Analyst Consensus ?
ConsensusHold43 ratings
Bullish1944.2%
Neutral2148.8%
Bearish37.0%
PulteGroup, Inc. · PHM · FY2026 Q2 · Calendar Q3 2026
PulteGroup Q2: Margins Rebound to 25%, Orders Up 6% as Spec Inventory Tightens
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.
Reported Before market openNYSEConsumer Cyclical
$25.54B market cap
100quality score
Company 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.48
Consensus $2
EPS surprise
+5.1%
Reported versus consensus
Reported revenue
$3.98B
Consensus $3.94B
Revenue surprise
+1.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$128.74Current
$52Low
$117.85Average
$166High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Jul 24, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 23, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 6, 2026 |
| UBS | Buy | Buy | Maintain | Apr 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Apr 20, 2026 |
| Truist Securities | Buy | Buy | Maintain | Apr 16, 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 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Aug 14, 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 $128.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $166 | $123.25 | +28.9% | Jul 23, 2026 |
| RBC Capital | Analyst unavailable | $116 | $123.28 | -9.9% | Jul 23, 2026 |
| Evercore ISI | Analyst unavailable | $162 | $122.5 | +25.8% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $124 | $126.75 | -3.7% | Jul 23, 2026 |
| Barclays | Analyst unavailable | $123 | $123.75 | -4.5% | Jul 14, 2026 |
| UBS | Analyst unavailable | $162 | $129.16 | +25.8% | Apr 24, 2026 |
| Evercore ISI | Stephen Kim | $151 | $129.22 | +17.3% | Apr 24, 2026 |
| Wells Fargo | Analyst unavailable | $140 | $130.64 | +8.7% | Apr 24, 2026 |
| Truist Financial | Analyst unavailable | $150 | $121.33 | +16.5% | Apr 16, 2026 |
| Raymond James | Analyst unavailable | $145 | $130.46 | +12.6% | Feb 4, 2026 |
| RBC Capital | Analyst unavailable | $115 | $124.72 | -10.7% | Jan 30, 2026 |
| Oppenheimer | Analyst unavailable | $149 | $127.26 | +15.7% | Jan 30, 2026 |
| Goldman Sachs | Analyst unavailable | $144 | $133.23 | +11.9% | Jan 13, 2026 |
| RBC Capital | Mike Dahl | $111 | $123.16 | -13.8% | Jan 9, 2026 |
| UBS | Analyst unavailable | $159 | $119.86 | +23.5% | Jan 6, 2026 |
| Barclays | Matthew Bouley | $115 | $126.99 | -10.7% | Dec 8, 2025 |
| Evercore ISI | Analyst unavailable | $134 | $123.27 | +4.1% | Oct 22, 2025 |
| Evercore ISI | Analyst unavailable | $154 | $135.48 | +19.6% | Oct 7, 2025 |
| RBC Capital | Mike Dahl | $109 | $101.06 | -15.3% | Apr 23, 2025 |
| UBS | John Lovallo | $141 | $101.06 | +9.5% | Apr 23, 2025 |
| Barclays | Matthew Bouley | $98 | $101.06 | -23.9% | Apr 23, 2025 |
| Wedbush | Jay McCanless | $135 | $110.01 | +4.9% | Jan 3, 2025 |
| Wells Fargo | Sam Reid | $165 | $139.44 | +28.2% | Oct 7, 2024 |
| Bank of America Securities | Rafe Jadrosich | $160 | $140.99 | +24.3% | Sep 19, 2024 |
| Wells Fargo | Sam Reid | $150 | $125.67 | +16.5% | Jul 24, 2024 |
| Barclays | Matthew Bouley | $131 | $113.84 | +1.8% | Jul 12, 2024 |
| Oppenheimer | Tyler Batory | $143 | $114.2 | +11.1% | May 22, 2024 |
| Raymond James | Buck Horne | $135 | $108.09 | +4.9% | Apr 25, 2024 |
| Barclays | Matthew Bouley | $136 | $116.48 | +5.6% | Apr 4, 2024 |
| Wolfe Research | Truman Patterson | $64 | $55.94 | -50.3% | Mar 23, 2023 |
| Barclays | Matthew Bouley | $75 | $58.8 | -41.7% | Feb 5, 2023 |
| J.P. Morgan | Analyst unavailable | $74 | $60.11 | -42.5% | Feb 2, 2023 |
| Citigroup | Analyst unavailable | $68 | $59.33 | -47.2% | Feb 2, 2023 |
| RBC Capital | Analyst unavailable | $54 | $56.83 | -58.1% | Feb 1, 2023 |
| Wedbush | Analyst unavailable | $57 | $56.56 | -55.7% | Feb 1, 2023 |
| BTIG | Analyst unavailable | $68 | $56.53 | -47.2% | Feb 1, 2023 |
| Oppenheimer | Analyst unavailable | $68 | $56.96 | -47.2% | Feb 1, 2023 |
| Goldman Sachs | Analyst unavailable | $50 | $50.46 | -61.2% | Jan 12, 2023 |
| Barclays | Analyst unavailable | $58 | $45.79 | -54.9% | Dec 14, 2022 |
| BTIG | Analyst unavailable | $61 | $43.28 | -52.6% | Dec 6, 2022 |
| Raymond James | Analyst unavailable | $59 | $43.66 | -54.2% | Jul 28, 2022 |
| Barclays | Matthew Bouley | $48 | $44.7 | -62.7% | Jul 26, 2022 |
| J.P. Morgan | Analyst unavailable | $49.5 | $44.06 | -61.6% | Jul 12, 2022 |
| RBC Capital | Mike Dahl | $41 | $37.92 | -68.2% | Jun 22, 2022 |
| Citigroup | Analyst unavailable | $43 | $36.25 | -66.6% | Jun 21, 2022 |
| Wells Fargo | Analyst unavailable | $41 | $35.16 | -68.2% | Jun 17, 2022 |
| UBS | Analyst unavailable | $55 | $39.43 | -57.3% | Jun 16, 2022 |
| RBC Capital | Analyst unavailable | $56 | $43.56 | -56.5% | Apr 29, 2022 |
| Wells Fargo | Deepa Raghavan | $52 | $50.27 | -59.6% | Nov 15, 2021 |
| Raymond James | Buck Horne | $70 | $48.46 | -45.6% | Oct 27, 2021 |
| Goldman Sachs | Susan Maklari | $58 | $49.09 | -54.9% | Sep 8, 2021 |
| Janney Montgomery | Tyler Batory | $71 | $58.02 | -44.9% | Apr 28, 2021 |
Track every rating change on PHM the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+2.0%
Event window
SPY move
-0.1%
Same window
Abnormal move
+2.1%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+1.7%
Up to 20 sessions
PHMSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Gross margin recovered from 24.4% in Q1 to 25% in Q2 as incentives declined from 10.9% to 10.4% of sales price. Build-to-order mix advanced from 43% to 45% of new orders, with cycle times under 100 days. Spec inventory tightened to 1.3 homes per community, a 13% year-over-year decline in total spec units. Net new orders grew 6% YoY with active-adult orders up 12%, building on Q1's Florida-led 18% order surge. Land spend accelerated from $1.3B in Q1 to $1.4B in Q2, with year-to-date spend at $2.7B on track for the $5.4B annual target. New Explore by Del Webb communities launched in Tampa, Columbus, and Palm Desert, with a Utah location upcoming.
Guidance delta
Full-year guidance for closings, average sales price, and gross margin was reaffirmed, consistent with the maintained guidance stance from Q1. Management's guidance sentiment remained 'maintained' with no upward or downward revision.
Key takeaways
- EPS of $2.48 beat consensus of $2.36 by 5.1%; revenue of $3.98B beat by 1.0%.
- Gross margin recovered to 25% from 24.4% in Q1 as incentives fell to 10.4% of sales price.
- Net new orders grew 6% YoY, with active-adult orders up 12%.
- Spec inventory reduced to 1.3 homes per community, a 13% YoY decline in total spec units.
- Build-to-order homes reached 45% of new orders, targeting 60% by next year, with cycle times under 100 days.
- Land spend of $1.4B in Q2 brings YTD spend to $2.7B, on track for the $5.4B annual target.
Management priorities
- Increase build-to-order share toward the 60% target by next year.
- Continue reducing spec inventory while matching starts to sales cadence.
- Maintain land acquisition pace to reach the $5.4B annual spend goal.
- Expand the Explore by Del Webb active-adult brand, including a new Utah location.
- Pursue selective tuck-in acquisitions to enhance local market scale.
- Continue share repurchases within the $2.1B authorization while funding growth.
Sources
- Earnings call transcript and parsed analysis · 2026-07-22T16:08:13.136054+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T19:41:14.487259+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T19:41:14.484346+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 . For educational purposes only; not investment advice.