PHM FY2026 Q2 IN LINE

PulteGroup, Inc. 실적 발표

Jul 22, 2026 · 04:30 ET Jim OssowskiJim ZeumerRyan Marshall

Buzzberg 분석

Orders up 6% year-over-year, active adult up 12%

PulteGroup reported a solid Q2 with orders up 6% YoY, gross margin of 25%, and continued reduction of spec inventory. Management maintained full-year guidance as they navigate a mixed demand environment, strong Florida performance, and cautious recovery in the West. The call also highlighted successful transition back to build-to-order and normalizing build cycles. Net new orders increased 6% YoY to 7,536 homes; Florida orders surged 19%.

Buzzberg 분석 Orders up 6% year-over-year, active adult up 12% PulteGroup reported a solid Q2 with orders up 6% YoY, gross margin of 25%, and continued reduction of spec inventory. Management maintained full-year guidance as they navigate a mixed demand environment, strong Florida performance, and cautious recovery in the West. The call also highlighted successful transition back to build-to-order and normalizing build cycles. Net new orders increased 6% YoY to 7,536 homes; Florida orders surged 19%. 전체 분석 보기분석 접기

Finished spec inventory dropped to 1.3 per community, down from 1.9 a year ago.
Gross margin came in at 25%, 50 bps above Q1, driven by favorable mix and lower build costs.
Full-year guidance reaffirmed: closings 28,500–29,000, gross margin 24.5%–25.0%, SG&A 9.5%–9.7%.

Revenue $3.983B +17% QoQ

EPS $2.48 +39% QoQ

Gross margin 20.72% reported

Op margin 11.11% reported

이번 분기에 달라진 점

Demand

Orders up 6% year-over-year, active adult up 12%

Management was confident in the quarter's results and strategy execution, highlighting strong orders, margins, and disciplined inventory management despite macroeconomic uncertainties.

Margins

Gross margin 25% in Q2, reaffirmed full-year guide

Reported gross margin was 20.72%, reinforcing the quarter's better-than-guided profitability.

Other

Finished spec inventory dropped to 1.3 per community

, down from 1.9 a year ago.

Margins

Incentives on closings down 50 bps sequentially

Reported gross margin was 20.72%, reinforcing the quarter's better-than-guided profitability.

수요

수주 및 전환

Orders up 6% year-over-year, active adult up 12%. Management was confident in the quarter's results and strategy execution, highlighting strong orders, margins, and disciplined inventory management despite macroeconomic uncertainties.

톤 · confident

Management was confident in the quarter's results and strategy execution, highlighting strong orders, margins, and disciplined inventory management despite macroeconomic uncertainties.

공급망 알파

Build cycles have recovered to 100 working days or fewer, enabling faster conversion of sold homes to closings and a strategic shift back to build-to-order.

“With build cycles down to 100 days or fewer in some cases, we can effectively manage our starts cadence while still meeting our overall production goals.”

Ryan Marshall

Incentives on closings fell 50 bps sequentially from Q1 to Q2, signaling improving pricing power even as overall incentive levels remain elevated.

“Incentives on closings in Q2 dropped 50 basis points from the first quarter.”

Ryan Marshall

Florida operations continued to outperform with net new orders up 19% year-over-year, marking multiple quarters of strong growth.

“The strength of demand in our Florida operations continued to stand out as net new orders in Q2 increased by 19% over the same period in 2025.”

Jim Ossowski

향후 가이던스

In LineGuidance tone

향후 가이던스
지표	기간	범위	중간값	상태
Gross margin	FY2026 Q3	24.5%–25%	24.75%	GUIDED
Gross margin	FY2026	24.5%–25%	24.75%	MAINTAINED
Units	FY2026 Q3	7000–7400	7200	GUIDED
Units	FY2026	28500–29000	28750	MAINTAINED

가이던스 신뢰도

2 / 3달성 또는 상회

가이던스 신뢰도
제시 시점	지표	목표 기간	가이던스	실제	결과
FY2026 Q1	Units	FY2026 Q2	6700–7100	6997	Met / beat
FY2025 Q3	Free cash flow	FY2025	$1.4B	$1.9B	Met / beat
FY2025 Q3	Gross margin	FY2025 Q4	25.5%–26%	24.78%	Missed