PulteGroup Q1 2026 Profit Falls 34% to $347M as Revenue Slides 12%

PulteGroup, Inc. (NYSE: PHM), a national homebuilder, reported net income of $347.0 million for the quarter ended March 31, 2026, down 34% from $522.8 million in the same period a year earlier. Revenue fell 12% to $3.41 billion from $3.89 billion in the first quarter of 2025. Read more earnings reports.

The company's homebuilding revenue, which accounted for the bulk of sales, dropped to $3.34 billion from $3.80 billion year-over-year, a decline of 12%. Financial services revenue also fell, coming in at $71.7 million compared to $90.8 million in Q1 2025.

Cost of goods sold declined to $2.53 billion from $2.77 billion, but gross profit margins compressed as revenue fell faster than costs. Selling, general, and administrative expenses edged down 3% to $380.3 million from $393.3 million.

Operating cash flow for the quarter was $159.8 million, up 19% from $134.2 million in the prior-year period. The company used $300.2 million in financing activities during the quarter, primarily reflecting share buybacks and dividend payments. PulteGroup paid out $50.2 million in dividends, up from $44.7 million a year earlier.

The company ended the quarter with $1.84 billion in cash and restricted cash, down from $2.01 billion at December 31, 2025. Total assets stood at $18.20 billion, up slightly from $18.05 billion at year-end.

Diluted earnings per share fell to $1.79 from $2.57 a year earlier. The decline in per-share earnings reflected both lower net income and a reduced share count, as weighted average diluted shares outstanding decreased to 193.4 million from 203.7 million.

Total liabilities rose to $5.24 billion from $5.06 billion at the end of 2025, while stockholders' equity slipped to $12.95 billion from $12.99 billion. Outstanding common shares decreased to 190.8 million from 192.7 million at year-end, continuing the company's share repurchase activity.