Pultegroup, Inc. · NYSE:PHM
Pultegroup — Q1 2026 Earnings Presentation
31 slides from Pultegroup's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings Call
FIRST QUARTER 2026 EARNINGS CALL April 23, 2026 1
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to s
Slide 3: PulteGroup Participants
PulteGroup Participants Ryan Marshall Jim Ossowski President & CEO EVP & CFO David Carrier Jim Zeumer 3 SVP Finance VP, Investor Relations
Slide 4: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights • Reported net income of $347 million, or $1.79 Q2 2026 GUIDANCE FY 2026 GUIDANCE per share (As of Apr 23, 2026) (As of Apr 23, 2026) Closings 6,700 – 7,100 Closings 28,500 – 29,000 • “Our first quarter results reflect PulteGroup’s Gross Gross ability to successfully nav
Slide 5: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Home Sale Revenues ($M) • Home sale revenues of $3.3B compared with $3.7B in prior $4,000 $3,000 $3,820 $3,749 $3,488 year $3,308 $2,000 $1,000 Average sales price of homes $0 closed in Q1 decreased by 5% to Q1 2023 Q1 2024 Q1 2025 Q1 2026 $542,000 Closings Q1 closings
Slide 6: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Gross Margin * • Home sale gross margin of 24.4%, 30% compared with 27.5% in 29.1% 29.6% 27.5% comparable prior year period 20% 24.4% Among the factors impacting Q1 2026 gross 10% margin were higher incentives, increased lot 0% costs, and efforts to reduce spec invento
Slide 7: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights • Net new orders increased 3% over Net New Orders prior year to 8,034 homes 10,000 Q1 net new order value of $4.6B, 8,000 8,379 8,034 compared with $4.5B in prior year 6,000 7,354 7,765 4,000 • Cancellation rate as a percentage of 2,000 beginning backlog was 13%, up fr
Slide 8: Land Pipeline Aligned with Efficient Growth Strategy
Land Pipeline Aligned with Efficient Growth Strategy Lots Under Control • 229K lots under control, with 56% Owned Optioned held via option 300,000 200,000 102,827 112,541 143,647 127,562 • Q1 land acquisition & development 100,000 107,528 107,001 100,418 101,683 investment of $1.3B 0 Q1 2023 Q1 2024
Slide 9: Return of Capital to Shareholders
Return of Capital to Shareholders • Repurchased 2.4M common shares Return on Equity * for $308M 30% 27% 28% 20% At quarter end, Company had $675M 18% remaining under current share 10% 16% repurchase authorization 0% Increased share repurchase authorization 2023 2024 2025 TTM Q1 2026 by $1.5B on
Slide 10: Q1 2026 Selected Financial Data
Q1 2026 Selected Financial Data Three Months Ended March 31, 2026 2025 Change Home Sale Revenues ($M) $3,308 $3,749 -12% Gross Margin Percentage 24.4% 27.5% -310 bps SG&A as Percent of Home Sale Revenues 11.5% 10.5% 100 bps Financial Services Pre-tax Income ($M) $13 $36 -65% Net Income ($M) $347 $52
Slide 11: Q1 2026 Selected Balance Sheet Data
Q1 2026 Selected Balance Sheet Data March 31, 2026 December 31, 2025 Cash and Equivalents, including Restricted Cash ($M) $1,843 $2,009 House and Land Inventory ($M) $13,301 $12,925 Notes Payable ($M)* $1,821 $1,631 Shareholders’ Equity ($M) $12,954 $12,985 Debt – to – Capital Ratio 12.3% 11.2% Net
Slide 12: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures This presentation contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financ
Slide 13: Building Returns for Our Shareholders
Building Returns for Our Shareholders Appendix 13
Slide 14: Why Invest with PulteGroup
Why Invest with PulteGroup Industry Leader: Diversified business platform, resilient 1 operating model, and experienced leadership team focused on generating top-tier, through-cycle returns Profitable Growth: Competitively advantaged through 2 local-market scale, rigorous underwriting processes, and
Slide 15: Pulte Consistently Generates Outstanding Returns…
Pulte Consistently Generates Outstanding Returns… Consistent cash flow Business Model Disciplined growth fuels reinvestment for delivers superior balanced across growth with excess operating margins attractive markets returned to shareholders Top Quartile ROE Relative to S&P 5001 2025 Key Figures 18
Slide 16: …and is a Premier National Homebuilder
…and is a Premier National Homebuilder HQ: Atlanta, GA States Served: 26 Home Deliveries: 29.6K Employees Nationally: ~6,500 Markets Served: 47 Home Sale Revenues: $17.3B Founded: 1950 Active Communities: 1,014 Home Sales GM: 26.3% Total Homes Built: 875K ASP: $566K As of 12/31/2025 Total Return: Ja
Slide 17: Strategic Priorities Aligned with Delivering High Through-Cycle ROE
Strategic Priorities Aligned with Delivering High Through-Cycle ROE Relentless Focus on Returns Driving operational gains and asset efficiency in support of high returns over the housing cycle Profitable Operational Disciplined Capital World-class Growth Excellence Allocation Culture Optimize local
Slide 18: PulteGroup Formula for Creating Long-Term Shareholder Value
PulteGroup Formula for Creating Long-Term Shareholder Value 18
Slide 19: Maximizing Our Opportunities with Differentiated Advantages
Maximizing Our Opportunities with Differentiated Advantages Strategically positioned to generate premium through-cycle returns in dynamic housing market Our Differentiators Meaningful Business Outcomes Market Opportunities • Broad and targeted footprint in attractive markets Consistently achieving l
Slide 20: PulteGroup Value Creation Formula
PulteGroup Value Creation Formula 1 Disciplined Land Underwriting 2 Integrated Design and Build Process Leveraging multi-year portfolio of valuable land assets Maximizing value through innovative Deploying proprietary risk screening algorithm and go-to-market strategy: optimizing optioned/own
Slide 21: Strategic and Efficient Land Option Strategy
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Strategic and Efficient Land Option Strategy Balancing flexibility and control to profitably grow, enhance • As of 12/31/25 control ~235,000 lots; returns, and mitigate market risk 43% owned / 57%
Slide 22: Data-driven Land Underwriting Algorithm Adjusts Required Returns for Risk
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Data-driven Land Underwriting Algorithm Adjusts Required Returns for Risk Majority of Our Projects • Project-specific required returns 20-24% based on multi-factor risk scoring IRR Threshold rather
Slide 23: Geographic Diversification: Strategic Locations in Attractive Markets
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Geographic Diversification: Strategic Locations in Attractive Markets Our Footprint Our Advantages Focused on major metros with attractive housing fundamentals Strategic selection of projects b
Slide 24: First-Time Buyers: Delivering Modern, Affordable Homes for Younger Buyers
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 First-Time Buyers: Delivering Modern, Affordable Homes for Younger Buyers 38% $438K 20 - 40 >90M 2025 Closings Mix ASP Demographics Population Buyer Group How We Win Characteristics • Seek closer-i
Slide 25: Move-Up Buyers: Helping Growing Families Take the Next Step
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Move-Up Buyers: Helping Growing Families Take the Next Step 40% $671K 40 - 55 >60M 2025 Closings Mix ASP Demographics Population Buyer Group How We Win Characteristics • Build-to-order platform all
Slide 26: Active-Adult Buyers: Enabling Fulfilling Lifestyles in Vibrant Communities
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Active-Adult Buyers: Enabling Fulfilling Lifestyles in Vibrant Communities 22% $597K 55+ >60M 2025 Closings Mix ASP Demographics Population Buyer Group How We Win Characteristics • Del Webb is the
Slide 27: Proven Ability to Deliver Premium Returns and Cash Flow in Dynamic Markets
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Proven Ability to Deliver Premium Returns and Cash Flow in Dynamic Markets Disciplined strategy execution has raised the bar for through-cycle returns PHM TSR The Great Recession and Spike in +1,26
Slide 28: Strong and Stable Balance Sheet
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Strong and Stable Balance Sheet Balance sheet strength and flexibility allows consistent investment in our strategic priorities 12/31/25 Notes Payable ($M) and Debt-to-Capital Ratio Modest Leverage
Slide 29: Disciplined Capital Allocation
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Disciplined Capital Allocation Capital allocation framework aligned with profitable growth strategy and shareholder value creation Capital Deployment History 2021 – 2025 Future Priorities 4% • Rein
Slide 30: Balancing Reinvestment and Returning Cash to Shareholders
Disciplined Land Underwriting 1 Integrated Design and Build Process 2 Generating and Allocating Cash 3 Balancing Reinvestment and Returning Cash to Shareholders Replenishing critical land assets while using excess cash for buybacks and dividends Land Acquisition and Development Spend ($B) Cash Retur
Slide 31: PulteGroup
—s—- PULTEGROUP