PulteGroup Q1 EPS Misses, Margins Compress

PulteGroup reported Q1 2026 EPS $1.79 vs $1.82 estimate, revenue $3.3B vs $3.39B consensus, down 12% YoY.
Home closures fell 7% to 6,102 units; average selling price $542,000, 5% lower; gross margin compressed to 24.4% from 27.5%.
SG&A expenses rose to $380M (11.5% of revenue); net new orders up 3% to 8,034 homes valued $4.6B; backlog 10,427 homes ($6.5B).
Company spent $1.3B on land, returned $360M to shareholders, increased share repurchase authorization by $1.5B to $2.1B; cash $1.8B, debt-to-capital 12.3%.