PHM
PulteGroup, Inc.124.39
-1.86-1.47%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details BTO shift, margin components.
Q&A unpacked PulteGroup's push to revert to 60%+ built-to-order mix—yielding hundreds of bps higher margins—after slashing spec inventory 18% YoY and matching starts to sales. Management fleshed out 24.5-25% gross margin guide: elevated incentives (mostly price discounts on specs, financing flat), 7-8% lot cost hikes offset by flat-to-down house costs at $78/sqft; spring season key to any pullback. Florida orders popped 14% in hotspots like Orlando, offsetting West's affordability pinch. ICG divestiture boils down to capital allocation favoring core ops. Specs trimmed; BTO shift matters for returns. Watch absorption above 2/month, incentive trajectory.
Key Stats
Market Cap
24.54BP/E (TTM)
9.60Basic EPS (TTM)
12.96Dividend Yield
0.01%Recent Filings
8-K
PulteGroup issues $800M notes
PulteGroup completed a $800.0 million public offering of senior unsecured notes on February 20, 2026—$400.0 million 4.250% due 2031 and $400.0 million 4.900% due 2036—guaranteed by U.S. subsidiaries. Notes rank equally with existing senior debt, with make-whole redemption before par call dates. Deal bolsters liquidity. Covenants curb secured debt.
8-K
Priced $800M notes, redeems 2027s
PulteGroup priced $800 million in senior unsecured notes—$400M 4.250% due 2031 and $400M 4.900% due 2036—via underwriting agreement on February 10, 2026, set to close February 20. It will redeem all $337.3M of 5.000% notes due 2027 on March 13 at 100% plus make-whole premium. Refinancing cuts rates. Smooth swap.
8-K
Gannon joins PulteGroup board
PulteGroup expanded its board to 11 directors and appointed Kristin Gannon, Managing Director at Eastdil Secured, as independent director effective February 10, 2026. She joins the Audit and Nominating and Governance Committees, bringing over 20 years in real estate finance, M&A, and capital markets—including $150 billion in transactions from Goldman Sachs and Morgan Stanley. Board gains sharp real estate expertise. No related arrangements disclosed.
10-K
FY2025 results
PulteGroup's FY2025 homebuilding revenues fell 3% y/y to $16.9B on 5% fewer closings at 29,572 units, yet average selling price rose 2% to $566k amid product mix shifts; home sale gross margins eroded to 26.3% from 28.9%, sliding sequentially to 24.7% in Q4 on elevated incentives and land costs. Net new orders dropped 4% but backlog held at $5.3B (8,495 units). Q4 delivered seasonal strength per tradition, though Texas and West dragged while Northeast accelerated. Cash swelled to $2.0B with $893M revolver capacity; repurchased $1.2B shares, hiked dividend 18% to $0.26/share. Elevated rates crimp affordability, risking order volatility.
8-K
Q4 earnings down, orders up
PulteGroup reported Q4 2025 net income of $502 million, or $2.56 per share, down from $913 million last year amid land impairments and a manufacturing divestiture charge. Home sale revenues fell 5% to $4.5 billion on 7,821 closings, yet net new orders rose 4% to 6,428 homes valued at $3.5 billion. Cash hit $2.0 billion; repurchased $300 million in shares. Backlog conversion stays disciplined.
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