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Sep 30, 2025
PulteGroup Q3 2025 Earnings Report
PulteGroup reported a decrease in net income and home sale revenues for Q3 2025, alongside a decline in net new orders and backlog, while maintaining a strong cash position and debt-to-capital ratio.
Key Takeaways
PulteGroup experienced a challenging third quarter in 2025, with net income falling to $586 million, or $2.96 per share, compared to $698 million, or $3.35 per share, in the prior year. Home sale revenues decreased by 2% to $4.2 billion, primarily due to a 5% reduction in closings, although partially offset by a 3% increase in the average sales price. Net new orders also declined by 6% in units and 8% in dollars, and the backlog decreased significantly. Despite these headwinds, the company maintained a strong cash position of $1.5 billion and a low debt-to-capital ratio of 11.2%, while returning $344 million to shareholders.
Net income for Q3 2025 was $586 million, a decrease from $698 million in Q3 2024.
Home sale revenues declined by 2% to $4.2 billion, with closings down 5% but average selling price up 3%.
Net new orders decreased by 6% in units and 8% in dollars, reflecting softer buyer demand.
The company ended the quarter with $1.5 billion in cash and a debt-to-capital ratio of 11.2%, demonstrating financial strength.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PulteGroup is focused on disciplined business management, capital allocation, and executing its operating model to achieve high returns throughout the housing cycle. The company is positioning for future growth when buyer demand improves, while monitoring interest rates, consumer confidence, and affordability challenges.
Positive Outlook
- Disciplined business management aligned with long-term operating and financial strategies.
- Strong cash flow from operations generated in the third quarter.
- Significant capital returned to shareholders through dividends and share repurchases ($344 million).
- Diversified business platform enabling strong financial results despite current conditions.
- Positioning the business for growth in anticipation of improved buyer demand.
Challenges Ahead
- Buyer demand continues to be impacted by weaker consumer confidence.
- Ongoing affordability challenges are affecting the housing market.
- Interest rates, while recently moving lower, remain a factor influencing demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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