PulteGroup Q1 profit falls to $1.79 per share from $2.57; home sale revenue down 12%
PulteGroup reported first-quarter 2026 net income of $347 million, or $1.79 per diluted share, down from $523 million, or $2.57 per share, a year earlier. Home sale revenues fell 12% to $3.3 billion as closings dropped 7% and gross margin narrowed to 24.4% from 27.5% due to higher incentives. The board also approved a $1.5 billion increase in the share repurchase authorization, bringing the remaining authorization to $2.1 billion.
Key points
- Net new orders rose 3% to 8,034 homes valued at $4.6 billion, while the average sales price fell 5% to $542,000.
- Home sale gross margin was 24.4%, compared with 27.5% a year earlier; SG&A expense was 11.5% of home sale revenues versus 10.5%.
- The company repurchased $308 million of common shares in the quarter, and its board approved a $1.5 billion increase in the repurchase authorization effective April 22, 2026.
- Quarter-end backlog was 10,427 homes valued at $6.5 billion; debt-to-capital ratio rose to 12.3% from 11.2%.
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 23, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.