실적 발표 분석으로 건너뛰기
← 피드로 돌아가기
PHM FY2025 Q3 IN LINE

PulteGroup, Inc. 실적 발표

Oct 21, 2025 · 04:30 ET Jim OsowskiJim ZumerRyan Marshall
Buzzberg 분석

Q3 absorption rate of 2.2 homes consistent with pre-COVID average

PulteGroup reported solid Q3 with revenue of $4.2B, gross margin 26.2%, and EPS $2.96. Demand remains challenging, particularly in first-time and move-up segments, while active adult is stronger. Management lowered Q4 gross margin guidance to 25.5-26% due to higher incentives on finished spec inventory, but maintained full-year cash flow and land spend guidance. No cross-company signals were given; the call focused on Pulte's own operational adjustments and market conditions. Q3 home closings of 7,529 homes generated $4.2B revenue; gross margin 26.2%; EPS $2.96.

Buzzberg 분석 Q3 absorption rate of 2.2 homes consistent with pre-COVID average PulteGroup reported solid Q3 with revenue of $4.2B, gross margin 26.2%, and EPS $2.96. Demand remains challenging, particularly in first-time and move-up segments, while active adult is stronger. Management lowered Q4 gross margin guidance to 25.5-26% due to higher incentives on finished spec inventory, but maintained full-year cash flow and land spend guidance. No cross-company signals were given; the call focused on Pulte's own operational adjustments and market conditions. Q3 home closings of 7,529 homes generated $4.2B revenue; gross margin 26.2%; EPS $2.96. 전체 분석 보기분석 접기

PulteGroup reported solid Q3 with revenue of $4.2B, gross margin 26.2%, and EPS $2.96. Demand remains challenging, particularly in first-time and move-up segments, while active adult is stronger. Management lowered Q4 gross margin guidance to 25.5-26% due to higher incentives on finished spec inventory, but maintained full-year cash flow and land spend guidance. No cross-company signals were given; the call focused on Pulte's own operational adjustments and market conditions. Q3 home closings of 7,529 homes generated $4.2B revenue; gross margin 26.2%; EPS $2.96.

  • Net new orders down 6% YoY; absorption pace 2.2 vs 2.4 last year; cancellation rate 12%.
  • Q4 gross margin guided to 25.5-26.0%, down from prior 26-26.5% due to higher incentives on spec inventory.
  • Full-year 2025 land spend ~$5B, cash flow ~$1.4B; community count expected up 3-5% YoY in Q4.
Revenue $4.4048B reported
EPS $2.96 reported
Gross margin 27.77% reported
Op margin 17.28% reported

이번 분기에 달라진 점

01
Demand

Q3 absorption rate of 2.2 homes consistent with pre-COVID average

Management acknowledged challenging demand conditions but highlighted strategic strengths, strong execution, and optimism for future improvement.

02
Margins

Incentives rose to 8.9% of gross sales price in Q3

Reported gross margin was 27.77%, reinforcing the quarter's better-than-guided profitability.

03
Guidance

Fourth quarter gross margin guided down to 25.5%-26.0%

Guidance tone

04
Costs

Tariffs to have little impact in Q4 but more starting 2026

Q4 gross margin guided to 25.5-26.0%, down from prior 26-26.5% due to higher incentives on spec inventory.

수요 및 자본지출

수요

수주 및 전환

Q3 absorption rate of 2.2 homes consistent with pre-COVID average. Management acknowledged challenging demand conditions but highlighted strategic strengths, strong execution, and optimism for future improvement.

자본지출

투자 및 생산능력

Management moderated planned land spend for 2025 to approximately $5 billion, down 5% from last year, while continuing to invest in land acquisition and development to maintain a reliable pipeline and long-term build supply.

톤 · Cautiously Optimisti

Management acknowledged challenging demand conditions but highlighted strategic strengths, strong execution, and optimism for future improvement.

향후 가이던스

In LineGuidance tone
지표기간범위중간값상태
CapexFY2025$5B$5BGUIDED
Free cash flowFY2025$1.4B$1.4BGUIDED
Gross marginFY2025 Q425.5%–26%25.75%LOWERED

가이던스 신뢰도

1 / 1달성 또는 상회
제시 시점지표목표 기간가이던스실제결과
FY2026 Q1UnitsFY2026 Q26700–71006997Met / beat