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PulteGroup (PHM) investor relations material
PulteGroup Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Q2 net income was $608M ($3.03 per share), down from $809M ($3.83 per share) last year, which included $0.25 per share in one-time benefits.
Home closings totaled 7,639 units, generating $4.3B in home sale revenues, with a gross margin of 27.0%.
Net new orders were 7,083 homes, down 7% year-over-year; backlog at quarter-end was 10,779 homes valued at $6.8B, down 16% in value.
Return on equity for the trailing twelve months was 23%.
Share repurchases totaled 3M shares for $300M in Q2; $600M returned to shareholders year-to-date.
Financial highlights
Home sale revenues were $4.3B, down 4% year-over-year, driven by a 6% decrease in closings; average sales price increased 2% to $559,000.
Gross margin was 27.0%, down 290 bps year-over-year, mainly due to higher incentives and land costs.
SG&A expense was $390M (9.1% of revenue), up from 8.1% last year, which included a $52M insurance benefit.
Financial services pre-tax income was $43M, down from $63M last year due to lower closing volumes and higher expenses.
Diluted EPS for Q2 2025 was $3.03, down from $3.83 year-over-year.
Outlook and guidance
Q3 and Q4 gross margins expected at 26%–26.5%; FY 2025 closings guidance refined to 29,000 homes.
Average sales price for closings expected to remain in the $559,000–$570,000 range for the rest of the year.
SG&A for full year 2025 guided to 9.5%–9.7% of revenue; tax rate expected at 24.5%.
Land spend for 2025 projected at $5.0B; community count growth anticipated at 3%–5%.
Management remains focused on dynamic inventory management and maintaining strong liquidity.
Explain the alignment of home production.
How did interest rate pullbacks affect consumers?
What factors impacted financial services income?
How do land options mitigate risk?
What drove Q2's gross margin?
What's the outlook for spec inventory?
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Next PulteGroup earnings date
Q3 202521 Oct, 2025
Next PulteGroup earnings date
Q3 202521 Oct, 2025
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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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