PulteGroup (PHM) 10-K Summary — Year Ended Dec 31, 2023
PulteGroup is one of the largest U.S. homebuilders, also offering mortgage, title, and insurance services. For the reported year, revenue was essentially flat while net income and operating cash flow remained substantial.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
PulteGroup is one of the largest U.S. homebuilders, also offering mortgage, title, and insurance services. For the reported year, revenue was essentially flat while net income and operating cash flow remained substantial.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$16.1B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$2.6B
Net income reported for the year.
Operating cash flow
$2.2B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $13.7B | n/a |
| Dec 31, 2022 | $16B | +16.5% |
| Dec 31, 2023 | $16.1B | +0.4% |
Business overview
PulteGroup, a Michigan corporation founded in 1956, is a major U.S. homebuilder and a component of the S&P 500 Index. Its subsidiaries primarily conduct homebuilding operations, and the company also provides financial services including mortgage banking, title, and insurance agency services through Pulte Mortgage and other subsidiaries.
Financial performance
Revenue showed minimal change compared to the prior year. Net income and operating cash flow were both reported at multi-billion-dollar levels, indicating continued profitability and cash generation.
Material risks
The filing references risk factors but does not provide specific risk descriptions in the supplied text. Readers should refer to the full Risk Factors section for details on industry, economic, and operational uncertainties.
Liquidity and capital
The company funds land acquisition, development, and construction through internal cash flow and external credit facilities. At period end, it held significant unrestricted cash and had substantial availability under its revolving credit facility, with a debt-to-capitalization ratio that improved from the prior year.
What to watch
Monitor any changes in homebuilding revenue trends, as revenue was nearly unchanged from the prior year.