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PulteGroup Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Achieved 29,572 home closings and $16.7B in home sale revenues for 2025, with net income of $2.2B, marking the fifth most profitable year in company history.
Q4 2025 net income was $502M ($2.56/share), including $81M in pre-tax charges for manufacturing asset divestiture, $35M in land impairment, and a $34M insurance benefit.
Maintained a diversified buyer base: 38% first-time, 40% move-up, 22% active adult, with active adult signups up 14% in Q4 year-over-year.
Ended 2025 with $2B in cash after $5.2B invested in land and $1.2B in share repurchases.
Strategic divestiture of off-site manufacturing operations to focus on core homebuilding.
Financial highlights
Q4 home sale revenues were $4.5B, down 5% year-over-year, with 7,821 closings (down 3%) and average sales price of $573,000 (down 1%).
Q4 gross margin was 24.7% (down from 27.5% in Q4 2024), impacted by $35M in land impairment charges and higher incentives.
Q4 SG&A expense was $389M (8.7% of home sale revenues), including a $34M insurance benefit.
Financial services pre-tax income was $35M in Q4, down from $51M in Q4 2024, impacted by lower ASPs, closing volumes, and mortgage capture rate.
Backlog at quarter-end: 8,495 homes valued at $5.3B.
Outlook and guidance
Projecting 2026 home closings of 28,500–29,000 and Q1 closings of 5,700–6,100.
Expecting average sales price of $550,000–$560,000 for both Q1 and full-year 2026.
Anticipating gross margins of 24.5%–25.0% for Q1 and full-year 2026; SG&A expense expected at 9.5%–9.7% of home sale revenue for 2026.
Land acquisition and development spend projected at $5.4B in 2026; cash flow generation expected to be ~$1B.
Community count expected to grow 3%–5% in 2026.
Q4 SG&A increase to 8.7% of revenue drivers?
How does land investment support 3-5% community growth?
Details on manufacturing asset divestiture rationale?
Detail BTO shift's capital efficiency benefits
How will 7-8% lot cost increase be absorbed?
Outlook for West/Texas market recovery?
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Next PulteGroup earnings date
Q1 202621 Apr, 2026
PulteGroup
Next PulteGroup earnings date
Q1 202621 Apr, 2026
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Frequently asked questions
One of America's Largest Homebuilders
PulteGroup, Inc. is an American company primarily engaged in home construction. The company builds and sells residential homes, serving multiple customer segments, including first-time, move-up, and active adult buyers. Additionally, the company offers financial services like mortgage lending and title operations to facilitate the home-buying process for its customers. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
Bill Pulte
What is today a multi-billion dollar company was started by Bill Pulte in 1956, who had started building homes when he was just 18 years old. Initially operating out of Michigan, the company grew steadily and had its IPO in 1972. Expansion ramped up after the company went public, and the growth continued both organically and through several acquisitions over the years. Today, the company has built over 700.000 homes since its founding and is one of the largest companies of its kind in the US. Some other large American homebuilders include D.R. Horton, KB Home, and Lennar Corporation.
The Homes
PulteGroup, through its brands such as Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes, offers a diverse range of home types catering to different market segments. Their portfolio includes single-family homes, which are designed for various life stages from first-time homebuyers to upscale buyers seeking luxury features. These homes often emphasize modern design, energy efficiency, and smart home technology. Townhouses and condominiums are also part of their offering, appealing to those seeking lower maintenance living spaces, often in urban or suburban settings. For older adults, PulteGroup's Del Webb brand specializes in active adult communities, focusing on lifestyles and amenities suitable for retirees.
Pulte Mortgage
PulteGroup offers financing services through its subsidiary, Pulte Mortgage. Established to streamline the homebuying process for PulteGroup's customers, Pulte Mortgage provides a variety of financing options tailored to individual homebuyer needs. Their offerings include conventional loans, Federal Housing Administration (FHA) loans, Veterans Affairs (VA) loans, and jumbo loans for more expensive home purchases.
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