PulteGroup Reports Fourth Quarter 2025 Financial Results

“PulteGroup’s fourth quarter and full year financial results reflect our balanced and disciplined approach to the business as we continue to successfully navigate today’s continuously shifting market dynamics,” said PulteGroup President and CEO, Ryan Marshall. “Inclusive of our strong fourth quarter results, in 2025 PulteGroup delivered 29,572 homes, $16.7 billion in home sale revenues and net income of $2.2 billion. We finished the year with $2.0 billion in cash, after investing $5.2 billion in land acquisition and development in 2025.

“While lower interest rates and more favorable pricing dynamics have worked to improve the overall affordability of new homes relative to a year ago, lagging consumer confidence continued to weigh on homebuyer demand in the quarter. Given these market dynamics, we remain focused on intelligently turning our assets, generating strong cash flows, and further developing a land pipeline that can routinely support community count growth of 3% to 5% annually.”

Fourth Quarter Results

Fourth quarter home sale revenues of $4.5 billion were 5% lower than the comparable prior year period. Home sale revenues for the quarter reflect a 3% decrease in closings to 7,821 homes, in combination with a 1% decrease in average sales price to $573,000.

The Company’s reported fourth quarter home sale gross margin of 24.7% includes $35 million, or 80 basis points, of land impairment charges recorded in the period. Prior year fourth quarter gross margin was 27.5%.

Reported fourth quarter homebuilding SG&A expense of $389 million, or 8.7% of home sale revenues, includes the insurance benefit of $34 million recorded in the period. Homebuilding SG&A expense in the fourth quarter of 2024 was $196 million, or 4.2% of home sale revenues, inclusive of an insurance benefit of $255 million.

In the quarter, the Company reported Other Expense of $99 million which includes the pre-tax charge of $81 million resulting from the intended divestiture of certain manufacturing assets.

Net new orders for the fourth quarter were 6,428 homes, which is an increase of 4% over the fourth quarter of 2024. The value of net new orders in the period was $3.5 billion, which is comparable with the prior year. Average community count for the fourth quarter was 1,014, which is an increase of 6% over the prior year.

At the end of the fourth quarter, the Company’s backlog totaled 8,495 homes with a value of $5.3 billion.

The Company's financial services operations generated fourth quarter pre-tax income of $35 million, which is down from $51 million in the comparable prior year period. Reported pre-tax income for the quarter was impacted by lower closing volumes and average selling prices in the Company’s homebuilding operations, as well as a decrease in mortgage capture rate to 84%, compared with 86% in the prior year.

In the fourth quarter, PulteGroup repurchased 2.4 million common shares for $300 million. For the full year, the Company repurchased a total of 10.6 million common shares, or 5.2% of shares outstanding, for $1.2 billion, or $112.76 per share. The Company ended the quarter with $2.0 billion of cash and a debt-to-capital ratio of 11.2%.

A conference call discussing PulteGroup's fourth quarter 2025 results is scheduled for Thursday, January 29, 2026, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroupinc.com.

Forward-Looking Statements

This release includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry conditions or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; supply shortages and the cost of labor and building materials; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; rapidly changing technological developments including, but not limited to, the use of artificial intelligence in the homebuilding industry; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks associated with the implementation of a new enterprise resource planning system; risks related to information technology failures, data security issues, and the effect of cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; disruptions associated with epidemics, pandemics or other serious public health threats (as well as fear of such events), and the measures taken to address it; the effect of cybersecurity incidents and threats; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.

About PulteGroup

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.

For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.