PulteGroup (PHM) Q1 FY2026 earnings: revenue $3.4 billion, down 12.4% on the year

PulteGroup Inc. (PHM) reported revenue of $3.4 billion for Q1 FY2026, the quarter ended 31 March 2026, down 12.4% on the same quarter a year earlier. Net income was $347 million, down 33.6% on the year, and diluted earnings per share $1.79. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.

Revenue

$3.4 billion

-12.4% on the year · -26.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$347 million

-33.6% on the year · -30.8% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.79

-30.4% on the year · -30.1% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised.

Net income and EPS declined: Net income was $347 million, or $1.79 per diluted share, against $523 million, or $2.57, a year earlier. Diluted shares averaged 193.4 million against 203.7 million.
Home sale revenues fell 12%: Home sale revenues were $3.3 billion, down 12% from $3.7 billion a year earlier, on 6,102 closings against 6,583.
Home sale gross margin fell 3.1 points: Home sale gross margin was 24.4% against 27.5% a year earlier. Management tied the decline to higher incentives and to reducing excess spec inventory.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,409	4,611	3,893	-26.1%	-12.4%
Cost of revenue	2,527	n/a	2,770		-8.8%
Gross profit	881	n/a	1,123		-21.5%
Gross margin	25.9%	n/a	28.8%
Selling, general and administrative	380	389	393	-2.3%	-3.3%
Income tax	102	154	158	-33.3%	-35.3%
Net income	347	502	523	-30.8%	-33.6%
Net margin	10.2%	10.9%	13.4%
Diluted EPS	$1.79	$2.56	$2.57	-30.1%	-30.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	160	771	134	-79.3%	+19.0%
Capital expenditure	25.4	31.3	29.6	-18.9%	-14.2%
Free cash flow	134	740	105	-81.8%	+28.4%
Free cash flow margin	3.9%	16.0%	2.7%
Cash from investing	-24.9	-16.3	-39.7
Cash from financing	-300	-226	-472
Depreciation and amortisation	24.5	37.0	24.7	-33.6%	-0.5%
Share-based compensation	19.4	11.6	18.1	+66.8%	+6.8%
Buybacks	308	300	300	+2.7%	+2.7%
Dividends paid	52.0	43.0	45.8	+20.9%	+13.6%
Dividend per share	$0.26	n/a	$0.22		+18.2%
Diluted shares, weighted	193m	196m	204m	-1.2%	-5.0%
Shares outstanding at period end	190m	193m	200m	-1.2%	-5.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	12,954	12,985	12,301	-0.2%	+5.3%
Debt	2,276	2,163	2,053	+5.2%	+10.9%
Other liabilities	2,966	2,900	2,983	+2.3%	-0.6%
Total liabilities and equity	18,196	18,048	17,337	+0.8%	+5.0%
Fixed assets	n/a	239	n/a
Goodwill	40.4	40.4	68.9	0.0%	-41.4%
Intangible assets	n/a	26.2	n/a
Cash and equivalents	1,807	1,981	1,236	-8.8%	+46.2%
Other assets	16,349	15,762	16,032	+3.7%	+2.0%
Total assets	18,196	18,048	17,337	+0.8%	+5.0%

Questions

What was PulteGroup's revenue in Q1 FY2026?

PulteGroup (PHM) reported revenue of $3.4 billion for Q1 FY2026, the quarter ended 31 March 2026, down 12.4% on the same quarter a year earlier.

How much did PulteGroup earn in Q1 FY2026?

Net income for Q1 FY2026 was $347 million, down 33.6% on the year, and diluted earnings per share $1.79.

When did PulteGroup report Q1 FY2026 results?

PulteGroup filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 23 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,359	3,150	3,880	3,895	5,171	3,576	4,189	4,004	4,294	3,949	4,600	4,476	4,922	3,893	4,404	4,405	4,611	3,409	3,983	3,974
Cost of revenue	n/a	n/a	2,617	2,663	n/a	2,497	2,889	2,775	n/a	2,726	3,156	3,117	n/a	2,770	3,146	3,182	n/a	2,527	2,925	2,907
Gross profit	n/a	n/a	1,263	1,232	n/a	1,078	1,300	1,229	n/a	1,223	1,443	1,360	n/a	1,123	1,258	1,223	n/a	881	1,058	1,067
Gross margin	n/a	n/a	33%	32%	n/a	30%	31%	31%	n/a	31%	31%	30%	n/a	29%	29%	28%	n/a	26%	27%	27%
SG&A	344	329	351	350	351	337	315	353	308	358	361	407	196	393	390	401	389	380	383	397
Pre-tax income	n/a	600	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Tax rate	n/a	24%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	663	455	652	628	882	532	720	639	711	663	809	698	913	523	608	586	502	347	472	476
Net margin	15%	14%	17%	16%	17%	15%	17%	16%	17%	17%	18%	16%	19%	13%	14%	13%	11%	10%	12%	12%
Diluted EPS	$2.58	$1.83	$2.73	$2.69	$3.85	$2.35	$3.21	$2.90	$3.28	$3.10	$3.83	$3.35	$4.43	$2.57	$3.03	$2.96	$2.56	$1.79	$2.48	$2.53
Operating cash flow	456	208	-105	-406	972	711	739	458	288	240	417	456	568	134	288	678	771	160	17.1	460
Capital expenditure	20.6	30.7	31.9	26.0	24.1	23.7	21.3	22.5	24.6	24.1	31.2	38.7	24.5	29.6	34.5	27.3	31.3	25.4	29.9	22.9
Free cash flow	435	177	-137	-432	948	688	718	435	264	216	386	417	543	105	253	651	740	134	-12.8	437
Buybacks	283	500	294	180	100	150	250	300	300	246	314	320	320	300	300	300	300	308	373	350
Dividends paid	36.1	37.8	36.4	35.4	34.5	36.4	35.9	35.4	34.8	42.7	42.2	41.7	41.1	45.8	44.3	43.6	43.0	52.0	49.8	49.0
Shares outstanding	249m	238m	231m	228m	226m	223m	219m	216m	213m	210m	208m	205m	203m	200m	197m	195m	193m	190m	187m	184m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 23 April 2026: the filing.