PulteGroup, Inc. stock research
FY2025 Q1
PulteGroup (PHM) Gross Margin — Quarter Ended Mar 31, 2025
Revenue was unchanged versus the same quarter last year, while gross profit and gross margin were lower due to a higher cost of revenue. Compared to the preceding quarter, revenue and gross profit were both lower, with gross margin moving from a reported value to a current level, though the prior quarter's gross profit and cost of revenue data are not available for a complete comparison.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue was unchanged versus the same quarter last year, while gross profit and gross margin were lower due to a higher cost of revenue. Compared to the preceding quarter, revenue and gross profit were both lower, with gross margin moving from a reported value to a current level, though the prior quarter's gross profit and cost of revenue data are not available for a complete comparison.
- The strongest observable margin driver is the cost of revenue, which increased relative to the year-ago quarter while revenue remained stable, directly reducing gross profit and margin.
- Compared to the preceding quarter, revenue was lower and gross margin changed from a reported value to a lower level, though the prior quarter's gross profit and cost data are missing. Versus the same quarter last year, gross margin weakened as gross profit declined while cost of revenue increased, with revenue unchanged.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
28.8%
Gross profit
$1.1B
Revenue
$3.9B
Cost of revenue
$2.8B
Quarter-over-quarter change
-1.5 pts
Year-over-year change
-2.1 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2024 | $3.9B | $1.2B | $2.7B | 31.0% |
| Jun 30, 2024 | $4.6B | $1.4B | $3.2B | 31.4% |
| Sep 30, 2024 | $4.5B | $1.4B | $3.1B | 30.4% |
| Mar 31, 2025 | $3.9B | $1.1B | $2.8B | 28.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
-1.5 pts
Year-over-year change
Mar 31, 2024
-2.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the cost of revenue, which increased relative to the year-ago quarter while revenue remained stable, directly reducing gross profit and margin.
Compared to the preceding quarter, revenue was lower and gross margin changed from a reported value to a lower level, though the prior quarter's gross profit and cost data are missing. Versus the same quarter last year, gross margin weakened as gross profit declined while cost of revenue increased, with revenue unchanged.
Monitor the trend in cost of revenue relative to revenue, as its increase without a corresponding revenue change was the primary factor behind the margin decline.