PulteGroup reported first-quarter 2026 net income of $347 million, or $1.79 per share, down from $523 million, or $2.57 per share, a year earlier.
Home sale revenue fell 12% to $3.3 billion from the prior-year quarter, as closings declined 7% to 6,102 homes and the average sales price slipped 5% to $542,000. Home sale gross margin narrowed to 24.4% from 27.5%.
Net new orders rose 3% to 8,034 homes, with order value increasing to $4.6 billion from $4.5 billion. The company operated from an average of 1,043 communities, up 9% from the prior year.
Quarter-end backlog stood at 10,427 homes valued at $6.5 billion. In the financial services unit, pre-tax income dropped to $13 million from $36 million, while capture rate edged down to 85% from 86%.
SG&A expense was $380 million, compared with $393 million a year ago, but rose as a share of home sale revenue to 11.5% from 10.5%.
PulteGroup repurchased 2.4 million shares for $308 million at an average price of $127.39. The company ended the quarter with $1.8 billion in cash and a debt-to-capital ratio of 12.3%. Its board also approved a $1.5 billion increase in share repurchase authorization, lifting remaining authorization to $2.1 billion. Today the company's shares have moved -0.9% to a price of $117.12. For more information, read the company's full 8-K submission here.
