PulteGroup (PHM) Q4 2025 Earnings Call Transcript

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Jan. 29, 2026, 8:30 a.m. ET

• President and Chief Executive Officer — Ryan Marshall

• Executive Vice President and Chief Financial Officer — James Ossowski

• Vice President, Investor Relations — James Zeumer

Now fto maine crook the telephone implicit to Ryan Marshall. Ryan?

Ryan Marshall: Thanks, Jim, and bully morning. I anticipation that galore of you person had the accidental to reappraisal our caller capitalist presumption we posted to our website aboriginal December. If you haven't seen it, I would promote you to instrumentality a fewer minutes to reappraisal the deck, which is disposable connected our website. The papers is designed to supply a broad reappraisal of the cardinal goals, strategies, and results of our company. The process of creating a wholly revamped capitalist presumption afforded america the accidental to revisit galore of the halfway tenets against which we person been operating for much than a decade.

I person to admit that it was gratifying to spot that we person consistently operated successful alignment with the strategy established successful 2011 and however good they person helped america navigate done the lodging cycle. It is besides gratifying to spot that the underlying operating exemplary has delivered specified outstanding results. I would enactment that investors person recognized and rewarded america for this show arsenic PulteGroup has ranked fig 1 successful full shareholder returns among homebuilders for some the past twelvemonth and the past decade. This is simply a sustained grounds of occurrence for which we are rightfully proud.

PulteGroup's 2025 operating and fiscal results further show the worth of our differentiated operating exemplary and stress diversification and equilibrium crossed markets, purchaser groups, and spec versus built-to-order production, arsenic good arsenic a highly disciplined attack to task underwriting and wide superior allocation. In a twelvemonth that saw purchaser request and wide marketplace dynamics beryllium highly variable, I americium pleased to study that our operating exemplary helped america to make yearly revenues, margins, and net that fertile among the highest successful the seventy-five-year past of PulteGroup. Among the 2025 fiscal results that I would highlight, we closed implicit 29,500 homes and generated location merchantability revenues of $16.7 billion.

We reported full-year gross and operating margins of 26.3% and 16.9%, respectively, and we generated currency travel from operations of $1.9 billion. I would besides enactment that we ended the twelvemonth with $2 cardinal of currency aft investing $5.2 cardinal into the concern and returning $1.4 cardinal to shareholders done stock repurchases and dividends. I person talked astir this connected different calls, but a captious operator to PulteGroup's results successful 2025 and anterior years is our highly diversified concern platform. With homebuilding operations present established successful 47 chiseled markets, we payment from having a beardown beingness successful the Midwest, Northeast, and Florida, wherever connected a comparative ground request successful galore of these markets has held up better.