2Q26 beats: Favorable mix should support 2H margins; Maintain PO and reiterate Buy

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2Q26 beats: Favorable mix should support 2H margins; Maintain PO and reiterate Buy

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PulteGroup Inc.

2Q26 beats: Favorable mix should support

2H margins; Maintain PO and reiterate Buy

Reiterate Rating: BUY | PO: 146.00 USD | Price: 126.75 USD

2Q beats; PHM reiterates FY guidance; 3Q guide mixed 22 July 2026

PulteGroup (PHM) 2Q26 EPS of $2.48 beat our forecast of $2.37 and consensus of Equity

$2.36. PHM reiterated FY guide but 3Q guide was mixed – GM and ASP were in-line, but

deliveries were below. We maintain our PO at $146 still based on 2.0x 12-month forward

Key ChangesP/B. We reiterate Buy: PHM has attractive ROE & capital return vs. peers, and we expect

resilient performance in a tough housing backdrop. (US$) Previous Current

2026E EPS 10.10 10.16

All buyer segments improved; Midwest/FL outperformed 2027E EPS 11.36 11.52

PHM orders of 7.5k were up 6% YoY, above our forecast. 2Q had typical seasonal demand 2028E EPS 13.15 13.23

with an absorption pace of 2.4 monthly sales. July-to-date appeared in-line with normal

seasonality, although there is week to week variably caused by geopolitical events and

Rafe Jadrosich

inflation. All buyer segments improved YoY: active adult (orders +12% YoY) was the Research Analyst

strongest, followed by entry level (+5% YoY) and move up (+4% YoY). Midwest BofAS +1 646 855 5815

outperformed most in Columbus, Cleveland, and Chicago markets. Greenville, Coastal rafe.jadrosich@bofa.com

Carolina, and Florida outperformed. Dallas and Houston also showed improvement. West Victoria Piskarev

markets saw aggressive competition, but orders improved in California and Pacific Research Analyst BofAS

Northwest. PHM initiated 3Q closings guide of 7k-7.4k (vs. 7.8k forecast) and ASP of victoria.piskarev@bofa.com