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PultegroupPHM

Legal name
Pultegroup, Inc.
Sector
Other
Industry
Operative Builders
Exchange
NYSE

Stock Price $PHM

Latest filings

You are here#35 of 41 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q338-K109

PHM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 109 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · May ’17May ’17
  2. Leadership change8-K · Mar ’19Mar ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Material agreement8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $17.31B
YoY changeLargest recent move+28.2%in FY16Latest −3.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All PHM Financial Metrics48 metrics

Income Statement13

Balance Sheet15

Cash Flow15

Per Share5

02—Overview

Pultegroup Financial Overview 2021–2025

Updated Nov 4, 2026

PulteGroup shrank its share count from roughly 0.25 billion at FY2021 to 0.19 billion at FY2025, a cut of about 24%a. That buyback machine is why earnings per share held up while the business itself weakened. The core thesis: shareholder returns and a clean balance sheet are cushioning a homebuilder whose margins are eroding.

The long-term arc shows the cushion at work. Revenue grew from $13.93 billion in FY2021 to $17.3 billionb in FY2025, and diluted EPS climbed from $7.43 to $11.12, roughly 50% higher. Net income rose far less, from $1.95 billion to $2.22 billion. Buybacks did the rest.

The near-term trend points the wrong way. FY2025 revenue fell from $17.9 billionc in FY2024, and EPS dropped from $14.69. Home sale gross margin slid to 26.3% from 28.9%, while SG&A jumped to 9.4% of home sale revenues from 7.6%. Backlog fell 19% to $5.3 billion. The slide continued into Q3 2026, when gross margin hit 24.8% and net income was $475.7 million, down from $585.8 million.

The balance sheet gives management room. FY2025 ended with $2.0 billiond of cash, 11.2% debt-to-capital, and $1.2 billion of repurchases. At the close of FY2025, the stock traded at $117.26, or 10.5x earnings, for a market cap of $22.6 billion.

Recent Developments (Q2 and Q3 2026)

Q3 2026 extended the Q2 pattern: lower closings and thinner margins, partly offset by steadier orders. Net income was $472.0 millione in Q2 2026, down from $608.5 million, and EPS fell to $2.48 from $3.03. Home sale gross margin was 25.0% in Q2, then 24.8% in Q3, which included $26 million of land impairments. Closings fell 8% in Q2 and 9% in Q3. Orders rose 6% in Q2 but fell 6% in Q3, even as backlog value rose 3% to $6.4 billion.

Pulte Mortgage signed a new $625 million repurchase agreement with Truist on August 11, 2026, expiring August 2027. That removed the near-term refinancing risk. Buybacks reached $1.0 billion through nine months.

Bull case: backlog is growing, the dividend rose to $0.26, and the stock trades at 10.7x earnings as of the October 21, 2026 report date. Bear case: inventory rose to $14.09 billion, operating cash flow fell to $637.0 million, and rising mortgage rates threaten orders.

What to watch: gross margin against the 24.8% Q3 level; order trends as mortgage rates stay elevated

03—Filings

Recent SEC Filings

  1. 8-KPultegroup 8-K Report, Financial Results (Oct 22, 2026)PulteGroup, Inc. (NYSE: PHM) filed an 8-K on October 22, 2026, furnishing its third quarter 2026 earnings press release (Exhibit 99.1) under Item 2.02. For the quarter ended September 30, 2026, the company reported net income of $476 million, or $2.53 per diluted share, compared with $586 million, or $2.96 per share, in the prior year period. Home sale revenues were $3.9 billion, down 9% from $4.2 billion, on a 9% decrease in closings to 6,876 homes. Home sale gross margin was 24.8%, compared with 26.2% a year earlier, and the company stated that the margin included $26 million, or approximately 70 basis points, of land impairments. Orders and backlog were mixed. Net new orders totaled 6,208 homes, down 6% from 6,638, with a value of $3.5 billion. Ending unit backlog rose 4% to 10,298 homes, and backlog value rose 3% to $6.4 billion. Management attributed pressure on demand to rising mortgage rates, inflation and global unrest, and said it is balancing price and pace of sales and aligning production accordingly. Financial services pre-tax income was $46 million, comparable with the prior year. On capital allocation, PulteGroup repurchased $350 million of common shares in the quarter and $1.0 billion through the first nine months. The company ended the quarter with $1.4 billion in cash and a debt-to-capital ratio of 12%, versus 11.2% at December 31, 2025, and reported a net debt position of $400.9 million at September 30, 2026.
  2. 8-KPultegroup 8-K Report, Material Agreement (Aug 12, 2026)PulteGroup, Inc. (PHM) disclosed in an 8-K filed August 12, 2026 that its wholly-owned subsidiary, Pulte Mortgage LLC, entered into a Master Repurchase Agreement dated as of August 11, 2026 with Truist Bank, as Agent and as a Buyer, along with other Buyers. The facility's purpose is to finance the origination of mortgage loans made by Pulte Mortgage. The agreement provides for a maximum aggregate commitment of $625 million, subject to certain sublimits, and this commitment is initially set at $625 million and continues until expiration. The agreement expires on the earlier of August 10, 2027, or the date the Buyers' commitments are terminated under the agreement or by operation of law. The filing is primarily a financing disclosure under Items 1.01 and 2.03. The full terms are in Exhibit 10.1, the Master Repurchase Agreement, which qualifies the summary in the filing.
  3. 8-KPultegroup 8-K Report, Financial Results (Jul 22, 2026)PulteGroup, Inc. (NYSE: PHM) reported second quarter 2026 results for the period ended June 30, 2026, in an 8-K furnishing its earnings press release (Exhibit 99.1). Net income was $472 million, or $2.48 per diluted share, compared with $608 million, or $3.03 per diluted share, in the prior-year quarter. Home sale revenues were $3.8 billion, down 11% from the prior year, on closings of 6,997 homes (down 8%) and an average selling price of $544,000 (down 3%). Home sale gross margin was 25.0%, versus 27.0% a year earlier, though up 60 basis points sequentially from the first quarter of 2026. Demand indicators were mixed but improved. Net new orders rose 6% to 7,536 homes, with order value up 5% to $4.1 billion, supported by a 8% increase in average community count to 1,074. Unit backlog increased 2% to 10,966 homes, while backlog value declined 1% to $6.8 billion. Management described market conditions as highly competitive, citing macroeconomic uncertainty, volatile interest rates and strained affordability, while noting early signs of stabilization in some geographies. Capital position reflects both shareholder returns and higher borrowing. The company repurchased 3.1 million shares for $373 million in the quarter and $681 million year to date, and ended the quarter with $1.4 billion in cash. Notes payable rose to $1.82 billion from $1.63 billion at year-end 2025, and the debt-to-capital ratio increased to 12.3% from 11.2%. Financial services pre-tax income was $37 million, versus $43 million a year earlier.
  4. 8-KPultegroup 8-K Report, Shareholder Vote Results (May 1, 2026)PulteGroup, Inc. filed this Form 8-K under Item 5.07 to report the results of its 2026 Annual Meeting of Shareholders, held on April 29, 2026. A total of 174,052,310 of the Company's outstanding common shares were present or represented by proxy at the meeting. Shareholders voted on three proposals: the election of eleven directors, the ratification of Ernst & Young LLP as the independent registered public accounting firm for 2026, and an advisory say-on-pay vote on named executive officer compensation. All eleven nominees were elected to serve until the 2027 annual meeting. Ernst & Young LLP's appointment was ratified, with 163,430,029 votes for, 10,589,503 against, and 32,778 abstentions. The advisory say-on-pay proposal also passed, with 154,713,075 votes for, 7,749,873 against, and 295,881 abstentions. Support for individual directors varied. Bryce Blair received the highest number of votes against (23,879,966), compared with 138,833,558 votes for. Thomas J. Folliard, André J. Hawaux, and Cheryl W. Grisé also received vote counts against in the millions, while Kristen Actis-Grande, Kristin F. Gannon, Ryan R. Marshall, John R. Peshkin, Scott F. Powers, Benjamin W. Schall, and Lila Snyder each received fewer votes against.
  5. 8-KPultegroup 8-K Report, Financial Results (Apr 23, 2026)PulteGroup, Inc. (NYSE: PHM) reported first quarter 2026 results for the period ended March 31, 2026, with net income of $347 million, or $1.79 per diluted share, down from $523 million, or $2.57 per diluted share, in the prior-year quarter. Home sale revenues totaled $3.3 billion, a decrease of 12% from the prior year, reflecting a 7% decrease in closings to 6,102 homes and a 5% decrease in average sales price to $542,000. Home sale gross margin was 24.4%, compared with 27.5% a year earlier, which the company attributed to higher incentives used to respond to competitive market dynamics and to reduce excess spec inventory. Net new orders rose 3% to 8,034 homes valued at $4.6 billion, and unit backlog ended the quarter at 10,427 homes valued at $6.5 billion. The company stated that it invested $1.3 billion in land acquisition and development and returned $360 million to shareholders during the quarter, including $308 million of share repurchases at an average price of $127.39 per share. Debt-to-capital ratio rose to 12.3% from 11.2% at December 31, 2025, and cash, cash equivalents and restricted cash totaled $1.8 billion at quarter end, while notes payable increased to $1.82 billion from $1.63 billion. Separately, the Board approved a $1.5 billion increase to the share repurchase authorization, bringing the remaining authorization to $2.1 billion, effective April 22, 2026. Management highlighted consumer concerns about affordability and the economy, and said it will continue to manage sales, incentives and production to position the company for near- and long-term success.
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04—See also

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