
	June 30, 2025	December 31, 2024
	(Unaudited)
ASSETS

Cash and equivalents	$	$
Restricted cash
Total cash, cash equivalents, and restricted cash
House and land inventory

Residential mortgage loans available-for-sale
Investments in unconsolidated entities
Other assets
Goodwill
Other intangible assets
Deferred tax assets
	$	$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:
Accounts payable	$	$
Customer deposits
Deferred tax liabilities
Accrued and other liabilities
Financial Services debt

Notes payable

Shareholders' equity
	$	$

See accompanying Notes to Condensed Consolidated Financial Statements.

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(000’s omitted, except per share data)

(Unaudited)

)))) )))) )))) ))))


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025	2024
Revenues:
Homebuilding
Home sale revenues	$			$		$	$
Land sale and other revenues

Financial Services
Total revenues

Homebuilding Cost of Revenues:
Home sale cost of revenues	()			()		()	()
Land sale and other cost of revenues	()			()		()	()
	()			()		()	()

Financial Services expenses	()			()		()	()
Selling, general, and administrative expenses	()			()		()	()
Equity income from unconsolidated entities, net

	Total
			Common Stock
			Shares		$










		$











	Total
			Common Stock
			Shares		$








		$



		$










		$



		$

See accompanying Notes to Condensed Consolidated Financial Statements.

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

($000’s omitted)

(Unaudited)


	Six Months Ended
	June 30,
	2025	2024
Cash flows from operating activities:
Net income	$	$
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax expense
Land-related charges

Depreciation and amortization
Equity income from unconsolidated entities	()	()
Distributions of income from unconsolidated entities
Share-based compensation expense
Other, net	()
Increase (decrease) in cash due to:
Inventories	()	()
Residential mortgage loans available-for-sale		()
Other assets	()	()
Accounts payable, accrued and other liabilities	()	()
Net cash provided by operating activities
Cash flows from investing activities:
Capital expenditures	()	()
Investments in unconsolidated entities	()	()
Distributions of capital from unconsolidated entities

Other investing activities, net	()	()
Net cash used in investing activities	()	()
Cash flows from financing activities:

Repayments of notes payable	()	()


Financial Services borrowings (repayments), net	()

Proceeds from liabilities related to consolidated inventory not owned
Payments related to consolidated inventory not owned	()	()

Share repurchases	()	()
Excise tax on share repurchases	()
Cash paid for shares withheld for taxes	()	()
Dividends paid	()	()
Net cash used in financing activities	()	()
Net increase (decrease) in cash, cash equivalents, and restricted cash	()	()
Cash, cash equivalents, and restricted cash at beginning of period
Cash, cash equivalents, and restricted cash at end of period	$	$

Supplemental Cash Flow Information:
Interest paid (capitalized), net	$	$
Income taxes paid (refunded), net	$	$

See accompanying Notes to Condensed Consolidated Financial Statements.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Other income (expense), net

)$()$()$()Amortization of intangible assets()()()()Interest income Interest expense()()()()

Land-related charges

reportable segments:

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1.

In 2024, we adopted ASU 2023-07, which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. The adoption of ASU 2023-07 impacted the presentation of the performance measures presented in the below tables. Information for previous periods in the below tables conforms with the current year presentation.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$ $ $ Southeast Florida Midwest Texas West

Other homebuilding (a)

Financial Services Consolidated revenues$ $ $ $ Cost of revenuesNortheast$()$()$()$()Southeast()()()()Florida()()()()Midwest()()()()Texas()()()()West()()()()

Other homebuilding (b)

()()()()$()$()()()Selling, general, and administrative expenses:Northeast$()$()$()$()Southeast()()$()$()Florida()()$()$()Midwest()()$()$()Texas()()$()$()West()()$()$()

Other homebuilding (c)

$()$()$()$()

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

)$()$()$()Southeast()()$()$()Florida()()$()$()Midwest()()$()$()Texas()()$()$()West()()$()$()

Other homebuilding (e)

() $ $ Financial Services()()()()$()$()()()

Income before income taxes (f):

Northeast$ $ $ $ Southeast $ $ Florida $ $ Midwest $ $ Texas $ $ West $ $ Other homebuilding $ $ Financial Services Consolidated income before income taxes$ $

(a)Other homebuilding includes revenues from land sales and construction services.

(b)Other homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest.

(c)Other homebuilding includes insurance reserve reversals of $ million and $ million for the three and six months ended June 30, 2024, respectively (see Note 8). Other homebuilding also includes eliminations of corporate overhead allocated to the operating segments.

(d)Other Segment Items reflects other sources of income and expense, including internal capital charge allocations that are eliminated within Other homebuilding.

(e)Other homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments. Other homebuilding also includes a gain of $ million for the six months ended June 30, 2024 related to the sale of our minority interest in a joint venture.

(f)Includes certain land-related charges (see the following table and Note 2).

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$ $ $ Southeast Florida Midwest Texas West Other homebuilding $ $ $ $

$ $ $ Southeast Florida Midwest Texas West Other homebuilding Financial Services $ $ $ $

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$ $ $ Southeast Florida Midwest Texas West

Other homebuilding (a)

() Financial Services $ $ $ $

(a)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, other corporate items that are not allocated to the operating segments, and eliminations of certain inventory not owned allocated to the operating segments. Other homebuilding also includes goodwill of $ million, net of cumulative impairment charges of $ million, at both June 30, 2025 and December 31, 2024.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

% unsecured senior notes due March 2026 (a)$ $

% unsecured senior notes due January 2027 (a)

% unsecured senior notes due June 2032 (a)

% unsecured senior notes due May 2033 (a)

% unsecured senior notes due February 2035 (a)

Net premiums, discounts, and issuance costs (b)

()()Total senior notes$ $ Other notes payable Notes payable$ $ Estimated fair value$ $

(a)Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.

(b)The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

Other notes payable

Other notes payable include non-recourse and limited recourse notes with third parties that totaled $ million and $ million at June 30, 2025 and December 31, 2024, respectively. These notes have maturities ranging up to , are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to %. We recorded $ million and $ million of inventory through seller financing in the six months ended June 30, 2025 and 2024, respectively.

Revolving credit facility

We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $ billion and contains an uncommitted accordion feature that could increase the capacity to $ billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). We were in compliance with all covenants and requirements as of June 30, 2025. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At June 30, 2025, we had borrowings outstanding, $ million of letters of credit issued, and $ million of remaining capacity under the Revolving Credit Facility. At December 31, 2024, we had borrowings outstanding, $ million of letters of credit issued, and $ million of remaining capacity under the Revolving Credit Facility.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

million.

Financial Services debt

Pulte Mortgage maintains a master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement") that matures on August 13, 2025. The maximum aggregate commitment under the Repurchase Agreement was $ million at June 30, 2025, which continues until maturity. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $ million above its active commitment level. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At June 30, 2025, Pulte Mortgage had $ million outstanding at a weighted-average interest rate of % and $ million of remaining capacity under the Repurchase Agreement. At December 31, 2024, Pulte Mortgage had $ million outstanding at a weighted-average interest rate of % and $ million of remaining capacity under the Repurchase Agreement. Pulte Mortgage was in compliance with all covenants and requirements as of such dates.

million and repurchased million shares under our share repurchase authorization for $ million. In the six months ended June 30, 2024, we declared cash dividends totaling $ million and repurchased million shares under our share repurchase authorization for $ million. On January 29, 2025, the Board of Directors increased our share repurchase authorization by $ billion. At June 30, 2025, we had remaining authorization to repurchase $ billion of common shares.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations. In the six months ended June 30, 2025 and 2024, participants surrendered shares valued at $ million and $ million, respectively, under these plans. Such share transactions are excluded from the above noted share repurchase authorization.

% and % for the three and six months ended June 30, 2025, respectively, compared with % and % for the comparable prior year periods in 2024. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense and federal tax credits. Our income tax expense for the three and six months ended June 30, 2024 also reflected a reduction in income tax liabilities totaling $ million related to the favorable resolution of uncertain state tax positions.

At June 30, 2025 and December 31, 2024, we had net deferred tax liabilities of $ million and $ million, respectively. The accounting for deferred taxes is based upon estimates of future results. Differences between estimated and actual results could result in changes in the valuation of deferred tax assets that could have a material impact on our consolidated results of operations or financial position. Changes in existing tax laws could also affect actual tax results and the realization of deferred tax assets over time.

Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes. We had $ million and $ million of gross unrecognized tax benefits at June 30, 2025 and December 31, 2024, respectively. Additionally, we had accrued interest and penalties of $ million and $ million at June 30, 2025 and December 31, 2024, respectively.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$ IRLCsLevel 2()()Forward contractsLevel 2() Whole loan commitmentsLevel 2()()Measured at fair value on a non-recurring basis:House and land inventoryLevel 3$ $ Disclosed at fair value:Cash, cash equivalents, and restricted cashLevel 1$ $ Financial Services debtLevel 2 Senior notes payableLevel 2 Other notes payableLevel 2

billion at both June 30, 2025 and December 31, 2024.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

million and $ billion, respectively, at June 30, 2025, and $ million and $ billion, respectively, at December 31, 2024. In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond. Our surety bonds generally do not have stated expiration dates; rather we are released from the surety bonds as the underlying contractual performance is completed. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed. We do not believe that a material amount, if any, of the letters of credit or surety bonds will be drawn.

Warranty liabilities

comprehensive limited warranty and coverage for certain other aspects of the home's construction and operating systems for periods of up to, and, in limited instances, exceeding, years. We estimate the costs to be incurred under these warranties and record liabilities in the amount of such costs at the time product revenue is recognized. Factors that affect our warranty liabilities include the number of homes sold, historical and anticipated rates of warranty claims, and the projected cost per claim. We periodically assess the adequacy of the warranty liabilities for each geographic market in which we operate and adjust the amounts as necessary. Actual warranty costs in the future could differ from the current estimates.

$ $ $ Reserves provided Payments()()()()Other adjustments Warranty liabilities, end of period$ $ $ $

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

million and $ million at June 30, 2025 and December 31, 2024, respectively. The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses. Liabilities related to IBNR and related claim expenses represented approximately % of the total general liability reserves at both June 30, 2025 and December 31, 2024. The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data. The actuarial analyses of the reserves also consider historical third party recovery rates and claims management expenses.

Volatility in both national and local housing market conditions may affect the frequency and cost of construction defect claims. Additionally, IBNR estimates comprise the substantial majority of our liability and are subject to a high degree of uncertainty due to a variety of factors, including changes in claims reporting and resolution patterns, third party recoveries, insurance industry practices, the regulatory environment, and legal precedent. State regulations vary, but construction defect claims are typically reported and resolved over an extended time period often exceeding ten years. Changes in the frequency and timing of reported claims and estimates of specific claim values can impact the underlying inputs and trends utilized in the actuarial analyses, which could have a material impact on the recorded reserves. Because of the inherent uncertainty in estimating future losses and the timing of such losses related to these claims, actual costs could differ significantly from estimated costs.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

$ $ $ Reserves provided Adjustments to previously recorded reserves()()()()Payments, net()()()()Balance, end of period$ $ $ $

Leases

We lease certain office space and equipment for use in our operations. We recognize lease expense for these leases on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Right-of-use ("ROU") assets and lease liabilities are recorded on the balance sheet for all leases with an expected term of at least one year. Some leases include one or more options to renew. The exercise of lease renewal options is generally at our discretion. The depreciable lives of ROU assets and leasehold improvements are limited to the expected lease term. Certain of our lease agreements include rental payments based on a pro rata share of the lessor’s operating costs which are variable in nature. Our lease agreements do not contain any residual value guarantees or material restrictive covenants.

ROU assets are classified within other assets on the balance sheet, while lease liabilities are classified within accrued and other liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet. ROU assets and lease liabilities were $ million and $ million at June 30, 2025, respectively, and $ million and $ million at December 31, 2024, respectively. In the three and six months ended June 30, 2025 we recorded an additional $ million and $ million, respectively, of lease liabilities under operating leases, and $ million and $ million, respectively, in the comparable prior year periods. Payments on lease liabilities in the three and six months ended June 30, 2025 totaled $ million and $ million, respectively, and $ million and $ million in the comparable prior year periods.

Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year. In the three and six months ended June 30, 2025 our total lease expense was $ million and $ million, respectively, and $ million and $ million in the comparable prior year periods. Our total lease expense is inclusive of variable lease costs of $ million and $ million in the three and six months ended June 30, 2025, respectively, and $ million and $ million in the comparable prior year periods, as well as short-term lease costs of $ million and $ million in the three and six months ended June 30, 2025, respectively, and $ million and $ million in the comparable prior year periods. Sublease income was de minimis.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

2026 2027 2028 2029 Thereafter

Total lease payments (b)

Less: Interest (c)

()

Present value of lease liabilities (d)

(a)Remaining payments are for the six months ending December 31, 2025.

(b)Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $ million of legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2025.

(c)Our leases do not provide a readily determinable implicit rate. As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d)The weighted-average remaining lease term and weighted-average discount rate used in calculating our lease liabilities were years and %, respectively, at June 30, 2025.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations are provided as a supplement to and should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q as well as our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024.

The following is a summary of our operating results by line of business ($000's omitted, except per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Income before income taxes:
Homebuilding	$	764,359	$	984,934	$	1,409,639	$	1,812,598
Financial Services	42,797		63,378		78,655		104,357
Income before income taxes	807,156		1,048,312		1,488,294		1,916,955
Income tax expense	(198,673)		(239,179)		(357,012)		(444,846)
Net income	$	608,483	$	809,133	$	1,131,282	$	1,472,109

Diluted earnings per share	$	3.03	$	3.83	$	5.60	$	6.93

In the second quarter of 2025, the consumer demand weakness we experienced to begin the year continued. This softening continued to be influenced by ongoing affordability challenges, resulting from elevated mortgage interest rates and higher housing costs, as well as volatility in other macroeconomic and geopolitical conditions, including weakened consumer confidence. We have responded to these conditions by adjusting sales prices where necessary and focusing sales incentives on closing cost incentives, especially mortgage interest rate buydowns. Despite these efforts, net new orders in units decreased 7% for each of the three and six months ended June 30, 2025 versus the comparable prior year periods.

Although elevated mortgage interest rates and volatile macroeconomic and geopolitical conditions may persist for some time, we believe the demographics supporting housing demand remain favorable over the long term. While inventories of new and existing homes have increased in the majority of our geographies, we believe that a chronic undersupply of housing stock remains in the United States that will take years to resolve. We expect that many homebuyers will continue to face affordability challenges, so our sales paces may remain volatile on a monthly basis. In response, we expect our sales incentives to remain elevated and for our pace of house starts to remain dynamic. Additionally, we continue to face pressure in the cost of land acquisition and development. Due to the length of our land development and construction cycle times, there is a lag between when such cost changes occur and when they impact our operating results. This is evidenced in our gross margin from home sales for the second quarter of 2025, which decreased to 27.0% from 29.9% in the comparable prior year period, and from 27.5% in the first quarter of 2025. These decreases are primarily due to higher land costs and sales incentives. While we expect to continue to generate healthy gross margins, they may decline somewhat in future periods as a result of these factors.

We operate our business to generate a cadence of house starts that aligns with the sales environment, and an appropriate inventory of quick move-in speculative ("spec") homes as we focus on turning our assets and delivering high returns on investment, which has allowed us to achieve an effective balance of price and pace. The supply chain constraints that arose several years ago have largely subsided. As a result, our production cycle times have improved significantly over the past two years and have now returned to near historical norms.

We remain focused on taking a measured approach to our capital allocation strategy to effectively respond to future volatility in demand. Accordingly, we are focused on protecting liquidity and closely managing our cash flows while also continuing to focus on shareholder returns, including the following actions:

–Increasing our lot optionality within our land pipeline for increased flexibility;

–Producing sufficient levels of spec inventory (houses without customer orders) to service buyers seeking to close within 30 to 90 days;

–Maintaining a focus on shareholder return through share buybacks and dividends, including a 10% increase in our quarterly dividends from $0.20 to $0.22 per share effective with our January 2025 dividend payment and an additional $1.5 billion share repurchase authorization effective January 2025, bringing our total remaining share repurchase authorization to $1.6 billion as of June 30, 2025, after $600.0 million of share repurchases in the first half of 2025;

–Taking an opportunistic approach to repurchasing debt; and

–Maintaining ample liquidity.

We believe our strategic approach with respect to balancing sales price with sales pace, including actions taken related to sales incentives, advertising, and our production cadence, will enable us to meet consumer demand at the selling prices necessary to turn our inventory, maintain market share, and generate healthy returns. And we remain confident in our ability to navigate the future environment and to position the Company to take advantage of opportunities as they arise and support future growth and continued profitability and financial strength.

Homebuilding Operations

The following presents selected financial information for our Homebuilding operations ($000’s omitted):


	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2025			2025 vs. 2024		2024			2025			2025 vs. 2024		2024
Home sale revenues	$	4,267,975		(4)	%	$	4,448,168		$	8,017,244		(3)	%	$	8,267,754
Land sale and other revenues	34,622			(13)	%	39,825			87,176			13	%	77,042
Total Homebuilding revenues	4,302,597			(4)	%	4,487,993			8,104,420			(3)	%	8,344,796
Home sale cost of revenues (a)	(3,115,450)			—	%	(3,117,482)			(5,834,564)			—	%	(5,806,569)
Land sale and other cost of revenues	(30,488)			(22)	%	(38,873)			(81,443)			7	%	(75,917)
Selling, general, and administrative expenses ("SG&A") (b)	(390,453)			8	%	(361,145)			(783,790)			9	%	(718,739)
Equity income (loss) from unconsolidated entities, net (c)	(841)			(d)		1,117			(339)			(d)		39,019

Other income (expense), net	(1,006)			(d)		13,324			5,355			(d)		30,008
Income before income taxes	$	764,359		(22)	%	$	984,934		$	1,409,639		(22)	%	$	1,812,598

Supplemental data:
Gross margin from home sales (a)	27.0		%	(290) bps		29.9		%	27.2		%	(260) bps		29.8		%
SG&A as a percentage of home sale revenues (b)	9.1		%	100 bps		8.1		%	9.8		%	110 bps		8.7		%
Closings (units)	7,639			(6)	%	8,097			14,222			(6)	%	15,192
Average selling price	$	559		2	%	$	549		$	564		4	%	$	544
Net new orders:
Units	7,083			(7)	%	7,649			14,848			(7)	%	16,028
Dollars (e)	$	3,887,938		(11)	%	$	4,358,508		$	8,365,765		(8)	%	$	9,057,167
Cancellation rate	15		%			14		%	14		%			13		%
Average active communities	994			6	%	934			978			5	%	932
Backlog at June 30:
Units									10,779			(17)	%	12,982
Dollars									$	6,843,239		(16)	%	$	8,109,128

(a)Includes the amortization of capitalized interest.

(b)SG&A includes insurance reserve reversals of $51.9 million and $78.7 million, respectively, for the three and six months ended June 30, 2024 (see Note 8).

(c)Equity income from unconsolidated entities includes a gain of $37.7 million for the six months ended June 30, 2024 related to the sale of our minority interest in a joint venture.

(d)Percentage not meaningful.

(e)Net new order dollars represent a composite of new order dollars combined with other movements of the dollars in backlog related to cancellations and change orders.

Home sale revenues

Home sale revenues in the three and six months ended June 30, 2025 were lower than the prior year periods by $180.2 million and $250.5 million, respectively. In the three months ended June 30, 2025, the 4% decrease resulted primarily from a 6% decrease in closings from the prior year period, partially offset by a 2% increase in average selling price. In the six months ended June 30, 2025 the 3% decrease resulted primarily from a 6% decrease in closings, partially offset by a 4% increase in average selling price. The decreases in closings were primarily attributable to lower net new orders in the first half of 2025 and a weaker order backlog entering the year, partially offset by a higher community count and improved production cycle times. Average selling price during the three and six months ended June 30, 2025 increased primarily due to geographic mix, including our Northeast segment, which carries a higher average selling price.

Home sale gross margins

Home sale gross margins were 27.0% and 27.2% in the three and six months ended June 30, 2025, respectively, compared with 29.9% and 29.8% in the three and six months ended June 30, 2024, respectively. The decreases in homes sale gross margins were primarily attributable to elevated sales incentives coupled with increased land acquisition and development costs. We expect these factors to continue to impact our gross margins over the near term. Gross margins for the first six months of 2025 were also unfavorably impacted by our efforts to reduce the number of final spec inventory to more appropriate levels, which we expect will continue to be an area of focus for the remainder of 2025. While we have made significant progress in the first half of 2025, the level of final spec inventory remains elevated for the current demand environment.

Land sale and other revenues

We periodically elect to sell parcels of land to third parties in the event such assets no longer fit into our strategic operating plans or are zoned for commercial or other development. Land sale and other revenues and their related gains or losses vary between periods, depending on the timing of land sales and our strategic operating decisions. Land sales and other revenues contributed income of $4.1 million and $5.7 million for the three and six months ended June 30, 2025, respectively, compared with $1.0 million and $1.1 million for the three and six months ended June 30, 2024, respectively.

SG&A

SG&A as a percentage of home sale revenues was 9.1% and 9.8% and in the three and six months ended June 30, 2025, respectively, compared with 8.1% and 8.7% for the three and six months ended June 30, 2024, respectively. The gross dollar amount of our SG&A increased $29.3 million, or 8%, for the three months ended June 30, 2025 compared with the prior year period, and increased $65.1 million, or 9%, for the six months ended June 30, 2025 compared with the prior year period. The increase in gross dollars for the three and six months ended June 30, 2025 resulted primarily from insurance reserve reversals of $51.9 million and $78.7 million recorded in the three and six months ended June 30, 2024, respectively. Additionally, SG&A for the first half of 2025 reflects modestly higher headcount and technology costs to support ongoing production volumes. We expect to continue managing and balancing our overhead costs consistent with expected changes in the demand environment.

Other income, net

Other income, net includes the following ($000’s omitted):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Write-offs of deposits and pre-acquisition costs	$	(11,344)	$	(3,685)	$	(15,679)	$	(7,675)
Amortization of intangible assets	(2,301)		(2,498)		(4,667)		(5,038)

Interest income	9,581		17,141		19,843		34,520
Interest expense	(141)		(117)		(268)		(232)

Miscellaneous, net	3,199		2,483		6,126		8,433
Other income, net	$	(1,006)	$	13,324	$	5,355	$	30,008

The increase in write-offs of deposits and pre-acquisition costs for 2025 relative to 2024 resulted from strategic decisions to not move forward with certain projects based on the current environment. Interest income declined in 2025, primarily due to lower returns on invested cash balances.

Net new orders

Net new orders in units decreased 7% while net new orders in dollars decreased 11% in the three months ended June 30, 2025, as compared with the prior year period. Net new orders in units decreased 7% while net new orders in dollars decreased 8% in the six months ended June 30, 2025, as compared with the prior year period. The decreased net new order volume and dollars in the three and six months ended June 30, 2025 over the comparable prior year periods was primarily attributable to the lower order volumes in our Texas and West segments. Cancellation rates (canceled orders for the period divided by gross new orders for the period) were 15% and 14% for the three and six months ended June 30, 2025, respectively, and 14% and 13% for the three and six months ended June 30, 2024, respectively. Ending backlog dollars, which represent orders for homes that have not yet closed, decreased 16% at June 30, 2025 compared with June 30, 2024.

Homes in production

The following is a summary of our homes in production:


	June 30, 2025	June 30, 2024
Sold	8,499	10,322
Unsold
Under construction	5,741	5,692
Completed	1,865	1,236
	7,606	6,928
Models	1,673	1,511
Total	17,778	18,761

The number of homes in production at June 30, 2025 was 5% lower than at June 30, 2024. This decrease was primarily due to a decreased number of sold homes due to lower backlog and improved production cycle times, which reduces the length of time a home sits in inventory. We continue to carefully monitor our production levels and expect to lower the percentage of our inventory that is unsold by the end of 2025.

Controlled lots

The following is a summary of our lots under control at June 30, 2025 and December 31, 2024:


	June 30, 2025						December 31, 2024
	Owned		Optioned		Controlled		Owned		Optioned		Controlled
Northeast	3,884		6,964		10,848		3,946		6,693		10,639
Southeast	17,798		43,161		60,959		17,843		32,770		50,613
Florida	25,714		40,926		66,640		27,041		34,499		61,540
Midwest	11,580		20,946		32,526		11,271		20,061		31,332
Texas	16,014		22,340		38,354		15,420		23,663		39,083
West	25,992		14,326		40,318		26,655		14,727		41,382
Total	100,982		148,663		249,645		102,176		132,413		234,589
	40	%	60	%	100	%	44	%	56	%	100	%

Developed (%)	49	%	23	%	33	%	48	%	24	%	34	%

While competition for well-positioned land is robust, we have continued to pursue land investments that we believe can achieve appropriate risk-adjusted returns on invested capital. We have also continued to seek to maintain a high percentage of our lots that are controlled via land option agreements as such contracts enable us to defer acquiring portions of properties owned by

third parties or unconsolidated entities until we have determined whether and when to exercise our option, which reduces our financial risks associated with long-term land holdings. The remaining purchase price under our land option agreements totaled $10.1 billion at June 30, 2025.

Homebuilding Segment Operations

As of June 30, 2025, we conducted our operations in 47 markets located throughout 25 states. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:


Northeast:						Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
Southeast:						Georgia, North Carolina, South Carolina, Tennessee
Florida:						Florida
Midwest:						Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:						Texas
West:						Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington

The following tables present selected financial information for our reportable Homebuilding segments:


	Operating Data by Segment ($000's omitted)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025		2025 vs. 2024		2024		2025		2025 vs. 2024		2024
Revenues:
Northeast	$	347,437	35	%	$	257,153	$	597,171	31	%	$	457,557
Southeast	747,017		(3)	%	770,587		1,385,746		(7)	%	1,487,809
Florida	1,037,352		(20)	%	1,294,077		2,017,891		(17)	%	2,438,954
Midwest	691,347		6	%	651,580		1,273,789		8	%	1,183,288
Texas	465,919		(20)	%	583,303		878,332		(21)	%	1,107,715
West	979,758		10	%	890,769		1,868,555		17	%	1,594,934
Other homebuilding (a)	33,767		(17)	%	40,524		$	82,936	11	%	$	74,539
	$	4,302,597	(4)	%	$	4,487,993	$	8,104,420	(3)	%	$	8,344,796
Income before income taxes (b):
Northeast	$	88,586	51	%	$	58,793	$	149,807	54	%	$	97,432
Southeast	147,642		(16)	%	175,518		277,434		(19)	%	341,432
Florida	190,216		(41)	%	324,761		393,143		(36)	%	611,664
Midwest	138,170		15	%	120,397		243,752		15	%	212,751
Texas	54,072		(49)	%	105,138		104,935		(47)	%	196,771
West	121,495		(3)	%	125,094		214,072		3	%	207,639
Other homebuilding (c)	24,178		(d)		75,233		26,496		(d)		144,909
	$	764,359	(22)	%	$	984,934	$	1,409,639	(22)	%	$	1,812,598

(a)Other homebuilding includes revenues from land sales and construction services.

(b)Includes land-related charges as summarized in the table below.

(c) Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the other segments. Other homebuilding also includes insurance reserve reversals of $51.9 million and $78.7 million, respectively, for the three and six months ended June 30, 2024, (see Note 8), and a gain of $37.7 million for the six months ended June 30, 2024 related to the sale of our minority interest in a joint venture.

(d) Percentage not meaningful.


	Operating Data by Segment ($000's omitted)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025		2025 vs. 2024		2024		2025		2025 vs. 2024		2024
Closings (units):
Northeast	451		19	%	378		790		19	%	663
Southeast	1,402		(6)	%	1,499		2,595		(12)	%	2,944
Florida	1,882		(12)	%	2,150		3,532		(13)	%	4,067
Midwest	1,272		6	%	1,196		2,362		8	%	2,186
Texas	1,218		(17)	%	1,472		2,257		(19)	%	2,800
West	1,414		1	%	1,402		2,686		6	%	2,532
	7,639		(6)	%	8,097		14,222		(6)	%	15,192

Average selling price:
Northeast	$	770	13	%	$	680	$	756	10	%	$	690
Southeast	533		4	%	514		534		6	%	505
Florida	551		(8)	%	602		571		(5)	%	600
Midwest	544		0	%	545		539		0	%	541
Texas	383		(3)	%	396		389		(2)	%	396
West	693		9	%	635		696		10	%	630
	$	559	2	%	$	549	$	564	4	%	$	544

Net new orders - units:
Northeast	384		(4)	%	400		788		(6)	%	841
Southeast	1,405		1	%	1,396		2,761		(1)	%	2,790
Florida	1,773		2	%	1,746		3,642		(2)	%	3,718
Midwest	1,272		1	%	1,265		2,660		5	%	2,539
Texas	1,042		(18)	%	1,275		2,329		(15)	%	2,729
West	1,207		(23)	%	1,567		2,668		(22)	%	3,411
	7,083		(7)	%	7,649		14,848		(7)	%	16,028

Net new orders - dollars:
Northeast	$	264,954	(7)	%	$	285,380	$	581,960	(3)	%	$	599,534
Southeast	740,378		2	%	728,250		1,474,753		3	%	1,430,221
Florida	990,804		(3)	%	1,020,211		2,079,434		(6)	%	2,201,703
Midwest	688,715		(2)	%	699,344		1,436,721		4	%	1,381,019
Texas	384,980		(23)	%	500,093		888,820		(17)	%	1,075,810
West	818,107		(27)	%	1,125,230		1,904,077		(20)	%	2,368,880
	$	3,887,938	(11)	%	$	4,358,508	$	8,365,765	(8)	%	$	9,057,167


	Operating Data by Segment ($000's omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025			2025 vs. 2024		2024
Cancellation rates:
Northeast	9	%	7	%	9		%			6		%
Southeast	13	%	11	%	12		%			11		%
Florida	15	%	15	%	15		%			15		%
Midwest	11	%	10	%	9		%			9		%
Texas	19	%	15	%	16		%			15		%
West	21	%	19	%	19		%			17		%
	15	%	14	%	14		%			13		%

Unit backlog:
Northeast					613			(18)	%	745
Southeast					2,078			(1)	%	2,092
Florida					2,905			(16)	%	3,443
Midwest					2,100			3	%	2,045
Texas					1,020			(35)	%	1,566
West					2,063			(33)	%	3,091
					10,779			(17)	%	12,982

Backlog dollars:
Northeast					$	490,911		(11)	%	$	550,349
Southeast					1,216,524			4	%	1,164,148
Florida					1,874,145			(17)	%	2,263,079
Midwest					1,227,094			1	%	1,209,234
Texas					441,665			(37)	%	698,484
West					1,592,900			(28)	%	2,223,834
					$	6,843,239		(16)	%	$	8,109,128


	Operating Data by Segment ($000’s omitted)
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Land-related charges (a):
Northeast	$	47	$	638	$	241	$	1,604
Southeast	3,525		1,566		5,674		2,556
Florida	2,850		576		5,289		917
Midwest	757		287		1,603		647
Texas	3,858		262		4,350		507
West	6,782		356		23,424		1,444
Other homebuilding	593		95		1,603		123
	$	18,412	$	3,780	$	42,184	$	7,798

(a) Land-related charges include land inventory impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.

Northeast

For the second quarter of 2025, Northeast home sale revenues increased 35% when compared with the prior year period due to a 19% increase in closings combined with a 13% increase in average selling price. The increase in closings and average selling price occurred across all markets. Income before income taxes increased 51%, primarily due to higher revenues and gross margins across all markets, partially offset by increased overhead costs across all markets. Net new orders decreased across the majority of markets.

For the six months ended June 30, 2025, Northeast home sale revenues increased by a 31% when compared with the prior year period due to a 19% increase in closings combined with a 10% increase in average selling price. The increase in closings was primarily due to the timing of projects in our Northeast Corridor operations, while the increase in average selling price occurred across the majority of markets. Income before income taxes increased 54% primarily due to higher revenues and gross margins across all markets, partially offset by increased overhead costs across all markets. Net new orders decreased across all markets.

Southeast

For the second quarter of 2025, Southeast home sale revenues decreased 3% when compared with the prior year period due to a 6% decrease in closings partially offset by a 4% increase in average selling price. The decrease in closings and increase in average selling price occurred across the majority of markets. Income before income taxes decreased 16%, primarily due to lower gross margins and higher overhead costs across the majority of markets. The increase in net new orders was mixed among markets.

For the six months ended June 30, 2025, Southeast home sale revenues decreased 7% when compared with the prior year period due to a 12% decrease in closings partially offset by a 6% increase in average selling price. The decrease in closings occurred across the majority of markets while the increase in average selling price was mixed among markets. Income before income taxes decreased 19% primarily due to lower gross margins across the majority of markets. The decrease in net new orders was mixed among markets.

Florida

For the second quarter of 2025, Florida home sale revenues decreased 20% when compared with the prior year period primarily due to a 12% decrease in closings combined with an 8% decrease in average selling price. The decrease in closings occurred across the majority of markets, while the decrease in average selling price occurred across all markets. Income before income taxes decreased 41% primarily due to lower revenues and gross margins across the majority of markets. Net new orders increased across the majority of markets.

For the six months ended June 30, 2025, Florida home sale revenues decreased 17% when compared with the prior year period due to a 13% decrease in closings combined with a 5% decrease in the average selling price. The decrease in closings and average selling price occurred across the majority of markets. Income before income taxes decreased 36% primarily due to lower revenues and gross margins across the majority of markets. Net new orders decreased across the majority of markets.

Midwest

For the second quarter of 2025, Midwest home sale revenues increased 6% when compared with the prior year period due to a 6% increase in closings partially offset by a slight decrease in average selling price. The increase in closings occurred across the majority of markets while the decrease in average selling price was mixed among markets. Income before income taxes increased 15% primarily due to higher revenues and gross margins across the majority of markets. The increase in net new orders was mixed among markets.

For the six months ended June 30, 2025, Midwest home sale revenues increased 8% when compared with the prior year period due to an 8% increase in closings combined with a slight decrease in average selling price. The increase in closings and the decrease in average selling price occurred across the majority of markets. Income before income taxes increased 15% primarily due to higher revenues and gross margins across the majority of markets. The increase in net new orders was mixed among markets.

Texas

For the second quarter of 2025, Texas home sale revenues decreased 20% when compared with the prior year period due to a 17% decrease in closings combined with a 3% decrease in average selling price. The decrease in closings occurred across the majority of markets while the decrease in average selling price was mixed among markets. Income before income taxes decreased 49% primarily due to decreased revenues and gross margins across all markets, partially offset by lower overhead costs across the majority of markets. The decrease in net new orders occurred across all markets.

For the six months ended June 30, 2025, Texas home sale revenues decreased 21% when compared with the prior year period due to a 19% decrease in closings combined with a 2% decrease in average selling price. The decrease in closings occurred across the majority of markets while the decrease in average selling price was mixed among markets. Income before income taxes decreased 47% primarily due to decreased revenues and gross margins across all markets, partially offset by lower overhead costs across the majority of markets. Net new orders decreased across the majority of markets.

West

For the second quarter of 2025, West home sale revenues increased 10% when compared with the prior year period due to a 1% increase in closings combined with a 9% increase in average selling price. The increase in closings and average selling price occurred across the majority of markets. Income before income taxes decreased 3%, primarily due to lower gross margins and increased overhead costs across the majority of markets. Net new orders decreased across the majority of markets.

For the six months ended June 30, 2025, West home sale revenues increased 17% when compared with the prior year period due to a 6% increase in closing combine with a 10% increase in average selling price. The increase in closings and average selling price occurred across the majority of markets. Income before income taxes increased 3% primarily due to increased revenues, partially offset by lower gross margins and increased overhead costs across the majority of markets. Net new orders decreased across all markets.

Financial Services Operations

We conduct our Financial Services operations, which include mortgage banking, title, and insurance agency operations, through Pulte Mortgage LLC ("Pulte Mortgage") and other subsidiaries. In originating mortgage loans, we initially use our own funds supplemented by funds available pursuant to a credit agreement with third parties. Substantially all of the loans we originate are sold in the secondary market within a short period of time after origination, generally within 30 days. We also sell the servicing rights for the loans we originate through fixed price servicing sales contracts to reduce the risks and costs inherent in servicing loans. This strategy results in owning loans and related servicing rights for only a short period of time. Operating as a captive business model primarily targeted to support our Homebuilding operations, the business levels of our Financial Services operations are highly correlated to Homebuilding, as Homebuilding customers continue to account for substantially all of its business. We believe that our mortgage capture rate, which represents loan originations from our Homebuilding operations as a percentage of total loan opportunities from our Homebuilding operations, excluding cash closings, is an important metric in

evaluating the effectiveness of our captive mortgage business model. The following tables present selected financial information for our Financial Services operations ($000's omitted):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025		2025 vs. 2024		2024		2025		2025 vs. 2024		2024
Mortgage revenues	$	74,224	(4)	%	$	76,967	$	137,094	(2)	%	$	139,992
Title services revenues	25,047		(1)	%	25,405		46,758		(1)	%	47,224
Insurance agency commissions	1,887		(80)	%	9,290		8,134		(52)	%	16,803
Total Financial Services revenues	101,158		(9)	%	111,662		191,986		(6)	%	204,019
Expenses	(59,611)		21	%	(49,334)		(114,581)		14	%	(100,712)
Equity income from unconsolidated entities	1,250		19	%	1,050		1,250		19	%	1,050

Income before income taxes	$	42,797	(32)	%	$	63,378	$	78,655	(25)	%	$	104,357
Total originations:
Loans	4,984		(2)	%	5,105		9,255		(2)	%	9,437
Principal	$	2,164,755	1	%	$	2,140,103	$	4,030,773	3	%	$	3,895,150


	Six Months Ended
	June 30,
	2025		2024
Supplemental data:
Capture rate	85.5	%	85.4	%
Average FICO score	751		750

Funded origination breakdown:
Government (FHA, VA, USDA)	27	%	25	%
Other agency	69	%	72	%
Total agency	96	%	97	%
Non-agency	4	%	3	%
Total funded originations	100	%	100	%

Revenues

Total Financial Services revenues for the three and six months ended June 30, 2025 decreased 9% and 6%, respectively, compared with the comparable prior year periods, reflective of the lower homebuilding volume. Insurance agency commissions reflect lower policy retention and commission rates as a result of the evolving environment for home insurance as carriers adjust their premiums, geographic markets, and product coverages.

Income before income taxes

Income before income taxes in the three and six months ended June 30, 2025 decreased 32% and 25%, respectively, compared with the same period in 2024 due to lower insurance agency commissions combined with higher expenses.

Income Taxes

Our effective tax rate for the three and six months ended June 30, 2025 was 24.6% and 24.0%, respectively, compared with 22.8% and 23.2% for the comparable prior year periods. Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense and federal tax credits. Our income tax expense for the three and six months ended June 30, 2024 also reflected a reduction in income tax liabilities totaling $13.2 million related to the favorable resolution of uncertain state tax positions.

Liquidity and Capital Resources

We finance our land acquisition, development, and construction activities and financial services operations using internally-generated funds, supplemented by credit arrangements with third parties and capital market financing. We routinely monitor current and expected operational requirements and financial market conditions to evaluate accessing available financing sources, including revolving bank credit and securities offerings.

At June 30, 2025, we had unrestricted cash and equivalents of $1.2 billion, restricted cash balances of $33.2 million, and $908.8 million available under our Revolving Credit Facility. Our ratio of debt-to-total capitalization, excluding our Financial Services debt, was 11.4% at June 30, 2025, compared with 11.8% at December 31, 2024. We follow a diversified investment approach for our cash and equivalents by maintaining such funds with a portfolio of banks within our group of relationship banks in high quality, highly liquid, short-term deposits and investments, which helps mitigate banking concentration risk.

For the next 12 months, we expect our principal demand for funds will be for the acquisition and development of land inventory, construction of house inventory, the repayment of certain of our unsecured senior notes due in March 2026, and operating expenses, including our general and administrative expenses. We plan to continue our dividend payments and repurchases of common stock. In August 2025, we need to repay or refinance Pulte Mortgage's master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement"). While we intend to refinance the Repurchase Agreement, there can be no assurances that the Repurchase Agreement can be renewed or replaced on commercially reasonable terms upon its expiration. However, we believe we have adequate liquidity to meet Pulte Mortgage's anticipated financing needs. Beyond the next 12 months, we will need to repay or refinance our Revolving Credit Facility, which matures in June 2027, and additional unsecured senior notes beginning in January 2027 and beyond (see Note 4). We may from time to time repurchase our unsecured senior notes through open market purchases, privately negotiated transactions, or otherwise.

We believe that our current cash position and other available financing resources, coupled with our ongoing operating activities, will provide sufficient liquidity to fund our business needs over the next 12 months and beyond. To the extent the sources of capital described above are insufficient to meet our needs, we may also conduct additional public offerings of our securities, refinance debt, dispose of certain assets to fund our operating activities, or draw on existing or new debt facilities.

Unsecured senior notes

We had $1.6 billion of unsecured senior notes outstanding at both June 30, 2025 and December 31, 2024, with no repayments due until March 2026, when $251.9 million of unsecured senior notes are scheduled to mature.

Other notes payable

Other notes payable include non-recourse and limited recourse secured notes with third parties that totaled $39.7 million and $35.8 million at June 30, 2025 and December 31, 2024, respectively. These notes have maturities ranging up to five years, are secured by the applicable land positions to which they relate, and generally have no recourse to other assets. The stated interest rates on these notes range up to 9%.

Revolving credit facility

We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $1.8 billion, subject to certain conditions and availability of additional bank commitments. The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity. The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate plus an applicable margin, as defined therein. The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility). We were in compliance with all covenants and requirements as of June 30, 2025. Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At June 30, 2025, we had no borrowings outstanding, $341.2 million of letters of credit issued, and $908.8 million of remaining capacity under the Revolving Credit Facility. At December 31, 2024, we had no borrowings outstanding, $321.1 million of letters of credit issued, and $928.9 million of remaining capacity under the Revolving Credit Facility.

Joint venture debt

At June 30, 2025, aggregate outstanding debt of unconsolidated joint ventures was $36.5 million.

Financial Services debt

Pulte Mortgage maintains a master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement") that matures on August 13, 2025. The maximum aggregate commitment under the Repurchase Agreement was $650.0 million at June 30, 2025, which continues until maturity. The Repurchase Agreement also contains an accordion feature that could increase the commitment by $50.0 million above its active commitment level. Borrowings under the Repurchase Agreement are secured by residential mortgage loans available-for-sale. The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity. At June 30, 2025, Pulte Mortgage had $498.4 million outstanding at a weighted-average interest rate of 6.12% and $151.6 million of remaining capacity under the Repurchase Agreement. At December 31, 2024, Pulte Mortgage had $526.9 million outstanding at a weighted-average interest rate of 6.13% and $148.1 million of remaining capacity under the Repurchase Agreement. Pulte Mortgage was in compliance with all covenants and requirements as of such dates.

Dividends and share repurchase program

In the six months ended June 30, 2025, we declared cash dividends totaling $88.7 million and repurchased 5.8 million shares under our share repurchase authorization for $600.0 million. In the six months ended June 30, 2024, we declared cash dividends totaling $84.7 million and repurchased 5.1 million shares under our share repurchase authorization for $560.0 million. On January 29, 2025, the Board of Directors increased our share repurchase authorization by $1.5 billion, which was publicly announced on January 30, 2025. At June 30, 2025, we had remaining authorization to repurchase $1.6 billion of common shares.

Contractual Obligations

We are a party to many contractual obligations involving commitments to make payments to third parties. These obligations impact our short-term and long-term liquidity and capital resource needs. Certain contractual obligations are reflected on the Consolidated Balance Sheet as of June 30, 2025, while others are considered future commitments. Our contractual obligations primarily consist of long-term debt and related interest payments, purchase obligations related to expected acquisitions and development of land, house construction costs, operating leases, and obligations under our various compensation and benefit plans.

We use letters of credit and surety bonds to guarantee our performance under various contracts, principally in connection with the development of our homebuilding projects and insurance programs. The expiration dates of the letter of credit contracts coincide with the expected completion date of the related homebuilding projects and insurance programs. If the obligations related to a project or program are ongoing, annual extensions of the letters of credit are typically granted on a year-to-year basis. At June 30, 2025, we had outstanding letters of credit totaling $341.2 million. Our surety bonds generally do not have stated expiration dates; rather, we are released from the bonds as the contractual performance is completed. These bonds, which approximated $3.1 billion at June 30, 2025, are typically outstanding over a period of approximately three to five years. Because significant construction and development work has been performed related to projects that have not yet received final acceptance by the respective counterparties, the aggregate amount of surety bonds outstanding is in excess of the projected cost of the remaining work to be performed.

In the ordinary course of business, we enter into land option agreements in order to procure land for the construction of houses in the future. At June 30, 2025, these agreements had an aggregate remaining purchase price of $10.1 billion. Pursuant to these land option agreements, we generally provide a deposit to the seller as consideration for the right to purchase land at different times in the future, usually at predetermined prices. At June 30, 2025, outstanding deposits totaled $673.1 million, of which $21.5 million is refundable.

For further information regarding our primary obligations, refer to Note 4 and Note 8 to the Consolidated Financial Statements included elsewhere in this Quarterly Report on 10-Q for amounts outstanding as of June 30, 2025 related to debt and commitments and contingencies, respectively.

Cash flows

Operating activities

Net cash provided by operating activities in the six months ended June 30, 2025 was $421.7 million. Generally, the primary drivers of our cash flow from operations are profitability and changes in the levels of inventory and residential mortgage loans available-for-sale, each of which experiences seasonal fluctuations. The cash inflows from our operations for the six months ended June 30, 2025 were primarily due to net income of $1.1 billion, partially offset by a net increase in inventories of $533.0 million, which was primarily attributable to land acquisition, development, and house spend to support expected future growth.

Net cash provided by operating activities in the six months ended June 30, 2024 was $657.3 million. The cash inflows from our operations for the six months ended June 30, 2024 were primarily due to net income of $1.5 billion, partially offset by a net increase in inventories of $473.7 million, which was primarily attributable to the increased number of homes in production coupled with land acquisition and development spend to support expected future growth, as well as a seasonal $55.3 million increase in residential mortgage loans available-for-sale.

Investing activities

Net cash used in investing activities in the six months ended June 30, 2025 was $39.2 million. These cash outflows primarily resulted from capital expenditures of $64.1 million related to our ongoing investments in new communities, facilities, and information technology applications, partially offset by distributions of capital from unconsolidated entities of $39.4 million.

Net cash used in investing activities in the six months ended June 30, 2024 was $66.2 million. These cash outflows primarily resulted from capital expenditures of $55.3 million related to our ongoing investments in new communities, facilities, and information technology applications.

Financing activities

Net cash used in financing activities in the six months ended June 30, 2025 totaled $768.9 million. These cash outflows resulted primarily from the repurchase of 5.8 million common shares for $600.0 million under our share repurchase authorization, payments of $90.1 million in cash dividends, payments of $22.4 million related to consolidated inventory not owned, and net repayments of $28.5 million under the Repurchase Agreement.

Net cash used in financing activities in the six months ended June 30, 2024 totaled $994.3 million. These cash outflows resulted primarily from the repurchase of 5.1 million common shares for $560.0 million under our share repurchase authorization, payments of $84.9 million in cash dividends, payments of $70.6 million related to consolidated inventory not owned, and $318.3 million of repayments of notes payable, partially offset by net borrowings of $24.4 million under the Repurchase Agreement.

Seasonality

Although significant changes in market conditions have impacted our seasonal patterns in the past and could do so again, we historically experience variability in our quarterly results from operations due to the seasonal nature of the homebuilding industry. We generally experience increases in revenues and cash flow from operations in the fourth quarter based on the timing of home closings. This seasonal activity increases our working capital requirements in our third and fourth quarters to support our home production and loan origination volumes. As a result of the seasonality of our operations, our quarterly results of operations are not necessarily indicative of the results that may be expected for the full year.

Supplemental Guarantor Financial Information

As of June 30, 2025, PulteGroup, Inc. had outstanding $1.6 billion principal amount of unsecured senior notes due at dates from March 2026 through February 2035 and no borrowings outstanding, $341.2 million of letters of credit issued, and $908.8 million of remaining capacity under its Revolving Credit Facility.

All of our unsecured senior notes and the Revolving Credit Facility are fully and unconditionally guaranteed, on a joint and several basis, by certain subsidiaries of PulteGroup, Inc. ("Guarantors" or "Guarantor Subsidiaries"). Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by PulteGroup, Inc. Our subsidiaries associated with our Financial Services operations and certain other subsidiaries do not guarantee the unsecured senior notes or the Revolving Credit Facility (collectively, "Non-Guarantor Subsidiaries"). The guarantees are senior unsecured obligations of each Guarantor and rank equal

with all existing and future senior debt of such Guarantor and senior to all subordinated debt of such Guarantor. The guarantees are effectively subordinated to any secured debt of such Guarantor to the extent of the value of the assets securing such debt.

A court could void or subordinate any Guarantor’s guarantee under the fraudulent conveyance laws if existing or future creditors of any such Guarantor were successful in establishing that such Guarantor:

(a) incurred the guarantee with the intent of hindering, delaying or defrauding creditors; or

(b) received less than reasonably equivalent value or fair consideration in return for incurring the guarantee and, in the case of any one of the following being true at the time thereof:

•such Guarantor was insolvent or rendered insolvent by reason of the issuance of the incurrence of the guarantee;

•the incurrence of the guarantee left such Guarantor with an unreasonably small amount of capital or assets to carry on its business;

•such Guarantor intended to, or believed that it would, incur debts beyond its ability to pay as they mature; or

•such Guarantor was a defendant in an action for money damages, or had a judgment for money damages docketed against it, if the judgment is unsatisfied after final judgment.

The measures of insolvency for purposes of determining whether a fraudulent conveyance occurred would vary depending upon the laws of the relevant jurisdiction and upon the valuation assumptions and methodology applied by the court. However, in general, a court would deem a company insolvent if:

•the sum of its debts, including contingent and unliquidated liabilities, was greater than the fair saleable value of all of its assets;

•the present fair saleable value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they become absolute and mature; or

•it could not pay its debts as they became due.

The guarantees of the senior notes contain a provision to limit each Guarantor’s liability to the maximum amount that it could incur without causing the incurrence of obligations under its guarantee to be a fraudulent transfer. However, under certain case law, this provision may not be effective to protect such guarantee from being voided under fraudulent transfer law or otherwise determined to be unenforceable. If a court were to find that the incurrence of a guarantee was a fraudulent transfer or conveyance, the court could void the payment obligations under that guarantee, could subordinate that guarantee to presently existing and future indebtedness of the Guarantor or could require the holders of the senior notes to repay any amounts received with respect to that guarantee. In the event of a finding that a fraudulent transfer or conveyance occurred, holders may not receive any repayment on the senior notes.

Finally, as a court of equity, a bankruptcy court may subordinate the claims in respect of the guarantees to other claims against us under the principle of equitable subordination if the court determines that (1) the holder of senior notes engaged in some type of inequitable conduct, (2) the inequitable conduct resulted in injury to our other creditors or conferred an unfair advantage upon the holders of senior notes and (3) equitable subordination is not inconsistent with the provisions of the bankruptcy code.

On the basis of historical financial information, operating history and other factors, we believe that each of the Guarantors, after giving effect to the issuance of the guarantees when such guarantees were issued, was not insolvent, did not have unreasonably small capital for the business in which it engaged and did not and has not incurred debts beyond its ability to pay such debts as they mature. We cannot, however, provide assurances as to what standard a court would apply in making these determinations or whether a court would agree with our conclusions in this regard.

The following tables present summarized financial information for PulteGroup, Inc. and the Guarantor Subsidiaries on a combined basis after intercompany transactions and balances have been eliminated among PulteGroup, Inc. and the Guarantor Subsidiaries, as well as their investment in and equity in earnings from the Non-Guarantor Subsidiaries ($000’s omitted):


PulteGroup, Inc. and Guarantor Subsidiaries
Summarized Balance Sheet Data
ASSETS	June 30, 2025	December 31, 2024
Cash, cash equivalents, and restricted cash	$1,117,535	$1,218,207
House and land inventory	12,911,638	12,354,274
Amount due from Non-Guarantor Subsidiaries	890,680	1,024,762
Total assets	16,136,750	15,589,227


LIABILITIES
Accounts payable, customer deposits, accrued and other liabilities	$2,570,083	$2,735,190
Notes payable	1,623,065	1,618,586

Total liabilities	4,656,932	4,801,056


	Six Months Ended
	June 30,
Summarized Statement of Operations Data	2025	2024
Revenues	$7,935,940	$8,223,331
Cost of revenues	5,779,077	5,778,838
Selling, general, and administrative expenses	748,053	704,832
Income before income taxes	1,371,236	1,774,676

Critical Accounting Estimates

There have been no significant changes to our critical accounting estimates in the six months ended June 30, 2025 compared with those contained in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Quantitative disclosure

We are subject to market risk on our debt instruments primarily due to fluctuations in interest rates. We utilize both fixed-rate and variable-rate debt. For fixed-rate debt, changes in interest rates generally affect the fair value of the debt instrument but not our earnings or cash flows. Conversely, for variable-rate debt, changes in interest rates generally do not affect the fair value of the debt instrument but could affect our earnings and cash flows. Except in very limited circumstances, we do not have an obligation to prepay fixed-rate debt prior to maturity. As a result, interest rate risk and changes in fair value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance or repurchase such debt.

The following table sets forth the principal cash flows by scheduled maturity, weighted-average interest rates, and estimated fair value of our debt obligations as of June 30, 2025 ($000’s omitted):


	As of June 30, 2025 for the Years ending December 31,
	2025			2026			2027			2028			2029			Thereafter			Total			Fair Value
Rate-sensitive liabilities:
Fixed rate debt	$	10,900		$	270,935		$	338,277		$	4,390		$	4,340		$	1,000,000		$	1,628,842		$	1,718,275
Average interest rate	3.72		%	5.27		%	4.99		%	4.94		%	5.00		%	6.71		%	6.09		%

Variable rate debt (a)	$	498,357		$	—		$	—		$	—		$	—		$	—		$	498,357		$	498,357
Average interest rate	6.12		%	—		%	—		%	—		%	—		%	—		%	6.12		%

(a) Includes the Repurchase Agreement and amounts outstanding under our Revolving Credit Facility, under which there was no amount outstanding at June 30, 2025.

Qualitative disclosure

There have been no material changes to the qualitative disclosure found in Item 7A, Quantitative and Qualitative Disclosures about Market Risk, of our Annual Report on Form 10-K for the year ended December 31, 2024.

SPECIAL NOTES CONCERNING FORWARD-LOOKING STATEMENTS

As a cautionary note, except for the historical information contained herein, certain matters discussed in Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations, Item 3, Quantitative and Qualitative Disclosures About Market Risk, and elsewhere in this report are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking 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,” “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 changes 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 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; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it; the effect of cybersecurity incidents and threats; 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, 2024, 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.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Management, including our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2025. Based upon, and as of the date of that evaluation, our President and Chief Executive Officer and Executive Vice President and Chief Financial Officer concluded that the disclosure controls and procedures were effective as of June 30, 2025.

Management is responsible for establishing and maintaining effective internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). There was no change in our internal control over financial reporting during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

There have been no material developments with respect to the information previously reported under Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 1A. Risk Factors

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities


	Total number of shares purchased (1)	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs ($000’s omitted) (2)
April 1, 2025 to April 30, 2025	1,003,005	$	97.76	1,003,005	$	1,784,840
May 1, 2025 to May 31, 2025	1,013,465	$	102.02	1,013,465	$	1,681,451
June 1, 2025 to June 30, 2025	967,392	$	101.88	967,392	$	1,582,898
Total	2,983,862	$	100.54	2,983,862

(1) During 2025, participants surrendered shares for payment of minimum tax obligations upon the vesting or exercise of previously granted share-based compensation awards. Such shares were not repurchased as part of our publicly-announced share repurchase programs and are excluded from the table above.

(2) The Board of Directors approved a share repurchase authorization increase of $1.5 billion on January 29, 2025, which was publicly announced on January 30, 2025. There is no expiration date for this program, under which approximately $1.6 billion remained available for repurchases as of June 30, 2025.

Item 5. Other Information

During the period covered by this Quarterly Report on Form 10-Q,

Item 6. Exhibits

Exhibit Number and Description

(a)

Restated Articles of Incorporation, of PulteGroup, Inc. (Incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on August 18, 2009)

(b)

Certificate of Amendment to the Articles of Incorporation, dated March 18, 2010 (Incorporated by reference to Exhibit 3(b) of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010)

(c)

Certificate of Amendment to the Articles of Incorporation, dated May 21, 2010 (Incorporated by reference to Exhibit 3(c) of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2010)

(d)

Certificate of Amendment to the Articles of Incorporation, dated May 6, 2024 (Incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on May 8, 2024)

(e)

Amended and Restated By-Laws of PulteGroup, Inc. (Incorporated by reference to Exhibit 3.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on May 6, 2025).

(f)

Certificate of Designation of Series A Junior Participating Preferred Shares, dated August 6, 2009 (Incorporated by reference to Exhibit 3(b) of our Registration Statement on Form 8-A, filed with the SEC on August 18, 2009)

(g)

Certificate of Elimination of Series A Junior Participating Preferred Shares of PulteGroup, Inc., dated June 2, 2025 (Incorporated by reference to Exhibit 3.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on June 3, 2025).

(a)

Any instrument with respect to long-term debt, where the securities authorized thereunder do not exceed 10% of the total assets of PulteGroup, Inc. and its subsidiaries, has not been filed. The Company agrees to furnish a copy of such instruments to the SEC upon request.

(b)

Amended and Restated Section 382 Rights Agreement, dated as of March 18, 2010, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent, which includes the Form of Rights Certificate as Exhibit B thereto (Incorporated by reference to Exhibit 4 of PulteGroup, Inc.’s Registration Statement on Form 8-A/A, filed with the SEC on March 23, 2010)

(c)

First Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 14, 2013, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on March 15, 2013)

(d)

Second Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 10, 2016, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on March 10, 2016)

(e)

Third Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 7, 2019, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on March 7, 2019)

(f)

Fourth Amendment to Amended and Restated Section 382 Rights Agreement, dated as of May 11, 2020, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on May 11, 2020)

(g)

Fifth Amendment to Amended and Restated Section 382 Rights Agreement, dated as of March 10, 2022, between PulteGroup, Inc. and Computershare Trust Company, N.A., as rights agent (Incorporated by reference to Exhibit 4.1 of PulteGroup, Inc.’s Current Report on Form 8-K, filed with the SEC on March 11, 2022)

(a)

List of Guarantor Subsidiaries (incorporated by reference from Exhibit 22 to PulteGroup, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 6, 2025)

(a)

Rule 13a-14(a) Certification by Ryan R. Marshall, President and Chief Executive Officer (Filed herewith)

(b)

Rule 13a-14(a) Certification by James L. Ossowski, Executive Vice President and Chief Financial Officer (Filed herewith)

Certification Pursuant to 18 United States Code § 1350 and Rule 13a-14(b) of the Securities Exchange Act of 1934 (Furnished herewith)

101.INS

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


PULTEGROUP, INC.



/s/ James L. Ossowski
James L. Ossowski
Executive Vice President and Chief Financial Officer
(Principal Financial Officer and duly authorized officer)
Date:			July 22, 2025

PULTEGROUP INC/MI/ - Quarter Report: 2025 June (Form 10-Q)

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