PulteGroup (PHM) 10-K Summary — Year Ended Dec 31, 2025
PulteGroup is one of the largest homebuilders in the United States, having delivered over 875,000 homes since its founding. The company reported a decrease in annual revenue and a decline in net income compared to the prior year, while operating cash flow also decreased.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
PulteGroup is one of the largest homebuilders in the United States, having delivered over 875,000 homes since its founding. The company reported a decrease in annual revenue and a decline in net income compared to the prior year, while operating cash flow also decreased.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$17.3B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$2.2B
Net income reported for the year.
Operating cash flow
$1.9B
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, 2022 | $16B | +16.5% |
| Dec 31, 2023 | $16.1B | +0.4% |
| Dec 31, 2024 | $17.9B | +11.7% |
| Dec 31, 2025 | $17.3B | -3.5% |
Business overview
PulteGroup, founded in 1950, is a Michigan corporation and one of the largest homebuilders in the United States. Its subsidiaries primarily engage in homebuilding, and the company also operates financial services businesses including mortgage banking, title, and insurance. The company's common shares trade on the New York Stock Exchange under the ticker symbol PHM and are included in the S&P 500 Index.
Financial performance
Revenue for the year ended December 31, 2025, was lower than the prior year, following a trend of increases in earlier periods. Net income declined compared to the prior year. Operating cash flow also decreased from the previous year.
Material risks
The filing references risk factors but does not provide specific details in the supplied context. The company notes that it monitors banking concentration risk and has shifted cash to money market funds in response to banking system volatility. No other material risks are described in the supplied text.
Liquidity and capital
The company finances land acquisition, development, and construction using internally-generated funds, supplemented by credit arrangements and capital market financing. At the end of the period, the company had significant unrestricted cash and equivalents, restricted cash, and availability under its revolving credit facility, with a low debt-to-total capitalization ratio excluding financial services debt.
What to watch
Monitor whether the company's revenue and net income continue to decline in the next filing.