Revenue growth has shifted into negative territory with a 12.4% year-over-year decline in 2026Q1, while gross margins have compressed from a 30.3% peak in 2024Q2 to 24.1%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 16.83B | 17.31B | 17.95B | 16.06B | 16B | 13.74B | 11.04B | 10.21B | 10.19B | 8.58B | 7.68B | 5.98B | 5.82B | 5.68B | 4.82B | 4.14B | 4.57B | 4.08B | 6.26B | 9.26B | 14.27B | 14.69B | 11.51B | 8.82B | 7.45B | 5.39B | 4.25B | 3.76B | 2.87B | 2.52B | 2.38B |
| Revenue Growth % | -5.94% | -3.54% | 11.74% | 0.37% | 16.5% | 24.47% | 8.06% | 0.24% | 18.78% | 11.74% | 28.33% | 2.74% | 2.51% | 17.83% | 16.52% | -9.47% | 11.87% | -34.79% | -32.39% | -35.11% | -2.86% | 27.62% | 30.54% | 18.46% | 38.16% | 26.9% | 12.84% | 31.3% | 13.57% | 5.86% | 17.51% |
| Cost of Goods Sold | 12.44B | 12.74B | 12.73B | 11.34B | 11.17B | 9.95B | 8.26B | 7.82B | 7.81B | 6.71B | 5.73B | 4.35B | 4.24B | 4.51B | 4.06B | 3.64B | 4.18B | 4.66B | 7.1B | 9.88B | 11.84B | 11.34B | 9.89B | 7.79B | 6.67B | 4.81B | 3.81B | 3.43B | 2.7B | 2.41B | 2.28B |
| COGS % of Revenue | - | 73.59% | 70.91% | 70.62% | 69.79% | 72.47% | 74.83% | 76.53% | 76.7% | 78.28% | 74.63% | 72.78% | 72.9% | 79.36% | 84.31% | 88.03% | 91.39% | 114.06% | 113.4% | 106.62% | 82.96% | 77.14% | 85.89% | 88.28% | 89.53% | 89.19% | 89.82% | 91.14% | 94.04% | 95.61% | 95.42% |
| Gross Profit | 4.39B | 4.57B | 5.22B | 4.72B | 4.83B | 3.78B | 2.78B | 2.4B | 2.37B | 1.86B | 1.95B | 1.63B | 1.58B | 1.17B | 756.16M | 495.35M | 393.23M | -574.11M | -839.2M | -613.57M | 2.43B | 3.36B | 1.62B | 1.03B | 779.88M | 582.45M | 432.45M | 333.32M | 170.9M | 110.8M | 109.2M |
| Gross Margin % | 26.06% | 26.41% | 29.09% | 29.38% | 30.21% | 27.53% | 25.17% | 23.47% | 23.3% | 21.72% | 25.37% | 27.22% | 27.1% | 20.64% | 15.69% | 11.97% | 8.61% | -14.06% | -13.4% | -6.62% | 17.04% | 22.86% | 14.11% | 11.72% | 10.47% | 10.81% | 10.18% | 8.86% | 5.96% | 4.39% | 4.58% |
| Gross Profit Growth % | - | -12.42% | 10.63% | -2.38% | 27.81% | 36.15% | 15.88% | 1.01% | 27.41% | -4.37% | 19.64% | 3.18% | 34.59% | 55.05% | 52.65% | 25.97% | 168.49% | 31.59% | -36.77% | -125.23% | -27.6% | 106.74% | 57.14% | 32.56% | 33.9% | 34.69% | 29.74% | 95.04% | 54.24% | 1.47% | 23.67% |
| Operating Expenses | 1.62B | 1.57B | 1.33B | 1.32B | 1.39B | 1.23B | 1.03B | 1.06B | 1.03B | 905.38M | 970.95M | 807.63M | 874.42M | 581.6M | 527.56M | 532.68M | 908.2M | 672.43M | 814.51M | 1.69B | 1.29B | 1.16B | 92.43M | 78.63M | 63.17M | 59.66M | 56.93M | 53.73M | 5M | 7.8M | 6.7M |
| OpEx % of Revenue | - | 9.09% | 7.42% | 8.24% | 8.7% | 8.92% | 9.34% | 10.36% | 10.07% | 10.56% | 12.65% | 13.5% | 15.02% | 10.24% | 10.95% | 12.88% | 19.88% | 16.46% | 13% | 18.28% | 9.01% | 7.87% | 0.8% | 0.89% | 0.85% | 1.11% | 1.34% | 1.43% | 0.17% | 0.31% | 0.28% |
| Selling, General & Admin | 1.17B | 1.57M | 1.32B | 1.31B | 1.38B | 1.21B | 1.01B | 1.04B | 1.01B | 891.58M | 957.15M | 794.73M | 861.39M | 568.5M | 514.46M | 519.58M | 895.1M | 672.43M | 814.51M | 1.69B | 1.29B | 1.16B | 92.43M | 78.63M | 63.17M | 59.66M | 56.93M | 53.73M | 0 | 0 | 0 |
| SG&A % of Revenue | - | 0.01% | 7.36% | 8.17% | 8.63% | 8.8% | 9.16% | 10.23% | 9.93% | 10.39% | 12.47% | 13.29% | 14.79% | 10.01% | 10.67% | 12.56% | 19.59% | 16.46% | 13% | 18.28% | 9.01% | 7.87% | 0.8% | 0.89% | 0.85% | 1.11% | 1.34% | 1.43% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 1.57B | 10.03M | 10.54M | 11.12M | 16.5M | 19.68M | 14.2M | 13.8M | 13.8M | 13.8M | 12.9M | 13.03M | 13.1M | 13.1M | 13.1M | 13.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 7.8M | 6.7M |
| Operating Income | 2.76B | 3B | 3.89B | 3.4B | 3.44B | 2.56B | 1.75B | 1.34B | 1.35B | 957.41M | 976.92M | 820.49M | 703.46M | 590.8M | 228.6M | -37.34M | -514.97M | -1.25B | -1.65B | -2.31B | 1.15B | 2.2B | 1.53B | 955.21M | 716.71M | 522.79M | 375.52M | 279.59M | 165.9M | 103M | 102.5M |
| Operating Margin % | 16.41% | 17.32% | 21.67% | 21.15% | 21.51% | 18.62% | 15.83% | 13.11% | 13.23% | 11.16% | 12.73% | 13.72% | 12.08% | 10.4% | 4.74% | -0.9% | -11.27% | -30.52% | -26.4% | -24.9% | 8.03% | 14.98% | 13.31% | 10.83% | 9.63% | 9.7% | 8.84% | 7.43% | 5.79% | 4.08% | 4.3% |
| Operating Income Growth % | - | -22.91% | 14.53% | -1.33% | 34.61% | 46.38% | 30.49% | -0.65% | 40.75% | -2% | 19.07% | 16.64% | 19.07% | 158.44% | 712.27% | 92.75% | 58.69% | 24.62% | 28.31% | -301.36% | -47.96% | 43.7% | 60.4% | 33.28% | 37.09% | 39.22% | 34.31% | 68.53% | 61.07% | 0.49% | 25% |
| EBITDA | 2.85B | 3.11B | 3.98B | 3.48B | 3.51B | 2.63B | 1.81B | 1.39B | 1.4B | 1.01B | 1.03B | 866.71M | 743.33M | 622.39M | 258.63M | -5.24M | -469.31M | -1.19B | -1.58B | -2.22B | 1.23B | 2.26B | 1.58B | 995.37M | 746.49M | 555.66M | 389.75M | 293.09M | 170.9M | 110.8M | 109.2M |
| EBITDA Margin % | 16.93% | 17.97% | 22.17% | 21.65% | 21.95% | 19.12% | 16.43% | 13.64% | 13.71% | 11.76% | 13.43% | 14.49% | 12.77% | 10.96% | 5.37% | -0.13% | -10.27% | -29.19% | -25.22% | -24% | 8.61% | 15.4% | 13.71% | 11.28% | 10.03% | 10.31% | 9.18% | 7.79% | 5.96% | 4.39% | 4.58% |
| EBITDA Growth % | -25.86% | -21.81% | 14.44% | -1.02% | 33.72% | 44.9% | 30.17% | -0.3% | 38.54% | -2.18% | 18.95% | 16.6% | 19.43% | 140.65% | 5037.5% | 98.88% | 60.64% | 24.53% | 28.94% | -280.83% | -45.68% | 43.38% | 58.58% | 33.34% | 34.34% | 42.57% | 32.98% | 71.5% | 54.24% | 1.47% | 23.67% |
| D&A (Non-Cash Add-back) | 87.84M | 112.51M | 89.16M | 80.82M | 70.92M | 69.95M | 66.08M | 54M | 49.43M | 51M | 54.01M | 46.22M | 39.86M | 31.59M | 30.03M | 32.1M | 45.66M | 54.25M | 73.98M | 83.85M | 83.67M | 61.51M | 46.3M | 40.16M | 29.78M | 32.88M | 14.23M | 13.5M | 5M | 7.8M | 6.7M |
| EBIT | 2.67B | 2.91B | 4.01B | 3.45B | 3.44B | 2.51B | 1.73B | 1.34B | 1.35B | 939.33M | 934.54M | 816.81M | 690.61M | 528.53M | 184.37M | -308.99M | -1.23B | -1.97B | -1.68B | -2.31B | 1.15B | 2.2B | 1.53B | 955.21M | 716.71M | 522.79M | 375.52M | 279.59M | 165.9M | 103M | 102.5M |
| Net Interest Income | 33.69M | 43.82M | 59.01M | 61.06M | 1.69M | 1.45M | 2.59M | 16.16M | 6.97M | 2.03M | 2.55M | 2.32M | 3.78M | 3.68M | 4.09M | 3.74M | 6.8M | 6.91M | 23.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 34.17M | 44.43M | 59.49M | 61.53M | 1.97M | 1.95M | 6.84M | 16.74M | 7.59M | 2.54M | 3.24M | 3.11M | 4.63M | 4.39M | 4.91M | 5.05M | 192.07M | 9.17M | 26.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 478K | 605K | 479K | 469K | 284K | 502K | 4.25M | 584K | 618K | 503K | 686K | 788K | 849K | 712K | 819K | 1.31M | 185.26M | 2.26M | 2.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -81.99M | -87.36M | 115.98M | 52.96M | -2.6M | -47.38M | -18.33M | 724K | -49K | -18.59M | -43.07M | -4.46M | -13.7M | -62.98M | -45.05M | -272.96M | -719.57M | -728.58M | -28.89M | -190.02M | -62.91M | 75.35M | 60.15M | 38.8M | 12.42M | -31M | -20.43M | 6.82M | -100K | -22M | 0 |
| Pretax Income | 2.68B | 2.91B | 4.01B | 3.45B | 3.44B | 2.51B | 1.73B | 1.34B | 1.35B | 938.83M | 933.85M | 816.02M | 689.76M | 527.82M | 183.55M | -310.3M | -1.23B | -1.98B | -1.68B | -2.5B | 1.08B | 2.28B | 1.6B | 995.66M | 728.82M | 491.79M | 355.1M | 286.4M | 165.8M | 81M | 102.5M |
| Pretax Margin % | 15.92% | 16.82% | 22.32% | 21.48% | 21.49% | 18.27% | 15.66% | 13.12% | 13.23% | 10.95% | 12.16% | 13.64% | 11.85% | 9.29% | 3.81% | -7.5% | -27.02% | -48.36% | -26.87% | -26.96% | 7.59% | 15.5% | 13.9% | 11.29% | 9.79% | 9.13% | 8.36% | 7.61% | 5.78% | 3.21% | 4.3% |
| Income Tax | 636.65M | 692.59M | 922.62M | 846.89M | 822.24M | 563.52M | 321.86M | 322.88M | 325.52M | 491.61M | 331.15M | 321.93M | 215.42M | -2.09B | -22.59M | -99.91M | -137.82M | -792.55M | -209.49M | -222.49M | 393.08M | 840.13M | 602.53M | 378.33M | 284.22M | 189.36M | 136.71M | 108.1M | 64.7M | 31.2M | 39.3M |
| Effective Tax Rate % | 23.76% | 23.79% | 23.03% | 24.55% | 23.91% | 22.45% | 18.62% | 24.1% | 24.16% | 52.36% | 35.46% | 39.45% | 31.23% | -396.4% | -12.31% | 32.2% | 11.16% | 40.13% | 12.45% | 8.91% | 36.3% | 36.9% | 37.65% | 38% | 39% | 38.5% | 38.5% | 37.74% | 39.02% | 38.52% | 38.34% |
| Net Income | 2.04B | 2.22B | 3.08B | 2.6B | 2.62B | 1.95B | 1.41B | 1.02B | 1.02B | 447.22M | 602.7M | 494.09M | 474.34M | 2.62B | 206.15M | -210.39M | -1.1B | -1.18B | -1.47B | -2.26B | 687.47M | 1.49B | 986.54M | 624.63M | 453.64M | 301.39M | 188.51M | 178.2M | 102.1M | 52.8M | 179.6M |
| Net Margin % | 12.14% | 12.82% | 17.18% | 16.2% | 16.36% | 14.17% | 12.75% | 9.96% | 10.03% | 5.21% | 7.85% | 8.26% | 8.15% | 46.13% | 4.28% | -5.09% | -24% | -28.95% | -23.52% | -24.35% | 4.82% | 10.15% | 8.57% | 7.08% | 6.09% | 5.59% | 4.44% | 4.73% | 3.56% | 2.09% | 7.53% |
| Net Income Growth % | -30.59% | -28.04% | 18.48% | -0.57% | 34.48% | 38.35% | 38.37% | -0.52% | 128.53% | -25.8% | 21.98% | 4.16% | -81.9% | 1171.01% | 197.98% | 80.82% | 7.26% | 19.72% | 34.7% | -428.12% | -53.92% | 51.23% | 57.94% | 37.69% | 50.52% | 59.88% | 5.79% | 74.53% | 93.37% | -70.6% | 208.06% |
| Net Income (Continuing) | 2.04B | 2.22B | 3.08B | 2.6B | 2.62B | 1.95B | 1.41B | 1.02B | 1.02B | 447.22M | 602.7M | 494.09M | 474.34M | 2.62B | 206.15M | -210.39M | -1.1B | -1.18B | -1.47B | -2.27B | 689.65M | 1.44B | 993.57M | 617.55M | 444.79M | 302.43M | 218.38M | 178.29M | 101.1M | 49.8M | 63.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 10.54 | 11.12 | 14.69 | 11.72 | 11.01 | 7.43 | 5.18 | 3.66 | 3.59 | 1.44 | 1.75 | 1.36 | 1.26 | 6.72 | 0.54 | -0.55 | -2.87 | -3.75 | -5.81 | -8.94 | 2.66 | 5.68 | 3.79 | 2.48 | 1.84 | 1.50 | 1.12 | 1.01 | 0.58 | 0.30 | 0.90 |
| EPS Growth % | -27.08% | -24.3% | 25.34% | 6.45% | 48.18% | 43.44% | 41.53% | 1.95% | 149.31% | -17.71% | 28.68% | 7.94% | -81.25% | 1144.44% | 198.18% | 80.84% | 23.47% | 35.46% | 35.01% | -436.09% | -53.17% | 49.87% | 52.82% | 34.78% | 22.67% | 33.93% | 10.89% | 74.14% | 93.33% | -66.67% | 233.33% |
| EPS (Basic) | - | 11.21 | 14.82 | 11.79 | 11.07 | 7.44 | 5.19 | 3.67 | 3.60 | 1.45 | 1.76 | 1.38 | 1.27 | 6.79 | 0.54 | -0.55 | -2.87 | -4.31 | -5.81 | -8.94 | 2.73 | 5.84 | 3.91 | 2.56 | 1.88 | 1.53 | 1.14 | 1.03 | 0.60 | 0.30 | 0.90 |
| Diluted Shares Outstanding | 193.85M | 199.54M | 209.83M | 221.16M | 236.17M | 259.93M | 269.41M | 275.3M | 284.87M | 306.81M | 342.12M | 359.79M | 374.1M | 386.87M | 384.56M | 379.88M | 382.03M | 315.43M | 253.51M | 252.19M | 258.62M | 262.8M | 260.23M | 251.46M | 246.99M | 201.29M | 168.58M | 175.29M | 175.54M | 176M | 200.67M |
| Basic Shares Outstanding | 191.71M | 197.97M | 208.11M | 219.96M | 235.01M | 259.29M | 268.55M | 274.5M | 283.58M | 305.09M | 339.75M | 356.58M | 370.38M | 383.08M | 381.56M | 379.88M | 382.03M | 274.33M | 253.51M | 252.19M | 252.2M | 255.49M | 252.59M | 244.32M | 241.81M | 196.39M | 165.24M | 172.98M | 171.94M | 174.55M | 199M |
| Dividend Payout Ratio | - | 7.96% | 5.44% | 5.47% | 5.51% | 7.6% | 9.25% | 12.03% | 10.18% | 25.21% | 20.68% | 23.47% | 15.95% | 1.46% | - | - | - | - | - | - | 5.95% | 2.25% | 2.58% | 2.18% | 2.15% | 2.69% | 3.49% | 3.87% | 6.37% | 9.85% | 3.34% |
Cyclical demand sensitivity
As reported in recent financial filings, PulteGroup's revenue growth has shifted into negative territory, with the company posting a 12.4% year-over-year decline in 2026Q1, signaling a potential cooling in demand across its core Sunbelt residential markets that warrants close monitoring by prospective investors.
The consistent deceleration in top-line performance suggests that the company is struggling to maintain volume in a high-interest-rate environment. This trend may indicate that the move-up buyer segment is becoming increasingly sensitive to mortgage rate volatility, potentially limiting the company's ability to drive growth through pricing power alone.
Based on the provided income statement data, PulteGroup's gross margin has experienced a notable contraction, falling from a peak of 30.3% in 2024Q2 to 24.1% in 2026Q1, which suggests that rising input costs and increased sales incentives are actively eroding the company's premium pricing advantage.
The erosion of gross margins appears to reflect the necessity of using rate buy-downs and other concessions to sustain closing volumes. Investors should consider whether this margin compression is a temporary cyclical adjustment or a more permanent shift in the competitive landscape of the residential construction industry.
According to the latest quarterly results, operating income has scaled down significantly faster than gross profit, with operating margins dropping to 13.0% in 2026Q1 from 23.5% in 2024Q4, indicating that the company's fixed cost base is becoming a drag on profitability during this period of revenue decline.
The inability to maintain operating leverage during a revenue downturn suggests that SG&A expenses are not scaling down in proportion to the top-line contraction. This lack of flexibility may indicate that management is maintaining overhead in anticipation of a market recovery that has yet to materialize.
While the company maintains a distinct brand identity through its Del Webb segment, the recent 30.4% year-over-year decline in EPS for 2026Q1 suggests that the market's assumption of a rate-insensitive buyer base may be overly optimistic in the face of sustained macroeconomic pressure on home affordability.
Short-sellers might focus on the potential for further margin degradation if the company is forced to increase incentives to clear inventory in a slowing market. The reliance on the active adult demographic may not provide the defensive buffer that historical performance suggests if equity-rich buyers also choose to delay discretionary home purchases.
Quick answers to the most common questions about buying PHM stock.
For fiscal year 2025, PulteGroup, Inc. (PHM) reported total revenue of $17.31B. This represents a 626.1% increase compared to $2.38B in 1996.
PulteGroup, Inc. (PHM) is profitable, generating $2.22B in net income for the fiscal year ending 2025 with a net profit margin of 12.8%.
PulteGroup, Inc. (PHM) reported an operating income of $3.00B, resulting in an operating profit margin of 17.3%. This margin reflects the operational efficiency of the business before interest and taxes.
PulteGroup, Inc. (PHM) generated $4.57B in gross profit for the year, representing a gross profit margin of 26.4%. This demonstrates the company's core pricing power and production efficiency.