PulteGroup, Inc. stock research
FY2025 Q3
PulteGroup (PHM) Gross Margin — Quarter Ended Sep 30, 2025
For the quarter, revenue was essentially unchanged from the prior quarter but lower than the same quarter last year. Gross profit decreased relative to both periods, while cost of revenue increased, resulting in a weaker gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
For the quarter, revenue was essentially unchanged from the prior quarter but lower than the same quarter last year. Gross profit decreased relative to both periods, while cost of revenue increased, resulting in a weaker gross margin.
- The decline in gross margin was primarily driven by cost of revenue increasing faster than revenue, as revenue remained flat or decreased while cost of revenue rose.
- Compared to the previous quarter, gross margin weakened as cost of revenue increased while revenue was flat. Versus the same quarter a year earlier, gross margin also weakened as revenue decreased and cost of revenue increased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
27.8%
Gross profit
$1.2B
Revenue
$4.4B
Cost of revenue
$3.2B
Quarter-over-quarter change
-0.8 pts
Year-over-year change
-2.6 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 |
|---|---|---|---|---|
| Sep 30, 2024 | $4.5B | $1.4B | $3.1B | 30.4% |
| Mar 31, 2025 | $3.9B | $1.1B | $2.8B | 28.8% |
| Jun 30, 2025 | $4.4B | $1.3B | $3.1B | 28.6% |
| Sep 30, 2025 | $4.4B | $1.2B | $3.2B | 27.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-0.8 pts
Year-over-year change
Sep 30, 2024
-2.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The decline in gross margin was primarily driven by cost of revenue increasing faster than revenue, as revenue remained flat or decreased while cost of revenue rose.
Compared to the previous quarter, gross margin weakened as cost of revenue increased while revenue was flat. Versus the same quarter a year earlier, gross margin also weakened as revenue decreased and cost of revenue increased.
Monitor the trend of cost of revenue relative to revenue in the coming quarters.