PHM · Pultegroup

412 filings

PHM SEC Filings

Pultegroup - 412 total filings

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

Showing 1–50 of 412 filings

Pultegroup 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.

Oct 22, 2026 10-Q

Pultegroup Quarterly Report for Q3 Ended Sep 30, 2026

PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2026 results showing continued demand pressure. Net income for the three months ended September 30, 2026 was $475.7 million, or $2.53 diluted earnings per share, versus $585.8 million, or $2.96 per diluted share, a year earlier. Total revenues were $3.97 billion versus $4.40 billion. Home sale revenues fell 9% on a 9% decline in closings (6,876 units) and a 1% decrease in average selling price ($561 thousand). Gross margin from home sales declined to 24.8% from 26.2%. Net new orders fell 6% in units, and the filing cites elevated mortgage rates, which rose sharply in the third quarter, particularly in September, along with affordability pressure and geopolitical uncertainty. Nine-month net income was $1.29 billion, or $6.79 per diluted share, versus $1.72 billion, or $8.55 per diluted share. Management says it is adjusting production, emphasizing sales incentives, and rebalancing spec inventory toward build-to-order homes, while protecting liquidity. House and land inventory increased to $14.09 billion from $12.93 billion at December 31, 2025, and operating cash flow for the nine months was $637.0 million, down from $1.10 billion. The company repurchased $1.0 billion of shares in the first nine months and had $1.5 billion of remaining authorization at quarter end. Quarterly dividends were raised to $0.26 per share from $0.22 effective with the January 2026 payment. Balance sheet actions included issuing $800.0 million of senior notes in February 2026 and amending the revolving credit facility to $1.75 billion of committed capacity with a February 2031 maturity. Cash and equivalents were $1.37 billion, and the Revolving Credit Facility had no borrowings outstanding at quarter end. The Financial Services mortgage repurchase agreement matures in August 2027, and management says it intends to refinance it.

Oct 22, 2026 8-K

Pultegroup 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.

Aug 12, 2026 8-K

Pultegroup 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.

Jul 22, 2026 10-Q

Pultegroup Quarterly Report for Q2 Ended Jun 30, 2026

PulteGroup, Inc. (NYSE: PHM) reported net income of $472.0 million, or $2.48 per diluted share, for the three months ended June 30, 2026, down from $608.5 million, or $3.03 per diluted share, in the prior-year quarter. For the six months, net income was $819.0 million, or $4.27 per diluted share, versus $1.13 billion, or $5.60 per diluted share, a year earlier. Total revenues were $3.98 billion for the quarter, compared with $4.40 billion a year earlier. Home sale revenues fell 11% as closings dropped 8% and average selling price declined 3%, while the company's gross margin from home sales fell to 25.0% from 27.0%. Management attributes the pressure to elevated mortgage rates, affordability challenges, higher land and development costs, and increased sales incentives. Demand improved modestly on an order basis: net new orders rose 6% in units and 5% in dollars for the quarter, driven mainly by Florida and Midwest, while the West declined. Backlog units grew 2% to 10,966, although backlog dollars fell 1%. The company returned capital to shareholders, repurchasing $681.2 million of shares in the first six months and raising its quarterly dividend to $0.26 per share from $0.22. Shareholders' equity rose to $13.01 billion at June 30, 2026, and cash and equivalents declined to $1.34 billion from $1.98 billion at year-end 2025, while notes payable increased to $1.82 billion after the company issued $800.0 million of senior notes in February 2026. Liquidity remains a focus. Operating cash flow was $176.8 million for the six months, as inventory investment of $807.3 million absorbed much of net income. Pulte Mortgage's $625.0 million master repurchase agreement matures on August 12, 2026, and management says it intends to refinance it, though no assurance is given on commercially reasonable terms. The company reported $1.4 billion of remaining capacity under its Revolving Credit Facility, which was extended to February 2031 and increased to $1.75 billion in committed capacity.

Jul 22, 2026 8-K

Pultegroup 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.

May 1, 2026 10-Q

Pultegroup Quarterly Report for Q1 Ended Mar 31, 2026

PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2026 net income of $346,996 thousand ($347.0 million), or $1.79 diluted earnings per share, down from $522,799 thousand ($2.57 diluted) in the first quarter of 2025. Total revenues were $3.41 billion versus $3.89 billion, driven by home sale revenues of $3.31 billion, down from $3.75 billion. Closings decreased 7% to 6,102 units, and average selling price fell 5% to $542 thousand. Home sale gross margin declined to 24.4% from 27.5%, which management attributes to pricing actions, elevated sales incentives, and higher land acquisition and development costs. Net new orders rose 3% in units to 8,034, with higher volume concentrated in Florida, while backlog dollars decreased 10%. Liquidity remained substantial, with $1.8 billion of unrestricted cash and equivalents and $1.4 billion available under the Revolving Credit Facility. In February 2026 the company issued $800.0 million of senior notes (4.250% due 2031 and 4.900% due 2036) and amended its revolving credit facility, raising committed capacity to $1.75 billion and extending maturity to February 2031. The debt-to-total capitalization ratio, excluding Financial Services debt, rose to 12.3% from 11.2%. Shareholder returns continued, with $308.2 million of share repurchases and a quarterly dividend increased from $0.22 to $0.26 per share. On April 22, 2026, the Board approved an additional $1.5 billion repurchase authorization. Management flagged that the Pulte Mortgage repurchase agreement, with $455.1 million outstanding, matures in August 2026 and must be refinanced.

Apr 23, 2026 8-K

Pultegroup 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.

Apr 23, 2026 8-K

Pultegroup 8-K Report, Material Agreement (Feb 20, 2026)

PulteGroup, Inc. (PHM) completed an underwritten public offering on February 20, 2026 of $800.0 million aggregate principal amount of senior unsecured notes, issued under its effective shelf registration statement on Form S-3. The offering consisted of $400.0 million of 4.250% Senior Notes due 2031 (maturing March 1, 2031) and $400.0 million of 4.900% Senior Notes due 2036 (maturing March 1, 2036). Interest is payable semi-annually on March 1 and September 1, beginning September 1, 2026. The notes were issued under an indenture dated February 5, 2026 with U.S. Bank Trust Company, National Association, as trustee, as supplemented by a First Supplemental Indenture dated February 20, 2026. They are irrevocably and unconditionally guaranteed on a senior basis by the company's direct and indirect wholly-owned U.S. subsidiaries that guarantee its existing senior unsecured revolving credit facility, and rank equally with existing and future senior unsecured indebtedness. The notes carry make-whole redemption rights before the applicable par call dates (February 1, 2031 for the 2031 Notes and December 1, 2035 for the 2036 Notes), and redemption at 100% of principal thereafter. Upon a Change of Control Triggering Event, the company must offer to repurchase at 101% of principal plus accrued interest. The covenants restrict secured debt without equal and ratable security, sale-leaseback transactions, and certain mergers or asset sales. The notes have no sinking fund.

Feb 20, 2026 8-K

Pultegroup 8-K Report, Corporate Update (Feb 11, 2026)

PulteGroup, Inc. (PHM) reported in this Form 8-K, filed February 11, 2026, that on February 10, 2026 it and its guarantor subsidiaries entered into an underwriting agreement with J.P. Morgan Securities LLC, BofA Securities, Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc., as representatives of the underwriters, for the issuance and sale of $800.0 million aggregate principal amount of senior unsecured notes. The offering consists of $400.0 million of 4.250% Senior Notes due 2031 and $400.0 million of 4.900% Senior Notes due 2036, issued under an effective Form S-3 shelf registration statement. The offering is expected to close on February 20, 2026, subject to customary closing conditions. On February 11, 2026, the company delivered a notice to redeem all $337.3 million aggregate principal amount outstanding of its 5.000% Senior Notes due 2027 on March 13, 2026 (the Redemption Date). The redemption price is 100% of principal plus the applicable make-whole premium specified in the 2027 Notes indenture, together with accrued and unpaid interest to, but excluding, the Redemption Date. The company intends to use a portion of the net proceeds from the new notes offering to finance this redemption. Taken together, the filing shows the company refinancing $337.3 million of higher-coupon 2027 notes with newly issued notes maturing in 2031 and 2036. The filing does not state the pricing details, net proceeds, or the make-whole amount beyond the description above.

Feb 11, 2026 8-K

Pultegroup 8-K Report, Executive Changes (Feb 9, 2026)

PulteGroup, Inc. (NYSE: PHM) filed this Form 8-K on February 9, 2026 to report a board change. Under Item 5.02, the Board increased its size to 11 members on February 4, 2026, and appointed Kristin Gannon as an independent director effective February 10, 2026, to serve until the 2026 annual meeting. The Board also appointed her to the Audit Committee and the Nominating and Governance Committee. The filing states she is not party to any related-person transaction requiring disclosure under Item 404(a) of Regulation S-K, and that she will receive non-employee director compensation as described in the company's March 14, 2025 proxy statement, prorated for her start date. The accompanying press release (Exhibit 99.1) describes Ms. Gannon as a Managing Director at Eastdil Secured, where she serves as global co-head of the Corporate Advisory and M&A Group. It states she previously held senior investment banking roles at Goldman Sachs and Morgan Stanley and has advised on more than $150 billion in real estate mergers, financings, and strategic transactions. The release identifies PulteGroup as one of America's largest homebuilding companies, with operations in more than 45 markets. The filing involves a governance addition rather than a financial result or operational change. No financial metrics are reported in this 8-K.

Feb 9, 2026 10-K

Pultegroup Annual Report, Year Ended Dec 31, 2025

PulteGroup, Inc. (PHM), one of the largest U.S. homebuilders, reported a weaker 2025 as consumer demand softened under affordability pressure from elevated mortgage rates. Consolidated revenues were $17.3 billion in 2025 versus $17.9 billion in 2024, and net income fell to $2.22 billion from $3.08 billion, with diluted EPS of $11.12 versus $14.69. Homebuilding closings declined 5% to 29,572 homes, net new orders fell 4% in units and 6% in dollars, and backlog dropped 19% in dollars to $5.3 billion. Home sale gross margin compressed to 26.3% from 28.9%, driven by elevated sales incentives, higher land costs, and $77.4 million of land inventory impairments, while SG&A rose to 9.4% of home sale revenues from 7.6%. The company maintained a strong balance sheet, ending 2025 with $2.0 billion of cash, $892.9 million of available revolver capacity, and a debt-to-total-capitalization ratio (excluding Financial Services debt) of 11.2%, down from 11.8%. Management repurchased $1.2 billion of shares in 2025 and raised the quarterly dividend 18% to $0.26 per share, while $982.9 million remained under the repurchase authorization. Operating cash flow was $1.9 billion, and on February 4, 2026, the company extended its revolving credit facility to 2031 and increased committed capacity to $1.75 billion. Management expects gross margins to decline somewhat in future periods and is taking a measured approach to capital allocation given continued demand volatility. Investors should weigh the earnings decline and margin pressure against the company's liquidity, shareholder returns, and expectation of continued elevated incentives. Key watch items include the August 2026 maturity of the Pulte Mortgage repurchase agreement, the March 2026 senior note maturity of $251.9 million, and the pace of spec inventory reduction.

Feb 4, 2026 8-K

Pultegroup 8-K Report, Financial Results (Jan 29, 2026)

PulteGroup, Inc. (NYSE: PHM) reported fourth quarter 2025 results on January 29, 2026, with net income of $502 million, or $2.56 per diluted share, compared with $913 million, or $4.43 per share, in the prior-year quarter, which included a $255 million pre-tax insurance benefit. Fourth quarter home sale revenues were $4.5 billion, down 5% year over year, on 7,821 closings at an average selling price of $573,000. Net new orders rose 4% to 6,428 homes, but their value was $3.5 billion, comparable with the prior year. Home sale gross margin was 24.7%, versus 27.5% a year earlier, and included $35 million of land impairment charges. Management said lower interest rates and more favorable pricing have improved affordability, while lagging consumer confidence continued to weigh on demand. For the full year 2025, the company delivered 29,572 homes, generated $16.7 billion in home sale revenues, and earned net income of $2.2 billion, or $11.12 per diluted share. It invested $5.2 billion in land acquisition and development and repurchased 10.6 million shares for $1.2 billion. Year-end cash was $2.0 billion, and the debt-to-capital ratio was 11.2%, down from 11.8%. Backlog ended the year at 8,495 homes valued at $5.3 billion, compared with 10,153 homes and $6.5 billion a year earlier. Management targets community count growth of 3% to 5% annually. The quarter also included an $81 million pre-tax charge tied to the intended divestiture of certain manufacturing assets, and a $34 million pre-tax insurance benefit. Financial services pre-tax income fell to $35 million from $51 million, with mortgage capture rate declining to 84% from 86%.

Jan 29, 2026 10-Q

Pultegroup Quarterly Report for Q3 Ended Sep 30, 2025

PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2025 net income of $585.8 million, or $2.96 diluted earnings per share, versus $697.9 million, or $3.35 per diluted share, in the third quarter of 2024. Total revenues were $4.40 billion for the quarter, compared with $4.48 billion a year earlier. Home sale revenues declined 2% to $4.25 billion, driven by a 5% decrease in closings partially offset by a 3% increase in average selling price. Home sale gross margin fell to 26.2% from 28.8% in the prior-year quarter and 27.0% in the second quarter of 2025, which the company attributes to higher land costs and elevated sales incentives. Net new orders decreased 6% in units for the quarter and 7% for the first nine months, and backlog dollars fell 19% year over year to $6.23 billion. For the nine months ended September 30, 2025, net income was $1.72 billion, or $8.55 diluted EPS, compared with $2.17 billion, or $10.28 diluted EPS, a year earlier. The company recorded $42.2 million of land inventory impairments and $26.5 million of write-offs of deposits and pre-acquisition costs in the period. During the first nine months, PulteGroup repurchased 8.2 million shares for $900.0 million and declared $132.2 million in dividends, and it had $1.3 billion of remaining repurchase authorization at quarter end. Cash and equivalents totaled $1.45 billion, with $902.0 million available under its Revolving Credit Facility and no borrowings outstanding. The ratio of debt to total capitalization, excluding Financial Services debt, was 11.2%, compared with 11.8% at December 31, 2024. Management said consumer demand weakness continued in the third quarter, reflecting affordability challenges from elevated mortgage rates and higher housing costs. It expects sales incentives to remain elevated and gross margins to decline somewhat in future periods, while it maintains a focus on liquidity and shareholder returns. The company noted that it must refinance the Pulte Mortgage repurchase agreement, which matures in August 2026, and that the Revolving Credit Facility matures in June 2027.

Oct 21, 2025 8-K

Pultegroup 8-K Report, Financial Results (Oct 21, 2025)

PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2025 results for the period ended September 30, 2025, as furnished in Exhibit 99.1 to this Form 8-K. Net income was $585.8 million, or $2.96 per diluted share, compared with $697.9 million, or $3.35 per diluted share, in the prior-year quarter. Home sale revenues were $4.25 billion, down 2% from $4.34 billion, as closings fell 5% to 7,529 homes while the average selling price rose 3% to $564,000. Home sale gross margin was 26.2%, compared with 28.8% a year earlier. Orders and backlog softened. Net new orders were 6,638 homes valued at $3.6 billion, a 6% decline in units from 7,031 homes a year earlier. Ending backlog was 9,888 homes valued at $6.2 billion, compared with 12,089 homes and $7.69 billion a year earlier. Management noted that interest rates have moved lower but said buyer demand has been affected by weaker consumer confidence and affordability challenges. Capital position remained strong. The company repurchased $300 million of common shares in the quarter and $900 million year to date, ended the quarter with $1.5 billion of cash and cash equivalents, and reported a debt-to-capital ratio of 11.2%. Financial Services pre-tax income declined to $44 million from $55 million.

Oct 21, 2025 8-K

Pultegroup 8-K Report, Material Agreement (Aug 14, 2025)

On August 13, 2025, Pulte Mortgage LLC, a wholly-owned subsidiary of PulteGroup, Inc., entered into a Third Amendment to its Master Repurchase Agreement, originally dated August 16, 2023, with JPMorgan Chase, as Agent and as a Buyer, along with other Buyers. The repurchase facility finances the origination of mortgage loans by Pulte Mortgage. The Amendment extends the term of the agreement to the earlier of August 12, 2026, or the date the Agent's commitments terminate under the agreement, by governmental order, or by operation of law. The Amendment sets a maximum aggregate commitment of $625 million, subject to certain sublimits. An accordion feature in the agreement could raise that commitment to $675 million if the Agent obtains increased committed sums from existing Buyers. The filing states the commitment is initially set at $625 million and remains so until expiration. The filing is limited to this financing amendment. It is disclosed under Item 1.01 (Entry into a Material Definitive Agreement) and Item 2.03 (Creation of a Direct Financial Obligation), with the full Third Omnibus Amendment filed as Exhibit 10.1.

Aug 14, 2025 8-K

Pultegroup 8-K Report, Financial Results (Jul 22, 2025)

PulteGroup, Inc. (NYSE: PHM) reported second quarter 2025 results for the period ended June 30, 2025, per an earnings press release furnished as Exhibit 99.1 under Item 2.02. The Company reported net income of $608 million, or $3.03 per diluted share, compared with net income of $809 million, or $3.83 per share, in the prior-year quarter, which included a $52 million pre-tax insurance benefit and a $13 million tax benefit. Home sale revenues were $4.3 billion, down 4% from the prior year, as closings fell 6% to 7,639 homes, partially offset by a 2% increase in average sales price to $559,000. Home sale gross margin was 27.0%, versus 29.9% a year earlier, consistent with prior guidance; operating margin was 17.9%. Orders and backlog softened. Net new orders were 7,083 homes valued at $3.9 billion, down 7% in units from 7,649 homes a year earlier. Backlog at quarter end was 10,779 homes worth $6.8 billion. Management cited high interest rates, challenged affordability and macroeconomic concerns during the spring selling season, and said it had aligned home production and land investment with current core demand. Balance sheet and capital returns remained strong. The debt-to-capital ratio improved to 11.4% from 11.8% at year-end 2024, and cash and equivalents were $1.23 billion at June 30, 2025. The Company repurchased 3.0 million shares for $300 million in the quarter and 5.8 million shares for $600 million year to date, and paid a quarterly cash dividend of $0.22 per share.

Jul 22, 2025 10-Q

Pultegroup Quarterly Report for Q2 Ended Jun 30, 2025

PulteGroup, Inc. (PHM) reported a quarter of lower homebuilding volume and margins for the three and six months ended June 30, 2025. Consolidated total revenues were $4.40 billion for the second quarter, down from $4.60 billion a year earlier, and net income was $608.5 million, versus $809.1 million in the prior-year quarter. Diluted earnings per share were $3.03, compared with $3.83. For the six months, net income was $1.13 billion and diluted EPS was $5.60, versus $6.93 a year earlier. Home sale gross margin fell to 27.0% in the quarter from 29.9%, which the filing attributes primarily to higher land costs and sales incentives. Net new orders decreased 7% in units for both the three- and six-month periods, and backlog dollars declined 16% year over year to $6.84 billion. The company returned capital to shareholders during the first half, repurchasing 5.8 million shares for $600.0 million and declaring $88.7 million in cash dividends. The quarterly dividend was raised to $0.22 per share from $0.20. As of June 30, 2025, the company had $1.2 billion of unrestricted cash, $908.8 million available under its Revolving Credit Facility, and $1.6 billion of remaining share repurchase authorization. Debt-to-total capitalization, excluding Financial Services debt, was 11.4%, compared with 11.8% at year-end 2024. The filing notes that Pulte Mortgage's $650.0 million Repurchase Agreement matures on August 13, 2025, and management states it intends to refinance it. Management describes consumer demand as still weak, pressured by affordability challenges tied to elevated mortgage rates and higher housing costs. It expects sales incentives to remain elevated and gross margins to decline somewhat in future periods. Land-related charges were $42.2 million for the six months, up from $7.8 million a year earlier. Management states that it believes current liquidity will be sufficient to fund business needs over the next 12 months and beyond.

Jul 22, 2025 8-K

Pultegroup 8-K Report, Bylaw Amendment (Jun 3, 2025)

PulteGroup, Inc. filed a Current Report on Form 8-K dated June 3, 2025 disclosing an amendment to its corporate governance documents. On June 2, 2025, the company filed a Certificate of Elimination of Series A Junior Participating Preferred Shares with the Michigan Department of Licensing and Regulatory Affairs. This removes the Certificate of Designation for those preferred shares from the company's Restated Articles of Incorporation, as amended. The Certificate of Elimination became effective upon filing. The filing states that, as of June 2, 2025, no Series A Preferred Shares were outstanding, and there were no options, warrants, or other rights that could require their issuance. The change therefore clears a dormant preferred share designation from the charter and does not involve any issuance, cash flow, or change in business operations. The only exhibit listed is the Certificate of Elimination (Exhibit 3.1), along with the inline XBRL cover page data file (Exhibit 104). The filing contains no financial results or guidance.

Jun 3, 2025 8-K

Pultegroup 8-K Report, Bylaw Amendment (May 6, 2025)

PulteGroup, Inc. filed a Form 8-K reporting three items from its 2025 Annual Meeting of Shareholders, held April 30, 2025, and a governance change adopted on May 1, 2025. A total of 180,033,539 of the Company's outstanding common shares were present or represented by proxy at the meeting. All ten director nominees were elected to serve until the 2026 annual meeting, with each nominee receiving substantially more votes for than against. Shareholders ratified Ernst & Young LLP as the independent registered public accounting firm for 2025, with 166,308,607 votes for and 13,653,613 against. Shareholders approved, on an advisory basis, the compensation of the named executive officers, with 152,970,945 votes for and 12,384,799 against. Two shareholder proposals were not approved: one to amend the clawback policy on unearned incentive pay (8,490,755 for, 156,444,996 against) and one to adopt Paris-aligned emission reduction goals (39,006,430 for, 124,655,123 against). Separately, the Board adopted Amended and Restated By-Laws effective May 1, 2025. The most significant change deletes Article IX, which restricted transfers of certain securities intended to prevent an ownership change under Section 382 of the Internal Revenue Code that could limit the use of net operating losses and other tax attributes. The by-laws also update shareholder procedures for director nominations, proposals, special meeting requests and written consent, and revise director number and eligibility provisions.

May 6, 2025 8-K

Pultegroup 8-K Report, Financial Results (Apr 22, 2025)

PulteGroup, Inc. (NYSE: PHM) reported first quarter 2025 results for the period ended March 31, 2025, in an earnings press release furnished as Exhibit 99.1 to this Form 8-K. Net income was $522.8 million, or $2.57 per diluted share, compared with $663.0 million, or $3.10 per diluted share, in the prior-year quarter. The prior-year figures included a $38 million pre-tax gain on the sale of a joint venture and a $27 million pre-tax insurance benefit. Home sale revenues were $3.75 billion, versus $3.82 billion a year earlier, as average selling price rose to $570 thousand while closings fell to 6,583 homes from 7,095. Home sale gross margin was 27.5%, and SG&A expense was $393.3 million. Orders and backlog softened. Net new orders were 7,765 homes valued at $4.48 billion, down from 8,379 homes in the prior-year quarter, which management attributed mainly to lower gross orders amid affordability challenges and macroeconomic uncertainty. Unit backlog ended the quarter at 11,335 homes worth $7.22 billion. Management said buyers responded favorably to interest rate declines during the quarter but that consumers remain caught between strong demand for homeownership and stretched affordability. On the balance sheet, PulteGroup repurchased $300 million of common shares at an average price of $108.03 during the quarter and had $1.9 billion remaining under its authorization. Cash and equivalents were $1.24 billion, notes payable were $1.63 billion, and the debt-to-capital ratio was 11.7%, compared with 11.8% at year-end 2024. Shareholders' equity increased to $12.30 billion.

Apr 22, 2025 10-Q

Pultegroup Quarterly Report for Q1 Ended Mar 31, 2025

PulteGroup, Inc. reported first-quarter 2025 net income of $522.8 million, or $2.57 per diluted share, versus $663.0 million, or $3.10 per diluted share, in the first quarter of 2024. Total revenues were $3.89 billion compared with $3.95 billion a year earlier. Homebuilding home sale revenues declined 2% to $3.75 billion as closings fell 7% to 6,583 units, partly offset by a 6% increase in average selling price to $570 thousand. Gross margin from home sales narrowed to 27.5% from 29.6%, which the company attributed primarily to higher land acquisition and development costs and elevated sales incentives. Net new orders fell 7% in units to 7,765, and backlog dollars decreased 12% to $7.22 billion at March 31, 2025. Cash flow from operations was $134.2 million, down from $239.8 million, as inventories increased $270.6 million. The company returned capital to shareholders by repurchasing 2.8 million shares for $300.0 million and paying $45.8 million in dividends. The Board increased the share repurchase authorization by $1.5 billion in January 2025, leaving $1.9 billion available at quarter-end, and the quarterly dividend was raised from $0.20 to $0.22 per share. Liquidity remained solid, with $1.2 billion of unrestricted cash and $942.3 million available under the revolving credit facility, and the debt-to-total-capitalization ratio excluding Financial Services debt was 11.7%. The company flagged affordability pressures from elevated mortgage rates and said gross margins may decline somewhat in future periods. It also noted that the Pulte Mortgage repurchase agreement, with $426.9 million outstanding, matures in August 2025 and that $251.9 million of senior notes come due in March 2026.

Apr 22, 2025 8-K

Pultegroup 8-K Report, Executive Changes (Mar 18, 2025)

PulteGroup, Inc. (PHM) disclosed in this Current Report, dated March 18, 2025, that director J. Phillip Holloman informed the Board on March 13, 2025 that he will not stand for re-election at the end of his current term at the 2025 annual meeting of shareholders, scheduled for April 30, 2025. The filing states that his decision was due to other time commitments and did not result from any disagreement with the Company, its management, or the Board on any matter, including its operations, policies, or practices. The Board will reduce its size from eleven members to ten members, effective as of the Annual Meeting. The Board and the Company thanked Mr. Holloman for his years of dedicated service. This is a governance change, and the filing reports no financial results, guidance, or compensation arrangements.

Mar 18, 2025 10-K

Pultegroup Annual Report, Year Ended Dec 31, 2024

PulteGroup, Inc. (NYSE: PHM) reported 2024 consolidated revenues of $17.9 billion, up from $16.1 billion in 2023, and net income of $3.08 billion, or $14.69 diluted earnings per share, compared with $2.60 billion and $11.72 in 2023. Homebuilding generated 98% of revenues. Closings rose to 31,219 homes from 28,603, and the average selling price increased to $555,000 from $545,000. Home sale gross margin was 28.9%, down from 29.3%, as the company used elevated sales incentives, especially mortgage interest rate buydowns, to address buyer affordability challenges. Backlog fell to $6.5 billion (10,153 units) from $7.3 billion, and net new orders rose 2% in units. Management said demand weakened in the second half of 2024 as mortgage rates rose, and it expects sales paces to stay volatile and gross margins to decline somewhat in future periods. Capital returns were significant. The company repurchased 10.1 million shares for $1.2 billion in 2024, and its quarterly dividend was raised from $0.20 to $0.22 per share effective with the January 2025 payment. The Board approved an additional $1.5 billion repurchase authorization in January 2025. Debt-to-total capitalization, excluding Financial Services debt, declined to 11.8% from 15.9%. Cash and equivalents were $1.6 billion at year-end, with $928.9 million available under the Revolving Credit Facility. Notes payable declined to $1.62 billion after repurchases and repayments. Pulte Mortgage's $675.0 million repurchase agreement, which matures in August 2025, is a near-term refinancing item. The filing also notes that Chief Financial Officer Robert T. O'Shaughnessy will be succeeded by James L. Ossowski effective February 7, 2025. Insurance reserve reversals of $333.9 million in 2024 benefited SG&A and other results, and the company's self-insured reserves fell to $267.5 million from $563.1 million. Management attributed the reduction to lower construction defect claims experience.

Feb 6, 2025 8-K

Pultegroup 8-K Report, Financial Results (Jan 30, 2025)

PulteGroup, Inc. (NYSE: PHM) reported fourth-quarter 2024 results on January 30, 2025, with net income of $913 million, or $4.43 per diluted share, including a pre-tax insurance benefit of $255 million, or $0.93 per share. Home sale revenues rose 13% to $4.7 billion on a 6% increase in closings to 8,103 homes, while the home sale gross margin was 27.5%, down from 28.9% a year earlier. Net new orders were 6,167 homes valued at $3.5 billion, and unit backlog ended the year at 10,153 homes worth $6.5 billion. For full-year 2024, the company reported revenues of nearly $18 billion, net income of $3.1 billion, and a return on equity of 27.5%. Management cited elevated mortgage rates that weighed on buyer demand despite Federal Reserve rate cuts, and said targeted sales incentives and faster construction cycle times positioned the company for the spring selling season. The company repurchased $320 million of shares in the quarter and 10.1 million shares for $1.2 billion over 2024, ended the quarter with $1.7 billion of cash, and reported a debt-to-capital ratio of 11.8%. Separately, the board approved a $1.5 billion increase to the share repurchase authorization, bringing the remaining authorization to $2.1 billion.

Jan 30, 2025 10-Q

Pultegroup Quarterly Report for Q3 Ended Sep 30, 2024

PulteGroup, Inc. (PHM) reported strong third-quarter 2024 results in this Form 10-Q for the quarter ended September 30, 2024. Total revenues were $4.48 billion for the three months, up from $4.00 billion a year earlier, and net income was $697.9 million, or $3.35 per diluted share, versus $2.90 in the prior-year quarter. Home sale revenues rose 12% on a 12% increase in closings to 7,924 units, while the home sale gross margin narrowed to 28.8% from 29.5%. For the nine months, net income was $2.17 billion, or $10.28 per diluted share, with 23,116 closings, up 10%. Orders and backlog were mixed. Net new order units were flat in the quarter but up 3% for the nine months, and net new order dollars rose 9% for the nine months. Backlog units fell 11% and backlog dollars fell 5% at September 30, 2024 compared with a year earlier. Management said sales incentives, especially mortgage interest rate buydowns, are expected to remain elevated, which will continue to weigh on gross margins in the near term. On the balance sheet, total cash, cash equivalents, and restricted cash was $1.46 billion, and notes payable were reduced to $1.62 billion from $1.96 billion at year-end 2023, with the company repurchasing $310.2 million of notes in the nine months. Share repurchases totaled $880.0 million for the nine months, and $1.0 billion of authorization remained at quarter end. Operating cash flow was $1.1 billion for the nine months, down from $1.9 billion, mainly due to a $805.3 million increase in inventories. The company also disclosed that Pulte Mortgage's $675.0 million repurchase agreement matures in August 2025 and must be repaid or refinanced.

Oct 22, 2024 8-K

Pultegroup 8-K Report, Financial Results (Oct 22, 2024)

PulteGroup, Inc. (NYSE: PHM) reported third quarter 2024 results in an earnings press release furnished as Exhibit 99.1 to this Form 8-K, filed October 22, 2024. Net income was $698 million, or $3.35 per diluted share, compared with $639 million, or $2.90 per share, in the prior-year quarter. Home sale revenues rose 12% to $4.3 billion on a 12% increase in closings to 7,924 homes. The reported home sale gross margin was 28.8%, down from 29.5% a year earlier, and homebuilding SG&A was $407 million, or 9.4% of home sale revenues, versus $353 million, or 9.1%, in the prior year. Net new orders were 7,031 homes, consistent with 7,065 a year earlier, with a value of $3.9 billion, and backlog stood at 12,089 homes valued at $7.7 billion at quarter end. The company repurchased $320 million of common shares in the quarter and $880 million year to date, and ended the quarter with $1.5 billion of cash and a debt-to-capital ratio of 12.3%, down from 15.9% at December 31, 2023. Notes payable fell to $1.62 billion from $1.96 billion. Management stated that, given strong third-quarter and nine-month results, the company is well positioned to deliver a record year of earnings, and cited the Federal Reserve's shift toward lowering interest rates as supportive of home affordability. The release also reports a return on equity of 27% for the trailing twelve months, calculated as net income over average shareholders' equity. The filing is a earnings-release furnishing under Item 2.02, and the information is not deemed filed for purposes of Section 18 of the Exchange Act.

Oct 22, 2024 8-K

Pultegroup 8-K Report, Material Agreement (Aug 15, 2024)

On August 14, 2024, Pulte Mortgage LLC, a wholly-owned subsidiary of PulteGroup, Inc., entered into a Second Omnibus Amendment and Joinder to Transaction Documents with JPMorgan Chase, as Agent, amending its Master Repurchase Agreement dated as of August 16, 2023. The repurchase facility finances the origination of mortgage loans by Pulte Mortgage. The amendment extends the agreement to the earlier of August 13, 2025, or the date commitments are terminated under the agreement, by governmental order, or by operation of law. The amended facility provides a maximum aggregate commitment of $675 million, subject to certain sublimits, with an accordion feature that could increase it to $725 million if existing Buyers provide increased committed sums. The maximum commitment decreases to $650 million on January 14, 2025, and remains at that level until expiration. The filing also reports the entry into this material definitive agreement and the related creation of a direct financial obligation under Items 1.01 and 2.03. The full amendment is filed as Exhibit 10.1, and the summary above is qualified by reference to that exhibit.

Aug 15, 2024 10-Q

Pultegroup Quarterly Report for Q2 Ended Jun 30, 2024

PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2024 net income of $809.1 million, or $3.83 per diluted share, up from $720.3 million, or $3.21 per diluted share, in the prior-year quarter. Total revenues were $4.60 billion versus $4.19 billion. Home sale revenues rose 10% to $4.45 billion, driven by an 8% increase in closings to 8,097 units, while the average selling price was $549 thousand. Homebuilding gross margin on home sales was 29.9%, up from 29.6%. For the six months ended June 30, 2024, net income was $1.47 billion, or $6.93 per diluted share. The filing also flags softening demand. Net new orders in units fell 4% in the quarter and were down 9% from the first quarter of 2024, and ending backlog dollars decreased 1% year over year. Management says cancellation rates have returned to historical levels and that lower lumber prices will likely be largely offset by higher sales incentives. Liquidity remained solid, with $1.4 billion of unrestricted cash and $952.6 million available under the Revolving Credit Facility. Notes payable fell to $1.65 billion from $1.96 billion at year-end 2023, after $310.2 million of senior note repurchases in the first half. The debt-to-total capitalization ratio, excluding Financial Services debt, was 12.8%, compared with 15.9% at December 31, 2023. Capital returns continued. The company repurchased 5.1 million shares for $560.0 million in the first half, declared $84.7 million of dividends, and had $1.3 billion of repurchase authorization remaining at June 30, 2024. Pulte Mortgage's $700.0 million repurchase agreement matures on August 14, 2024, and management says it intends to refinance it.

Jul 23, 2024 8-K

Pultegroup 8-K Report, Financial Results (Jul 23, 2024)

PulteGroup, Inc. (NYSE: PHM) reported second quarter 2024 results for the period ended June 30, 2024, in an earnings press release furnished as Exhibit 99.1 to this Form 8-K. Net income was $809.1 million, or $3.83 per diluted share, up from $720.3 million, or $3.21 per diluted share, in the prior-year quarter. The results include a $52 million pre-tax insurance benefit and a $13 million benefit from the favorable resolution of certain state tax matters. Home sale revenues rose to $4.45 billion, closings increased to 8,097 homes, and the average selling price rose to $549 thousand, while the home sale gross margin reached 29.9%. Orders and backlog were steady. Net new orders were 7,649 homes, compared with 7,947 a year earlier, and the dollar value of net new orders was $4.36 billion. Unit backlog ended the quarter at 12,982 homes, valued at $8.11 billion. Financial services pre-tax income was $63.4 million, versus $46.5 million in the prior year, and the mortgage capture rate was 86%. Capital allocation was a major theme. The company repurchased 2.8 million shares for $314 million and completed a tender offer for $300 million of senior notes. Notes payable fell to $1.65 billion from $1.96 billion at December 31, 2023, cash ended at $1.39 billion, and the debt-to-capital ratio declined to 12.8% from 15.9%. Management cited a trailing twelve-month return on equity of 27.1%.

Jul 23, 2024 8-K

Pultegroup 8-K Report, Executive Changes (Jul 22, 2024)

PulteGroup, Inc. (NYSE: PHM) announced in an Item 5.02 Form 8-K filed July 22, 2024 that Executive Vice President and Chief Financial Officer Robert T. O'Shaughnessy intends to retire at the end of 2025. He will continue as CFO until February 7, 2025 (the "Transition Date") and then remain with the Company as Executive Vice President through the end of 2025. Outstanding equity and long-term incentive awards will receive retirement vesting treatment under the award agreements and the Amended Retirement Policy. James L. Ossowski, 56, currently Senior Vice President – Finance, will be promoted to Executive Vice President and CFO effective upon the Transition Date and will assume principal financial officer responsibilities. Effective January 1, 2025, his annual base salary will be $650,000, his annual incentive bonus target $1,300,000, and his long-term incentive award target $1,800,000. He will also become subject to the Amended Executive Severance Policy. The filing states there are no family relationships or undisclosed arrangements tied to his appointment. The press release (Exhibit 99.1) states that O'Shaughnessy will also continue to oversee the Financial Services business, strategic partnerships and the asset management committee in 2025, and that Ossowski will report directly to CEO Ryan Marshall with responsibility for accounting, tax, audit, risk management and treasury. The release describes a $16 billion homebuilding operation under Ossowski's current finance responsibilities. The item is furnished under Item 7.01 and is not deemed filed under Section 18 of the Exchange Act.

Jul 22, 2024 8-K

Pultegroup 8-K Report, Bylaw Amendment (May 8, 2024)

PulteGroup, Inc. filed this Form 8-K to report the results of its 2024 Annual Meeting of Shareholders, held May 6, 2024, at which a total of 190,736,801 of the company's outstanding common shares were present or represented by proxy. Shareholders approved an amendment to the Restated Articles of Incorporation that became effective May 6, 2024. The amendment replaces the 69.3% supermajority vote requirements in Articles X and XI with a majority-of-outstanding-shares standard for certain business combinations with interested shareholders and for future amendments of those provisions, in each case in addition to any vote required by the Michigan Business Corporation Act. All eleven director nominees were elected to serve until the 2025 annual meeting. Shareholders also ratified Ernst & Young LLP as the independent registered public accounting firm for 2024, with 178,483,775 votes for, 12,176,262 against, and 76,764 abstentions. In an advisory vote, shareholders approved the compensation of the named executive officers, with 161,170,570 votes for and 13,666,691 against. The Article X and XI amendment was approved with 174,109,541 votes for, 522,293 against, and 359,144 abstentions. For investors, the filing shows that the company's shareholder approval outcomes were broadly favorable, and that the governance change lowers the threshold needed to approve certain business combinations and charter amendments from a supermajority to a majority of outstanding shares.

May 8, 2024 10-Q

Pultegroup Quarterly Report for Q1 Ended Mar 31, 2024

PulteGroup, Inc. (NYSE: PHM) reported first-quarter 2024 net income of $662,976 thousand ($663.0 million), or $3.10 diluted earnings per share, up from $532,259 thousand ($2.35 per diluted share) in the prior-year quarter. Total revenues rose to $3.95 billion from $3.58 billion, driven by home sale revenues of $3.82 billion, up 10% on an 11% increase in closings partially offset by a 1% decrease in average selling price. Home sale gross margin was 29.6%, up from 29.1%. Results also included $26.8 million of insurance reserve reversals and a $37.7 million gain on the sale of a minority joint venture interest. Net new orders rose 14% in units and 24% in dollars to 8,379 units and $4.70 billion, and the cancellation rate fell to 13% from 17%. Management noted that traffic moderated in early April, particularly for first-time buyer communities, following a recent rise in mortgage rates. Cash flow from operations was $239.8 million, down from $711.4 million, mainly because inventories increased by $289.2 million. Cash and equivalents totaled $1.72 billion at quarter-end. The company repurchased 2.3 million shares for $245.8 million and paid $42.7 million in dividends. The quarterly dividend was raised 25% to $0.20 per share, and the board added $1.5 billion to the repurchase authorization, leaving $1.6 billion available. Total notes payable were $1.96 billion. The Pulte Mortgage repurchase agreement, with $534.3 million outstanding, matures in August 2024 and management says it intends to refinance it.

Apr 23, 2024 8-K

Pultegroup 8-K Report, Financial Results (Apr 23, 2024)

PulteGroup, Inc. (NYSE: PHM) reported first quarter 2024 results for the period ended March 31, 2024, as stated in its earnings press release furnished as Exhibit 99.1. Net income was $662,976 thousand ($662.98 million), or $3.10 per diluted share, compared with $532,259 thousand ($2.35 per share) a year earlier. The quarter included a $38 million pre-tax gain on the sale of a joint venture and a $27 million pre-tax insurance benefit. Home sale revenues rose 10% to $3.8 billion ($3,819,586 thousand) on an 11% increase in closings to 7,095 homes, partly offset by a 1% decrease in average sales price to $538,000. Home sale gross margin was 29.6%, up 50 basis points year over year, and net new orders increased 14% to 8,379 homes. The company ended the quarter with a unit backlog of 13,430 homes valued at $8.2 billion, and its cancelation rate fell to 10% of beginning backlog from 13%. Management cited a structural housing shortage and the company's ability to offer incentive programs to improve affordability. Share repurchases totaled $245,844 thousand (about $246 million) at an average price of $106.73 per share, and cash, cash equivalents and restricted cash stood at $1,766,089 thousand at quarter end. The debt-to-capital ratio was 15.4%, and the net debt-to-capital ratio was 1.7%. The Item 2.02 disclosure is furnished, not filed, under Section 18 of the Exchange Act. Exhibit 99.1 is the earnings press release, and the filing also includes the cover page interactive data file.

Apr 23, 2024 10-K

Pultegroup Annual Report, Year Ended Dec 31, 2023

PulteGroup, Inc. (NYSE: PHM), a Michigan corporation and one of the largest U.S. homebuilders, reported 2023 total revenues of $16.06 billion, up from $16.00 billion in 2022, and net income of $2.60 billion, or $11.72 per diluted share, compared with $2.62 billion, or $11.01 per diluted share, in 2022. Homebuilding delivered 28,603 closings at an average selling price of $545,000, while net new orders rose 23% in units to 28,580 and the cancellation rate fell to 16% from 19%. Homebuilding gross margin from home sales was 29.3%, down from 30.1% in 2022. Backlog ended the year at $7.3 billion (12,146 units), down 5% in dollars from $7.7 billion. Cash flow from operations was $2.20 billion in 2023, versus $668.5 million in 2022. The company repurchased 13.8 million shares for $1.0 billion and paid $142.5 million in dividends. Cash, cash equivalents and restricted cash totaled $1.85 billion at year-end, with $937.3 million available under the Revolving Credit Facility. The debt-to-total capitalization ratio, excluding Financial Services debt, declined to 15.9% from 18.7%. Subsequent to year-end, the board raised the quarterly dividend 25% to $0.20 per share and increased the share repurchase authorization by $1.5 billion on January 29, 2024. The filing highlights risks tied to interest rates and mortgage availability, labor and material cost inflation, land availability, and construction defect and warranty claims. Self-insured reserves were $563.1 million at year-end, and the auditor, Ernst & Young LLP, issued an unqualified opinion on both the financial statements and internal control over financial reporting.

Feb 5, 2024 8-K

Pultegroup 8-K Report, Financial Results (Jan 30, 2024)

PulteGroup, Inc. (NYSE: PHM) reported fourth quarter 2023 results on January 30, 2024, with net income of $711 million, or $3.28 per diluted share, compared with $882 million, or $3.85 per share, in the prior-year quarter. Net new orders rose 57% to 6,214 homes, with dollar value up 56% to $3.4 billion, while closings totaled 7,615 homes and home sale revenues were $4.2 billion. Home sale gross margin was 28.9%, compared with 29.4% a year earlier. For the full year, the company reported net income of $2.6 billion, diluted EPS of $11.72, and cash flow from operations of $2.2 billion, per the accompanying press release and shareholder letter. The company ended 2023 with $1.8 billion in cash and a debt-to-capital ratio of 15.9%, down from 18.7% a year earlier. Management cited a significant increase in buyer activity as interest rates fell late in the quarter, with December the highest sales month of the quarter. For full-year 2023, PulteGroup repurchased 13.8 million shares for $1.0 billion. Separately, the Board approved a $1.5 billion increase to the share repurchase authorization, bringing the total to $1.8 billion, effective January 29, 2024. CEO Ryan Marshall said the company expects continued strong cash flow from operations and a continued commitment to returning excess funds to shareholders.

Jan 30, 2024 8-K

Pultegroup 8-K Report, Financial Results (Oct 24, 2023)

PulteGroup, Inc. (NYSE: PHM) reported third quarter 2023 results for the period ended September 30, 2023, in an earnings release furnished under Item 2.02 of this Form 8-K. Net income rose 8% to $2.90 per diluted share, or $639 million, compared with $2.69 per share, or $628 million, in the prior-year period. Home sale revenues increased 3% to $3.9 billion, driven by a 2% increase in the average sales price of homes closed to $549,000 and closings that rose by less than 1% to 7,076 homes. Home sale gross margin was 29.5%, down from 30.5% a year earlier. CEO Ryan Marshall described the results as a continuation of positive trends and cited record third quarter earnings. Orders and backlog grew, with net new orders up 43% to 7,065 homes, valued at $3.8 billion, and unit backlog of 13,547 homes valued at $8.1 billion. The company's average community count was 923, up 12%. Management said interest rates have risen to 20-year highs and that PulteGroup is using a range of locations, price points, floor plans and incentives to address affordability challenges. Capital allocation was active. The company repurchased $300 million of common shares in the quarter and $700 million, or 10.2 million shares, year to date, and retired $65 million of 2026 and 2027 senior notes. It ended the quarter with $1.9 billion of cash, a debt-to-capital ratio of 16.5% (18.7% at December 31, 2022), and a net debt-to-capital ratio of 0.8%. The company reported a return on equity of 30.1%, calculated on a trailing twelve-month basis.

Oct 24, 2023 10-Q

Pultegroup Quarterly Report for Q3 Ended Sep 30, 2023

PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2023 results in its Form 10-Q filed October 24, 2023. Net income was $638.8 million, or $2.90 per diluted share, for the three months ended September 30, 2023, compared with $627.9 million, or $2.69 per diluted share, a year earlier. For the nine months, net income was $1.89 billion, or $8.45 per diluted share, versus $1.74 billion, or $7.22 per diluted share, in the prior-year period. Total revenues for the quarter were $4.00 billion. Home sale revenues rose 3% to $3.89 billion on a 4% increase in average selling price and a slight increase in closings, while home sale gross margin declined to 29.5% from 30.5%. Net new orders rose 43% in units and 36% in dollars for the quarter, and the cancellation rate normalized to 15%. Backlog at September 30, 2023 was $8.13 billion across 13,547 units, down 23% in dollars from a year earlier, reflecting the decline in orders that began in mid-2022. Cash and equivalents totaled $1.85 billion, and the ratio of debt-to-total capitalization, excluding Financial Services debt, was 16.5%, down from 18.7% at year-end 2022. Operating cash flow for the nine months was $1.91 billion, largely reflecting net income and a seasonal decrease in mortgage loans held for sale. The company repurchased 10.2 million shares for $700.0 million in the nine months and had $682.9 million remaining under its repurchase authorization. The filing flags several items for investors. Pulte Mortgage's master repurchase agreement matures in August 2024, and the company stated it intends to refinance it but cannot assure renewal on commercially reasonable terms. The company also noted that it recorded $66.2 million of insurance reserve reversals in the nine months ended September 30, 2023, which benefited SG&A and other homebuilding results. Management stated that buyer demand slowed slightly in the later part of the third quarter as interest rates rose.

Oct 24, 2023 8-K

Pultegroup 8-K Report, Material Agreement (Aug 17, 2023)

PulteGroup, Inc. (PHM) disclosed in an 8-K filed August 17, 2023 that its wholly-owned subsidiary, Pulte Mortgage LLC, entered into a Master Repurchase Agreement dated August 16, 2023 with JPMorgan Chase, as Agent and a Buyer, along with other Buyers. The facility's purpose is to finance the origination of mortgage loans by Pulte Mortgage. The agreement expires on the earlier of August 14, 2024, or the date the Buyers' commitments are terminated under the agreement, by governmental order, or by operation of law. The facility provides a maximum aggregate commitment of $850 million, subject to certain sublimits, with an accordion feature that could raise it to $900 million if existing Buyers increase their committed sums. The commitment is scheduled to fluctuate seasonally: it starts at $560 million, increases to $850 million on December 27, 2023, decreases to $600 million on January 16, 2024, and increases to $700 million on June 26, 2024. Advances bear a rate based on Adjusted Term SOFR or a Default Pricing Rate. Amounts outstanding are not guaranteed by PulteGroup or any subsidiaries that guarantee its senior notes. The agreement contains affirmative and negative covenants applicable to Pulte Mortgage, including limits on acquisitions, mergers, debt incurrence, asset sales, and liens on mortgage notes or mortgages subject to the agreement. It also includes quantitative thresholds for Adjusted Tangible Net Worth, Leverage Ratio, Liquidity, and Net Income. The full agreement is filed as Exhibit 10.1.

Aug 17, 2023 10-Q

Pultegroup Quarterly Report for Q2 Ended Jun 30, 2023

PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2023 results in this Form 10-Q for the quarter ended June 30, 2023. Net income was $720.3 million, or $3.21 per diluted share, for the three months ended June 30, 2023, compared with $652.4 million, or $2.73 per diluted share, a year earlier. Total revenues were $4.19 billion for the quarter versus $3.88 billion in the prior-year period. For the six months, net income was $1.25 billion ($5.55 per diluted share) on total revenues of $7.76 billion. Home sale revenues rose 8% in the quarter to $4.06 billion, driven by a 5% increase in closings and a 3% increase in average selling price. Home sale gross margin was 29.6% for the quarter, down from 31.3% a year earlier. The quarter also included $64.9 million of insurance reserve reversals within SG&A and other homebuilding results. Net new orders in units rose 24% in the quarter to 7,947, while net new order dollars rose 9%. Ending backlog dollars fell 29% year over year to $8.19 billion, though backlog increased sequentially from December 31, 2022. The cancellation rate was 13% for the quarter, which the company says has normalized to historical levels. Financial Services revenues were $92.2 million for the quarter, up 11%, while six-month Financial Services income before taxes fell 25%. Liquidity remained strong, with $1.73 billion of unrestricted cash and $965.0 million available under the revolving credit facility. Shareholders' equity rose to $9.71 billion, and the company repurchased 6.4 million shares for $400.0 million in the first half of 2023, with $982.9 million remaining under its authorization. The filing notes that Pulte Mortgage's $500.0 million repurchase agreement matures July 27, 2023, and that the company intends to refinance it. The company's debt-to-total capitalization, excluding Financial Services debt, was 17.3% at June 30, 2023, compared with 18.7% at December 31, 2022. Management noted that construction cycle times remain about three weeks longer than in the prior year, although they have improved sequentially since the first quarter of 2023. Lumber prices recently increased, which may pressure costs for the rest of the year.

Jul 25, 2023 8-K

Pultegroup 8-K Report, Financial Results (Jul 25, 2023)

PulteGroup, Inc. (NYSE: PHM) reported second-quarter 2023 results for the period ended June 30, 2023, in an earnings press release furnished as Exhibit 99.1 to this Form 8-K. Net income was $720 million, or $3.21 per diluted share, compared with $652 million, or $2.73 per share, in the prior-year quarter. The company stated that results include a $65 million pre-tax insurance benefit, or $0.21 per share. Home sale revenues rose 8% to $4.1 billion on a 5% increase in closings to 7,518 homes and a 3% increase in average sales price to $540,000. Orders and backlog grew while margins moderated. Net new orders increased 24% to 7,947 homes, with a value of $4.3 billion, up 9%. Unit backlog ended the quarter at 13,558 homes valued at $8.2 billion. The homebuilding gross margin was 29.6%, down 170 basis points year over year but up 50 basis points from the first quarter of 2023. Management attributed the strong results to its build-to-order and quick-move-in operating model and cited a return on equity of 32%. The balance sheet and capital returns were also highlighted. The company ended the quarter with $1.8 billion of cash and a debt-to-capital ratio of 17.3%, down from 18.7% at December 31, 2022. It repurchased $250 million of shares in the quarter and $400 million in the first six months of 2023. The company also reported a net debt-to-capital ratio of 2.6% in its non-GAAP reconciliation.

Jul 25, 2023 8-K

Pultegroup 8-K Report, Executive Changes (May 16, 2023)

PulteGroup, Inc. (NYSE: PHM) filed this Form 8-K to report the appointment of Matthew Koart as Executive Vice President and Chief Operating Officer, effective May 18, 2023. Koart, age 59, previously served as Chief Executive Officer of Shapell Industries from 2008 to 2011 and has owned and operated a real estate development business over the last 12 years. He replaces John Chadwick, who retired effective April 21, 2023. The company's press release describes Koart as having almost 30 years of residential real estate experience and as a former PulteGroup employee who spent 12 years with the company from 1996 to 2008. Under his Offer Letter, Koart will receive an annual base salary of $750,000, a 2023 target Annual Incentive Program award of $1,250,000 (prorated for 2023 employment), eligibility for a growth incentive pool equal to 15% of the total pool, and 2023 Long-Term Incentive Program equity awards with a target grant date fair value of $2,000,000, split 50% time-based restricted stock units and 50% performance-based awards. He will also receive a $3,500 monthly living expense stipend and severance benefits consistent with the Executive Severance Policy. The filing also discloses related-party matters: Koart holds minority interests in two development properties in the Greater Bay area and in an entity that sold a 58-lot subdivision to the company in 2022, under which he could receive about $179,000 from an escrow if certain conditions are met. He also holds a less than 1% interest, valued at under $100,000, in a third-party vendor in which the company owns a 7% interest. The Board determined that safeguards would mitigate conflicts, granted a limited waiver to the Code of Ethical Business Conduct to allow him time to wind down the two development interests, and approved the potential related-party escrow payment.

May 16, 2023 8-K

Pultegroup 8-K Report, Bylaw Amendment (May 5, 2023)

PulteGroup, Inc. (PHM) filed this Form 8-K on May 5, 2023 to report two items: the adoption of amended and restated by-laws and the results of its annual shareholder meeting held May 3, 2023. On May 3, 2023, the Board adopted Amended and Restated By-Laws, effective the same date. The stated purposes are to update the procedures and information requirements for shareholders acting by written consent, clarify the rules for conducting shareholder meetings, clarify certain notice requirements, and make other clarifying and conforming changes. The full by-laws, marked for changes and in clean form, are filed as Exhibits 3.1 and 3.2. At the annual meeting, 198,990,846 common shares were present or represented by proxy. All ten director nominees were elected to terms expiring at the 2024 Annual Meeting. Shareholders ratified Ernst & Young LLP as the independent registered public accounting firm for 2023, with 190,201,159 votes for and 8,730,115 against. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 169,783,310 votes for and 15,157,897 against. On the advisory vote on the frequency of future say-on-pay votes, 174,791,547 shareholders voted for one year, 1,946,838 for two years, and 8,264,801 for three years. The filing does not state which frequency the Board adopted as a result of this vote.

May 5, 2023 8-K

Pultegroup 8-K Report, Financial Results (Apr 25, 2023)

PulteGroup, Inc. (NYSE: PHM) reported first quarter 2023 results for the period ended March 31, 2023, with net income of $532 million, or $2.35 per share, up from $455 million, or $1.83 per share, in the prior year. Home sale revenues rose 15% to $3.5 billion, driven by a 9% increase in average sales price to $545,000 and a 6% increase in closings to 6,394 homes. The home sale gross margin was 29.1%, compared with 29.3% a year earlier. The company said first quarter closings benefited from a decision to modestly increase quick move-in homes and the resolution of pandemic-related supply chain issues. Orders were mixed. Gross new orders rose 1% to 8,898 homes, but net new orders fell 8% to 7,354 homes, and the cancellation rate was 13% of 2022 year-end backlog, up from 4% a year earlier. Net new order dollars declined 20% to $3.8 billion. Backlog ended the quarter at 13,129 homes valued at $8.0 billion. Financial services pre-tax income fell to $14 million from $41 million, reflecting lower loan volumes and a capture rate of 78%, down from 81%. The company repurchased 2.8 million shares for $150 million during the quarter and ended with a debt-to-capital ratio of 18.1% and a net debt-to-capital ratio of 7.2% after adjusting for $1.3 billion of cash. Separately, the Board approved a $1.0 billion increase to the share repurchase authorization, bringing the total authorization to $1.2 billion.

Apr 25, 2023 10-Q

Pultegroup Quarterly Report for Q1 Ended Mar 31, 2023

PulteGroup, Inc. (PHM) reported first-quarter 2023 net income of $532.3 million, or $2.35 per diluted share, compared with $454.7 million, or $1.83 per diluted share, in the first quarter of 2022. Total revenues rose to $3.58 billion from $3.15 billion. Home sale revenues were $3.49 billion, up 15% on a 6% increase in closings (6,394 units) and a 9% increase in average selling price ($545 thousand). Homebuilding gross margin from home sales was 29.1%, compared with 29.3% a year earlier. The company noted that closing cost incentives were reclassified from home sale cost of revenues to home sale revenues, reducing both by $81.2 million in the quarter. Demand weakened. Net new orders fell 8% in units and 20% in dollars, driven by a cancellation rate of 17% versus 9% a year earlier. Backlog units declined 34% year over year to 13,129, although backlog rose 8% compared with December 31, 2022. The filing states that orders strengthened sequentially from December 2022 through March 2023, partly supported by sales incentives and mortgage rate buydowns. Financial Services income before taxes decreased 66% to $13.9 million as mortgage competition and capture rates weakened. Balance sheet and capital returns remained solid. Cash and equivalents were $1.28 billion at March 31, 2023, against $2.04 billion of notes payable. The company repurchased 2.8 million shares for $150.0 million and paid $36.1 million in dividends declared. Remaining buyback authorization was $232.9 million at quarter end, and the board increased it by $1.0 billion on April 24, 2023. The Pulte Mortgage repurchase agreement, with $324.4 million outstanding, matures July 27, 2023, and management stated it intends to refinance before maturity.

Apr 25, 2023 10-K

Pultegroup Annual Report, Year Ended Dec 31, 2022

PulteGroup, Inc. reported record-level 2022 results driven by pricing. Total revenues were $16.2 billion, up from $13.9 billion in 2021. Net income was $2.62 billion, or $11.01 diluted EPS, compared with $1.95 billion, or $7.43, in 2021. Home sale revenues rose 18% on a 17% higher average selling price, and home sale gross margin reached 29.7% versus 26.4%. The company also repurchased 24.2 million shares for $1.1 billion during 2022. The outlook has weakened sharply. Beginning in the second quarter of 2022, rising mortgage rates reduced buyer demand. Net new orders fell 27% in units for the year, and the cancellation rate rose to 19% from 9%, with a fourth-quarter rate of 32%. Backlog declined to $7.7 billion (12,169 units) from $9.9 billion (18,003 units). Management expects the more challenging environment to continue through at least 2023, with lower revenues and profitability in those periods. Its planned responses include limiting land acquisition and development spending in 2023, updating underwriting on land options, and taking a more opportunistic approach to share buybacks. Balance sheet liquidity remained solid at year-end. The company had $1.1 billion of cash and equivalents, $946.6 million available under its Revolving Credit Facility, and $2.0 billion of unsecured senior notes outstanding. The debt-to-total capitalization ratio, excluding Financial Services debt, improved to 18.7% from 21.3%. Operating cash flow fell to $668.5 million from $1.0 billion because inventories increased by $2.3 billion, reflecting more unsold homes and longer production cycles.

Feb 6, 2023 8-K

Pultegroup 8-K Report, Financial Results (Jan 31, 2023)

PulteGroup, Inc. (NYSE: PHM) reported fourth quarter 2022 results in an earnings press release furnished as Exhibit 99.1 to this Form 8-K, dated January 31, 2023. Net income for the quarter was $882 million, or $3.85 per diluted share, compared with $663 million, or $2.61 per share, a year earlier. Adjusted net income was $832 million, or $3.63 per diluted share, versus $637 million, or $2.51 per share, in the prior-year quarter. Adjusted results exclude a $65 million net pre-tax benefit from insurance-related reserve adjustments and a $49 million pre-tax gain in JV income from a commercial property sale, partly offset by a $31 million pre-tax charge tied to exiting certain land-option agreements and a $12 million tax charge from deferred tax valuation allowance adjustments. Home sale revenues rose 20% to $5.1 billion on closings up 3% to 8,848 homes and a 17% increase in average sales price to $571,000. Homebuilding gross margin widened 200 basis points to 28.8%. Demand weakened sharply, however: net new orders fell 41% to 3,964 homes, with cancellation rates rising to 32% from 11%, and the company attributed the slowdown to Federal Reserve rate increases. Financial Services pre-tax income declined to $24 million from $55 million, reflecting lower loan volumes and a capture rate of 75% versus 85%. On the balance sheet, PulteGroup ended 2022 with $1.1 billion of cash and a debt-to-capital ratio of 18.7%, down from 21.3%, and a net debt-to-capital ratio of 9.6%. The company repurchased 24.2 million shares for $1.1 billion during 2022, and 2.4 million shares for $100 million in the fourth quarter. Management stated it is managing house and land inventory to turn assets efficiently while strengthening the balance sheet and returning capital to shareholders.

Jan 31, 2023 8-K

Pultegroup 8-K Report, Executive Changes (Dec 16, 2022)

PulteGroup, Inc. (NYSE: PHM) disclosed in this Form 8-K, filed December 16, 2022, that the employment of Brandon Jones, Senior Vice President – Field Operations, was terminated effective immediately. Mr. Jones had been scheduled to assume the role of Executive Vice President and Chief Operating Officer effective January 1, 2023. The company's press release states that his departure follows an independent investigation that determined he violated the Company's Code of Ethical Business Conduct. PulteGroup President and Chief Executive Officer Ryan Marshall will assume Mr. Jones's responsibilities on an interim basis. The press release describes PulteGroup as the nation's third largest homebuilder, with operations in more than 40 markets. For investors, the key points are the leadership change in field operations and the stated ethics-related cause for the departure. The filing does not discuss any financial impact, and it does not name a successor or a permanent replacement for the Chief Operating Officer role.

Dec 16, 2022 10-Q

Pultegroup Quarterly Report for Q3 Ended Sep 30, 2022

PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2022 net income of $627.9 million, or $2.69 per diluted share, up from $475.5 million, or $1.82 per diluted share, in the prior-year quarter. Total revenues rose to $3.94 billion from $3.48 billion, driven by home sale revenues of $3.84 billion, with the average selling price up 15% to $545 thousand. For the nine months, net income was $1.74 billion, or $7.22 per diluted share, on total revenues of $11.06 billion. Homebuilding gross margin from home sales was 30.1% in both the three and nine months, versus 26.5% and 26.2% a year earlier. The filing signals a sharp slowdown in demand. Net new orders fell 28% in units for the quarter and 23% for the nine months, the cancellation rate rose to 24% from 10%, and backlog units declined 14% year over year. Management expects a more challenging environment through at least 2023, with lower revenues and profitability in those periods. Operating cash flow was negative at $303.9 million for the nine months, driven by a $2.71 billion increase in inventories, and the company spent $974.7 million on share repurchases. Liquidity remains sound, with $231.3 million of unrestricted cash and $590.3 million available under the Revolving Credit Facility, which had $319.0 million drawn. The Revolving Credit Facility was amended in June 2022 and extended to June 2027. Pulte Mortgage's $655.0 million repurchase agreement matures in July 2023 and must be refinanced within the next twelve months. Management stated that its debt-to-total capitalization ratio, excluding Financial Services debt, was 22.5%, up from 21.3%.

Oct 25, 2022 8-K

Pultegroup 8-K Report, Financial Results (Oct 25, 2022)

PulteGroup, Inc. (NYSE: PHM) reported third-quarter 2022 results on October 25, 2022, with net income of $628 million, or $2.69 per diluted share, compared with $476 million, or $1.82 per share, in the prior-year quarter. Home sale revenues rose 16% to $3.8 billion, driven by a 15% increase in the average sales price of homes closed to $545,000 and a 1% increase in closings to 7,047 homes. Homebuilding gross margin was 30.1%, up 360 basis points, but demand slowed sharply: net new orders fell 28% to 4,924 homes, and the cancelation rate rose to 24% from 10% a year earlier. Unit backlog declined 14% to 17,053 homes, while backlog value increased 3% to $10.6 billion. The company wrote off $24 million of deposits and preacquisition expenses after terminating a number of pending land transactions, reflecting a review of deals in light of rising interest rates. Financial Services pre-tax income fell to $28 million from $49 million, and the mortgage capture rate declined to 77% from 85%. The company repurchased 4.4 million shares for $180 million at an average price of $41.20, and its debt-to-capital ratio ended the quarter at 22.5%. The filing also reports an executive succession: John J. Chadwick, Executive Vice President and Chief Operating Officer, will retire with a last day of employment on April 21, 2023, and Brandon Jones, currently Senior Vice President - Field Operations, will become Executive Vice President and Chief Operating Officer effective January 1, 2023, with an annual base salary of $600,000.

Oct 25, 2022