[PHM] PulteGroup: Q3 2026 Earnings Preview, Can Orders Turn Into Closings?

PulteGroup is one of the largest US homebuilders, buying and developing land and building homes in 47 markets across 26 states; homebuilding generated 98% of its $17.3 billion of consolidated revenue in 2025[1]. Ahead of the PulteGroup Q3 2026 earnings report, the company is scheduled to release results on 2026-10-22 for Q3 2026, the three months ended September 30, 2026[2]. In the latest disclosed quarter, the second quarter of 2026, PulteGroup closed 6,997 homes, down 8% from a year earlier, at an average selling price of $544,000, down 3%, producing home sale revenue of $3.8 billion; its home sale gross margin was 25.0%, up 60 basis points from the first quarter, net new orders rose 6% to 7,536 homes, and net income was $472 million, or $2.48 per share, compared with $3.03 a year earlier[3]. On its 2026-07-22 earnings call, management guided third-quarter closings to 7,000–7,400 homes, an average closing price of $550,000–$560,000 and a home sale gross margin of 24.5%–25.0%, and it reaffirmed full-year closings of 28,500–29,000 homes[4]. The Drillr earnings calendar, updated 2026-10-20, shows a third-quarter consensus of $2.645 in earnings per share and $4.147 billion in consolidated revenue, against prior-year actuals of $2.96 and $4.405 billion[2].

Three things matter most in this report. The first is whether closings ramp: first-half closings fell mainly because the company entered the year with a backlog of only 8,495 homes, down 16%[5], while the June-end backlog had recovered to 10,966 homes[6], and whether third-quarter closings land within 7,000–7,400 homes decides whether the 28,500–29,000 full-year closings guidance still holds[4]. The second is whether the margin holds: part of the second-quarter recovery to 25.0% came from a richer Florida closing mix and lower-than-anticipated discounts, and management also said incentives would stay elevated[7], so a third-quarter margin below 24.5% would make the second-quarter improvement look more like a one-time mix effect. The third is whether cash flow and land spend get back on the full-year plan: first-half operating cash flow was only $177 million while buybacks had already reached $681 million[8], the company still guides to about $5.4 billion of land investment and about $1 billion of operating cash flow for the year[9], and the nine-month figures will show how large a gap the second half still has to close.

Company Background and Business Structure

PulteGroup uses several brands to cover the full range of buyers from first-time purchasers to active adults, and its product is mainly single-family detached homes. Its brands include Centex, Pulte Homes, Del Webb, DiVosta Homes and John Wieland Homes and Neighborhoods, and it operated 1,014 active communities at the end of 2025; that year it closed 29,572 homes, 83% of them single-family detached, at prices ranging from about $150,000 to more than $3 million, with 82% falling between $250,000 and $750,000[1]. First-time, move-up and active adult buyers accounted for 38%, 40% and 22% of 2025 closings, and the Del Webb brand serves active adults aged 55 and over in communities that tend to be larger and more amenitized than first-time or move-up communities[10].

The business starts with land, and PulteGroup uses land options to reduce the risk of holding it. The company generally buys land once it is zoned and ready for development, handles planning and approvals itself and relies mainly on independent contractors for roads, sewers and similar work; at the end of 2025 it controlled 234,632 lots, of which 101,104 were owned and 133,528 were under land option agreements[10]. Homes are sold in two ways: build-to-order homes, which start construction after a contract is signed, and spec homes, which are started without a customer order[11]. Orders first enter the backlog and revenue is recognized only when a finished home closes, so quarterly revenue depends on the orders and homes under construction accumulated earlier.

Homebuilding is split into six reportable segments, Florida and the West are the two largest, and financial services is an ancillary business built around the company's own buyers. In 2025, segment revenue was $4.265 billion in Florida, $3.877 billion in the West, $2.959 billion in the Southeast, $2.728 billion in the Midwest, $1.676 billion in Texas and $1.243 billion in the Northeast[12]. Financial services operates through Pulte Mortgage and title and insurance agency subsidiaries; the loans it originates are generally sold into the secondary market within 30 days along with their servicing rights, and the segment earned $158 million before tax in 2025[13], about 5% of consolidated pre-tax income of $2.911 billion[14]; the mortgage capture rate that year was 84.7%[15].

Financial History and Current Position

PulteGroup's revenue peaked in 2024 and then eased, and the decline came from volume rather than price. Consolidated revenue was about $16.1 billion in 2023, about $17.9 billion in 2024 and about $17.3 billion in 2025[1]; 2025 home sale revenue was $16.744 billion, down 3%, as closings fell 5% to 29,572 homes while the average selling price rose 2% to $566,000[5]. The company attributed the lower closings to weaker 2025 net new orders and a weaker backlog entering the year, and the higher average price to a richer mix of move-up buyers and Northeast closings, partly offset by higher sales incentives[16].

Profit fell much faster than revenue in 2025, mainly because the home sale gross margin declined every quarter. The home sale gross margin fell from 28.9% in 2024 to 26.3% in 2025[5], sliding from 27.5% in the first quarter of 2025 to 24.7% in the fourth; the company recorded $77.4 million of land inventory impairments and wrote off $48.4 million of deposits and pre-acquisition costs on land option agreements it walked away from[11]. SG&A rose from 7.6% to 9.4% of home sale revenue, mainly because insurance reserve reversals dropped from $333.9 million in 2024 to $42.3 million in 2025[17]; homebuilding pre-tax income was $2.753 billion, down 27%[5], and net income was about $2.2 billion, compared with about $3.1 billion in 2024[18].

Cash flow in 2025 was still ample enough to cover large buybacks. Operating cash flow was $1.9 billion, as $2.2 billion of net income was partly offset by a $213 million net increase in inventories; capital expenditures were $123 million, and the company repurchased 10.6 million shares for $1.2 billion and paid $177 million of cash dividends[18].

In the first half of 2026, revenue and profit were still falling, but the second quarter brought sequential improvement in orders and margin. First-half home sale revenue was $7.115 billion, down 11%, on 13,099 closings, down 8%, at an average price of $543,000, down 4%; the home sale gross margin was 24.7% versus 27.2% a year earlier, and SG&A was 10.7% of home sale revenue[6]. In the first quarter, net income was $347 million, or $1.79 per share, on 6,102 closings[19]; second-quarter consolidated revenue was $3.983 billion[2]. First-half operating cash flow was $177 million, versus $422 million a year earlier, and cash including restricted cash fell from $2.009 billion at the start of the year to $1.377 billion at the end of June[8]; the company reported June-end cash of $1.4 billion and a debt-to-capital ratio of 12.3%[20].

Operating Model

PulteGroup's home sale revenue equals closings multiplied by the average closing price, and closings depend mainly on the opening backlog and spec homes under construction. New orders roughly equal average active communities times monthly sales per community times three months, less cancellations; in the second quarter, average community count was 1,074, up 8%, and the absorption pace was 2.3 homes per month, down 1%[21]. The average price reflects regional mix, buyer mix, options and lot premiums and incentives: in 2025 the average price was $753,000 in the Northeast, $704,000 in the West and $385,000 in Texas[12], and options and lot premiums on homes closed in the second quarter approached $107,000[22]. In the second quarter, 6,997 homes at $544,000 produced about $3.807 billion of home sale revenue[6], while the third-quarter guidance of 7,000–7,400 homes at $550,000–$560,000 corresponds to about $3.85–$4.14 billion[4].

Profit is the gap between realized selling prices and house costs, and changes in land costs reach closing costs only after the development and construction cycle. Home sale gross profit equals home sale revenue less land acquisition and development costs, construction costs and amortized capitalized interest, while incentives directly reduce realized prices; in both its annual and second-quarter filings, the company said the length of its land development and construction cycles creates a lag before cost changes affect results[11][23]. In the second quarter, $3.807 billion of home sale revenue less $2.857 billion of home sale costs left about $950 million of gross profit, and after $383 million of SG&A and other items, homebuilding pre-tax income was $585 million[6]; adding $37 million of financial services pre-tax income gave consolidated pre-tax income of $622 million at an effective tax rate of 24.2%[4].

On the cash side, the key point is that land spending is recorded in inventory, so it sits inside operating cash flow rather than in capital expenditures. Operating cash flow roughly equals net income plus non-cash items, less the net increase in land and homes-under-construction inventory; in the first half of 2026, net income of $819 million was largely absorbed by an $807 million increase in inventories, leaving operating cash flow of only $177 million[8]. The company plans to invest about $5.4 billion in land acquisition and development in 2026, had invested $2.7 billion in the first half and guides full-year operating cash flow to about $1 billion[9]; its annual report says revenue and operating cash flow are usually highest in the fourth quarter, while working capital needs rise in the third and fourth quarters[24].

Industry and Competitive Position

The US new-home market is highly fragmented, and PulteGroup holds only a small share despite its size. The company accounted for only about 4% of US new home sales in 2025, and new homes have traditionally made up less than 20% of all US home sales, so it competes with national, regional and local builders as well as with existing homes and rental housing; competition turns on location, price, quality, reputation, design and community amenities[24].

The company sees the advantages of national public builders in financing, land and labor, while its own differentiation lies in its buyer mix. In its annual report, PulteGroup says national public builders have an edge over local builders through more reliable and lower-cost financing from the capital markets, the ability to control and entitle large land positions, better access to scarce construction labor and greater geographic and product diversification[25]. Active adults made up about 22% of 2025 closings[10], and active adult orders rose 12% in the second quarter; on the second-quarter call, the CEO said the company's homebuilding gross margins are in some instances several hundred basis points higher than those of peers[26].

The available material sets clear limits on any competitive comparison, and regional results diverge widely. The company does not name specific peers or their margins, and the "several hundred basis points" figure is management's own claim that cannot be checked against data on the same basis. In the second quarter, West closings fell 20% and West pre-tax income fell 56%, with lower orders concentrated in Las Vegas and Arizona[27], and management said core demand in the West remains soft and it has to compete aggressively for sales[22]; Florida orders rose 19% in the same quarter[21].

Core Debates

PulteGroup's second-quarter orders rose 6% while closings still fell 8%. Can third-quarter closings reach the guided 7,000–7,400 homes, and will the September backlog support the roughly 8,000–8,900 closings implied for the fourth quarter?

This debate decides whether full-year revenue stops falling, because home sales account for 98% of consolidated revenue and the full-year closings guidance requires a clear second-half acceleration. Subtracting first-half closings of 13,099 homes from the 28,500–29,000 full-year guidance implies 15,401–15,901 second-half closings[4], no lower than the roughly 15,350 homes closed in the second half of 2025 (29,572 for the full year less 14,222 in the first half)[5]. The company attributed the first-half decline in closings to a weaker backlog entering the year[28], when the backlog stood at only 8,495 homes, down 16%; if second-half closings fail to recover, the revenue decline will extend through the full year.

Orders and backlog have already recovered, but the source of that recovery and the effect of fewer spec homes can be read two ways. Second-quarter net new orders rose 6% to 7,536 homes, and the June-end backlog was 10,966 homes, up 2%, with a value of $6.805 billion[6]; the company is shifting from spec to build-to-order, spec homes in production have fallen from about 8,800 at the end of 2024 to about 6,600, and build-to-order sales made up 45% of second-quarter orders[26], while 6,638, or 44%, of the 14,980 homes in production at June-end were spec and finished specs totaled about 1,400, or 1.3 per community[21]. Management's explanation is that recovering orders and a build cycle of about 100 working days are enough to deliver second-half closings; the alternative reading is that order growth came mainly from more communities rather than better absorption, and that fewer spec homes weaken the ability to sell and close in the same quarter, making fourth-quarter closings more sensitive to third-quarter orders.

The transmission runs from community count and absorption through orders, backlog and homes under construction to closings and home sale revenue. Community growth and absorption pace determine net new orders, orders flow into backlog and production, and quarterly closings times the average closing price produce home sale revenue; as the order mix moves toward the long-term goal of about 60% build-to-order and 40% spec[21], closings will depend more on the opening backlog. What remains unresolved is whether, if third-quarter closings land at 7,000–7,400 homes, the September backlog can cover the roughly 8,000–8,900 fourth-quarter closings implied by full-year guidance, which second-quarter data cannot answer.

The third-quarter report should be checked against five numbers: whether closings are at least 7,200 homes, whether the 28,500–29,000 full-year closings guidance is maintained, whether net new orders grow more than 3% year over year, whether the September backlog is at least 8,001 homes, and whether spec homes stay below 44% of production. If third-quarter closings come in below 7,000 homes, the premise of a second-half ramp fails. If third-quarter orders decline year over year and the September backlog is below 8,001 homes, fourth-quarter closings would have to rely on selling a large number of spec homes.

PulteGroup's home sale gross margin recovered to 25.0% in the second quarter, partly because of a richer Florida closing mix and lower discounts. With incentives still elevated and land costs still rising, can the third-quarter margin hold the guided 24.5%–25.0%?

Gross margin has been the main source of the profit decline over the past two years, so whether the third quarter holds the guided range directly determines whether earnings stabilize. The home sale gross margin fell from 28.9% in 2024 to 26.3% in 2025[5] and then to 24.7% in the first half of 2026[6], while annual net income fell from about $3.1 billion to about $2.2 billion[18]. On roughly $4 billion of third-quarter home sale revenue, each 0.5 percentage point change in margin moves gross profit by about $20 million.

The second-quarter margin recovery reflects both cost improvement and mix, and the two may not persist equally. The second-quarter margin was 25.0%, 60 basis points above the first quarter[20]; incentives on closings fell 50 basis points sequentially[26], and house costs were just under $75 per square foot, down 5% from a year earlier. The CFO attributed the sequential improvement to a greater mix of closings from higher-margin Florida markets, lower-than-anticipated discounts on homes sold and closed, and lower build costs, and said the tailwind from lower lumber costs will fade in the second half[4]; management also said incentives will stay elevated[7], land acquisition and development costs are still rising[23], and oil-linked costs such as asphalt, underground piping and diesel are the item it is most nervous about[29]. The alternative reading is that the second-quarter improvement was mainly a one-time mix effect: an average price back at $550,000–$560,000 in the third quarter implies a larger share of higher-priced regions, and higher-priced regions such as the West have the weakest demand and the fiercest competition, so the margin could fall back to the low end of guidance.

The margin transmission has buyer affordability and incentives at one end and land and construction costs at the other. Mortgage rates and affordability set the level of incentives, and incentives such as spec discounts, closing cost assistance and mortgage rate buydowns combine with regional and buyer mix to determine realized prices; land acquisition and development costs and construction costs determine house costs, the difference is home sale gross profit, and that flows through to pre-tax income. The company does not disclose quarterly incentive levels, land cost share or segment gross margins, so outsiders can infer incentive pressure only from the combination of closing prices, order prices and overall margin: the second-quarter average order price was about $542,000 ($4.084 billion divided by 7,536 homes)[6], below about $568,000 in the first quarter ($4.565 billion divided by 8,034 homes)[30].

The third-quarter report needs to be read for both the margin and the prices and costs behind it: whether the home sale gross margin is at least 25.0%, whether the average closing price falls within $550,000–$560,000, whether the average order price is at least about $542,000, whether house costs are still down year over year, and whether land impairments and option write-offs rise. For reference, land-related charges were $27.6 million in the first half of 2026[8], against $77.4 million of land impairments and $48.4 million of option write-offs for full-year 2025[11]. If the third-quarter margin is below 24.5%, the second-quarter recovery is not sustainable; if the average price meets guidance but the margin declines, pressure from incentives or land costs is rising.

PulteGroup plans to invest about $5.4 billion in land this year while generating about $1 billion of operating cash flow, yet first-half operating cash flow was only $177 million against $681 million of buybacks. Will the nine-month cash flow and land spend be back on track with the full-year plan?

Land investment determines community count and closing volume two to three years out, and buybacks are the company's main way of returning cash to shareholders, so both depend on operating cash flow. The company plans to invest about $5.4 billion in land acquisition and development in 2026 while generating about $1 billion of operating cash flow[9], but first-half operating cash flow was only $177 million and cash including restricted cash fell from about $2.0 billion to about $1.4 billion[8]. If second-half operating cash flow falls short of about $820 million, buybacks can be sustained only by drawing down more cash or adding debt.

The first-half cash gap came mainly from higher inventories, and the company covered buybacks with new debt and opening cash. First-half net income was $819 million, inventories rose by $807 million and operating cash flow was $177 million, versus $422 million a year earlier; over the same period the company issued $795 million of debt and repaid $601 million, repurchased $681 million of stock and paid $102 million of dividends[8]. In the second quarter alone it repurchased 3.1 million shares for $373 million[20], after $308 million in the first quarter, and the board increased the repurchase authorization by $1.5 billion[19]. Management said that in the current market, a builder with discipline and capital can secure good land, and it maintained its full-year land spend and cash flow guidance; the alternative reading is that keeping land spend high while demand is soft and margins are falling pushes cash flow pressure into the fourth quarter, and if closings or margins miss, the pace of buybacks would need to slow.

In this debate, land spending first reduces operating cash flow, and closings and margins then replenish cash through net income. Land investment shows up as higher inventory and directly reduces operating cash flow; closings and margins determine net income, which adds to operating cash flow; and operating cash flow, opening cash and net borrowing together fund buybacks and dividends. Lots under control and the option share determine future community count and land risk: at June-end the company controlled about 228,000 lots, about 6,000 fewer than at the end of 2025, with 55% controlled through options[9], compared with about 57% at the end of 2025[10]. What remains unresolved is whether seasonal fourth-quarter collections[24] can bring full-year operating cash flow back to about $1 billion while land spending is maintained.

The nine-month figures in the third-quarter report are the first checkpoint for the full-year plan: whether nine-month operating cash flow is at least $500 million, whether nine-month land spend is between $3.9 billion and $4.2 billion, whether the option-controlled share of lots stays at 55% or higher, whether third-quarter buybacks stay above $300 million, and whether ending cash is at least $1.4 billion. If third-quarter operating cash flow is negative, the roughly $1 billion full-year target would depend almost entirely on the fourth quarter. If buybacks continue while cash falls below $1 billion, capital returns would have outrun what operating cash flow can support.

Risks and Falsifiers

The four risks fall on the expense ratio, closing revenue, gross profit and cash flow, and each can be tested directly in the third-quarter report. They connect with the three core debates above, but each maps to a financial line and a falsifying condition that can be observed separately.

The risk that SG&A leverage falls short sits in the homebuilding expense ratio. First-half SG&A was $763 million, or 10.7% of home sale revenue[6], against full-year guidance of 9.5%–9.7%[4]; at guided closings and prices, the second-half SG&A ratio would need to fall to about 8.7%, below roughly 9.1% in the second half of 2025. The CFO said higher second-half volume and average prices will provide leverage and that nothing structural needs to change[31], but if third-quarter closings or prices miss, the expense ratio will be hard to bring down; on roughly $4 billion of quarterly home sale revenue, each 0.5 percentage point of extra expense ratio costs about $20 million of pre-tax income. If third-quarter SG&A is no more than 9.5% of home sale revenue and the full-year guidance is maintained, this risk is falsified.

The risk of missing closings sits in home sale revenue. If order growth depends mainly on more communities rather than better absorption, a seasonal third-quarter slowdown combined with fewer spec homes could leave closings short of 7,000–7,400 homes and force a cut to full-year closings guidance. At an average price of $555,000, every 100 fewer closings means about $55.5 million less revenue, against second-quarter home sale revenue of $3.807 billion. If third-quarter closings are at least 7,200 homes and the full-year closings guidance is maintained, this risk is falsified.

The risk of a margin below guidance sits in home sale gross profit. Elevated incentives, rising land costs and the end of the lumber tailwind could push the margin below 24.5% and lead to a cut in full-year margin guidance; the annual report also warns that the company may not be able to pass higher land costs on to buyers[32]. Second-quarter home sale gross profit was about $950 million, and on roughly $4 billion of quarterly home sale revenue, each 0.5 percentage point of margin decline costs about $20 million of gross profit. If the third-quarter margin is at least 25.0% and the average closing price is at least $550,000, this risk is falsified.

The risk of insufficient cash flow sits in operating cash flow and ending cash. If land spend stays high while closings and margins miss, second-half operating cash flow could fall below about $820 million, and buybacks would have to rely on drawing down cash or adding debt. First-half operating cash flow was $177 million, full-year guidance is about $1 billion, and June-end cash was $1.4 billion. If nine-month operating cash flow is at least $500 million and the full-year cash flow guidance is maintained, this risk is falsified.

What to Watch Next

• Orders to closings: third-quarter closings against a second-quarter base of 6,997 and the 7,000–7,400 guide, with at least 7,200 confirming and below 7,000 falsifying; a September backlog of at least 8,001 homes against 10,966 at June-end; order growth above 3% and spec homes at or below 44% of production.
• Margin: a home sale gross margin of at least 25.0% confirms and below 24.5% falsifies, against 25.0% in the second quarter and 24.4% in the first; an average closing price of $550,000–$560,000 and an order price of at least about $542,000; land impairments and option write-offs against $27.6 million in the first half.
• Cash and land: nine-month operating cash flow of at least $500 million against $177 million in the first half, with a negative third quarter falsifying; nine-month land spend of $3.9–$4.2 billion with at least 55% of lots under option; third-quarter buybacks above $300 million and ending cash of at least $1.4 billion, while buybacks with cash below $1 billion would falsify.
• Expense ratio across debates: third-quarter SG&A at or below 9.5% of home sale revenue, against 10.7% in the first half, with the 9.5%–9.7% full-year guide maintained.

Conclusion

PulteGroup's results are driven by three linked relationships: community count and absorption determine orders, backlog and homes under construction determine closings, and the gap between incentives and land costs determines margin. In the first half of 2026, closings fell 8% and the home sale gross margin dropped from 27.2% to 24.7%[6], while operating cash flow was only $177 million[8]; second-quarter orders rose 6% and the margin recovered 60 basis points sequentially, giving early signs of stabilization[3]. The central unresolved relationship is whether the order recovery can turn into second-half closings without further margin erosion while the company keeps investing about $5.4 billion in land and still generates about $1 billion of operating cash flow[9].

Since the second-quarter report, no citable, independently authored outside interpretation has appeared, so outside views cannot be used to confirm or challenge the three debates above. The material found in this period consists mainly of reposted earnings releases, call summaries, data aggregator pages and earnings previews; one Substack commentary carries no named author and the text of a Sure Dividend report could not be extracted, so neither counts as an independent assessment. The $2.645 of earnings per share and $4.147 billion of revenue compiled by the Drillr earnings calendar are numerical aggregates only[2] and do not explain how orders, margins or cash flow will change.

The combination that would clearly strengthen the current understanding is third-quarter closings of at least 7,200 homes, a home sale gross margin of at least 25.0% and nine-month operating cash flow of at least $500 million, with full-year closings, margin and cash flow guidance all maintained. Conversely, closings below 7,000 homes, a margin below 24.5% and negative third-quarter operating cash flow while buybacks continue would show that the order recovery has not turned into revenue and cash, leaving the full-year plan more dependent on a steep fourth-quarter catch-up.

Sources

[1] PHM 10-K filed 2026-02-04 · homebuilding operations overview · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[2] Drillr earnings calendar (updated 2026-10-20) · PHM 2026-10-22 Q3 2026 estimates · 2026-10-20 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[3] PHM 8-K filed 2026-07-22 (Q2 2026 earnings release) · highlights · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000034/ex991earningspr06302026.htm

[4] PHM earnings call 2026-07-22 (Q2 2026) · CFO: Q3 and full-year 2026 guidance · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[5] PHM 10-K filed 2026-02-04 · 2025 homebuilding operations table · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[6] PHM 10-Q filed 2026-07-22 (Q2 2026) · homebuilding operations table Q2 and H1 2026 · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000036/phm-20260630.htm

[7] PHM earnings call 2026-07-22 (Q2 2026) · Q&A: incentive outlook · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] PHM 10-Q filed 2026-07-22 (Q2 2026) · condensed cash flows H1 2026 · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000036/phm-20260630.htm

[9] PHM earnings call 2026-07-22 (Q2 2026) · CFO: land spend, lots, liquidity and cash flow guidance · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] PHM 10-K filed 2026-02-04 · land position and buyer groups · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[11] PHM 10-K filed 2026-02-04 · 2025 MD&A overview: incentives, quarterly margin and land charges · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[12] PHM 10-K filed 2026-02-04 · 2025 operating data by segment · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[13] PHM 10-K filed 2026-02-04 · 2025 Financial Services operations · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[14] PHM 10-K filed 2026-02-04 · 2025 segment income before income taxes · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[15] PHM 10-K filed 2026-02-04 · 2025 Pulte Mortgage capture rate · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[16] PHM 10-K filed 2026-02-04 · 2025 home sale revenues and gross margins · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[17] PHM 10-K filed 2026-02-04 · 2025 SG&A · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[18] PHM 10-K filed 2026-02-04 · 2025 cash flows · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[19] PHM 8-K filed 2026-04-23 (Q1 2026 earnings release) · highlights · 2026-04-23 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-Q&dateb=&owner=include&count=40

[20] PHM 8-K filed 2026-07-22 (Q2 2026 earnings release) · orders, backlog, financial services and capital · 2026-07-22 · 8-K · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000034/ex991earningspr06302026.htm

[21] PHM earnings call 2026-07-22 (Q2 2026) · CFO: orders, community count and backlog · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[22] PHM earnings call 2026-07-22 (Q2 2026) · CEO: seasonal demand and regional conditions · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[23] PHM 10-Q filed 2026-07-22 (Q2 2026) · MD&A overview: demand, incentives and margin · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000036/phm-20260630.htm

[24] PHM 10-K filed 2026-02-04 · competition and seasonality · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[25] PHM 10-K filed 2026-02-04 · strategy: scale advantages · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40

[26] PHM earnings call 2026-07-22 (Q2 2026) · CEO: buyer groups, build-to-order and spec inventory · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[27] PHM 10-Q filed 2026-07-22 (Q2 2026) · segment commentary Q2 2026 · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000036/phm-20260630.htm

[28] PHM 10-Q filed 2026-07-22 (Q2 2026) · home sale revenues and gross margins Q2 2026 · 2026-07-22 · 10-Q · https://www.sec.gov/Archives/edgar/data/0000822416/000082241626000036/phm-20260630.htm

[29] PHM earnings call 2026-07-22 (Q2 2026) · Q&A: house cost and land development cost outlook · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[30] PHM 10-Q filed 2026-04-23 (Q1 2026) · homebuilding operations table Q1 2026 · 2026-04-23 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-Q&dateb=&owner=include&count=40

[31] PHM earnings call 2026-07-22 (Q2 2026) · Q&A: second-half SG&A leverage · 2026-07-22 · earnings-call · https://gateway.drillr.ai/mcp/private

[32] PHM 10-K filed 2026-02-04 · risk factor: land availability and cost · 2026-02-04 · 10-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000822416&type=10-K&dateb=&owner=include&count=40