Dahl | $109 | $101.06 | -2.8% | Apr 23, 2025 |
| UBS | John Lovallo | $141 | $101.06 | +25.8% | Apr 23, 2025 |
| Barclays | Matthew Bouley | $98 | $101.06 | -12.6% | Apr 23, 2025 |
| Wedbush | Jay McCanless | $135 | $110.01 | +20.4% | Jan 3, 2025 |
| Wells Fargo | Sam Reid | $165 | $139.44 | +47.2% | Oct 7, 2024 |
| Bank of America Securities | Rafe Jadrosich | $160 | $140.99 | +42.7% | Sep 19, 2024 |
| Wells Fargo | Sam Reid | $150 | $125.67 | +33.8% | Jul 24, 2024 |
| Barclays | Matthew Bouley | $131 | $113.84 | +16.8% | Jul 12, 2024 |
| Oppenheimer | Tyler Batory | $143 | $114.2 | +27.5% | May 22, 2024 |
| Raymond James | Buck Horne | $135 | $108.09 | +20.4% | Apr 25, 2024 |
| Barclays | Matthew Bouley | $136 | $116.48 | +21.3% | Apr 4, 2024 |
| Wolfe Research | Truman Patterson | $64 | $55.94 | -42.9% | Mar 23, 2023 |
| Barclays | Matthew Bouley | $75 | $58.8 | -33.1% | Feb 5, 2023 |
| J.P. Morgan | Analyst unavailable | $74 | $60.11 | -34.0% | Feb 2, 2023 |
| Citigroup | Analyst unavailable | $68 | $59.33 | -39.4% | Feb 2, 2023 |
| RBC Capital | Analyst unavailable | $54 | $56.83 | -51.8% | Feb 1, 2023 |
| Wedbush | Analyst unavailable | $57 | $56.56 | -49.2% | Feb 1, 2023 |
| BTIG | Analyst unavailable | $68 | $56.53 | -39.4% | Feb 1, 2023 |
| Oppenheimer | Analyst unavailable | $68 | $56.96 | -39.4% | Feb 1, 2023 |
| Goldman Sachs | Analyst unavailable | $50 | $50.46 | -55.4% | Jan 12, 2023 |
| Barclays | Analyst unavailable | $58 | $45.79 | -48.3% | Dec 14, 2022 |
| BTIG | Analyst unavailable | $61 | $43.28 | -45.6% | Dec 6, 2022 |
| Raymond James | Analyst unavailable | $59 | $43.66 | -47.4% | Jul 28, 2022 |
| Barclays | Matthew Bouley | $48 | $44.7 | -57.2% | Jul 26, 2022 |
| J.P. Morgan | Analyst unavailable | $49.5 | $44.06 | -55.9% | Jul 12, 2022 |
| RBC Capital | Mike Dahl | $41 | $37.92 | -63.4% | Jun 22, 2022 |
| Citigroup | Analyst unavailable | $43 | $36.25 | -61.6% | Jun 21, 2022 |
| Wells Fargo | Analyst unavailable | $41 | $35.16 | -63.4% | Jun 17, 2022 |
| UBS | Analyst unavailable | $55 | $39.43 | -50.9% | Jun 16, 2022 |
| RBC Capital | Analyst unavailable | $56 | $43.56 | -50.1% | Apr 29, 2022 |
| Wells Fargo | Deepa Raghavan | $52 | $50.27 | -53.6% | Nov 15, 2021 |
| Raymond James | Buck Horne | $70 | $48.46 | -37.6% | Oct 27, 2021 |
| Goldman Sachs | Susan Maklari | $58 | $49.09 | -48.3% | Sep 8, 2021 |
| Janney Montgomery | Tyler Batory | $71 | $58.02 | -36.7% | Apr 28, 2021 |
Track every rating change on PHM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPulteGroup, Inc. engages in the homebuilding business. The firm is also involved in mortgage banking and title and insurance brokerage operations. It operates through the Homebuilding and Financial services business segments. The Homebuilding segment includes operations from Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, Georgia, North Carolina, South Carolina, Tennessee, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Texas, Arizona, California, Nevada, New Mexico, and Washington. The Financial Services segment is composed of mortgage banking and title operations. The company was founded by William J. Pulte in 1950 and is headquartered in Atlanta, GA.
Historical context
All PHM earningsConsumer Cyclical peers this season
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| LEN-B Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | — | Lennar: Efficiency Gains Offset Housing-Market Pressures |
| LEN Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | -4.1% | Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-10T19:00:44.034963+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-10T19:00:44.031917+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-10. For educational purposes only; not investment advice.