$PHM · PULTEGROUP INC/MI/

PulteGroup reported Q3 2026 earnings with net income of $476M ($2.53/share), down from $586M ($2.96/share) in the prior year. Home sale revenues fell 9% to $3.9B on a 9% decline in closings (6,876 homes) and a 1% drop in average sales price to $561K. Home sale gross margin contracted to 24.8% from 26.2%, including $26M in land impairments. Net new orders declined 6% to 6,208 homes.

Extended-hours trading shows PHM at $108.69, down 3.72% from the regular close of $112.89. The miss on both top and bottom lines, combined with CEO commentary citing "rapid increase in interest rates" pushing consumers to the sidelines, is driving the selloff.

PulteGroup's broad-based declines across closings, orders, pricing, and margins — paired with CEO warnings on rates and affordability — signal a meaningful housing cycle slowdown hitting even well-cap

PulteGroup's results reflect the broader homebuilder squeeze: rising rates are compressing affordability and slowing orders across the sector. The 24.8% gross margin, while down YoY, remains relatively resilient versus peers, aided by the company's mix shift toward higher-margin move-up and active-

CEO Ryan Marshall flagged rising mortgage rates, widespread inflation, and global unrest as pressuring homebuying demand. Land impairments of $26M in the quarter signal potential further writedowns if housing conditions deteriorate. Forward-looking statements highlight risks from supply shortages, a