PulteGroup profit falls as closings and margins weaken

PulteGroup ($PHM) reported third-quarter 2026 net income of $476 million, or $2.53 per share, compared with $586 million, or $2.96 per share, a year earlier. Home-sale revenue fell 9% to $3.9 billion as closings declined 9% to 6,876 homes. The average selling price decreased 1% to approximately $561,000.

Home-sale gross margin declined to 24.8% from 26.2%, including $26 million of land-related impairment charges that reduced margin by 70 basis points. New orders fell 6% to 6,208 homes, although the backlog increased to 10,298 homes valued at $6.4 billion. Higher mortgage rates continued to weigh on affordability. Pulte repurchased $350 million of shares during the quarter, supporting per-share results but leaving underlying demand and margin trends central to its outlook.

Sources:

• newsroom.pultegroupinc.com