PulteGroup reported second-quarter 2026 net income of $472 million, or $2.48 a share, down from $608 million, or $3.03 a share, a year earlier.
Home sale revenue fell 11% to $3.8 billion, reflecting an 8% drop in closings to 6,997 homes and a 3% decline in average sales price to $544,000.
Gross margin on home sales was 25.0%, down from 27.0% in the prior-year quarter, but up 60 basis points from the first quarter of 2026.
Selling, general and administrative expense declined to $383 million from $390 million, though it increased to 10.1% of home sale revenue from 9.1% a year ago.
Net new orders rose 6% to 7,536 homes, while the dollar value of those orders increased 5% to $4.1 billion. Average community count climbed 8% to 1,074.
Backlog ended the quarter at 10,966 homes, up 2% from a year earlier, while backlog value slipped 1% to $6.8 billion.
In financial services, pre-tax income fell to $37 million from $43 million. Mortgage capture rate held at 85%.
PulteGroup finished the quarter with $1.4 billion in cash and a debt-to-capital ratio of 12.3%.
The company repurchased 3.1 million shares for $373 million in the quarter at an average price of $119.42, bringing first-half repurchases to 5.5 million shares, or 3% of outstanding common stock, for $681 million. The market has reacted to these announcements by moving the company's shares 3.36% to a price of $128.44. For the full picture, make sure to review PULTEGROUP INC/MI/'s 8-K report.
