# EDGAR Filing Document

**Accession Number:** 0000822416
**File Stem:** 0000822416-25-000059
**Filing Date:** 2025-10
**Character Count:** 29827
**Document Hash:** a3b4f9ce6dc00608e8775ba1c1c1b8d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000822416-25-000059.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0000822416-25-000059

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251021

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PULTEGROUP INC/MI/
- **CENTRAL INDEX KEY:** 0000822416
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 382766606
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09804
- **FILM NUMBER:** 251405362

**BUSINESS ADDRESS:**
- **STREET 1:** 3350 PEACHTREE ROAD NORTHEAST
- **STREET 2:** SUITE 1500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326
- **BUSINESS PHONE:** (404) 978-6400

**MAIL ADDRESS:**
- **STREET 1:** 3350 PEACHTREE ROAD NORTHEAST
- **STREET 2:** SUITE 1500
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30326

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PULTE HOMES INC/MI/
- **DATE OF NAME CHANGE:** 20011023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PULTE CORP
- **DATE OF NAME CHANGE:** 19931118

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PHM CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? phm-20251021

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): October 21, 2025

![PulteGroupLogo2022 (2).jpg](phm-20251021_g1.jpg)

**PULTEGROUP, INC.** 

(Exact name of registrant as specified in its Charter)

---

| | | |
|:---|:---|:---|
| <u>Michigan</u> | <u>1-9804</u> | <u>38-2766606</u> |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **3350 Peachtree Road NE, Suite 1500** | **3350 Peachtree Road NE, Suite 1500** | **3350 Peachtree Road NE, Suite 1500** |
| **Atlanta,** | **Georgia** | **30326** |
| (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) | (Address of principal executive offices) (Zip Code) |

---

Registrant's telephone number, including area code 404 978-6400

____________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ &nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Shares, par value $0.01 | PHM | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

On October 21, 2025, PulteGroup, Inc. (the "Company") issued a press release announcing its financial results for its third quarter ended September 30, 2025. A copy of this earnings press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in Item 2.02 by reference.

**ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS**

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Third Quarter 2025 earnings press release dated October 21, 2025.](ex991earningspr09302025.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information in Item 2.02 of this Current Report on Form 8-K, including the earnings press release incorporated in such Item 2.02, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | PULTEGROUP, INC. | PULTEGROUP, INC. | PULTEGROUP, INC. |
| Date: | October 21, 2025 | By: | /s/ Todd N. Sheldon | /s/ Todd N. Sheldon |
|  |  |  | Name: | Todd N. Sheldon |
|  |  |  | Title: | Executive Vice President, General Counsel and Corporate Secretary |

---

## Exhibit 99.1

![pultelogoa.jpg](pultelogoa.jpg)

---

| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE** | <u>Company Contact</u> |
|  | Investors: Jim Zeumer |
|  | (404) 978-6434 |
|  | jim.zeumer@pultegroup.com |

---

**PULTEGROUP REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Earnings of $2.96 Per Share** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Closings of 7,529 Homes Generated Home Sale Revenues of $4.2 Billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Home Sale Gross Margin of 26.2%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net New Orders Totaled 6,638 Homes with a Value of $3.6 Billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Unit Backlog of 9,888 Homes with a Value of $6.2 Billion**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Repurchased $300 Million of Common Shares in the Quarter**

**ATLANTA – Oct. 21, 2025** – PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2025. For the quarter, the Company reported net income of $586 million, or $2.96 per share. In the prior year period, the Company reported net income of $698 million, or $3.35 per share.

"We remain disciplined in running our business consistent with PulteGroup's long-term operating and financial strategies as we manage production volumes and capital allocation, while executing our operating model to drive high returns over the housing cycle" said PulteGroup President and CEO, Ryan Marshall. "Reflective of this approach, in our third quarter we generated home sale revenues of $4.2 billion, and earnings of $2.96 per share, while driving strong cash flow from operations and returning $344 million to shareholders through dividends and share repurchases.

"Within the current operating conditions, our diversified business platform is enabling PulteGroup to deliver strong financial results, while we continue to position the business for growth when buyer demand improves in the future," added Mr. Marshall. "We are encouraged to see that interest rates have moved lower, but continue to monitor buyer demand that has been impacted by weaker consumer confidence and ongoing affordability challenges."

**Third Quarter Results**

In the third quarter, the Company generated home sale revenues of $4.2 billion, a decrease of 2% from the $4.3 billion realized in the prior year. Home sale revenues in the period reflect a 5% decrease in closings to 7,529 homes, partially offset by a 3% increase in the average sales price of homes closed to $564,000. The higher average sales price realized in the quarter was driven by a shift in the geographic mix of homes closed relative to the prior year.

The Company's reported home sale gross margin in the third quarter was 26.2%, compared with 28.8% in the third quarter of 2024. SG&A expense for the third quarter was $401 million, or 9.4% of home sale revenues, compared with $407 million, or 9.4% in the prior year period.

------

Net new orders for the third quarter totaled 6,638 homes, which is a decrease of 6% from prior year net new orders of 7,031 homes. The value of net new orders in the quarter was $3.6 billion, compared with $3.9 billion in the third quarter of last year. For its third quarter, the Company's average community count totaled 1,002, which is an increase of 5% from the prior year.

At the end of the third quarter, the Company's backlog was 9,888 homes with a value of $6.2 billion.

In the third quarter, the Company's financial services operations generated pre-tax income of $44 million, compared with prior year pre-tax income of $55 million. Lower pre-tax income in the period was driven primarily by lower closing volumes in the Company's homebuilding operations, along with a decrease in mortgage capture rate to 84% compared with 87% last year.

In the third quarter, PulteGroup repurchased 2.4 million of its common shares for $300 million. Through the first nine months of 2025, the Company repurchased 8.2 million common shares, or 4.0% of shares outstanding, for $900 million, or $109.81 per share. The Company ended the quarter with $1.5 billion of cash and a debt-to-capital ratio of 11.2%.

A conference call discussing PulteGroup's third quarter 2025 results is scheduled for Tuesday, October 21, 2025, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroupinc.com.

**Forward-Looking Statements**

This release includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "plan," "project," "may," "can," "could," "might," "should," "will" and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; supply shortages and the cost of labor and building materials; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; rapidly changing technological developments including, but not limited to, the use of artificial intelligence in the homebuilding industry; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not

------

realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks associated with the implementation of a new enterprise resource planning system; risks related to information technology failures, data security issues, and the effect of cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it; the effect of cybersecurity incidents and threats; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.

**About PulteGroup**

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America's largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup's purpose is building incredible places where people can live their dreams.

For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; jwhomes.com; and americanwesthomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.

\# \# \#

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**PulteGroup, Inc.**

**Consolidated Statements of Operations**

**($000's omitted, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Homebuilding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Home sale revenues | $4248375 | $4343227 | $12265619 | $12610981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land sale and other revenues | 53169 | 19284 | 140345 | 96327 |
|  | 4301544 | 4362511 | 12405964 | 12707308 |
| &nbsp;&nbsp;&nbsp;Financial Services | 103255 | 113831 | 295241 | 317848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4404799 | 4476342 | 12701205 | 13025156 |
| Homebuilding Cost of Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home sale cost of revenues | (3133548) | (3091267) | (8968112) | (8897835) |
| &nbsp;&nbsp;&nbsp;Land sale and other cost of revenues | (48062) | (25287) | (129504) | (101204) |
|  | (3181610) | (3116554) | (9097616) | (8999039) |
| Financial Services expenses | (58897) | (58905) | (173478) | (159615) |
| Selling, general, and administrative expenses | (400681) | (406897) | (1184472) | (1125637) |
| Equity income from unconsolidated entities, net | 2422 | 2508 | 3333 | 42577 |
| Other income, net | 1755 | 9702 | 7110 | 39709 |
| Income before income taxes | 767788 | 906196 | 2256082 | 2823151 |
| Income tax expense | (181954) | (208282) | (538967) | (653128) |
| Net income | $585834 | $697914 | $1717115 | $2170023 |
| Per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings | $2.98 | $3.38 | $8.62 | $10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings | $2.96 | $3.35 | $8.55 | $10.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends declared | $0.22 | $0.20 | $0.66 | $0.60 |
| Number of shares used in calculation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 196536 | 206774 | 199258 | 209374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities | 1605 | 1686 | 1548 | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 198141 | 208460 | 200806 | 211057 |

---

------

**PulteGroup, Inc.**

**Condensed Consolidated Balance Sheets**

**($000's omitted)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| **ASSETS** | | |
| Cash and equivalents | $1451532 | $1613327 |
| Restricted cash | 28025 | 40353 |
| Total cash, cash equivalents, and restricted cash | 1479557 | 1653680 |
| House and land inventory | 13351977 | 12692820 |
| Residential mortgage loans available-for-sale | 486066 | 629582 |
| Investments in unconsolidated entities | 179192 | 215416 |
| Other assets | 2196179 | 2001991 |
| Goodwill | 68930 | 68930 |
| Other intangible assets | 39335 | 46303 |
| Deferred tax assets | 49743 | 55041 |
|  | $17850979 | $17363763 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $731104 | $727995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | 470745 | 512580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 490213 | 443566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued and other liabilities | 1305319 | 1412166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services debt | 404223 | 526906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable | 1623338 | 1618586 |
|  | 5024942 | 5241799 |
| Shareholders' equity | 12826037 | 12121964 |
|  | $17850979 | $17363763 |

---

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**PulteGroup, Inc.**

**Consolidated Statements of Cash Flows**

**($000's omitted)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $1717115 | $2170023 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 51921 | 116013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land-related charges | 69811 | 19929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 75549 | 64975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity income from unconsolidated entities | (3333) | (42577) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of income from unconsolidated entities | 3060 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 43221 | 39247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (739) | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in cash due to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (635860) | (805331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage loans available-for-sale | 143516 | (45184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (203007) | (366279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued and other liabilities | (161132) | (40115) |
| Net cash provided by operating activities | 1100122 | 1113184 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (91401) | (94065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | (9171) | (15105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions of capital from unconsolidated entities | 45669 | 9017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities, net | (9201) | (8197) |
| Net cash used in investing activities | (64104) | (108350) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of notes payable | (9163) | (350453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services borrowings (repayments), net | (122683) | 24465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (1446) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from liabilities related to consolidated inventory not owned | 25643 | 46256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments related to consolidated inventory not owned | (32981) | (94121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share repurchases | (900000) | (879999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excise tax on share repurchases | (11550) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for shares withheld for taxes | (24303) | (18463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (133658) | (126560) |
| Net cash used in financing activities | (1210141) | (1398875) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | (174123) | (394041) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1653680 | 1849177 |
| Cash, cash equivalents, and restricted cash at end of period | $1479557 | $1455136 |
| **Supplemental Cash Flow Information:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid (capitalized), net | $12904 | $20144 |
| &nbsp;&nbsp;&nbsp;Income taxes paid (refunded), net | $533574 | $546344 |

---

------

**PulteGroup, Inc.**

**Segment Data**

**($000's omitted)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **HOMEBUILDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Home sale revenues | $4248375 | $4343227 | $12265619 | $12610981 |
| &nbsp;&nbsp;&nbsp;Land sale and other revenues | 53169 | 19284 | 140345 | 96327 |
| &nbsp;&nbsp;&nbsp;Total Homebuilding revenues | 4301544 | 4362511 | 12405964 | 12707308 |
| &nbsp;&nbsp;&nbsp;Home sale cost of revenues | (3133548) | (3091267) | (8968112) | (8897835) |
| &nbsp;&nbsp;&nbsp;Land sale and other cost of revenues | (48062) | (25287) | (129504) | (101204) |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | (400681) | (406897) | (1184472) | (1125637) |
| &nbsp;&nbsp;&nbsp;Equity income from unconsolidated entities, net | 2422 | 2508 | 2083 | 41527 |
| &nbsp;&nbsp;&nbsp;Other income, net | 1755 | 9702 | 7110 | 39709 |
| &nbsp;&nbsp;&nbsp;Income before income taxes | $723430 | $851270 | $2133069 | $2663868 |
| **FINANCIAL SERVICES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income before income taxes | $44358 | $54926 | $123013 | $159283 |
| **CONSOLIDATED:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income before income taxes | $767788 | $906196 | $2256082 | $2823151 |

---

------

**PulteGroup, Inc.**

**Segment Data, continued**

**($000's omitted)**

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Home sale revenues** | $4248375 | $4343227 | $12265619 | $12610981 |
| **Closings - units** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northeast | 408 | 391 | 1198 | 1054 |
| &nbsp;&nbsp;&nbsp;Southeast | 1444 | 1340 | 4039 | 4284 |
| &nbsp;&nbsp;&nbsp;Florida | 1932 | 1984 | 5464 | 6051 |
| &nbsp;&nbsp;&nbsp;Midwest | 1313 | 1194 | 3675 | 3380 |
| &nbsp;&nbsp;&nbsp;Texas | 1073 | 1485 | 3330 | 4285 |
| &nbsp;&nbsp;&nbsp;West | 1359 | 1530 | 4045 | 4062 |
|  | 7529 | 7924 | 21751 | 23116 |
| **Average selling price** | $564 | $548 | $564 | $546 |
| **Net new orders - units** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northeast | 371 | 385 | 1159 | 1226 |
| &nbsp;&nbsp;&nbsp;Southeast | 1354 | 1340 | 4115 | 4130 |
| &nbsp;&nbsp;&nbsp;Florida | 1721 | 1681 | 5363 | 5399 |
| &nbsp;&nbsp;&nbsp;Midwest | 1144 | 1233 | 3804 | 3772 |
| &nbsp;&nbsp;&nbsp;Texas | 938 | 1134 | 3267 | 3863 |
| &nbsp;&nbsp;&nbsp;West | 1110 | 1258 | 3778 | 4669 |
|  | 6638 | 7031 | 21486 | 23059 |
| **Net new orders - dollars** | $3639690 | $3928860 | $12005455 | $12986027 |
| **Unit backlog** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Northeast |  |  | 576 | 739 |
| &nbsp;&nbsp;&nbsp;Southeast |  |  | 1988 | 2092 |
| &nbsp;&nbsp;&nbsp;Florida |  |  | 2694 | 3140 |
| &nbsp;&nbsp;&nbsp;Midwest |  |  | 1931 | 2084 |
| &nbsp;&nbsp;&nbsp;Texas |  |  | 885 | 1215 |
| &nbsp;&nbsp;&nbsp;West |  |  | 1814 | 2819 |
|  |  |  | 9888 | 12089 |
| **Dollars in backlog** |  |  | $6234554 | $7694761 |

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&nbsp;&nbsp;&nbsp;&nbsp;

**PulteGroup, Inc.**

**Segment Data, continued**

**($000's omitted)**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| MORTGAGE ORIGINATIONS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Origination volume | 4782 | 5005 | 14037 | 14442 |
| &nbsp;&nbsp;&nbsp;Origination principal | $2054441 | $2103197 | $6085214 | $5998347 |
| &nbsp;&nbsp;&nbsp;Capture rate | 84.4% | 86.7% | 85.1% | 85.9% |

---

**Supplemental Data**

**($000's omitted)**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Interest in inventory, beginning of period | $136624 | $149362 | $139960 | $139078 |
| &nbsp;&nbsp;&nbsp;Interest capitalized | 26139 | 26443 | 78360 | 86346 |
| &nbsp;&nbsp;&nbsp;Interest expensed | (31199) | (29708) | (86756) | (79327) |
| Interest in inventory, end of period | $131564 | $146097 | $131564 | $146097 |

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**PulteGroup, Inc.**

**Reconciliation of Non-GAAP Financial Measures**

This report contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financial measures. We calculate total net debt by subtracting total cash, cash equivalents, and restricted cash from notes payable to present the amount of assets needed to satisfy the debt. We use the debt-to-capital and net debt-to-capital ratios as indicators of our overall leverage and believe they are useful financial measures in understanding the leverage employed in our operations. We believe that these measures provide investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.

The following table sets forth a reconciliation of the debt-to-capital ratios ($000's omitted):

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| | | |
|:---|:---|:---|
| **Debt-to-Capital Ratios** | **Debt-to-Capital Ratios** | **Debt-to-Capital Ratios** |
| | **September 30,<br>2025** | **December 31,<br>2024** |
| Notes payable | $1623338 | $1618586 |
| Shareholders' equity | 12826037 | 12121964 |
| Total capital | $14449375 | $13740550 |
| Debt-to-capital ratio | 11.2% | 11.8% |
| Notes payable | $1623338 | $1618586 |
| Less: Total cash, cash equivalents, and <br>&nbsp;&nbsp;&nbsp;&nbsp; restricted cash | (1479557) | (1653680) |
| Total net debt | $143781 | $(35094) |
| Shareholders' equity | 12826037 | 12121964 |
| Total net capital | $12969818 | $12086870 |
| Net debt-to-capital ratio | 1.1% | (0.3)% |

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