Document

“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.”

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.

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.

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.



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues:
Homebuilding
Home sale revenues	$	4,248,375	$	4,343,227	$	12,265,619	$	12,610,981
Land sale and other revenues	53,169		19,284		140,345		96,327
	4,301,544		4,362,511		12,405,964		12,707,308
Financial Services	103,255		113,831		295,241		317,848
Total revenues	4,404,799		4,476,342		12,701,205		13,025,156

Homebuilding Cost of Revenues:
Home sale cost of revenues	(3,133,548)		(3,091,267)		(8,968,112)		(8,897,835)
Land sale and other cost of revenues	(48,062)		(25,287)		(129,504)		(101,204)
	(3,181,610)		(3,116,554)		(9,097,616)		(8,999,039)

Financial Services expenses	(58,897)		(58,905)		(173,478)		(159,615)
Selling, general, and administrative expenses	(400,681)		(406,897)		(1,184,472)		(1,125,637)
Equity income from unconsolidated entities, net	2,422		2,508		3,333		42,577

Other income, net	1,755		9,702		7,110		39,709
Income before income taxes	767,788		906,196		2,256,082		2,823,151
Income tax expense	(181,954)		(208,282)		(538,967)		(653,128)
Net income	$	585,834	$	697,914	$	1,717,115	$	2,170,023

Per share:
Basic earnings	$	2.98	$	3.38	$	8.62	$	10.36
Diluted earnings	$	2.96	$	3.35	$	8.55	$	10.28
Cash dividends declared	$	0.22	$	0.20	$	0.66	$	0.60

Number of shares used in calculation:
Basic	196,536		206,774		199,258		209,374
Effect of dilutive securities	1,605		1,686		1,548		1,683
Diluted	198,141		208,460		200,806		211,057


	September 30, 2025		December 31, 2024

ASSETS

Cash and equivalents	$	1,451,532	$	1,613,327
Restricted cash	28,025		40,353
Total cash, cash equivalents, and restricted cash	1,479,557		1,653,680
House and land inventory	13,351,977		12,692,820

Residential mortgage loans available-for-sale	486,066		629,582
Investments in unconsolidated entities	179,192		215,416
Other assets	2,196,179		2,001,991
Goodwill	68,930		68,930
Other intangible assets	39,335		46,303
Deferred tax assets	49,743		55,041
	$	17,850,979	$	17,363,763

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:
Accounts payable	$	731,104	$	727,995
Customer deposits	470,745		512,580
Deferred tax liabilities	490,213		443,566
Accrued and other liabilities	1,305,319		1,412,166
Financial Services debt	404,223		526,906

Notes payable	1,623,338		1,618,586
	5,024,942		5,241,799
Shareholders' equity	12,826,037		12,121,964
	$	17,850,979	$	17,363,763


	Nine Months Ended
	September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	1,717,115	$	2,170,023
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense	51,921		116,013
Land-related charges	69,811		19,929

Depreciation and amortization	75,549		64,975
Equity income from unconsolidated entities	(3,333)		(42,577)
Distributions of income from unconsolidated entities	3,060		2,557
Share-based compensation expense	43,221		39,247
Other, net	(739)		(74)
Increase (decrease) in cash due to:
Inventories	(635,860)		(805,331)
Residential mortgage loans available-for-sale	143,516		(45,184)
Other assets	(203,007)		(366,279)
Accounts payable, accrued and other liabilities	(161,132)		(40,115)
Net cash provided by operating activities	1,100,122		1,113,184
Cash flows from investing activities:
Capital expenditures	(91,401)		(94,065)
Investments in unconsolidated entities	(9,171)		(15,105)
Distributions of capital from unconsolidated entities	45,669		9,017

Other investing activities, net	(9,201)		(8,197)
Net cash used in investing activities	(64,104)		(108,350)
Cash flows from financing activities:

Repayments of notes payable	(9,163)		(350,453)


Financial Services borrowings (repayments), net	(122,683)		24,465
Debt issuance costs	(1,446)		—
Proceeds from liabilities related to consolidated inventory not owned	25,643		46,256
Payments related to consolidated inventory not owned	(32,981)		(94,121)

Share repurchases	(900,000)		(879,999)
Excise tax on share repurchases	(11,550)		—
Cash paid for shares withheld for taxes	(24,303)		(18,463)
Dividends paid	(133,658)		(126,560)
Net cash used in financing activities	(1,210,141)		(1,398,875)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(174,123)		(394,041)
Cash, cash equivalents, and restricted cash at beginning of period	1,653,680		1,849,177
Cash, cash equivalents, and restricted cash at end of period	$	1,479,557	$	1,455,136

Supplemental Cash Flow Information:
Interest paid (capitalized), net	$	12,904	$	20,144
Income taxes paid (refunded), net	$	533,574	$	546,344



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
HOMEBUILDING:
Home sale revenues	$	4,248,375	$	4,343,227	$	12,265,619	$	12,610,981
Land sale and other revenues	53,169		19,284		140,345		96,327
Total Homebuilding revenues	4,301,544		4,362,511		12,405,964		12,707,308

Home sale cost of revenues	(3,133,548)		(3,091,267)		(8,968,112)		(8,897,835)
Land sale and other cost of revenues	(48,062)		(25,287)		(129,504)		(101,204)
Selling, general, and administrative expenses	(400,681)		(406,897)		(1,184,472)		(1,125,637)
Equity income from unconsolidated entities, net	2,422		2,508		2,083		41,527

Other income, net	1,755		9,702		7,110		39,709
Income before income taxes	$	723,430	$	851,270	$	2,133,069	$	2,663,868

FINANCIAL SERVICES:
Income before income taxes	$	44,358	$	54,926	$	123,013	$	159,283

CONSOLIDATED:
Income before income taxes	$	767,788	$	906,196	$	2,256,082	$	2,823,151



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Home sale revenues	$	4,248,375	$	4,343,227	$	12,265,619	$	12,610,981

Closings - units
Northeast	408		391		1,198		1,054
Southeast	1,444		1,340		4,039		4,284
Florida	1,932		1,984		5,464		6,051
Midwest	1,313		1,194		3,675		3,380
Texas	1,073		1,485		3,330		4,285
West	1,359		1,530		4,045		4,062
	7,529		7,924		21,751		23,116
Average selling price	$	564	$	548	$	564	$	546

Net new orders - units
Northeast	371		385		1,159		1,226
Southeast	1,354		1,340		4,115		4,130
Florida	1,721		1,681		5,363		5,399
Midwest	1,144		1,233		3,804		3,772
Texas	938		1,134		3,267		3,863
West	1,110		1,258		3,778		4,669
	6,638		7,031		21,486		23,059
Net new orders - dollars	$	3,639,690	$	3,928,860	$	12,005,455	$	12,986,027

Unit backlog
Northeast					576		739
Southeast					1,988		2,092
Florida					2,694		3,140
Midwest					1,931		2,084
Texas					885		1,215
West					1,814		2,819
					9,888		12,089
Dollars in backlog					$	6,234,554	$	7,694,761

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.


Debt-to-Capital Ratios

	September 30, 2025			December 31, 2024
Notes payable	$	1,623,338		$	1,618,586



Shareholders' equity	12,826,037			12,121,964
Total capital	$	14,449,375		$	13,740,550
Debt-to-capital ratio	11.2		%	11.8		%

Notes payable	$	1,623,338		$	1,618,586
Less: Total cash, cash equivalents, and restricted cash	(1,479,557)			(1,653,680)
Total net debt	$	143,781		$	(35,094)
Shareholders' equity	12,826,037			12,121,964
Total net capital	$	12,969,818		$	12,086,870
Net debt-to-capital ratio	1.1		%	(0.3)		%


FOR IMMEDIATE RELEASE			Company Contact
			Investors: Jim Zeumer
			(404) 978-6434
			jim.zeumer@pultegroup.com



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
MORTGAGE ORIGINATIONS:
Origination volume	4,782			5,005			14,037			14,442
Origination principal	$	2,054,441		$	2,103,197		$	6,085,214		$	5,998,347
Capture rate	84.4		%	86.7		%	85.1		%	85.9		%



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024

Interest in inventory, beginning of period	$	136,624	$	149,362	$	139,960	$	139,078
Interest capitalized	26,139		26,443		78,360		86,346
Interest expensed	(31,199)		(29,708)		(86,756)		(79,327)
Interest in inventory, end of period	$	131,564	$	146,097	$	131,564	$	146,097