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PulteGroup (PHM) investor relations material

PulteGroup Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary21 Oct, 2025

Executive summary

  • Q3 2025 net income was $586M ($2.96/share), down 16% year-over-year, with home sale revenues of $4.2B, a 2% decrease, and 7,529 homes closed, down 5% year-over-year; average sales price rose 3% to $564,000.

  • Net new orders declined 6% to 6,638 homes, with backlog units down 18% to 9,888 and backlog value down 19% to $6.2B.

  • Returned $344M to shareholders in Q3 through dividends and share repurchases; YTD repurchases total $900M (8.2M shares, 4% of outstanding).

  • Diversified operations across 47 major markets and buyer segments, with active adult segment showing resilience amid weaker first-time buyer demand.

  • Management remains disciplined in production and capital allocation, positioning for growth when buyer demand improves.

Financial highlights

  • Q3 gross margin was 26.2%, down from 28.8% last year, reflecting higher incentives (8.9% of gross sales price) and increased lot costs.

  • SG&A expense was $401M (9.4% of home sale revenues), flat year-over-year.

  • Financial services pre-tax income was $44M, down 19% year-over-year.

  • Homebuilding segment income before income taxes was $723M in Q3 2025, down from $851M in Q3 2024.

  • Ended Q3 with $1.5B in cash and a debt-to-capital ratio of 11.2%.

Outlook and guidance

  • FY 2025 guidance: 29,000–29,400 closings, average sales price $560K–$570K, land spend $5.0B, operating cash flow up 3%–5%.

  • Q4 gross margin expected at 25.5%–26.0%; full-year SG&A expense guided at 9.5%–9.7% of home sale revenues.

  • Community count in Q4 projected to be 3%–5% higher year-over-year.

  • Management expects continued affordability challenges and volatile sales pace, with elevated sales incentives and dynamic housing starts.

  • The company remains focused on liquidity, measured capital allocation, and shareholder returns, including ongoing share buybacks and dividends.

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Frequently asked questions

One of America's Largest Homebuilders

PulteGroup, Inc. is an American company primarily engaged in home construction. The company builds and sells residential homes, serving multiple customer segments, including first-time, move-up, and active adult buyers. Additionally, the company offers financial services like mortgage lending and title operations to facilitate the home-buying process for its customers. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.

Bill Pulte

What is today a multi-billion dollar company was started by Bill Pulte in 1956, who had started building homes when he was just 18 years old. Initially operating out of Michigan, the company grew steadily and had its IPO in 1972. Expansion ramped up after the company went public, and the growth continued both organically and through several acquisitions over the years. Today, the company has built over 700.000 homes since its founding and is one of the largest companies of its kind in the US. Some other large American homebuilders include D.R. Horton, KB Home, and Lennar Corporation.

The Homes

PulteGroup, through its brands such as Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes, offers a diverse range of home types catering to different market segments. Their portfolio includes single-family homes, which are designed for various life stages from first-time homebuyers to upscale buyers seeking luxury features. These homes often emphasize modern design, energy efficiency, and smart home technology. Townhouses and condominiums are also part of their offering, appealing to those seeking lower maintenance living spaces, often in urban or suburban settings. For older adults, PulteGroup's Del Webb brand specializes in active adult communities, focusing on lifestyles and amenities suitable for retirees.

Pulte Mortgage

PulteGroup offers financing services through its subsidiary, Pulte Mortgage. Established to streamline the homebuying process for PulteGroup's customers, Pulte Mortgage provides a variety of financing options tailored to individual homebuyer needs. Their offerings include conventional loans, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, and jumbo loans for more expensive home purchases.

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