PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2026. For the quarter, the Company reported net income of $476 million, or $2.53 per share. In the prior year period, the Company reported net income of $586 million, or $2.96 per share.

“With homebuying demand increasingly pressured by rising mortgage rates, widespread inflation, and global unrest, we continue to benefit from our diversified operating platform and consistent strategies for delivering superior returns over the housing cycle,” said PulteGroup President and CEO, Ryan Marshall. “With more than 60% of our business now comprised of more profitable move-up and active-adult homebuyers, our strong gross margins were instrumental to driving third quarter earnings of $2.53 per share."

“The rapid increase in interest rates has stretched affordability even further, made selling an existing home even harder, and has pushed even more consumers to the sidelines,” added Mr. Marshall. “Within this environment, we continue to appropriately balance the price and pace of home sales, align production accordingly, and remain disciplined in our allocation of capital.”

Third Quarter Results

The Company generated home sale revenues in the third quarter of $3.9 billion, a decrease of 9% from home sale revenues of $4.2 billion realized in the prior year period. Home sale revenues in the third quarter reflect a 9% decrease in closings to 6,876 homes, in combination with a 1% decrease in the average sales price of homes closed to $561,000.

In the third quarter, the Company reported home sale gross margin of 24.8%, compared with 26.2% in the comparable prior year period. The Company’s reported third quarter gross margin is inclusive of $26 million, or approximately 70 basis points, of land impairments recorded in the period. Third quarter SG&A expenses were $397 million, or 10.3% of home sale revenues, compared with $401 million, or 9.4%, in last year’s third quarter.

Third quarter net new orders totaled 6,208 homes, which is down 6% from the prior year’s net new orders of 6,638 homes. The value of net new orders in the third quarter was $3.5 billion, compared with $3.6 billion in the third quarter of last year. For its third quarter, the Company’s average community count totaled 1,077, or an increase of 7% from the prior year period.

At the end of the third quarter, the Company’s backlog was 10,298 homes with a value of $6.4 billion. The Company ended last year’s third quarter with a backlog of 9,888 homes with a value of $6.2 billion.

In the third quarter, the Company's financial services operations generated pre-tax income of $46 million, which is comparable with the prior year period. Mortgage capture rate in the quarter was 85%, up from 84% in the prior year period.

PulteGroup repurchased 2.8 million of its common shares in the third quarter for $350 million, or an average price of $124.70 per share. Through the first nine months of 2026, the Company repurchased 8.4 million common shares, or 4% of shares outstanding, for $1.0 billion, or an average price of $123.51 per share. The Company ended the quarter with $1.4 billion of cash and a debt-to-capital ratio of 12%.

A conference call discussing PulteGroup's third quarter 2026 results is scheduled for Thursday, October 22, 2026, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.