Lennar Corporation (NYSE:LEN) is a leading home construction and real estate company in the United States, known for its affordable, move-up, and retirement homes. Competing with giants like D.R. Horton and PulteGroup, Lennar has established a strong presence in the market. Recently, RBC Capital set a price target of $95 for Lennar, while the stock was trading at $112.23, indicating a potential downside of about -15.35%.On December 17, 2025, Lennar held its Q4 earnings call, featuring key executives like Co ...

Core Insights - The article discusses potential investment opportunities in PHM, indicating a possible long position within the next 72 hours [1]. Group 1 - The analyst has no current stock or derivative positions in the companies mentioned but may initiate a beneficial long position [1]. - The article expresses the author's own opinions and is not influenced by external compensation [1]. - There is no business relationship with any company whose stock is mentioned in the article [1].

ATLANTA--(BUSINESS WIRE)--Design trends are lasting longer. What's popular today remains relevant tomorrow, and that endurance reflects something bigger. Homebuyers are stepping away from constant consumption and turnover and making purchasing decisions that last throughout every phase of life. The home design industry is responding, and PulteGroup Inc. (NYSE: PHM), the nation's third-largest homebuilder, is watching it unfold across hundreds of projects nationwide. PulteGroup's 2026 Design Tre. ...

In the current market session, PulteGroup Inc. (NYSE:PHM) share price is at $127.32, after a 0.21% decrease. Over the past month, the stock went up by 6.14%, but over the past year, it actually decreased by 5.85%. With good short-term performance like this, and questionable long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio.PulteGroup P/E Compared to CompetitorsThe P/E ratio is used by long-term shareholders to assess the company's market per ...

Core Points - PulteGroup, Inc. announced an 18% increase in its quarterly dividend to $0.26 per common share [1] - The new dividend will be effective from January 6, 2026, for shareholders of record on December 16, 2025 [1] - The decision aligns with the company's capital allocation priorities, focusing on business investment and returning excess funds to shareholders [1]

Core Insights - PulteGroup, Inc. (PHM) is expanding its homebuilding operations into the Cincinnati market, reinforcing its market leadership in the Midwest [1][8] - The company aims to develop communities for first-time, move-up, and active-adult homebuyers, capitalizing on robust housing demand in the region [2][8] Market Performance - PulteGroup's stock experienced a decline of 3.8% during regular trading and an additional 0.6% in after-hours trading [3] - Despite the stock's recent performance, PHM shares have gained 3.7% year-to-date, outperforming the Zacks Building Products - Home Builders industry's 11% decline [7][8] Strategic Developments - The company has invested $3.8 billion in land acquisition and development year-to-date, with $1.3 billion allocated in the third quarter alone, aiming for a full-year target of approximately $5 billion [5] - PulteGroup's diversified operating platform spans over 47 major markets, providing resilience amid challenging home-buying demand [4][6] Outlook - The company maintains a positive outlook supported by moderating interest rates and a balanced, multi-market operating strategy [6] - PulteGroup's extensive geographic reach and diversified buyer base allow for solid cash flows and attractive returns despite broader housing market pressures [6]

Core Insights - PulteGroup Inc (NYSE:PHM) is experiencing a pullback, currently down 0.9% to $119.58, but has a 16.2% gain over the past six months, with the $115 level acting as support since October [1] - A long-term bullish trendline suggests potential upward movement towards this year's peak around $142 [1] - The stock has pulled back to its 320-day moving average, with a historical pattern indicating a 50% chance of a price increase averaging 3.5% a month later [2] Options Activity - Options traders are currently more bearish than usual, with a 50-day put/call volume ratio of 1.67, ranking higher than 93% of readings from the past year, indicating potential for a reversal if pessimism unwinds [4] - Options are currently affordably priced, as indicated by a Schaeffer's Volatility Index (SVI) of 37%, which is in the 20th percentile of annual readings, suggesting a favorable environment for trading [5]

此外，美国房屋建筑商PulteGroup及数家同业公司表示，特朗普政府拟议中的50年期抵押贷款可能减少 月供，但会增加总利息成本，并且除非房利美和房地美获得授权购买此类贷款，否则将面临法律障碍。 智通财经APP获悉，周四，房利美(FNMA.US)下跌近12%，至8月8日以来最低水平，两个交易日累跌 20%。消息面上，据报道，知情人士透露，房利美监督人员正在调查特朗普任命的联邦住房金融局局长 普尔特是否不当获取了包括纽约总检察长在内的关键民主党官员的抵押贷款记录。消息人士称，对普尔 特的调查已升级至监察长，并已移交检察官。 ...

When we start off with the news over the weekend, we heard the we saw the president post about this, a 50-year mortgage. The 30-year has been the standard here in the US. We also, in all fairness, offer 15-year mortgages.>> Yeah. >> Your thoughts on a 50-year mortgage and what would that do to home prices. The idea of a longer mortgage.>> So, it's interesting. We we ran the math. Um, it's about $120 in savings per month.It increases buying power by by about 5%. So, call it $20,000. Um, but it's not a clean ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for PulteGroup, Inc [Item 1 Financial Statements](index=3&type=section&id=Item%201%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for PulteGroup, Inc., including the Balance Sheets, Statements of Operations, Shareholders' Equity, and Cash Flows, along with detailed notes explaining the basis of presentation, accounting policies, segment information, debt, equity, income taxes, fair value disclosures, and commitments and contingencies [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet provides a snapshot of the company's financial position at September 30, 2025, compared to December 31, 2024, showing changes in assets, liabilities, and shareholders' equity | Metric | Sep 30, 2025 ($000s) | Dec 31, 2024 ($000s) | | :-------------------------------- | :-------------------- | :-------------------- | | Total Assets | 17,850,979 | 17,363,763 | | Total Liabilities | 5,024,942 | 5,241,799 | | Shareholders' Equity | 12,826,037 | 12,121,964 | - Total assets increased by **$487.2 million**, primarily driven by an increase in house and land inventory[10](index=10&type=chunk) - Total liabilities decreased by **$216.8 million**, mainly due to a reduction in Financial Services debt and accrued and other liabilities[10](index=10&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The statements of operations detail the company's revenues, costs, and net income for the three and nine months ended September 30, 2025, compared to the same periods in 2024, highlighting a decline in net income and diluted EPS | Metric | 3 Months Ended Sep 30, 2025 ($000s) | 3 Months Ended Sep 30, 2024 ($000s) | 9 Months Ended Sep 30, 2025 ($000s) | 9 Months Ended Sep 30, 2024 ($000s) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | :---------------------------------- | :---------------------------------- | | Total Revenues | 4,404,799 | 4,476,342 | 12,701,205 | 13,025,156 | | Net Income | 585,834 | 697,914 | 1,717,115 | 2,170,023 | | Diluted Earnings Per Share | 2.96 | 3.35 | 8.55 | 10.28 | | Cash Dividends Declared | 0.22 | 0.20 | 0.66 | 0.60 | - Net income decreased by **16.1%** for the three months and **20.9%** for the nine months ended September 30, 2025, compared to the prior year periods[12](index=12&type=chunk) - Diluted EPS decreased by **11.6%** for the three months and **16.8%** for the nine months ended September 30, 2025[12](index=12&type=chunk) [Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Shareholders%27%20Equity) The statements of shareholders' equity show the changes in common stock, additional paid-in capital, retained earnings, and total equity for the three and nine months ended September 30, 2025 and 2024, reflecting share repurchases, dividends, and net income | Metric | 3 Months Ended Sep 30, 2025 ($000s) | 9 Months Ended Sep 30, 2025 ($000s) | | :-------------------------- | :---------------------------------- | :---------------------------------- | | Share Repurchases | (300,000) | (900,000) | | Dividends Declared | (43,451) | (132,199) | | Net Income | 585,834 | 1,717,115 | | Shareholders' Equity, End of Period | 12,826,037 | 12,826,037 | - Shareholders' equity increased from **$12,121.964 million** at December 31, 2024, to **$12,826.037 million** at September 30, 2025[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statements summarize cash generated from or used in operating, investing, and financing activities for the nine months ended September 30, 2025 and 2024, indicating a net decrease in cash and equivalents in 2025 | Cash Flow Activity | 9 Months Ended Sep 30, 2025 ($000s) | 9 Months Ended Sep 30, 2024 ($000s) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Net Cash Provided by Operating Activities | 1,100,122 | 1,113,184 | | Net Cash Used in Investing Activities | (64,104) | (108,350) | | Net Cash Used in Financing Activities | (1,210,141) | (1,398,875) | | Net Increase (Decrease) in Cash | (174,123) | (394,041) | | Cash, Cash Equivalents, and Restricted Cash at End of Period | 1,479,557 | 1,455,136 | - Net cash provided by operating activities remained stable year-over-year, at approximately **$1.1 billion**[18](index=18&type=chunk) - Net cash used in financing activities decreased from **$1.4 billion** in 2024 to **$1.2 billion** in 2025, primarily due to lower repayments of notes payable and Financial Services borrowings[18](index=18&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed information on the company's accounting policies, revenue recognition, inventory, segment performance, debt structure, shareholder equity activities, income taxes, fair value measurements, and various commitments and contingencies, offering crucial context to the financial statements [1. Basis of presentation](index=9&type=section&id=1.%20Basis%20of%20presentation) PulteGroup, Inc. is a major U.S. homebuilder with mortgage banking, title, and insurance agency operations. The unaudited financial statements adhere to U.S. GAAP for interim reporting, with all necessary adjustments included. Management uses estimates, and subsequent events are evaluated up to the filing date - PulteGroup is one of the largest homebuilders in the U.S., with common shares trading on the NYSE under '**PHM**'[20](index=20&type=chunk) - The company's operations include homebuilding, mortgage banking (Pulte Mortgage LLC), and title and insurance agency services[20](index=20&type=chunk) | Other Income, Net ($000s) | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Write-offs of deposits and pre-acquisition costs | (10,836) | (4,732) | (26,515) | (12,406) | | Amortization of intangible assets | (2,301) | (2,498) | (6,968) | (7,536) | | Interest income | 11,804 | 13,748 | 31,646 | 48,268 | | Interest expense | (170) | (120) | (438) | (352) | | Miscellaneous, net | 3,258 | 3,304 | 9,385 | 11,735 | | **Total Other Income, Net** | **1,755** | **9,702** | **7,110** | **39,709** | [Revenue recognition](index=10&type=section&id=Revenue%20recognition) Revenue recognition policies are detailed for home sales (at title transfer), land sales (at closing), and Financial Services (loan origination, fair value changes of IRLCs, interest income, servicing fees, title services, and insurance commissions) - Home sale revenues are generally recognized when title and possession transfer to the buyer, typically at closing[26](index=26&type=chunk) - Financial Services revenues include loan origination fees, commitment fees, discount points, and fair value changes of interest rate lock commitments (IRLCs) and residential mortgage loans available-for-sale[28](index=28&type=chunk) | Derivative Instrument Fair Values ($000s) | Sep 30, 2025 (Other Assets) | Sep 30, 2025 (Accrued and Other Liabilities) | Dec 31, 2024 (Other Assets) | Dec 31, 2024 (Accrued and Other Liabilities) | | :-------------------------------- | :-------------------------- | :----------------------------------------- | :-------------------------- | :----------------------------------------- | | Interest rate lock commitments | 2,377 | 15,416 | 1,452 | 14,946 | | Forward contracts | 2,562 | 17,474 | 13,233 | 1,943 | | Whole loan commitments | 113 | 66 | 50 | 80 | | **Total** | **5,052** | **32,956** | **14,735** | **16,969** | [2. House and land inventory](index=12&type=section&id=2.%20House%20and%20land%20inventory) This note details the composition of house and land inventory, including homes under construction, land under development, and raw land. It also covers capitalized interest, land option agreements, and land-related charges such as impairments and write-offs | Inventory Component ($000s) | Sep 30, 2025 | Dec 31, 2024 | | :-------------------------- | :----------- | :----------- | | Homes under construction | 5,857,201 | 5,770,355 | | Land under development | 6,772,262 | 6,243,745 | | Raw land | 584,641 | 548,848 | | Consolidated inventory not owned | 120,186 | 102,865 | | Land held for sale | 17,687 | 27,007 | | **Total House and Land Inventory** | **13,351,977** | **12,692,820** | | Land Option Agreements ($000s) | Sep 30, 2025 (Deposits & Pre-acquisition Costs) | Sep 30, 2025 (Remaining Purchase Price) | Dec 31, 2024 (Deposits & Pre-acquisition Costs) | Dec 31, 2024 (Remaining Purchase Price) | | :-------------------------------- | :------------------------------------------ | :------------------------------------- | :------------------------------------------ | :------------------------------------- | | Land options with VIEs | 399,980 | 3,477,827 | 358,066 | 3,104,196 | | Other land options | 765,801 | 6,394,924 | 700,397 | 6,127,486 | | **Total** | **1,165,781** | **9,872,751** | **1,058,463** | **9,231,682** | | Land-Related Charges ($000s) | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Land impairments | 16,752 | 3,081 | 42,181 | 3,204 | | NRV adjustments - land held for sale | 39 | 4,318 | 1,115 | 4,319 | | Write-offs of deposits and pre-acquisition costs | 10,836 | 4,732 | 26,515 | 12,406 | | **Total Land-Related Charges** | **27,627** | **12,131** | **69,811** | **19,929** | [3. Segment information](index=13&type=section&id=3.%20Segment%20information) PulteGroup's operations are divided into six Homebuilding segments (Northeast, Southeast, Florida, Midwest, Texas, West) and a Financial Services segment. This note provides detailed operating data, including revenues, costs, SG&A, income before taxes, land-related charges, depreciation, inventory, and assets, for each segment - Homebuilding operations are aggregated into **six reportable segments** across 26 states[48](index=48&type=chunk)[123](index=123&type=chunk) - Financial Services segment includes mortgage banking, title, and insurance agency operations, generally in the same markets as Homebuilding[48](index=48&type=chunk) | Segment Revenues ($000s) | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Northeast | 303,181 | 265,395 | 900,352 | 722,952 | | Southeast | 770,295 | 666,019 | 2,156,041 | 2,153,828 | | Florida | 1,098,712 | 1,167,456 | 3,116,603 | 3,606,409 | | Midwest | 719,327 | 660,096 | 1,993,116 | 1,843,384 | | Texas | 409,160 | 567,871 | 1,287,491 | 1,675,586 | | West | 946,662 | 1,016,977 | 2,815,217 | 2,611,911 | | Other homebuilding | 54,207 | 18,697 | 137,144 | 93,238 | | Financial Services | 103,255 | 113,831 | 295,241 | 317,848 | | **Consolidated Revenues** | **4,404,799** | **4,476,342** | **12,701,205** | **13,025,156** | [4. Debt](index=17&type=section&id=4.%20Debt) This note outlines the company's debt structure, including unsecured senior notes, other notes payable, the revolving credit facility, joint venture debt, and Financial Services debt. It details outstanding amounts, interest rates, maturities, and compliance with covenants | Debt Type ($000s) | Sep 30, 2025 | Dec 31, 2024 | | :-------------------------------- | :----------- | :----------- | | Total Senior Notes | 1,583,640 | 1,582,820 | | Other Notes Payable | 39,698 | 35,766 | | **Total Notes Payable** | **1,623,338** | **1,618,586** | | Estimated Fair Value (Notes Payable) | 1,744,352 | 1,701,270 | | Financial Services Debt | 404,223 | 526,906 | - The company had no borrowings outstanding under its **$1.3 billion Revolving Credit Facility** at September 30, 2025, with **$902.0 million** remaining capacity[67](index=67&type=chunk) - Pulte Mortgage had **$404.2 million** outstanding under its Repurchase Agreement at a weighted-average interest rate of **5.93%**, with **$220.8 million** remaining capacity[69](index=69&type=chunk) [5. Shareholders' equity](index=18&type=section&id=5.%20Shareholders%27%20equity) This note details shareholder equity activities, including cash dividends declared and share repurchases. The Board of Directors increased the share repurchase authorization by $1.5 billion in January 2025 | Shareholder Activity | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------- | :-------------------------- | :-------------------------- | | Cash Dividends Declared | $132.2 million | $126.2 million | | Shares Repurchased | 8.2 million shares | 7.6 million shares | | Value of Share Repurchases | $900.0 million | $880.0 million | - As of September 30, 2025, the company had **$1.3 billion** remaining authorization for common share repurchases[70](index=70&type=chunk) [6. Income taxes](index=19&type=section&id=6.%20Income%20taxes) This note provides information on the company's effective tax rates, deferred tax liabilities, and unrecognized tax benefits. It also mentions the enactment of the One Big Beautiful Bill Act and its expected immaterial impact | Tax Metric | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Effective Tax Rate | 23.7% | 23.0% | 23.9% | 23.1% | | Net Deferred Tax Liabilities | $440.5 million (Sep 30, 2025) | $388.5 million (Dec 31, 2024) | | | | Gross Unrecognized Tax Benefits | $32.9 million (Sep 30, 2025) | $38.7 million (Dec 31, 2024) | | | - The effective tax rate for 2025 periods was higher than 2024, primarily due to state income tax expense and federal tax credits[73](index=73&type=chunk) - The One Big Beautiful Bill Act, enacted July 4, 2025, is not expected to materially impact the consolidated financial statements[76](index=76&type=chunk) [7. Fair value disclosures](index=20&type=section&id=7.%20Fair%20value%20disclosures) This note outlines the fair value hierarchy (Level 1, 2, 3) and provides fair value measurements for financial instruments, including residential mortgage loans, interest rate lock commitments, forward contracts, whole loan commitments, and debt - Fair value hierarchy categorizes inputs into **Level 1** (quoted prices in active markets), **Level 2** (significant observable inputs), and **Level 3** (significant unobservable inputs)[81](index=81&type=chunk) | Financial Instrument Measured at Fair Value ($000s) | Fair Value Hierarchy | Sep 30, 2025 | Dec 31, 2024 | | :------------------------------------------------ | :------------------- | :----------- | :----------- | | Residential mortgage loans available-for-sale | Level 2 | 486,066 | 629,582 | | IRLCs | Level 2 | (13,039) | (13,494) | | Forward contracts | Level 2 | (14,912) | 11,290 | | Whole loan commitments | Level 2 | 47 | (30) | | House and land inventory (non-recurring) | Level 3 | 30,699 | 20,016 | - The carrying amounts of cash and equivalents, Financial Services debt, and other notes payable approximate their fair values due to their short-term nature or floating interest rates[80](index=80&type=chunk) [8. Commitments and contingencies](index=21&type=section&id=8.%20Commitments%20and%20contingencies) This note details the company's commitments and contingencies, including letters of credit, surety bonds, litigation, regulatory matters, warranty liabilities, self-insured risks, and lease obligations. It provides financial figures for these items and discusses the estimation processes involved | Commitment/Contingency ($000s) | Sep 30, 2025 | Dec 31, 2024 | | :-------------------------------- | :----------- | :----------- | | Outstanding Letters of Credit | 348,000 | 321,100 | | Outstanding Surety Bonds | 3,100,000 | 2,900,000 | | Warranty Liabilities | 132,329 | 130,538 | | Self-insured Risks Reserves | 282,000 | 267,500 | | ROU Assets (Leases) | 113,200 | 93,900 | | Lease Liabilities | 129,600 | 109,000 | - The company is involved in various litigation and regulatory matters, for which liabilities are established when probable and estimable, but ultimate resolution may exceed current accruals[84](index=84&type=chunk)[85](index=85&type=chunk) - Warranty liabilities are estimated based on homes sold, historical claims, and projected costs, with periodic adjustments[86](index=86&type=chunk) [Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses the company's financial performance, condition, and operational results for the three and nine months ended September 30, 2025. It highlights the impact of consumer demand weakness, affordability challenges, and elevated mortgage rates on Homebuilding and Financial Services operations, along with the company's strategic responses and liquidity management - Consumer demand weakness continued in **Q3 2025**, influenced by affordability challenges from elevated mortgage rates and higher housing costs, leading to a **6% decrease** in net new orders (units) for the three months and **7%** for the nine months[104](index=104&type=chunk) - The company responded by adjusting production, increasing sales incentives (especially mortgage interest rate buydowns), and taking pricing actions, resulting in **$42.2 million** in land inventory impairments and **$26.5 million** in write-offs of land option deposits for the nine months ended September 30, 2025[104](index=104&type=chunk)[106](index=106&type=chunk) - Despite market volatility, the company maintains a long-term favorable view on housing demand demographics and focuses on protecting liquidity, managing cash flows, and emphasizing shareholder returns through buybacks and dividends[107](index=107&type=chunk) [Homebuilding Operations](index=26&type=section&id=Homebuilding%20Operations) Homebuilding operations experienced decreased revenues and gross margins due to lower closings, increased sales incentives, and higher land costs. Net new orders and backlog declined, while the company adjusted production and land acquisition strategies | Homebuilding Metric | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Home Sale Revenues ($000s) | 4,248,375 (↓2%) | 4,343,227 | 12,265,619 (↓3%) | 12,610,981 | | Home Sale Gross Margin | 26.2% (↓260 bps) | 28.8% | 26.9% (↓250 bps) | 29.4% | | Closings (units) | 7,529 (↓5%) | 7,924 | 21,751 (↓6%) | 23,116 | | Average Selling Price ($000s) | 564 (↑3%) | 548 | 564 (↑3%) | 546 | | Net New Orders (units) | 6,638 (↓6%) | 7,031 | 21,486 (↓7%) | 23,059 | | Cancellation Rate | 16% | 15% | 15% | 14% | | Backlog at Sep 30 (units) | N/A | N/A | 9,888 (↓18%) | 12,089 | | Backlog at Sep 30 (dollars, $000s) | N/A | N/A | 6,234,554 (↓19%) | 7,694,761 | - The decrease in home sale gross margins was primarily due to pricing actions, elevated sales incentives, and increased land acquisition and development costs[113](index=113&type=chunk) | Homes in Production | Sep 30, 2025 | Sep 30, 2024 | | :-------------------------- | :----------- | :----------- | | Sold | 7,727 | 9,684 | | Unsold Under Construction | 5,342 | 6,055 | | Unsold Completed | 2,027 | 1,357 | | Models | 1,710 | 1,537 | | **Total** | **16,806 (↓10%)** | **18,633** | [Financial Services Operations](index=34&type=section&id=Financial%20Services%20Operations) Financial Services operations, including mortgage banking, title, and insurance agency, saw decreased revenues and income before taxes, primarily due to lower homebuilding volume and reduced insurance agency commissions | Financial Services Metric ($000s) | 3 Months Ended Sep 30, 2025 | 3 Months Ended Sep 30, 2024 | 9 Months Ended Sep 30, 2025 | 9 Months Ended Sep 30, 2024 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Total Revenues | 103,255 (↓9%) | 113,831 | 295,241 (↓7%) | 317,848 | | Income before income taxes | 44,358 (↓19%) | 54,926 | 123,013 (↓23%) | 159,283 | | Total Originations (Principal) | 2,054,441 (↓2%) | 2,103,197 | 6,085,214 (↑1%) | 5,998,347 | | Capture Rate (9 Months) | 85.1% | 85.9% | N/A | N/A | - Insurance agency commissions declined due to lower policy retention and commission rates, reflecting adjustments in the home insurance market[144](index=144&type=chunk) - The business levels of Financial Services are highly correlated to Homebuilding operations, with Homebuilding customers accounting for substantially all business[142](index=142&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $1.5 billion in unrestricted cash and $902.0 million available under its Revolving Credit Facility. It plans to fund land acquisition, construction, debt repayment, dividends, and share repurchases using internal funds and credit arrangements | Liquidity Metric | Sep 30, 2025 | Dec 31, 2024 | | :-------------------------------- | :----------- | :----------- | | Unrestricted Cash and Equivalents | $1.5 billion | $1.6 billion | | Restricted Cash | $28.0 million | $40.3 million | | Revolving Credit Facility Available Capacity | $902.0 million | $928.9 million | | Debt-to-Total Capitalization (excl. FS debt) | 11.2% | 11.8% | - Principal demands for funds over the next 12 months include land acquisition and development, house construction, repayment of **$251.9 million** unsecured senior notes due March 2026, and operating expenses[149](index=149&type=chunk)[151](index=151&type=chunk) - The company believes its current cash position and financing resources provide sufficient liquidity for business needs[150](index=150&type=chunk) [Cash flows](index=38&type=section&id=Cash%20flows) Cash flows from operating activities remained stable at $1.1 billion for the nine months ended September 30, 2025, primarily driven by net income offset by inventory increases. Investing activities used less cash, while financing activities used $1.2 billion, mainly for share repurchases and dividends - Net cash provided by operating activities was **$1.1 billion** for the nine months ended September 30, 2025, similar to the prior year, primarily from net income offset by increased inventories[163](index=163&type=chunk)[164](index=164&type=chunk) - Net cash used in investing activities decreased to **$64.1 million** in 2025 from **$108.4 million** in 2024, mainly due to capital expenditures partially offset by distributions from unconsolidated entities[165](index=165&type=chunk)[166](index=166&type=chunk) - Net cash used in financing activities was **$1.2 billion** in 2025, primarily for **$900.0 million** in share repurchases and **$133.7 million** in cash dividends[167](index=167&type=chunk) [Item 3 Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section addresses the company's exposure to market risk, primarily from interest rate fluctuations on its debt instruments. It provides a quantitative breakdown of fixed-rate and variable-rate debt obligations and states that there have been no material qualitative changes in market risk disclosures - The company is subject to market risk primarily due to interest rate fluctuations affecting its fixed-rate and variable-rate debt[178](index=178&type=chunk) | Debt Type ($000s) | 2025 (Remaining 3 Months) | 2026 | 2027 | 2028 | 2029 | Thereafter | Total Principal Cash Flows | Fair Value | | :---------------- | :------------------------ | :--- | :--- | :--- | :--- | :--------- | :------------------------- | :--------- | | Fixed Rate Debt | 10,900 | 270,935 | 338,277 | 4,390 | 4,340 | 1,000,000 | 1,628,842 | 1,744,352 | | Average Interest Rate | 3.72% | 5.27% | 4.99% | 4.94% | 5.00% | 6.71% | 6.09% | N/A | | Variable Rate Debt | 404,223 | — | — | — | — | — | 404,223 | 404,223 | | Average Interest Rate | 5.93% | — | — | — | — | — | 5.93% | N/A | - There have been no material changes to the qualitative disclosures about market risk since the Annual Report on Form 10-K for December 31, 2024[183](index=183&type=chunk) [Item 4 Controls and Procedures](index=41&type=section&id=Item%204%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the effectiveness of the company's disclosure controls and procedures, concluding they were effective as of September 30, 2025. No material changes occurred in internal control over financial reporting during the quarter - Disclosure controls and procedures were evaluated and deemed effective as of **September 30, 2025**[187](index=187&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended **September 30, 2025**[188](index=188&type=chunk) [PART II OTHER INFORMATION](index=41&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits, along with required signatures [Item 1 Legal Proceedings](index=42&type=section&id=Item%201%20Legal%20Proceedings) There have been no material developments regarding legal proceedings since the last Annual Report on Form 10-K - No material developments in legal proceedings have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024[190](index=190&type=chunk) [Item 1A Risk Factors](index=42&type=section&id=Item%201A%20Risk%20Factors) There have been no material changes to the company's risk factors from those disclosed in its Annual Report on Form 10-K - No material changes in risk factors have occurred since the Annual Report on Form 10-K for the year ended December 31, 2024[191](index=191&type=chunk) [Item 2 Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common share repurchases during the third quarter of 2025 under its publicly announced plans, with a remaining authorization of approximately $1.3 billion | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Publicly Announced Plans | Approximate Dollar Value of Shares Remaining Under Authorization ($000s) | | :-------------------------------- | :--------------------- | :--------------------------- | :------------------------------------------------- | :----------------------------------------------------------------------- | | July 1, 2025 to July 31, 2025 | 888,540 | $112.61 | 888,540 | 1,482,837 | | August 1, 2025 to August 31, 2025 | 800,141 | $124.93 | 800,141 | 1,382,871 | | September 1, 2025 to September 30, 2025 | 746,148 | $133.99 | 746,148 | 1,282,898 | | **Total** | **2,434,829** | **$123.21** | **2,434,829** | N/A | - The Board of Directors approved a **$1.5 billion** increase in share repurchase authorization on **January 29, 2025**, with no expiration date[194](index=194&type=chunk) - As of **September 30, 2025**, approximately **$1.3 billion** remained available for repurchases under the program[194](index=194&type=chunk) [Item 5 Other Information](index=43&type=section&id=Item%205%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the reporting period - No director or officer adopted or terminated a '**Rule 10b5-1 trading arrangement**' or '**non-Rule 10b5-1 trading arrangement**' during the period covered by this report[193](index=193&type=chunk) [Item 6 Exhibits](index=44&type=section&id=Item%206%20Exhibits) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including corporate organizational documents, debt instruments, guarantor subsidiaries list, and certifications - Exhibits include Restated Articles of Incorporation, Amended and Restated By-Laws, debt instruments, a list of Guarantor Subsidiaries, and Rule 13a-14(a) and 18 U.S.C. § 1350 certifications[195](index=195&type=chunk) [Signatures](index=45&type=section&id=Signatures) The report is duly signed on behalf of PulteGroup, Inc. by James L. Ossowski, Executive Vice President and Chief Financial Officer, on October 21, 2025 - The report was signed by **James L. Ossowski**, Executive Vice President and Chief Financial Officer, on **October 21, 2025**[198](index=198&type=chunk)