PHMMEDIUM SIGNALFINANCIAL10-K

PulteGroup's net income declined 28% to $2.2B despite revenue falling only slightly, indicating compressed margins amid a challenging housing market.

The company delivered fewer homes (29,572 vs 31,219) while maintaining consistent revenue levels, suggesting either higher average selling prices or mix shift toward premium homes. The margin compression combined with rising SG&A expenses signals operational pressure in a softer housing environment.

Comparing 2026-02-04 vs 2025-02-06View on EDGAR →
FINANCIAL ANALYSIS

PulteGroup shows mixed financial performance with operating cash flow growing 11.3% to $1.9B and cash position strengthening to $2.0B, providing financial flexibility. However, profitability declined significantly with net income falling 28% to $2.2B while SG&A expenses increased 19.1% to $1.6B, indicating margin pressure from higher operational costs. The dramatic 85% drop in accounts receivable suggests improved collections or timing differences, while modest debt increases and higher interest expense reflect normal capital structure management.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
-84.8%
$40.9M→$6.2M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Total Debt
Balance Sheet
+41.2%
$31.1M→$43.9M

Debt increased 41.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Net Income
P&L
-28%
$3.1B→$2.2B

Net income declined 28% — review whether driven by operations, interest costs, or non-recurring items.

Interest Expense
P&L
+26.3%
$479K→$605K

Interest costs rose 26.3% — monitor debt levels and coverage ratio in rising rate environment.

Cash & Equivalents
Balance Sheet
+22.8%
$1.6B→$2.0B

Cash grew 22.8% — improving liquidity position supports investment and shareholder returns.

SG&A Expense
P&L
+19.1%
$1.3B→$1.6B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Operating Cash Flow
Cash Flow
+11.3%
$1.7B→$1.9B

Operating cash flow grew 11.3% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-04
PRIOR — 2025-02-06
ADDED
As of January 22, 2026, the registrant had 192,327,885 shares of common shares outstanding.
is a Michigan corporation organized in 1956, though we date our founding to 1950, when our founder, Bill Pulte, built our first home.
Homebuilding generated 98% of our consolidated revenues of $17.3 billion in 2025, 98% of our consolidated revenues of $17.9 billion in 2024, and 98% of our consolidated revenues of $16.1 billion in 2023.
As of December 31, 2025, we operated out of 1,014 active communities in 47 markets across 26 states.
During 2025, we delivered closings totaling 29,572 homes, compared with 31,219 homes in 2024 and 28,603 homes in 2023.
We predominantly sell single-family detached homes, which represented 83% of our home closings in each of 2025, 2024 and 2023.
Sales prices of home closings during 2025 ranged from approximately $150,000 to over $3,000,000, with 82% falling within the range of $250,000 to $750,000.
The average unit selling price was $566,000 in 2025, compared with $555,000 in 2024, and $545,000 in 2023.
At December 31, 2025, we controlled 234,632 lots, of which 101,104 were owned and 133,528 were under land option agreements.
During 2025, 38%, 40%, and 22% of our home closings were to first-time, move-up, and active adult customers, respectively.
REMOVED
As of January 23, 2025, the registrant had 202,457,952 shares of common shares outstanding.
These filings are available at the SEC s website at www.sec.gov.
Homebuilding generated 98% of our consolidated revenues of $17.9 billion in 2024, 98% of our consolidated revenues of $16.1 billion in 2023, and 98% of our consolidated revenues of $16.0 billion in 2022.
During 2024, we operated out of an average of 945 active communities in 46 markets across 25 states.
During 2024, we delivered closings totaling 31,219 homes, compared with 28,603 homes in 2023 and 29,111 homes in 2022.
We predominantly sell single-family detached homes, which represented 83% of our home closings in 2024 and 2023, and 86% in 2022.
Sales prices of home closings during 2024 ranged from approximately $150,000 to over $2,500,000, with 84% falling within the range of $250,000 to $750,000.
The average unit selling price in 2024 was $555,000, compared with $545,000 in 2023, and $534,000 in 2022.
At December 31, 2024, we controlled 234,589 lots, of which 102,176 were owned and 132,413 were under land option agreements.
During 2024, 40%, 38%, and 22% of our home closings were to first-time, move-up, and active adult customers, respectively, which reflects a small increase toward first-time buyers since 2023 consistent with our continued investment in serving first-time buyers.
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