PulteGroup (PHM) Q2 2026 Earnings Beat Despite Revenue Decline
As seen on the 24/7 Wall St. homepage on July 22, 2026.
PulteGroup topped earnings expectations despite a 9.6% revenue drop, with net new orders jumping 6% as management flagged early stabilization in select markets, signaling the homebuilder may have found a floor amid strained affordability and volatile rates.
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PulteGroup reported Q2 2026 earnings per share of $2.48, clearing the consensus estimate of roughly $2.36 by about 5.3%. That beat stands out because it came alongside a 9.6% drop in revenue, which still landed just barely above expectations at nearly $3.98 billion. The company has now beaten EPS estimates in six of the past eight quarters, though the trend line has been drifting lower — Q2 2026's $2.48 is well below the $3.03 posted in Q2 2025 and a far cry from the $4.43 peak in Q4 2024.
The more closely watched signal for a homebuilder in this environment is order momentum, and here PulteGroup offered some encouragement. Net new orders jumped 6%, which management pointed to as early stabilization in select markets — a notable data point given how much pressure the housing sector has faced from strained affordability and volatile mortgage rates. One quarter of order growth does not confirm a durable recovery, but it does suggest demand has not continued to erode.
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The Q1 2026 quarter had already flashed a cautionary sign, with EPS of $1.79 coming in just below the $1.81 estimate — the first consensus miss in recent history. The Q2 beat and the uptick in new orders will therefore be read as a modest but meaningful improvement in the company's near-term trajectory, even as the broader affordability backdrop remains challenging.
Mentioned: PHM