← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
PulteGroup closed 5% fewer homes and paid up in incentives, so net income fell 28.0% to $2.22B, yet free cash flow rose 11.9% to $1.75B and covered $1.20B of buybacks
The read at a glance✓ Audited against SEC data
- Growth — Revenue down 3.5% to $17.31B; closings down 5% to 29,572Watch
- Profitability — Net income down 28.0% to $2.22B; home sale gross margin 26.3% from 28.9%Watch
- Balance sheet — Debt-to-capital 11.2% excluding Financial Services; $2.0 billion cashOK
- Accounting quality — Scores not available; Ernst & Young auditor since 1973Note
- Capital allocation — Buybacks flat at $1.20B; dividends up 5.4% to $176.7MOK
- Demand signal — Backlog down 19% to $5.27 billion; net new orders down 4%Watch
Business
PulteGroup is one of the largest U.S. homebuilders, selling mostly single-family detached homes under the Centex, Pulte Homes, Del Webb, DiVosta and John Wieland brands to first-time, move-up and active adult buyers. At the end of 2025 it ran 1,014 active communities in 47 markets across 26 states and controlled 234,632 lots, 57% of them through land options rather than ownership. Homebuilding was 98% of revenue; Pulte Mortgage and title and insurance agency businesses make up the rest and finance most of its own buyers.
Where the revenue comes from
Fiscal 2025, as PULTEGROUP INC/MI/ reports it. History and quarterly detail are in the app.
- Homebuilding$16.9B
- Financial Services$388.7M
Leadership changes
From PULTEGROUP INC/MI/'s own filings, the day they're filed.
- Kristin Gannon · director · appointmenteff. 2026-02-10
- Matthew Koart · Chief Operating Officer · appointmenteff. 2023-05-18
- J. Phillip Holloman · member · departure
Latest filings
- 8-K · Company announcement2026-08-12
- 10-Q · Quarterly report2026-07-22
- 8-K · Company announcement2026-07-22
- 8-K · Company announcement2026-05-01
- 10-Q · Quarterly report2026-04-23
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- What changed🔒
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- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
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- Ana — ask about PULTEGROUP INC/MI/, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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