PulteGroup earnings shock: revenue falls 9.8%!

Sales are still shrinking, at a steady pace

PulteGroup builds houses. In the third quarter of 2026 the money coming in from them shrank again. That is 9.8% lower than the same quarter a year earlier. The quarter before, the drop was 9.6%. So the slide is steady, not sudden. The pack does not report how many homes were handed over, so the split between fewer houses and cheaper houses stays open.

Compared with the previous quarter, revenue slipped 0.2%. In plain words, sales have flattened out at a lower level. The release's own table lists 「Income before income taxes」 below the year-earlier figure. A clean breakdown of what moved the margin, and the per-share earnings figures, are not available in the data, so we stay with the top line here. The figures here run through 2026Q3, the quarter this report covers.

The market already prices this one more cheaply than most rivals

After the report, PulteGroup traded at a P/E of 12.8x. PulteGroup has 4 rivals in this comparison. Their median P/E was 14.4x. That puts the shares 10.6% below the peer median. Only Toll Brothers carried a lower P/E, and Lennar sat at the top of the group. My reading: the market pays less for each dollar of profit here because the sales decline is plain to see.

The shares and the earnings went different ways

Here is the odd part. Over the year to 23 October 2026, the shares returned 1.1%. The market returned 14.4% over the same period. Along the way the stock sank 22.8% below its high point. The announcement window covers 2 trading days of price data. In that window the shares ran 2.1% ahead of the peer basket. Same window, nothing more: a price move does not prove the report caused it. One caveat on the chart: fewer trading days have passed since the results than the usual window asks for, so the after-the-news part covers only the days already traded.