PulteGroup (PHM) official guidance

Based on pricing in our backlog and the anticipated mix of closings, we expect the average sales price of closings to be in the range of $550,000 to $560,000 for both the first quarter and full year of 2026.

Given current demand dynamics and the mix of homes we anticipate closing, we expect the average sales price of closings to be in the range of $550,000-$560,000 for both the third and fourth quarters.

And finally, given expected volume, margin, and land spend for the year, we continue to expect 2026 operating cash flow generation to be approximately $1 billion.

Assuming this level of land spend and the expectation that house inventory will increase commensurate with an increasing level of build to order home sales, we would expect 2026 cash flow generation to be approximately $1 billion.

Assuming this level of land spend and the expectation that house inventory will increase commensurate with an increased level of built-to-order home sales, we would expect 2026 cash flow generation to be approximately $1 billion.

At this time, we are reaffirming our 2026 full year closing gross margin guide to also be in the range of 24.5%-25.0%.

As such, we maintain our guide for full year 2026 gross margin to be in the range of 24.5%-25.0%, although likely toward the lower end of the range.

We currently expect to realize gross margins of 24.5% to 25% for both the first quarter and for the full year of 2026, but recognize that the spring selling season will be a key driver of our financial results this year.

For full year 2026, we reaffirm closings to be in the range of 28,500-29,000 homes, although we still have many homes to sell and close over the balance of the year.

This keeps us on track with our previous guidance on closings in the range of 28,500-29,000 homes for full year 2026.

We also have provided a guide for full-year 2026 closings in the range of 28,500 to 29,000 homes.

This brings our year-to-date spend to $2.7 billion, keeping us on track to invest approximately $5.4 billion in land in 2026.

Given current market dynamics and our expected 3%-5% growth in community count, we are projecting land acquisition and development spend of $5.4 billion in 2026.

Given current market dynamics and our expected 3% to 5% growth in community count, we are projecting land acquisition and development spend of $5.4 billion in 2026.

We are maintaining our guidance for full year SG&A expense be in the range of 9.5%-9.7% of home sale revenues.

First quarter SG&A expense was in line with prior guidance, so we are maintaining our guidance for full year 2026 expense to be in the range of 9.5%-9.7% of home sale revenues.

For full-year 2026, we expect our SG&A expense to be in the range of 9.5% to 9.7% of home sale revenue.

Looking out to the remainder of the year, we continue to expect our tax rate to be approximately 24.5%.

Looking ahead to 2026, we expect our tax rate to be approximately 24.5%.

As we look out over the balance of the year, we want to reaffirm our. We said that our house costs would be flat to slightly down. We still believe that, and that's baked into our guide.

Embedded within our margin guide is the expectation that our house costs in 2026 will be flat to slightly down relative to 2025.