FOR IMMEDIATE RELEASE Company Contact
FOR IMMEDIATE RELEASE Company Contact Investors: Jim Zeumer (404) 978-6434 jim.zeumer@pultegroup.com
• Unit Backlog Increased 4% to 10,298 Homes; Backlog Value Increased 3% to $6.4 Billion
– PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third quarter ended September 30, 2026. For the quarter, the Company reported net income of $476 million, or $2.53 per share. In the prior year period, the Company reported net income of $586 million, or $2.96 per share.
“With homebuying demand increasingly pressured by rising mortgage rates, widespread inflation, and global unrest, we continue to benefit from our diversified operating platform and consistent strategies for delivering superior returns over the housing cycle,” said PulteGroup President and CEO, Ryan Marshall. “With more than 60% of our business now comprised of more profitable move-up and active-adult homebuyers, our strong gross margins were instrumental to driving third quarter earnings of $2.53 per share.
“The rapid increase in interest rates has stretched affordability even further, made selling an existing home even harder, and has pushed even more consumers to the sidelines,” added Mr. Marshall. “Within this environment, we continue to appropriately balance the price and pace of home sales, align production accordingly, and remain disciplined in our allocation of capital.”
The Company generated home sale revenues in the third quarter of $3.9 billion, a decrease of 9% from home sale revenues of $4.2 billion realized in the prior year period. Home sale revenues in the third quarter reflect a 9% decrease in closings to 6,876 homes, in combination with a 1% decrease in the average sales price of homes closed to $561,000.
In the third quarter, the Company reported home sale gross margin of 24.8%, compared with 26.2% in the comparable prior year period. The Company’s reported third quarter gross margin is inclusive of $26 million, or approximately 70 basis points, of land impairments recorded in the period. Third quarter SG&A expenses were $397 million, or 10.3% of home sale revenues, compared with $401 million, or 9.4%, in last year’s third quarter. 1 Third quarter net new orders totaled 6,208 homes, which is down 6% from the prior year’s net new orders of 6,638 homes. The value of net new orders in the third quarter was $3.5 billion, compared with $3.6 billion in the third quarter of last year. For its third quarter, the Company’s average community count totaled 1,077, or an increase of 7% from the prior year period.
At the end of the third quarter, the Company’s backlog was 10,298 homes with a value of $6.4 billion. The Company ended last year’s third quarter with a backlog of 9,888 homes with a value of $6.2 billion.
In the third quarter, the Company's financial services operations generated pre- tax income of $46 million, which is comparable with the prior year period. Mortgage capture rate in the quarter was 85%, up from 84% in the prior year period.
PulteGroup repurchased 2.8 million of its common shares in the third quarter for $350 million, or an average price of $124.70 per share. Through the first nine months of 2026, the Company repurchased 8.4 million common shares, or 4% of shares outstanding, for $1.0 billion, or an average price of $123.51 per share. The Company ended the quarter with $1.4 billion of cash and a debt-to-capital ratio of 12%.
A conference call discussing PulteGroup's third quarter 2026 results is scheduled for Thursday, October 22, 2026, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.
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,” “continue,” “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 conditions 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 2 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; disruptions associated with epidemics, pandemics or other serious public health threats (as well as fear of such events), and the measures taken to address it; 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, 2025, 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, Explore by Del Webb, 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.
For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews. # # #
Nine Months Ended Cash flows from September 30, operating activities: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,294,726 $ 1,717,115 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax 24,524 51,921 expense Land-related charges 65,030 69,811 Loss on debt retirement 2,637 — Depreciation and 76,626 75,549 amortization Equity income from unconsolidated -2,069 -3,333 entities, net Distributions of income from 4,758 3,060 unconsolidated entities Share-based 44,718 43,221 compensation expense Other, net -21,494 -739 Increase (decrease) in cash due to: Inventories -1,149,355 -635,860 Residential mortgage loans 179,718 143,516 available-for-sale Other assets -127,060 -203,007 Accounts payable, accrued and other 244,207 -161,132 liabilities Net cash provided by operating 636,966 1,100,122 activities Cash flows from investing activities: Capital expenditures -78,221 -91,401 Investments in -45,773 -9,171 unconsolidated entities Distributions of capital from 21,564 45,669 unconsolidated entities Proceeds from asset 90,587 2,799 dispositions Other investing 3,000 -12,000 activities, net Net cash used in -8,843 -64,104 investing activities Cash flows from financing activities: Proceeds from debt 794,784 — issuance Repayments of notes -612,691 -9,163 payable Financial Services -149,093 -122,683 repayments, net Debt issuance costs -23,411 -1,446 Proceeds from liabilities related to 26,558 25,643 consolidated inventory not owned Payments related to consolidated -31,633 -32,981 inventory not owned Share repurchases -1,031,567 -900,000 Excise tax on share -11,482 -11,550 repurchases Cash paid for shares -39,557 -24,303 withheld for taxes Dividends paid -150,780 -133,658 Net cash used in -1,228,872 -1,210,141 financing activities Net increase (decrease) in cash, cash -600,749 -174,123 equivalents, and restricted cash Cash, cash equivalents, and restricted 2,008,776 1,653,680 cash at beginning of period Cash, cash equivalents, and restricted $ 1,408,027 $ 1,479,557 cash at end of period Supplemental Cash Flow Information: Interest paid, net $ 10,760 $ 12,904 Income taxes paid, net $ 410,565 $ 533,574
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.
The following table sets forth a reconciliation of the debt-to-capital ratios ($000's omitted):
Full text with the tables
FOR IMMEDIATE RELEASE Company Contact
Investors: Jim Zeumer
(404) 978-6434
jim.zeumer@pultegroup.com
PULTEGROUP REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
•
Earnings of $2.53 Per Share
• Closings of 6,876 Homes Generated Home Sale Revenues of $3.9 Billion
•
Home Sale Gross Margin of 24.8%
• Net New Orders Totaled 6,208 Homes with a Value of $3.5 Billion
• Unit Backlog Increased 4% to 10,298 Homes; Backlog Value Increased 3% to $6.4
Billion
• Repurchased $350 Million of Common Shares in the Quarter
ATLANTA - Oct. 22, 2026
– PulteGroup, Inc. (NYSE: PHM) announced today financial results for its third
quarter ended September 30, 2026. For the quarter, the Company reported net
income of $476 million, or $2.53 per share. In the prior year period, the
Company reported net income of $586 million, or $2.96 per share.
“With homebuying demand increasingly pressured by rising mortgage rates,
widespread inflation, and global unrest, we continue to benefit from our
diversified operating platform and consistent strategies for delivering superior
returns over the housing cycle,” said PulteGroup President and CEO, Ryan
Marshall. “With more than 60% of our business now comprised of more profitable
move-up and active-adult homebuyers, our strong gross margins were instrumental
to driving third quarter earnings of $2.53 per share.
“The rapid increase in interest rates has stretched affordability even further,
made selling an existing home even harder, and has pushed even more consumers to
the sidelines,” added Mr. Marshall. “Within this environment, we continue to
appropriately balance the price and pace of home sales, align production
accordingly, and remain disciplined in our allocation of capital.”
Third Quarter Results
The Company generated home sale revenues in the third quarter of $3.9 billion, a
decrease of 9% from home sale revenues of $4.2 billion realized in the prior
year period. Home sale revenues in the third quarter reflect a 9% decrease in
closings to 6,876 homes, in combination with a 1% decrease in the average sales
price of homes closed to $561,000.
In the third quarter, the Company reported home sale gross margin of 24.8%,
compared with 26.2% in the comparable prior year period. The Company’s reported
third quarter gross margin is inclusive of $26 million, or approximately 70
basis points, of land impairments recorded in the period. Third quarter SG&A
expenses were $397 million, or 10.3% of home sale revenues, compared with $401
million, or 9.4%, in last year’s third quarter.
1
Third quarter net new orders totaled 6,208 homes, which is down 6% from the
prior year’s net new orders of 6,638 homes. The value of net new orders in the
third quarter was $3.5 billion, compared with $3.6 billion in the third quarter
of last year. For its third quarter, the Company’s average community count
totaled 1,077, or an increase of 7% from the prior year period.
At the end of the third quarter, the Company’s backlog was 10,298 homes with a
value of $6.4 billion. The Company ended last year’s third quarter with a
backlog of 9,888 homes with a value of $6.2 billion.
In the third quarter, the Company's financial services operations generated pre-
tax income of $46 million, which is comparable with the prior year period.
Mortgage capture rate in the quarter was 85%, up from 84% in the prior year
period.
PulteGroup repurchased 2.8 million of its common shares in the third quarter for
$350 million, or an average price of $124.70 per share. Through the first nine
months of 2026, the Company repurchased 8.4 million common shares, or 4% of
shares outstanding, for $1.0 billion, or an average price of $123.51 per share.
The Company ended the quarter with $1.4 billion of cash and a debt-to-capital
ratio of 12%.
A conference call discussing PulteGroup's third quarter 2026 results is
scheduled for Thursday, October 22, 2026, at 8:30 a.m. Eastern Time. Interested
investors can access the live webcast via PulteGroup's corporate website at
www.pultegroup.com.
Forward-Looking Statements
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,” “continue,” “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 conditions 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
2
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;
disruptions associated with epidemics, pandemics or other serious public health
threats (as well as fear of such events), and the measures taken to address it;
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, 2025,
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.
About PulteGroup
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, Explore by Del Webb, 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.
For more information about PulteGroup, Inc. and PulteGroup brands, go to
pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and
jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.
# # #
3
PulteGroup, Inc.
Consolidated Statements of Operations
($000's omitted, except per share data)
(Unaudited)
Three Nine
Months Months
Ended Ended
Septe… Septem…
Reve… 30, 30,
Home… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Home
sale $ 3,859,… $ 4,248… $ 10,97… $ 12,265…
reve…
Land
sale
and 7,790 53,169 116,0… 140,345
other
reve…
3,866,… 4,301… 11,08… 12,405…
Fina… 107,026 103,2… 275,7… 295,241
Serv…
Total 3,973,… 4,404… 11,36… 12,701…
reve…
Home…
Cost
of
Reve…
Home
sale
cost -2,901… -3,13… -8,25… -8,968…
of
reve…
Land
sale
and
other -5,046 -48,0… -100,… -129,5…
cost
of
reve…
-2,906… -3,18… -8,35… -9,097…
Fina…
Serv… -61,468 -58,8… -181,… -173,4…
expe…
Sell…
gene…
and -397,1… -400,… -1,16… -1,184…
admi…
expe…
Equi…
inco…
(los…
from -2,772 2,422 2,069 3,333
unco…
enti…
net
Other
inco… 19,700 1,755 30,366 7,110
net
Inco…
befo… 625,206 767,7… 1,697… 2,256,…
inco…
taxes
Inco…
tax -149,4… -181,… -402,… -538,9…
expe…
Net $ 475,727 $ 585,8… $ 1,294… $ 1,717,…
inco…
Per
shar…
Basic $ 2.55 $ 2.98 $ 6.84 $ 8.62
earn…
Dilu… $ 2.53 $ 2.96 $ 6.79 $ 8.55
earn…
Cash
divi… $ 0.26 $ 0.22 $ 0.78 $ 0.66
decl…
Numb…
of
shar…
used
in
calc…
Basic 186,633 196,5… 189,3… 199,258
Effe…
of 1,205 1,605 1,239 1,548
dilu…
secu…
Dilu… 187,838 198,1… 190,5… 200,806
4
PulteGroup, Inc.
Condensed Consolidated Balance Sheets
($000's omitted)
(Unaudited)
September 30, December 31,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Cash and equivalents $ 1,369,902 $ 1,980,869
Restricted cash 38,125 27,907
Total cash, cash equivalents, and 1,408,027 2,008,776
restricted cash
House and land inventory 14,090,509 12,925,413
Residential mortgage loans 433,947 613,665
available-for-sale
Investments in unconsolidated 141,741 167,342
entities
Other assets 2,303,038 2,217,483
Goodwill 40,377 40,377
Other intangible assets 21,973 26,210
Deferred tax assets 45,294 49,157
$ 18,484,906 $ 18,048,423
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Accounts payable $ 747,157 $ 724,885
Customer deposits 515,886 387,837
Deferred tax liabilities 469,179 448,493
Accrued and other liabilities 1,464,582 1,338,330
Financial Services debt 383,245 532,338
Notes payable 1,808,896 1,631,098
5,388,945 5,062,981
Shareholders' equity 13,095,961 12,985,442
$ 18,484,906 $ 18,048,423
5
PulteGroup, Inc.
Consolidated Statements of Cash Flows
($000's omitted)
(Unaudited)
Nine Months Ended
Cash flows from September 30,
operating activities: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,294,726 $ 1,717,115
Adjustments to
reconcile net income to
net cash provided by
operating
activities:
Deferred income tax 24,524 51,921
expense
Land-related charges 65,030 69,811
Loss on debt retirement 2,637 —
Depreciation and 76,626 75,549
amortization
Equity income from
unconsolidated -2,069 -3,333
entities, net
Distributions of income
from 4,758 3,060
unconsolidated entities
Share-based 44,718 43,221
compensation expense
Other, net -21,494 -739
Increase (decrease) in
cash due to:
Inventories -1,149,355 -635,860
Residential mortgage
loans 179,718 143,516
available-for-sale
Other assets -127,060 -203,007
Accounts payable,
accrued and other 244,207 -161,132
liabilities
Net cash provided by
operating 636,966 1,100,122
activities
Cash flows from
investing activities:
Capital expenditures -78,221 -91,401
Investments in -45,773 -9,171
unconsolidated entities
Distributions of
capital from 21,564 45,669
unconsolidated entities
Proceeds from asset 90,587 2,799
dispositions
Other investing 3,000 -12,000
activities, net
Net cash used in -8,843 -64,104
investing activities
Cash flows from
financing activities:
Proceeds from debt 794,784 —
issuance
Repayments of notes -612,691 -9,163
payable
Financial Services -149,093 -122,683
repayments, net
Debt issuance costs -23,411 -1,446
Proceeds from
liabilities related to 26,558 25,643
consolidated inventory
not owned
Payments related to
consolidated -31,633 -32,981
inventory not owned
Share repurchases -1,031,567 -900,000
Excise tax on share -11,482 -11,550
repurchases
Cash paid for shares -39,557 -24,303
withheld for taxes
Dividends paid -150,780 -133,658
Net cash used in -1,228,872 -1,210,141
financing activities
Net increase (decrease)
in cash, cash -600,749 -174,123
equivalents, and
restricted cash
Cash, cash equivalents,
and restricted 2,008,776 1,653,680
cash at beginning of
period
Cash, cash equivalents,
and restricted $ 1,408,027 $ 1,479,557
cash at end of period
Supplemental Cash Flow
Information:
Interest paid, net $ 10,760 $ 12,904
Income taxes paid, net $ 410,565 $ 533,574
6
PulteGroup, Inc.
Segment Data
($000's omitted)
(Unaudited)
Three Nine
Mont… Mont…
Ended Ended
Sept… Sept…
30, 30,
HOM… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Home
sale $ 3,85… $ 4,248… $ 10,97… $ 12,2…
rev…
Land
sale
and 7,790 53,169 116,0… 140,…
oth…
rev…
Tot…
Hom… 3,86… 4,301… 11,08… 12,4…
rev…
Home
sale
cost -2,9… -3,13… -8,25… -8,9…
of
rev…
Land
sale
and
oth… -5,0… -48,0… -100,… -129…
cost
of
rev…
Sel…
gen…
and -397… -400,… -1,16… -1,1…
adm…
exp…
Equ…
inc…
(lo…
from -2,7… 2,422 959 2,083
unc…
ent…
net
Oth…
inc… 19,7… 1,755 30,366 7,110
net
Inc…
bef… $ 579,… $ 723,4… $ 1,601… $ 2,13…
inc…
tax…
FIN…
SER…
Inc…
bef… $ 45,5… $ 44,358 $ 95,516 $ 123,…
inc…
tax…
CON…
Inc…
bef… $ 625,… $ 767,7… $ 1,697… $ 2,25…
inc…
tax…
7
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
Three Nine
Months Months
Ended Septe… Ended Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Home
sale $ 3,859… $ 4,248,… $ 10,973… $ 12,26…
reve…
Clos…
-
units
Nort… 363 408 955 1,198
Sout… 1,305 1,444 3,903 4,039
Flor… 1,904 1,932 5,468 5,464
Midw… 1,197 1,313 3,347 3,675
Texas 989 1,073 2,976 3,330
West 1,118 1,359 3,326 4,045
6,876 7,529 19,975 21,751
Aver…
sell… $ 561 $ 564 $ 549 $ 564
price
Net
new
orde…
-
units
Nort… 316 371 1,156 1,159
Sout… 1,132 1,354 3,997 4,115
Flor… 1,823 1,721 6,144 5,363
Midw… 1,130 1,144 3,824 3,804
Texas 862 938 3,173 3,267
West 945 1,110 3,484 3,778
6,208 6,638 21,778 21,486
Net
new
orde… $ 3,498… $ 3,639,… $ 12,147… $ 12,00…
-
doll…
Unit
back…
Nort… 708 576
Sout… 1,845 1,988
Flor… 3,097 2,694
Midw… 2,082 1,931
Texas 988 885
West 1,578 1,814
10,298 9,888
Doll…
in $ 6,444,… $ 6,234…
back…
8
PulteGroup, Inc.
Segment Data, continued
($000's omitted)
(Unaudited)
Three Nine
Mont… Mon…
Ended End…
Sept… Sep…
30, 30,
2026 2025 2026 2025
MOR…
ORI…
Ori… 4,438 4,782 13,0… 14,…
vol…
Ori… $ 1,92… $ 2,05… $ 5,59… $ 6,0…
pri…
Cap… 84.6 % 84.4 % 84.9 % 85.1 %
rate
Supplemental Data
($000's omitted)
(Unaudited)
Three Nine
Months Months
Ended Septe… Ended Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Inte…
in
inve… $ 125,2… $ 136,624 $ 122,327 $ 139,9…
begi…
of
peri…
Inte… 29,550 26,139 85,874 78,360
capi…
Inte… -28,6… -31,199 -81,979 -86,7…
expe…
Inte…
in
inve… $ 126,2… $ 131,564 $ 126,222 $ 131,5…
end
of
peri…
9
PulteGroup, Inc.
Reconciliation of Non-GAAP Financial Measures
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.
The following table sets forth a reconciliation of the debt-to-capital ratios
($000's omitted):
September 30, December 31,
Debt-to-Capital Ratios 2026 2025
──────────────────────────────────────────────────────────────────────────────
Notes payable $ 1,808,896 $ 1,631,098
Shareholders' equity 13,095,961 12,985,442
Total capital $ 14,904,857 $ 14,616,540
Debt-to-capital ratio 12.1 % 11.2 %
Notes payable $ 1,808,896 $ 1,631,098
Less: Total cash, cash
equivalents, and -1,408,027 -2,008,776
restricted cash
Total net debt $ 400,869 $ -377,678
Shareholders' equity 13,095,961 12,985,442
Total net capital $ 13,496,830 $ 12,607,764
Net debt-to-capital ratio 3.0 % -3.0 %
10