← Who reports today · Consumer Discretionary
PHM · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue fell 9.6% y/y to $3.98B, operating margin 15.4% vs 18.3%, net income $472M (−22.4% y/y).
Net income
$472M
down 22.4% y/y
Total revenues
$3,983M
down 9.6% y/y
Operating income (calculated)
$615M
down 23.9% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total revenues | $3,983 · −9.6% |
| Home sale cost of revenues | $2,857 · −8.3% |
| Land sale and other cost of revenues | $68.1 · +123% |
| Financial Services expenses | $60.7 · +1.8% |
| Selling, general, and administrative expenses | $383 · −1.9% |
| Operating income (calculated) | $615 · −23.9% · 15.4% margin |
| Equity income from unconsolidated entities, net | $4 · +869% |
| Other income (expense), net | $3.9 · vs −$1 |
| Income before income taxes | $622 · −22.9% |
| Income tax expense | $150 · −24.3% · 24.2% effective rate |
| Net income | $472 · −22.4% · $2.48/sh · 11.9% margin |
Verdict: revenue fell 9.6% y/y to $3.98B, operating margin 15.4% vs 18.3%, net income $472M (−22.4% y/y).
Home sale gross margin was 25.0% vs 27.0% a year earlier, and PulteGroup repurchased $373 million of shares.
Source and notation
Source: PulteGroup press release, 8-K EX-99.1 of 07/22/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL. Operating income is calculated (revenue less costs and operating expenses): the release does not report it.
Open as an image: PHM, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “PHM Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/phm/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/phm/q2-2026"><img src="https://whoreportstoday.com/t/phm/q2-2026/sankey.png" alt="PHM Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/phm/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/phm/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/phm/q2-2026">PHM Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Net new orders rose 6% to 7,536 homes, while closings fell 8% to 6,997 homes.
- Operating income was $615M, a 15.4% margin vs 18.3% a year earlier.
- The effective tax rate was 24.2% vs 24.6% a year earlier.
- Diluted EPS was $2.48 vs $3.03 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
PHM — an American homebuilder that acquires and develops land and builds and sells houses, mostly single-family, in markets across the U.S.. Its homebuilding business is reported as six regional segments: Northeast, Southeast, Florida, Midwest, Texas and West.
A separate Financial Services segment earns money from mortgage lending, title and insurance services for its homebuyers. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 22% y/y in Q2 2026
- revenue fell 10% y/y in Q2 2026
Net income for Q2 2026: $472M, −22% y/y. In the report's figures: revenue −10% y/y; costs grew faster than revenue: land sale and other cost of revenues +123% y/y. Based on the Q2 2026 report.
The company's report ↗Revenue for Q2 2026: $3,983M, −10% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: RCL · Q3 2026 · RL · Q1 FY2027 · ROST · Q2 FY26 · SBUX · Q3 2026 · TJX · Q2 FY2027 · TPR · Q4 FY2026 · TSCO · Q2 2026 · TSLA · Q3 2026 · ULTA · Q2 FY2026 · WSM · Q2 FY2026 · all reports