PulteGroup 8-K 确认 Q3 2026 财报：EPS $2.53、营收 $39.7 亿双 miss，订单同比 -6%——与 54 分钟前已研判做空的为同一份财报

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 22, 2026
PULTEGROUP, INC.
(Exact name of registrant as specified in its Charter)
Michigan
1-9804
38-2766606
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
3350 Peachtree Road NE, Suite 1500
Atlanta,
Georgia
30326
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
404
978-6400
____________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares, par value $0.01
PHM
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company.
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 22, 2026, PulteGroup, Inc. (the "Company") issued a press release announcing its financial results for its third quarter ended September 30, 2026. A copy of this earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in Item 2.02 by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
99.1
Third Quarter 2026 earnings press release dated October 22, 2026
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)
The information in Item 2.02 of this Current Report on Form 8-K, including the earnings press release incorporated in such Item 2.02, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PULTEGROUP, INC.
Date:
October 22, 2026
By:
/s/ Todd N. Sheldon
Name:
Todd N. Sheldon
Title:
Executive Vice President, General Counsel and Corporate Secretary

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EX-99.1
2
ex991earningspr9302026.htm
EX-99.1 - 3Q 2026 EARNINGS RELEASE
Document
FOR IMMEDIATE RELEASE
Company Contact
Investors: Jim Zeumer
(404) 978-6434
jim.zeumer@pultegroup.com
PULTEGROUP REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
•
Earnings of $2.53 Per Share
•
Closings of 6,876 Homes Generated Home Sale Revenues of $3.9 Billion
•
Home Sale Gross Margin of 24.8%
•
Net New Orders Totaled 6,208 Homes with a Value of $3.5 Billion
•
Unit Backlog Increased 4% to 10,298 Homes; Backlog Value Increased 3% to $6.4 Billion
•
Repurchased $350 Million of Common Shares in the Quarter
ATLANTA - Oct. 22, 2026
– PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2026.
For the quarter, the Company reported net income of $476 million, or $2.53 per share.
In the prior year period, the Company reported net income of $586 million, or $2.96 per share.
“With homebuying demand increasingly pressured by rising mortgage rates, widespread inflation, and global unrest, we continue to benefit from our diversified operating platform and consistent strategies for delivering superior returns over the housing cycle,” said PulteGroup President and CEO, Ryan Marshall.
“With more than 60% of our business now comprised of more profitable move-up and active-adult homebuyers, our strong gross margins were instrumental to driving third quarter earnings of $2.53 per share.
“The rapid increase in interest rates has stretched affordability even further, made selling an existing home even harder, and has pushed even more consumers to the sidelines,” added Mr. Marshall.
“Within this environment, we continue to appropriately balance the price and pace of home sales, align production accordingly, and remain disciplined in our allocation of capital.”
Third Quarter Results
The Company generated home sale revenues in the third quarter of $3.9 billion, a decrease of 9% from home sale revenues of $4.2 billion realized in the prior year period.
Home sale revenues in the third quarter reflect a 9% decrease in closings to 6,876 homes, in combination with a 1% decrease in the average sales price of homes closed to $561,000.
In the third quarter, the Company reported home sale gross margin of 24.8%, compared with 26.2% in the comparable prior year period.
The Company’s reported third quarter gross margin is inclusive of $26 million, or approximately 70 basis points, of land impairments recorded in the period. Third quarter SG&A expenses were $397 million, or 10.3% of home sale revenues, compared with $401 million, or 9.4%, in last year’s third quarter.
1
Third quarter net new orders totaled 6,208 homes, which is down 6% from the prior year’s net new orders of 6,638 homes.
The value of net new orders in the third quarter was $3.5 billion, compared with $3.6 billion in the third quarter of last year.
For its third quarter, the Company’s average community count totaled 1,077, or an increase of 7% from the prior year period.
At the end of the third quarter, the Company’s backlog was 10,298 homes with a value of $6.4 billion. The Company ended last year’s third quarter with a backlog of 9,888 homes with a value of $6.2 billion.
In the third quarter, the Company's financial services operations generated pre-tax income of $46 million, which is comparable with the prior year period.
Mortgage capture rate in the quarter was 85%, up from 84% in the prior year period.
PulteGroup repurchased 2.8 million of its common shares in the third quarter for $350 million, or an average price of $124.70 per share.
Through the first nine months of 2026, the Company repurchased 8.4 million common shares, or 4% of shares outstanding, for $1.0 billion, or an average price of $123.51 per share.
The Company ended the quarter with $1.4 billion of cash and a debt-to-capital ratio of 12%.
A conference call discussing PulteGroup's third quarter 2026 results is scheduled for Thursday, October 22, 2026, at 8:30 a.m. Eastern Time.
Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.
Forward-Looking Statements
This release includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “continue,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry conditions or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; supply shortages and the cost of labor and building materials; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; rapidly changing technological developments including, but not limited to, the use of artificial intelligence in the homebuilding industry; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale
2
of mortgage loans, and related claims against us; risks associated with the implementation of a new enterprise resource planning system; risks related to information technology failures, data security issues, and the effect of cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; disruptions associated with epidemics, pandemics or other serious public health threats (as well as fear of such events), and the measures taken to address it; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.
About PulteGroup
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, Explore by Del Webb, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.
For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.
# # #
3
PulteGroup, Inc.
Consolidated Statements of Operations
($000's omitted, except per share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Revenues:
Homebuilding
Home sale revenues
$
3,859,030
$
4,248,375
$
10,973,638
$
12,265,619
Land sale and other revenues
7,790
53,169
116,025
140,345
3,866,820
4,301,544
11,089,663
12,405,964
Financial Services
107,026
103,255
275,712
295,241
Total revenues
3,973,846
4,404,799
11,365,375
12,701,205
Homebuilding Cost of Revenues:
Home sale cost of revenues
(2,901,856)
(3,133,548)
(8,258,644)
(8,968,112)
Land sale and other cost of revenues
(5,046)
(48,062)
(100,322)
(129,504)
(2,906,902)
(3,181,610)
(8,358,966)
(9,097,616)
Financial Services expenses
(61,468)
(58,897)
(181,306)
(173,478)
Selling, general, and administrative expenses
(397,198)
(400,681)
(1,160,497)
(1,184,472)
Equity income (loss) from unconsolidated entities, net
(2,772)
2,422
2,069
3,333
Other income, net
19,700
1,755
30,366
7,110
Income before income taxes
625,206
767,788
1,697,041
2,256,082
Income tax expense
(149,479)
(181,954)
(402,315)
(538,967)
Net income
$
475,727
$
585,834
$
1,294,726
$
1,717,115
Per share:
Basic earnings
$
2.55
$
2.98
$
6.84
$
8.62
Diluted earnings
$
2.53
$
2.96
$
6.79
$
8.55
Cash dividends declared
$
0.26
$
0.22
$
0.78
$
0.66
Number of shares used in calculation:
Basic
186,633
196,536
189,353
199,258
Effect of dilutive securities
1,205
1,605
1,239
1,548
Diluted
187,838
198,141
190,592
200,806
4
PulteGroup, Inc.
Condensed Consolidated Balance Sheets
($000's omitted)
(Unaudited)
September 30,
2026
December 31,
2025
ASSETS
Cash and equivalents
$
1,369,902
$
1,980,869
Restricted cash
38,125
27,907
Total cash, cash equivalents, and restricted cash
1,408,027
2,008,776
House and land inventory
14,090,509
12,925,413
Residential mortgage loans available-for-sale
433,947
613,665
Investments in unconsolidated entities
141,741
167,342
Other assets
2,303,038
2,217,483
Goodwill
40,377
40,377
Other intangible assets
21,973
26,210
Deferred tax assets
45,294
49,157
$
18,484,906
$
18,048,423
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable
$
747,157
$
724,885
Customer deposits
515,886
387,837
Deferred tax liabilities
469,179
448,493
Accrued and other liabilities
1,464,582
1,338,330
Financial Services debt
383,245
532,338
Notes payable
1,808,896
1,631,098
5,388,945
5,062,981
Shareholders' equity
13,095,961
12,985,442
$
18,484,906
$
18,048,423
5
PulteGroup, Inc.
Consolidated Statements of Cash Flows
($000's omitted)
(Unaudited)
Nine Months Ended
September 30,
2026
2025
Cash flows from operating activities:
Net income
$
1,294,726
$
1,717,115
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax expense
24,524
51,921
Land-related charges
65,030
69,811
Loss on debt retirement
2,637
—
Depreciation and amortization
76,626
75,549
Equity income from unconsolidated entities, net
(2,069)
(3,333)
Distributions of income from unconsolidated entities
4,758
3,060
Share-based compensation expense
44,718
43,221
Other, net
(21,494)
(739)
Increase (decrease) in cash due to:
Inventories
(1,149,355)
(635,860)
Residential mortgage loans available-for-sale
179,718
143,516
Other assets
(127,060)
(203,007)
Accounts payable, accrued and other liabilities
244,207
(161,132)
Net cash provided by operating activities
636,966
1,100,122
Cash flows from investing activities:
Capital expenditures
(78,221)
(91,401)
Investments in unconsolidated entities
(45,773)
(9,171)
Distributions of capital from unconsolidated entities
21,564
45,669
Proceeds from asset dispositions
90,587
2,799
Other investing activities, net
3,000
(12,000)
Net cash used in investing activities
(8,843)
(64,104)
Cash flows from financing activities:
Proceeds from debt issuance
794,784
—
Repayments of notes payable
(612,691)
(9,163)
Financial Services repayments, net
(149,093)
(122,683)
Debt issuance costs
(23,411)
(1,446)
Proceeds from liabilities related to consolidated inventory not owned
26,558
25,643
Payments related to consolidated inventory not owned
(31,633)
(32,981)
Share repurchases
(1,031,567)
(900,000)
Excise tax on share repurchases
(11,482)
(11,550)
Cash paid for shares withheld for taxes
(39,557)
(24,303)
Dividends paid
(150,780)
(133,658)
Net cash used in financing activities
(1,228,872)
(1,210,141)
Net increase (decrease) in cash, cash equivalents, and restricted cash
(600,749)
(174,123)
Cash, cash equivalents, and restricted cash at beginning of period
2,008,776
1,653,680
Cash, cash equivalents, and restricted cash at end of period
$
1,408,027
$
1,479,557
Supplemental Cash Flow Information:
Interest paid, net
$
10,760
$
12,904
Income taxes paid, net
$
410,565
$
533,574
6
PulteGroup, Inc.
Segment Data
($000's omitted)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
HOMEBUILDING:
Home sale revenues
$
3,859,030
$
4,248,375
$
10,973,638
$
12,265,619
Land sale and other revenues
7,790
53,169
116,025
140,345
Total Homebuilding revenues
3,866,820
4,301,544
11,089,663
12,405,964
Home sale cost of revenues
(2,901,856)
(3,133,548)
(8,258,644)
(8,968,112)
Land sale and other cost of revenues
(5,046)
(48,062)
(100,322)
(129,504)
Selling, general, and administrative expenses
(397,198)
(400,681)
(1,160,497)
(1,184,472)
Equity income (loss) from unconsolidated entities, net
(2,772)
2,422
959
2,083
Other income, net
19,700
1,755
30,366
7,110
Income before income taxes
$
579,648
$
723,430
$
1,601,525
$
2,133,069
FINANCIAL SERVICES:
Income before income taxes
$
45,558
$
44,358
$
95,516
$
123,013
CONSOLIDATED:
Income before income taxes
$
625,206
$
767,788
$
1,697,041
$
2,256,082
7
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Home sale revenues
$
3,859,030
$
4,248,375
$
10,973,638
$
12,265,619
Closings - units
Northeast
363
408
955
1,198
Southeast
1,305
1,444
3,903
4,039
Florida
1,904
1,932
5,468
5,464
Midwest
1,197
1,313
3,347
3,675
Texas
989
1,073
2,976
3,330
West
1,118
1,359
3,326
4,045
6,876
7,529
19,975
21,751
Average selling price
$
561
$
564
$
549
$
564
Net new orders - units
Northeast
316
371
1,156
1,159
Southeast
1,132
1,354
3,997
4,115
Florida
1,823
1,721
6,144
5,363
Midwest
1,130
1,144
3,824
3,804
Texas
862
938
3,173
3,267
West
945
1,110
3,484
3,778
6,208
6,638
21,778
21,486
Net new orders - dollars
$
3,498,584
$
3,639,690
$
12,147,961
$
12,005,455
Unit backlog
Northeast
708
576
Southeast
1,845
1,988
Florida
3,097
2,694
Midwest
2,082
1,931
Texas
988
885
West
1,578
1,814
10,298
9,888
Dollars in backlog
$
6,444,435
$
6,234,554
8
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
MORTGAGE ORIGINATIONS:
Origination volume
4,438
4,782
13,056
14,037
Origination principal
$
1,920,110
$
2,054,441
$
5,599,429
$
6,085,214
Capture rate
84.6
%
84.4
%
84.9
%
85.1
%
Supplemental Data
($000's omitted)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Interest in inventory, beginning of period
$
125,299
$
136,624
$
122,327
$
139,960
Interest capitalized
29,550
26,139
85,874
78,360
Interest expensed
(28,627)
(31,199)
(81,979)
(86,756)
Interest in inventory, end of period
$
126,222
$
131,564
$
126,222
$
131,564
9
PulteGroup, Inc.
Reconciliation of Non-GAAP Financial Measures
This report contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financial measures. We calculate total net debt by subtracting total cash, cash equivalents, and restricted cash from notes payable to present the amount of assets needed to satisfy the debt. We use the debt-to-capital and net debt-to-capital ratios as indicators of our overall leverage and believe they are useful financial measures in understanding the leverage employed in our operations. We believe that these measures provide investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.
The following table sets forth a reconciliation of the debt-to-capital ratios ($000's omitted):
Debt-to-Capital Ratios
September 30,
2026
December 31,
2025
Notes payable
$
1,808,896
$
1,631,098
Shareholders' equity
13,095,961
12,985,442
Total capital
$
14,904,857
$
14,616,540
Debt-to-capital ratio
12.1
%
11.2
%
Notes payable
$
1,808,896
$
1,631,098
Less: Total cash, cash equivalents, and
restricted cash
(1,408,027)
(2,008,776)
Total net debt
$
400,869
$
(377,678)
Shareholders' equity
13,095,961
12,985,442
Total net capital
$
13,496,830
$
12,607,764
Net debt-to-capital ratio
3.0
%
(3.0)
%
10