Company file · PHM
PulteGroup
PulteGroup's revenue fell 3.5% in FY2025, to $17.3B, and net income fell 28.0% to $2.2B
Revenue fell 3.5% to $17.3B in FY2025, from $17.9B in FY2024. Net income fell 28.0% to $2.2B. Home Building was the largest segment, at 98% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, PulteGroup (NYSE: PHM) took in $17.3B of revenue (down 3.5% on fiscal 2024); net income was $2.2B (down 28.0%). The most recent quarter, ended Sep 30, 2026, brought revenue of $4.0B, down 9.8% year over year, with net income of $476M. Home Building was the biggest single line by segment: 98% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 4, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).
Source: 10-K FY2025, filed Feb 4, 2026
Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 22, 2026 · 10-Q filed Oct 22, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Home Building (98%) and Financial Services (2%), as shares of total revenue. Total revenue was $17.3B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: PulteGroup 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026
By segment
Source: PulteGroup 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026
The bull case and the bear case
The bull case
- Operating cash flow rose 11.3% in FY2025 to $1.9B. 10-K, FY2025
- Diluted shares fell 4.9% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
The bear case
- Revenue fell 3.5% in FY2025 to $17.3B, from $17.9B a year earlier. 10-K, FY2025
- Net income fell 28.0% in FY2025 to $2.2B, from $3.1B. 10-K, FY2025
- Total debt rose 41.2% in FY2025 to $44M. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $4.0B, down 9.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
PulteGroup is in the homebuilding industry, part of the consumer discretionary sector. The SEC files it under Operative Builders.
PulteGroup reports 2 segments: Home Building and Financial Services.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the homebuilding industry. They are not a summary of PulteGroup’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $16.1B | $17.9B | $17.3B |
| Net income | $2.6B | $3.1B | $2.2B |
| Operating cash flow | $2.2B | $1.7B | $1.9B |
| Cash & equivalents (year end) | $1.8B | $1.6B | $2.0B |
| Total debt (year end) | $74M | $31M | $44M |
| Diluted shares | 221M | 210M | 200M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- The cash flow statement
- Risk factors (Item 1A)
- Debt-to-equity ratio
- Net debt and net cash
- Price-to-sales ratio
- Property, plant and equipment
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 22, 2026 | Sep 30, 2026 |
| 10-Q | Jul 22, 2026 | Jun 30, 2026 |
| 10-Q | Apr 23, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 13, 2026 | Apr 29, 2026 |
| 10-K | Feb 4, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about PulteGroup
How does PulteGroup make money?
In fiscal 2025, revenue totaled $17.3B. By segment in FY2025: Home Building (98%) and Financial Services (2%), as shares of total revenue. Total revenue was $17.3B. Source: 10-K for fiscal 2025, filed Feb 4, 2026.
What was PulteGroup's revenue in fiscal 2025?
Revenue came to $17.3B in the year ended Dec 31, 2025. Going back two years, it was $16.1B in fiscal 2023 and $17.9B in fiscal 2024, so the latest year was down 3.5%. Source: 10-K for fiscal 2025, filed Feb 4, 2026.
Is PulteGroup profitable?
Yes, by US accounting rules (GAAP): net income was $2.2B in fiscal 2025, down 28.0% from $3.1B a year earlier. For the quarter ended Sep 30, 2026, net income was $476M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 4, 2026.
What did PulteGroup report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $4.0B, against $4.4B in the same quarter a year before (down 9.8%), and net income of $476M, against $586M (down 18.8%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.
What are the main risks PulteGroup faces?
PulteGroup's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 4, 2026. Risks that are common among companies in the homebuilding industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these PulteGroup numbers come from?
Two filings PulteGroup made with the SEC: its fiscal 2025 10-K, filed Feb 4, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning PulteGroup
- Two Sigma Investments: 289,291 shares, reported value $39.7M at Jun 30, 2026 (+1,162.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 180,775 shares, reported value $24.8M at Jun 30, 2026 (−6.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 171,178 shares, reported value $23.5M at Jun 30, 2026 (+180.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Bridgewater Associates: 15,969 shares, reported value $2.2M at Jun 30, 2026 (−35.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in PHM
- The editor holds no position in PulteGroup (PHM). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell PHM from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PHM, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PulteGroupPHM | FY2025 | $17.3B | −3.5% | $2.2B |
| D. R. HortonDHI | FY2025 | $34.3B | −6.9% | $3.6B |
| LennarLEN | FY2025 | $34.2B | −3.5% | $2.1B |
| NVR | FY2025 | $10.3B | −1.9% | $1.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.