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PulteGroup reported a challenging Q1 FY2026 with revenue declining 12.4% YoY to $3.41B and net income falling 33.6% to $347.0M, though the company maintained solid cash generation and a strong balance sheet with $1.81B in cash.
营业收入
$3.41B
同比 -12.44%
每股收益（基本）
$1.81
同比 -30.12%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Pultegroup (PHM) Q1 FY2026 营收 $3.41B，同比下降 12.4%。 净利润 $347M，同比下降 33.6%，稀释每股收益 $1.79。
Revenue fell 12.4% YoY from $3.89B to $3.41B in Q1 FY2026, reflecting a softer homebuilding environment with reduced home closings and/or lower average selling prices compared to the prior-year period.
来源: Source: 10-Q Income Statement Data
Net income dropped 33.6% YoY to $347.0M while cost of revenue declined only 8.8% versus the 12.4% revenue decline, indicating margin compression as costs did not fall proportionally with revenue. Net margin contracted to approximately 10.2% from an implied ~13.4% in the prior year.
来源: Source: 10-Q Income Statement Data
SG&A expenses declined 3.3% YoY to $380.3M, demonstrating some cost control efforts, though the reduction was modest relative to the revenue decline, contributing to operating leverage headwinds.
来源: Source: 10-Q Income Statement Data
Cash and equivalents surged 46.2% YoY to $1.81B, and operating cash flow improved 19.0% YoY to $159.8M, reflecting disciplined working capital management despite lower revenues.
来源: Source: 10-Q Balance Sheet and Cash Flow Data
PulteGroup returned capital to shareholders via $308.2M in share buybacks (up 2.7% YoY) and $52.0M in dividends (up 13.6% YoY), totaling approximately $360.2M in Q1 FY2026, underscoring management's confidence in the company's financial position.
来源: Source: 10-Q Cash Flow Statement Data
Revenue declined 12.4% YoY to $3.41B, suggesting meaningful softness in home closing volumes and/or pricing. PulteGroup's results are highly sensitive to changes in housing demand, which can be impacted by mortgage rate levels, consumer confidence, and macroeconomic conditions. Sustained demand weakness could further pressure revenues and profitability.
来源: Source: 10-Q Income Statement Data
Cost of revenue fell only 8.8% against a 12.4% revenue decline, indicating that land, labor, and material costs are not declining as fast as selling prices or volumes. This dynamic compressed net margin from ~13.4% to ~10.2% YoY and could worsen if input costs remain elevated or if PulteGroup offers incentives to stimulate demand.
来源: Source: 10-Q Income Statement and Ratio Data
PulteGroup repurchased $308.2M in shares in Q1 FY2026 even as net income fell 33.6% YoY, which could strain liquidity if earnings continue to decline. While the current cash balance of $1.81B is robust, aggressive capital returns during a downturn may limit financial flexibility for land investment or debt management.
来源: Source: 10-Q Cash Flow Statement Data
Total liabilities stand at $5.24B with a debt-to-equity ratio of approximately 0.40, which is manageable but notable in a rising-rate environment. If housing market conditions deteriorate further, servicing debt obligations while maintaining land acquisition and development spending could become more challenging.
来源: Source: 10-Q Balance Sheet Data
Basic EPS fell 30.1% YoY to $1.81 and diluted EPS fell 30.4% to $1.79, reflecting the sharp drop in net income. Continued earnings volatility tied to cyclical housing market dynamics could affect investor sentiment and the company's ability to sustain its current capital return program.
来源: Source: 10-Q Income Statement Data
Q1 FY2026 实际 EPS $1.79，分析师一致预期 $1.84，不及预期 -2.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $3.41B | $3.89B | -12.44% |
营业成本 | $2.53B | $2.77B | -8.76% |
净利润 | $347M | $522.8M | -33.63% |
每股收益（基本） | $1.81 | $2.59 | -30.12% |
每股收益（稀释） | $1.79 | $2.57 | -30.35% |
销售及管理费用 | $380.33M | $393.34M | -3.31% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $18.2B | $17.34B | +4.96% |
总负债 | $5.24B | $5.04B | +4.10% |
股东权益 | $12.95B | $12.3B | +5.31% |
现金及等价物 | $1.81B | $1.24B | +46.24% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $159.75M | $134.23M | +19.01% |
投资活动现金流 | $-24.93M | $-39.73M | +37.26% |
筹资活动现金流 | $-300.21M | $-472.29M | +36.43% |
股息支出 | $52.03M | $45.82M | +13.56% |
股票回购 | $308.18M | $300M | +2.73% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 10.2% | — | — |
净资产收益率 | 2.7% | — | — |
总资产收益率 | 1.9% | — | — |
资产负债率 | $0.405 | — | — |
In Q2 FY2026, PulteGroup reported a 9.6% YoY revenue decline to $3.98B and a 22.4% drop in net income to $472.0M, driven by an 8% decrease in closings and a 200-basis-point contraction in home sale gross margin to 25.0%, as the company continued to lean on sales incentives and price adjustments amid weaker affordability-driven demand while still increasing net new orders 6% and returning $681.2M to shareholders via buybacks in the first six months of the year.
PulteGroup (PHM) reported FY2025 revenue of $17.3B, down 3.5% year-over-year, with net income falling 28.0% to $2.2B amid rising SG&A costs and a challenging housing market, though the balance sheet remained strong with minimal debt and growing cash.
Homebuilding 行业其他公司
PulteGroup reported Q1 FY2026 revenue of $3.41B, down 12.4% YoY, and net income of $347.0M, down 33.6% YoY. Diluted EPS came in at $1.79, compared to $2.57 in Q1 FY2025, reflecting a challenging homebuilding environment with margin compression.
PHM's revenue fell 12.4% YoY to $3.41B in Q1 FY2026, likely driven by lower home closing volumes and/or reduced average selling prices amid a softer housing market. Cost of revenue declined only 8.8%, suggesting that input costs remained relatively sticky, further pressuring profitability.
PulteGroup's balance sheet remains solid with $1.81B in cash (up 46.2% YoY), total assets of $18.20B, and a manageable debt-to-equity ratio of 0.40. The company generated $159.8M in operating cash flow and returned approximately $360M to shareholders through buybacks and dividends in the quarter.
Yes, PulteGroup repurchased $308.2M in shares in Q1 FY2026, up 2.7% from $300.0M in Q1 FY2025, and paid $52.0M in dividends (up 13.6% YoY). Despite the earnings decline, management continued its capital return program, supported by a strong cash balance of $1.81B.
The key risks include continued housing demand softness that drove a 12.4% revenue decline, gross margin compression as costs fell slower than revenues, and the sustainability of aggressive shareholder returns ($360M in Q1) if earnings continue to decline. A debt-to-equity ratio of 0.40 and $5.24B in total liabilities also warrant monitoring if market conditions worsen.