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What is the market's earnings forecast for PulteGroup next quarter?

What were the key takeaways from PulteGroup's earnings call?

What is the revenue and EPS growth rate for PulteGroup year over year?

What guidance did PulteGroup's management provide for the next earnings period?

Did PulteGroup beat or miss consensus estimates last quarter?

What is PulteGroup's latest dividend and current dividend yield?

- **Revenue resilience**: $16.7B in 2025 with 29,500 homes closed, despite 7-8% lot cost increases.
- **Margin strength**: 2026 gross margin guided 24.5-25.0%, driven by build-to-order mix (60%+) and lower house costs.
- **Strategic pivot**: Divested ICG to focus on core homebuilding, with 235,000 lots under control for 3-5% community growth.
- **Active adult outperformance**: 6% YoY growth in active adult sign-ups, contributing 24% of Q4 closings.
- **Challenges**: Texas/Western markets lagging, with Q4 incentives rising to 9.9% to clear spec inventory.

**【CEO Summary Section】**
- PulteGroup reported 2025 revenue of $16.7 billion, with 29,500 homes closed and gross margins of 26.3%. 
- Divested off-site manufacturing (ICG) to focus on core homebuilding, maintaining a land pipeline of 235,000 lots for 3-5% community count growth in 2026.
- Active adult buyer segment grew 6% annually, driving higher-margin Del Webb closings (24% of Q4 2025 closings).
- Texas and Western markets faced slower demand, while Northeast, Midwest, and Florida markets outperformed.

**【CFO Financial Commentary】**
- Q4 2025 net income: $502 million ($2.56 EPS), down 45% YoY due to land impairments ($35M) and higher incentives (9.9% of sales).
- Full year 2025 cash flow: $1.9B; 2026 land spend guided to $5.4B, with 2026 gross margin expected 24.5-25.0%.
- SG&A expense for 2026 guided to 9.5-9.7% of home sale revenue, up from 8.7% in Q4 2025.
- 2025 share buybacks: 10.6M shares ($1.2B); 2026 tax rate expected 24.5%.

**【Q&A Highlights】**
- **Incentives & Margins**: Q4 2025 incentives rose to 9.9% (vs. 7.2% Q4 2024) to clear spec inventory; 2026 gross margin guided 24.5-25.0% despite 7-8% lot cost increases.
- **Build-to-Rent (BFR)**: Minimal impact (100 homes/Q4 2025), with no plans to expand amid regulatory uncertainty.
- **Regional Performance**: Florida sign-ups +13% YoY; Texas/Western markets lagging due to affordability challenges.
- **Spec Inventory Management**: Reduced spec homes by 1,500 YoY, targeting build-to-order model (60%+ homes built-to-order).
- **Labor & Materials**: Sticks & bricks costs expected flat to down in 2026, benefiting from lower lumber and labor costs.


PulteGroup, Inc.(PHM)-20260129-2025 Q4 Earnings call transcript

- **Revenue Resilience**: Q3 2025 revenue of $4.2 billion, down 2% YoY, with active adult segment growth (7%) offsetting first-time buyer decline (14%).
- **Margin Management**: Gross margin guidance for Q4 2025 at 25.5%-26.0%, reflecting 8.9% incentives and 49% spec homes in production.
- **Strategic Growth**: 2026 closings target 29,000-29,400 homes, supported by $5 billion land spend and 106-day build cycle.
- **Policy Leverage**: Federal housing bills could reduce lot costs by $1,500+ in 2026, with consumer confidence in Texas/Midwest offsetting affordability risks.

**【CEO Summary Section】**
- PulteGroup reported Q3 2025 revenue of $4.2 billion, down 2% year-over-year due to market conditions. Active adult segment growth (7%) offset first-time buyer decline (14%).
- Management emphasized disciplined land spend ($5 billion) and inventory control, with spec homes at 49% of production.
- Gross margin guidance for Q4 2025 is 25.5%-26.0%, reflecting competitive incentives (8.9% of sales price) and market dynamics.

**【CFO Financial Commentary】**
- Net income of $568 million ($2.96 per share), driven by 106-day build cycle and land pipeline optimization.
- SG&A expenses at 9.4% of revenue, with focus on cost control amid macroeconomic uncertainty.
- Land investments ($3.8 billion YTD) balanced against 240,000 controlled lots, targeting 2026 closings of 29,000-29,400 homes.

**【Q&A Highlights】**
- **Market Trends**: Southeast and Midwest outperformed Texas/West, with Florida up 2% and Northeast showing resilience.
- **Incentives & Margins**: 8.9% incentives (vs. 7.0% prior year), with 40%-45% spec homes needed for 2026 growth.
- **Policy Impact**: Federal housing bills (e.g., The ROAD to Housing Act) could reduce lot costs by $1,500+ in 2026.
- **Consumer Confidence**: Lower rates and job growth in Texas/Midwest could drive 2026 demand, offsetting affordability challenges.

PulteGroup, Inc. (PHM) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: Q2 net new orders down 7% YoY, but active adult segment grew 9%, offsetting declines in other buyer groups. Florida orders up 2% YoY.
- **Gross Margin Strength**: Q2 gross margin of 27.0% (top of guidance) despite 8.7% incentives, driven by favorable mix and cost control.
- **Land Strategy Shift**: 60% of land pipeline now in options (target 70%), reducing risk and enabling re-trading to reflect market conditions.
- **Interest Rate Sensitivity**: Lower rates in late June boosted demand, but July remained volatile. Management sees potential for incremental volume from rate sensitivity.
- **Active Adult Growth**: New Del Webb communities poised to drive 2026 closings, with active adult homes generating 200-300bps margin premium.
- **Share Buybacks**: $600 million repurchased year-to-date, with continued focus on returning excess capital to shareholders.

**【CEO Summary Section】**
- PulteGroup delivered strong financial performance in Q2 2025, with net new orders of 7,083 homes, down 7% YoY, driven by a 13% decline in absorption pace. Active adult orders grew 9%, offsetting declines in first-time and move-up buyer segments.
- Florida operations showed resilience, with net new orders up 2% YoY, supported by strong demand in Central, West, and Southwest Florida markets.
- Management emphasized disciplined land spend and spec inventory management, targeting 40-45% spec homes by year-end. Gross margin for Q2 was 27.0%, at the top of guidance, despite higher incentives (8.7% of sales price vs. 6.3% YoY).
- The company remains focused on high-return investments, with a trailing 12-month return on equity of 23%.

**【CFO Financial Commentary】**
- Q2 2025 net income was $608 million ($3.03 per share), down 25% YoY due to lower closing volumes and higher incentives. Adjusted EBITDA margin was 16.2%, reflecting cost control efforts.
- Home sale revenues of $4.3 billion were down 4% YoY, with average sales price up 2% to $559,000. Backlog stood at 10,779 homes ($6.8 billion), down 17% YoY.
- SG&A expenses were $390 million (9.1% of revenues), up 8% YoY, but stable as a percentage of sales. Land investment for the quarter was $1.3 billion, keeping the company on track for $5 billion annual spending.
- The company repurchased 3 million shares in Q2, bringing total year-to-date buybacks to $600 million.

**【Q&A Highlights】**
- **Interest Rate Impact**: Lower rates in late June boosted traffic and sign-ups, but July demand remained volatile. Management expects incremental volume from rate sensitivity but cautions on affordability challenges.
- **Land Strategy**: Land options now comprise 60% of the pipeline (target 70%), reducing risk and cost. Re-trading land deals to reflect market softness is a key focus.
- **Gross Margin Outlook**: Q3/Q4 gross margins guided to 26.0-26.5%, with tariffs expected to have minimal impact in 2025. Incentives remain elevated at 8.7% of sales price.
- **Market Performance**: Midwest and Southeast markets (e.g., Cleveland, Chicago, Charlotte) outperformed, while West and Texas markets faced headwinds, particularly among move-up buyers.
- **Active Adult Growth**: New Del Webb and Del Webb Explorer communities are expected to drive 2026 closings, with active adult homes representing 20% of Q2 orders (highest margin segment).
- **Construction Costs**: Stick-and-brick costs stable at $79/sq ft, with potential future relief from land development cost reductions.
- **Share Repurchases**: Management reaffirmed commitment to returning capital to shareholders, with $600 million repurchased year-to-date.


PulteGroup, Inc. (PHM) Q2 2025 Earnings Call Transcript

- **Resilient Q1 Results**: 27.5% gross margin despite 8% incentives, driven by move-up buyers and active adult demand.
- **Tariff Mitigation**: 1% ASP cost increase deferred to Q4, managed through supplier partnerships.
- **Balance Sheet Strength**: $1.3B cash, 11.7% debt-to-capital, and $1.9B share buyback capacity.
- **Strategic Adjustments**: Land spend reduced to $5B, spec inventory target 40%-45%, and 2025 closings guided down to 29,000-30,000.

**【CEO Key Highlights】**
- **Q1 Performance**: Delivered 6,583 closings, gross margin of 27.5%, and net income of $523 million. Move-up and active adult buyers drove 80% of option spend, averaging $110,000 per home.
- **Market Strategy**: Balanced price and pace, reducing spec inventory to 47% of production (target 40%-45%). Incentives rose to 8% of ASP, but gross margin remained resilient.
- **Tariff Impact**: Anticipates 1% of ASP cost increase in Q4, managed through cycle-tested procurement strategies.

**【CFO Financial Breakdown】**
- **Revenue & Profit**: Home sale revenue $3.7 billion, down 2% YoY. Net income $523 million ($2.57 EPS), down 21% YoY due to higher SG&A and tax expenses.
- **Land & Inventory**: Land spend reduced to $5 billion (from $5.5B), 59% of 244,000 controlled lots held via options. Cycle time optimized to 110 days.
- **Liquidity**: $1.3 billion cash, debt-to-capital ratio 11.7%, with $1.9 billion remaining under share buyback authorization.

**【Q&A Key Takeaways】**
- **Tariff Timing**: 1% ASP impact expected in Q4, affecting plumbing, HVAC, and electrical components. Procurement teams mitigating through supplier negotiations.
- **Incentive Strategy**: 8% of ASP incentives to persist, balanced with spec inventory reduction. Active adult buyers showed resilience despite macro volatility.
- **Growth Outlook**: Long-term 5%-10% growth via disciplined land acquisition, with 2025 closings guided at 29,000-30,000.


PulteGroup (PHM)-22 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 9% home delivery increase and $17.3B revenue highlight 2024 dominance.
- **Profitability Excellence**: 28.9% gross margin and 21.3% net operating margin underscore operational strength.
- **Shareholder Returns**: $1.7B returned via buybacks, dividends, and debt repayment, with $1.5B new buyback authorization.
- **Strategic Land Positioning**: 235,000 controlled lots and 40-45% spec inventory target ensure flexibility for growth.
- **Long-Term Housing Optimism**: Structural supply shortage and affordability challenges position PulteGroup for sustained success.

**【CEO 2024 Yearly Performance Summary】**
- **Home Deliveries**: 31,219 units (+9% YoY), driven by strong demand across all customer segments.
- **Revenue**: $17.3B (record high), with **28.9% gross margin** (industry-leading).
- **Operational Efficiency**: SG&A at 7.6% of home sale revenue, reflecting disciplined cost management.
- **Financial Services**: $210M pretax income (+58% YoY), contributing to 21.3% net operating margin.
- **Cash Flow**: $1.7B generated, supporting $5.3B land investment and $1.7B returned to shareholders via buybacks, dividends, and debt repayment.
- **Balance Sheet Strength**: $1.7B cash on hand, 11.8% gross debt-to-capital ratio.

**【CFO Q4 2024 Financial Highlights】**
- **Revenue**: $4.7B (+12% YoY), driven by 6% increase in closings (8,103 units) and 6% ASP rise to $581K.
- **Gross Margin**: Maintained at 28.9% despite macro challenges, reflecting pricing discipline.
- **Spec Inventory Management**: Targeting 40-45% spec inventory to align with demand signals.
- **Land Pipeline**: 235,000 controlled lots (56% under option), ensuring flexibility for future growth.

**【Future Outlook & Strategy】**
- **Market Positioning**: Long-term bullish on housing due to supply-demand imbalance, affordability challenges, and labor shortages.
- **Production Strategy**: Data-driven starts pace, with closings expected to lag starts by 6-12 months.
- **Capital Allocation**: $1.5B share buyback authorization approved, prioritizing returns while maintaining financial flexibility.
- **Risk Management**: Monitoring mortgage rate volatility (currently >7%), but optimistic on long-term demand despite near-term headwinds.

Actual																0.74	1.29	1.54	1.62	1.13	1.9	1.82	2.61	1.83	2.73	2.69	3.85	2.35	3.21	2.9	3.28	3.1	3.83	3.35	4.43	2.57	3.03	2.96	2.56
Forecast																0.7033	0.8929	1.1496	1.4001	1.2164	1.7432	1.7886	2.3027	1.7191	2.6214	2.7462	2.931	1.8229	2.5125	2.8314	3.2125	2.3595	3.2714	3.1178	3.257	2.4332	2.9472	2.8907	2.82	1.8365
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+5.22%	+44.47%	+33.96%	+15.71%	-7.10%	+8.99%	+1.76%	+13.35%	+6.45%	+4.14%	-2.05%	+31.35%	+28.92%	+27.76%	+2.42%	+2.10%	+31.38%	+17.08%	+7.45%	+36.01%	+5.62%	+2.81%	+2.40%	-9.22%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.29B	2.59B	2.95B	3.19B	2.73B	3.36B	3.48B	4.36B	3.19B	3.93B	3.94B	5.17B	3.58B	4.19B	4.00B	4.29B	3.95B	4.60B	4.48B	4.92B	3.89B	4.40B	4.40B	4.61B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.32B	2.52B	2.77B	3.13B	2.89B	3.50B	3.42B	4.21B	3.07B	4.06B	4.03B	4.58B	3.26B	4.01B	4.05B	4.47B	3.58B	4.49B	4.27B	4.64B	3.82B	4.38B	4.30B	4.34B	3.40B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.01%	+2.93%	+6.55%	+2.11%	-5.46%	-4.14%	+1.72%	+3.63%	+3.77%	-3.19%	-2.22%	+12.83%	+9.60%	+4.53%	-1.25%	-3.88%	+10.28%	+2.40%	+4.76%	+6.18%	+1.94%	+0.59%	+2.39%	+6.10%	0.00%

PHM

PHM fundamentals

PHM Q1 2026 Earnings Preview

Earnings Call

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PHM

PHM fundamentals

PHM Q1 2026 Earnings Preview

Earnings Call

PHM Earnings Call Summary for Q1/2026Upcoming8:30 AM on Apr 23, 2026

PHM Earnings Call Summary for Q4/20258:30 AM on Jan 29, 2026

PHM Earnings Call Summary for Q3/20258:30 AM on Oct 21, 2025

PHM Earnings Call Summary for Q2/20258:00 AM on Jul 22, 2025

PHM Earnings Call Summary for Q1/20258:30 AM on Apr 22, 2025

You can ask Aime