Overview
- On July 22, PulteGroup reported second-quarter net income of $472 million, or $2.48 per share, and total revenue of $3.98 billion, both down year over year.
- Homebuilding results weakened with gross margin slipping to 25% from 27%, closings falling 8% to 6,997 homes, average sales price down to about $544,000, and home-sale revenue near $3.8 billion.
- Net new orders rose about 6% to 7,536 homes and order value increased to roughly $4.1 billion, driven by higher community counts and gains across first-time, move-up and active-adult buyers.
- Management said incentives, notably mortgage-rate buydowns, helped lift orders while compressing margins, and incentives eased sequentially from the first quarter.
- The company repurchased 3.1 million shares for $373 million, cut diluted shares outstanding to about 191 million, and reaffirmed full-year 2026 guidance of 28,500–29,000 closings and a 24.5%–25.0% gross margin as mortgage rates near 6.6% keep affordability under pressure.