Pultegroup Inc/Mi/
PHM · NYSEOperative Builders · Fiscal year ends Dec 31
Pultegroup Inc/Mi/ reported revenue of $17.3B in the fiscal year ended Dec 2025, down 3.5% from the year before. Net income was $2.2B. Operating cash flow of $1.9B less capital expenditure of $123M left free cash flow of $1.7B. It held more cash than debt (net cash $1.9B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.7B | $16B | $16.1B | $17.9B | $17.3B |
| Selling, general & admin | $1.2B | $1.4B | $1.3B | $1.3B | $1.6B |
| Interest expense | $502,000 | $284,000 | $469,000 | $479,000 | $605,000 |
| Income tax | $564M | $822M | $847M | $923M | $693M |
| Net income | $1.9B | $2.6B | $2.6B | $3.1B | $2.2B |
| Diluted EPS | 7.43 | 11.01 | 11.72 | 14.69 | 11.12 |
| Diluted shares | 260M | 236M | 221M | 210M | 200M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.1B | $1.8B | $1.6B | $2B |
| Net PP&E | $149M | $200M | $221M | $253M | $239M |
| Goodwill | – | $69M | $69M | $69M | $40M |
| Total assets | $13.4B | $14.8B | $16.1B | $17.4B | $18B |
| Deferred revenue | $845M | $784M | $675M | $513M | $388M |
| Long-term debt | $64M | $77M | $74M | $31M | $44M |
| Total liabilities | $5.9B | $5.9B | $5.7B | $5.2B | $5.1B |
| Shareholders' equity | $7.5B | $8.9B | $10.4B | $12.1B | $13B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1B | $668M | $2.2B | $1.7B | $1.9B |
| Capital expenditure | $73M | $113M | $92M | $119M | $123M |
| Free cash flow | $931M | $556M | $2.1B | $1.6B | $1.7B |
| Depreciation & amortisation | $70M | $71M | $81M | $89M | $113M |
| Stock-based compensation | $37M | $43M | $48M | $55M | $55M |
| Share buybacks | $897M | $1.1B | $1B | $1.2B | $1.2B |
| Dividends paid | $148M | $144M | $142M | $168M | $177M |
| Dividend per share | 0.57 | 0.61 | 0.68 | 0.82 | 0.92 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.5% | 0.4% | 11.7% | −3.5% |
| EPS growth (YoY) | – | 48.2% | 6.4% | 25.3% | −24.3% |
| Net margin | 14.2% | 16.4% | 16.2% | 17.2% | 12.8% |
| Return on equityBlank when equity is negative | 26.0% | 29.4% | 25.1% | 25.4% | 17.1% |
| Free cash flow margin | 6.8% | 3.5% | 13.1% | 8.7% | 10.1% |
| Cash conversion (CFO ÷ net income) | 0.52x | 0.26x | 0.84x | 0.55x | 0.84x |
| Debt ÷ equity | 0.01x | 0.01x | 0.01x | 0.00x | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.7B | −$976M | −$1.7B | −$1.6B | −$1.9B |
Recent filings
More in Operative Builders
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.