PULTEGROUP INC/MI/
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
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FY2025 · Filed Feb 4, 2026
PHM$130.60-3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Financial Statements and Supplementary Data
December 31, 2025 and 2024
($000’s omitted, except per share data)
| 2025 | 2024 | |
|---|---|---|
| ASSETS | ||
| Cash and equivalents | $1,980,869 | $1,613,327 |
| Restricted cash | 27,907 | 40,353 |
| Total cash, cash equivalents, and restricted cash | 2,008,776 | 1,653,680 |
| House and land inventory | 12,925,413 | 12,692,820 |
| Residential mortgage loans available-for-sale | 613,665 | 629,582 |
| Investments in unconsolidated entities | 167,342 | 215,416 |
| Other assets | 2,217,483 | 2,001,991 |
| Goodwill | 40,377 | 68,930 |
| Other intangible assets | 26,210 | 46,303 |
| Deferred tax assets | 49,157 | 55,041 |
| $18,048,423 | $17,363,763 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Liabilities: | ||
| Accounts payable, including book overdrafts of $78,613 and $112,639 at December 31, 2025 and 2024, respectively | $724,885 | $727,995 |
| Customer deposits | 387,837 | 512,580 |
| Deferred tax liabilities | 448,493 | 443,566 |
| Accrued and other liabilities | 1,338,330 | 1,412,166 |
| Financial Services debt | 532,338 | 526,906 |
| Notes payable | 1,631,098 | 1,618,586 |
| Total liabilities | 5,062,981 | 5,241,799 |
| Shareholders’ equity: | ||
| Common shares, $0.01 par value; 500,000,000 shares authorized, 192,724,978 and 202,912,881 shares issued and outstanding at December 31, 2025 and 2024, respectively | 1,927 | 2,029 |
| Additional paid-in capital | 3,488,924 | 3,425,384 |
| Retained earnings | 9,494,591 | 8,694,551 |
| Total shareholders’ equity | 12,985,442 | 12,121,964 |
| $18,048,423 | $17,363,763 | |
(000’s omitted, except per share data)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenues: | |||
| Homebuilding | |||
| Home sale revenues | $16,743,522 | $17,318,521 | $15,598,707 |
| Land sale and other revenues | 179,764 | 195,435 | 142,116 |
| 16,923,286 | 17,513,956 | 15,740,823 | |
| Financial Services | 388,667 | 432,994 | 320,755 |
| Total revenues | 17,311,953 | 17,946,950 | 16,061,578 |
| Homebuilding Cost of Revenues: | |||
| Home sale cost of revenues | (12,341,421) | (12,311,766) | (11,030,206) |
| Land sale and other cost of revenues | (166,041) | (189,893) | (124,607) |
| (12,507,462) | (12,501,659) | (11,154,813) | |
| Financial Services expenses | (231,887) | (224,086) | (187,280) |
| Selling, general, and administrative expenses | (1,573,928) | (1,321,276) | (1,312,642) |
| Equity income from unconsolidated entities, net | 4,147 | 44,201 | 4,561 |
| Other income (expense), net | (91,502) | 61,749 | 37,863 |
| Income before income taxes | 2,911,321 | 4,005,879 | 3,449,267 |
| Income tax expense | (692,591) | (922,617) | (846,895) |
| Net income | $2,218,730 | $3,083,262 | $2,602,372 |
| Net income per share: | |||
| Basic | $11.21 | $14.82 | $11.79 |
| Diluted | $11.12 | $14.69 | $11.72 |
| Cash dividends declared | $0.92 | $0.82 | $0.68 |
| Number of shares used in calculation: | |||
| Basic | 197,966 | 208,107 | 219,958 |
| Effect of dilutive securities | 1,571 | 1,722 | 1,205 |
| Diluted | 199,537 | 209,829 | 221,163 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(000’s omitted)
| Common Shares · AdditionalPaid-inCapital · RetainedEarnings · Total | |||||
|---|---|---|---|---|---|
| Shares | $ | ||||
| Shareholders' equity, December 31, 2022 | 225,840 | $2,258 | $3,330,138 | $5,581,702 | $8,914,098 |
| Share issuances | 511 | 6 | 4,835 | — | 4,841 |
| Dividends declared | — | — | — | (149,806) | (149,806) |
| Share repurchases | (13,793) | (138) | — | (999,862) | (1,000,000) |
| Excise tax on share repurchases | — | — | — | (9,691) | (9,691) |
| Cash paid for shares withheld for taxes | — | — | — | (11,991) | (11,991) |
| Share-based compensation | — | — | 33,434 | — | 33,434 |
| Net income | — | — | — | 2,602,372 | 2,602,372 |
| Shareholders' equity, December 31, 2023 | 212,558 | $2,126 | $3,368,407 | $7,012,724 | $10,383,257 |
| Share issuances | 422 | 4 | 9,288 | — | 9,292 |
| Dividends declared | — | — | — | (171,390) | (171,390) |
| Share repurchases | (10,067) | (101) | — | (1,199,898) | (1,199,999) |
| Excise tax on share repurchases | — | — | — | (11,550) | (11,550) |
| Cash paid for shares withheld for taxes | — | — | — | (18,597) | (18,597) |
| Share-based compensation | — | — | 47,689 | — | 47,689 |
| Net income | — | — | — | 3,083,262 | 3,083,262 |
| Shareholders' equity, December 31, 2024 | 202,913 | $2,029 | $3,425,384 | $8,694,551 | $12,121,964 |
| Share issuances | 454 | 4 | 8,558 | — | 8,562 |
| Dividends declared | — | — | — | (182,979) | (182,979) |
| Share repurchases | (10,642) | (106) | — | (1,199,890) | (1,199,996) |
| Excise tax on share repurchases | — | — | — | (11,482) | (11,482) |
| Cash paid for shares withheld for taxes | — | — | — | (24,339) | (24,339) |
| Share-based compensation | — | — | 54,982 | — | 54,982 |
| Net income | — | — | — | 2,218,730 | 2,218,730 |
| Shareholders' equity, December 31, 2025 | 192,725 | $1,927 | $3,488,924 | $9,494,591 | $12,985,442 |
($000’s omitted)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $2,218,730 | $3,083,262 | $2,602,372 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Deferred income tax expense | 10,779 | 151,097 | 104,266 |
| Land-related charges | 126,914 | 34,572 | 43,115 |
| Goodwill impairment | 28,553 | — | — |
| Property and equipment impairments | 49,629 | — | — |
| Depreciation and amortization | 112,507 | 89,162 | 80,824 |
| Equity income from unconsolidated entities | (4,147) | (44,201) | (4,561) |
| Distributions of earnings from unconsolidated entities | 4,222 | 2,557 | 4,564 |
| Share-based compensation expense | 54,823 | 54,690 | 48,200 |
| Other, net | 311 | (13,460) | (1,421) |
| Increase (decrease) in cash due to: | |||
| Inventories | (213,372) | (787,475) | (354,016) |
| Residential mortgage loans available-for-sale | 15,917 | (113,327) | 160,934 |
| Other assets | (293,904) | (489,623) | (290,631) |
| Accounts payable, accrued and other liabilities | (239,713) | (286,460) | (196,884) |
| Net cash provided by operating activities | 1,871,249 | 1,680,794 | 2,196,762 |
| Cash flows from investing activities: | |||
| Capital expenditures | (122,716) | (118,545) | (92,201) |
| Investments in unconsolidated entities | (15,744) | (16,037) | (23,403) |
| Distributions of capital from unconsolidated entities | 63,743 | 9,179 | 3,265 |
| Other investing activities, net | (5,707) | 30,927 | (16,756) |
| Net cash used in investing activities | (80,424) | (94,476) | (129,095) |
| Cash flows from financing activities: | |||
| Repayments of notes payable | (24,508) | (355,826) | (123,290) |
| Financial Services borrowings (repayments), net | 5,432 | 27,279 | (87,084) |
| Debt issuance costs | (1,446) | (1,534) | (1,572) |
| Proceeds from liabilities related to consolidated inventory not owned | 44,095 | 50,047 | 129,656 |
| Payments related to consolidated inventory not owned | (46,733) | (105,787) | (76,303) |
| Share repurchases | (1,199,996) | (1,199,999) | (1,000,000) |
| Excise tax on share repurchases | (11,550) | (9,691) | — |
| Cash paid for shares withheld for taxes | (24,339) | (18,597) | (11,991) |
| Dividends paid | (176,684) | (167,707) | (142,459) |
| Net cash used in financing activities | (1,435,729) | (1,781,815) | (1,313,043) |
| Net increase (decrease) | 355,096 | (195,497) | 754,624 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,653,680 | 1,849,177 | 1,094,553 |
| Cash, cash equivalents, and restricted cash at end of period | $2,008,776 | $1,653,680 | $1,849,177 |
| Supplemental Cash Flow Information: | |||
| Interest paid (capitalized), net | $17,248 | $26,052 | $10,786 |
| Income taxes paid, net | $698,756 | $739,680 | $784,453 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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