PulteGroup Inc (PHM)

Bigger Isn’t Always Better: Move-Up Homebuyers Prioritize Style and Functionality Alongside Square Footage, According to New PulteGroup SurveyJune 24, 2026 7:00 AM
Business Wire New findings suggest today's move-up buyers are redefining what it means to upgrade, balancing functionality, lifestyle fit and thoughtful design and the right amount of space for their needs. For today's move-up homebuyers, the dream of a new home doesn't necessarily mean more space. It means better space. According to a new national survey conducted by PulteGroup among 1,325 U.S. homeowners who recently purchased their next home, a majority (51%) bought a home the same size or smaller than their previous one. Yet regardless of whether they purchased a larger, similarly sized or smaller home, 78% said their new home met or exceeded expectations. The findings suggest today’s move-up buyers are increasingly prioritizing functionality, design and lifestyle alongside square footage when evaluating their next home. Life-stage changes are also influencing purchasing decisions. Respondents cited a major life change, such as a growing family or aging parents (25%), as the top reason for purchasing a new home, followed by feeling that the timing was right to move (24%) and needing more space (22%). While younger buyers were more likely to purchase larger homes, older buyers increasingly opted for homes that better matched their lifestyle needs, underscoring how life stage is shaping today’s definition of a move-up home. Once the decision was made, many buyers moved quickly, with more than half (56%) saying they considered moving for less than a year before purchasing their next home. More than half (51%) said the kitchen became the most valuable space after moving, ranking ahead of the living or family room (38%), garage (26%) and flex space (24%). When shopping for their next home, 37% of buyers said a modern or upgraded kitchen was a must-have feature, second only to location (55%). The finding aligns with trends identified in PulteGroup's most recent Design Trends Forecast, which found homeowners increasingly gravitating toward oversized kitchen islands, integrated dining areas and open gathering spaces that bring people together. Flexible rooms, outdoor living spaces and layouts that support evolving family needs also continue gaining traction among today's buyers. “For years, moving up was often associated primarily with buying more square footage,” said Angela Nuessle, national vice president of interior design at PulteGroup. "What we’re seeing today is that buyers are becoming more intentional about how they evaluate value in a home. They’re placing greater value on homes that support the way they live, whether that’s putting more emphasis on a well-designed kitchen, an increased desire for flexible spaces that meet the needs of evolving families or outdoor areas that extend everyday living." These priorities appear to be paying off. Nearly half (47%) of respondents said their overall comfort and enjoyment of life improved after moving, while 26% said their ability to host and entertain improved. At a time when many homeowners are being thoughtful and carefully evaluating their next move, the findings of this latest survey suggest buyers are looking for the right combination of space, design and functionality to support their lifestyles and evolving needs. PulteGroup conducted the online survey in May 2026 among 1,325 U.S. homeowners who recently purchased their next home. About PulteGroup PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams. For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews. View source version on businesswire.com: https://www.businesswire.com/news/home/20260624575766/en/ For Media Inquires
Ally Boyle

PulteGroup Announces Quarterly Cash Dividend of $0.26 Per ShareApril 29, 2026 4:55 PM
Business Wire
PulteGroup, Inc. (NYSE: PHM) announced today that its Board of Directors has declared a quarterly dividend of $0.26 per common share payable July 2, 2026, to shareholders of record at the close of business on June 16, 2026.


About PulteGroup


PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Pulte Homes, Centex, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.


For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429001662/en/
Investors: Jim Zeumer

(404) 978-6434

jim.zeumer@pultegroup.com


Original: PulteGroup Announces Quarterly Cash Dividend of $0.26 Per Share

PulteGroup misses Q1 estimates as margins come under pressureApril 23, 2026 8:27 AM
IH Market News
PulteGroup Inc. (NYSE:PHM) reported first-quarter results on Thursday that fell slightly short of analyst expectations, as the homebuilder faced margin pressure driven by higher incentives in a challenging housing market.The company posted earnings of $1.79 per share, below the consensus estimate of $1.82. Revenue came in at $3.3 billion, missing forecasts of $3.39 billion and declining 12% from $3.7 billion a year earlier.Shares were little changed in premarket trading, rising 0.04% following the release.



Lower pricing and incentives weigh on profitability



PulteGroup closed 6,102 homes during the quarter, down 7% year-on-year, with the average selling price falling 5% to $542,000.Home sale gross margin narrowed to 24.4%, compared with 27.5% in the same period last year, reflecting increased incentives aimed at reducing excess speculative inventory in a competitive market.Selling, general, and administrative expenses totaled $380 million, or 11.5% of home sale revenue, up from 10.5% a year earlier.



Orders and backlog show resilience



Despite the softer top-line performance, net new orders rose 3% to 8,034 homes, valued at $4.6 billion, compared with 7,765 homes worth $4.5 billion in the prior-year period.The company operated an average of 1,043 communities, up 9% year-on-year. Backlog stood at 10,427 homes valued at $6.5 billion at the end of the quarter.“Our first quarter results reflect PulteGroup’s ability to successfully navigate current market conditions as we work to meet buyer demand, turn our assets and drive high returns,” said Ryan Marshall, President and CEO. “Within a demand environment impacted by domestic and global dynamics, we see a consumer with concerns about affordability and the economy, but still desirous of homeownership.”



Investment and shareholder returns



During the quarter, PulteGroup invested $1.3 billion in land acquisition and development and returned $360 million to shareholders through $308 million in share repurchases and dividends.The board also approved an additional $1.5 billion for its share buyback program, bringing total authorization to $2.1 billion.PulteGroup ended the quarter with $1.8 billion in cash and a debt-to-capital ratio of 12.3%.PulteGroup stock price

Original: PulteGroup misses Q1 estimates as margins come under pressure

PulteGroup, Inc. Reports First Quarter 2026 Financial ResultsApril 23, 2026 6:30 AM
Business Wire

Earnings of $1.79 Per Share



Net New Orders Increased 3% to 8,034 Homes with a Value of $4.6 Billion



Closed 6,102 Homes Generating Home Sale Revenues of $3.3 Billion



Home Sale Gross Margin of 24.4%



Unit Backlog of 10,427 Homes with a Value of $6.5 Billion



Repurchased $308 Million of Common Shares



Board Approves $1.5 Billion Increase in Share Repurchase Authorization



PulteGroup, Inc. (NYSE: PHM) announced today financial results for its first quarter ended March 31, 2026. For the quarter, the Company reported net income of $347 million, or $1.79 per share. In the comparable prior year period, the Company reported net income of $523 million, or $2.57 per share.


“Our first quarter results reflect PulteGroup’s ability to successfully navigate current market conditions as we work to meet buyer demand, turn our assets and drive high returns,” said PulteGroup President and CEO Ryan Marshall. “Along with increased net new orders, we generated strong closings, revenues and earnings, while investing $1.3 billion into land acquisition and development and returning $360 million back to shareholders.


“Within a demand environment impacted by domestic and global dynamics, we see a consumer with concerns about affordability and the economy, but still desirous of homeownership as demonstrated by the 3% growth in our first quarter net new orders,” added Marshall. “Given these dynamics, we continue to intelligently manage sales, incentives and production to best position the Company for near- and long-term success.”


First Quarter Financial Results


Home sale revenues for the first quarter totaled $3.3 billion, which is a decrease of 12% from the prior year. Revenues in the quarter reflect a 7% decrease in closing volumes to 6,102 homes, along with a 5% decrease in average sales price to $542,000.


First quarter home sale gross margin was 24.4%, compared with prior year gross margin of 27.5%. First quarter gross margins reflect the impact of higher incentives as the Company responded to competitive market dynamics and successfully worked to reduce excess spec inventory.


First quarter SG&A expense was $380 million, or 11.5% of home sale revenues. Prior year reported SG&A expense was $393 million, or 10.5% of home sale revenues.


The Company’s net new orders for the first quarter increased 3% to 8,034 homes with a value of $4.6 billion. Prior year net new orders totaled 7,765 homes with a value of $4.5 billion. In the first quarter, the Company operated from an average of 1,043 communities, which is an increase of 9% over the prior year.


The Company’s quarter-end backlog was 10,427 homes with a value of $6.5 billion.


In the first quarter, the Company’s financial services operations reported pre-tax income of $13 million, compared with prior year pre-tax income of $36 million. Capture rate for the quarter was 85%, compared with 86% in the comparable prior year period.


In the first quarter, the Company repurchased 2.4 million of its common shares outstanding for $308 million, or an average price of $127.39 per share. The Company ended the quarter with a debt-to-capital ratio of 12.3%, and a cash balance of $1.8 billion.


In a separate release, PulteGroup announced that its Board of Directors approved a $1.5 billion increase to the Company’s share repurchase authorization, bringing its remaining share repurchase authorization to $2.1 billion.


A conference call to discuss PulteGroup's first quarter results and financial and operational outlook is scheduled for Thursday April 23, 2026, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.


Forward-Looking Statements


This release includes “forward-looking statements.” These 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 conditions 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; disruptions associated with epidemics, pandemics or other serious public health threats (as well as fear of such events), and the measures taken to address it; 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, 2025, 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.


About PulteGroup


PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 45 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.


For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; and jwhomes.com. Follow PulteGroup, Inc. on X: @PulteGroupNews.



 


 


 



PulteGroup, Inc.

Consolidated Statements of Operations

($000's omitted, except per share data)

(Unaudited) 







 



 






Three Months Ended








 






March 31,








 






 






2026






 






 






 






2025






 








Revenues:






 






 






 








Homebuilding






 






 






 








Home sale revenues






$






3,307,510






 






 






$






3,749,269






 








Land sale and other revenues






 






29,315






 






 






 






52,554






 








 






 






3,336,825






 






 






 






3,801,823






 








Financial Services






 






71,747






 






 






 






90,827






 








Total revenues






 






3,408,572






 






 






 






3,892,650






 








 






 






 






 








Homebuilding Cost of Revenues:






 






 






 








Home sale cost of revenues






 






(2,500,153






)






 






 






(2,719,115






)








Land sale and other cost of revenues






 






(27,148






)






 






 






(50,955






)








 






 






(2,527,301






)






 






 






(2,770,070






)








 






 






 






 








Financial Services expenses






 






(59,165






)






 






 






(54,970






)








Selling, general, and administrative expenses






 






(380,334






)






 






 






(393,337






)








Equity income from unconsolidated entities, net






 






879






 






 






 






502






 








Other income, net






 






6,745






 






 






 






6,362






 








Income before income taxes






 






449,396






 






 






 






681,137






 








Income tax expense






 






(102,400






)






 






 






(158,338






)








Net income






$






346,996






 






 






$






522,799






 








 






 






 






 








Per share:






 






 






 








Basic earnings






$






1.81






 






 






$






2.59






 








Diluted earnings






$






1.79






 






 






$






2.57






 








Cash dividends declared






$






0.26






 






 






$






0.22






 








 






 






 






 








Number of shares used in calculation:






 






 






 








Basic






 






192,088






 






 






 






202,063






 








Effect of dilutive securities






 






1,315






 






 






 






1,601






 








Diluted






 






193,403






 






 






 






203,664






 








 


 


 


 



PulteGroup, Inc.

Condensed Consolidated Balance Sheets

($000's omitted)

(Unaudited) 







 



 






March 31,




2026






 






December 31,




2025








 






 






 






 








ASSETS






 






 






 








 






 






 






 








Cash and equivalents






$






1,807,020






 






$






1,980,869








Restricted cash






 






36,368






 






 






27,907








Total cash, cash equivalents, and restricted cash






 






1,843,388






 






 






2,008,776








House and land inventory






 






13,301,028






 






 






12,925,413








Residential mortgage loans available-for-sale






 






509,270






 






 






613,665








Investments in unconsolidated entities






 






168,139






 






 






167,342








Other assets






 






2,260,830






 






 






2,217,483








Goodwill






 






40,377






 






 






40,377








Other intangible assets






 






24,798






 






 






26,210








Deferred tax assets






 






48,150






 






 






49,157








 






$






18,195,980






 






$






18,048,423








 






 






 






 








LIABILITIES AND SHAREHOLDERS’ EQUITY






 






 






 








 






 






 






 








Liabilities:






 






 






 








Accounts payable






$






688,539






 






$






724,885








Customer deposits






 






466,554






 






 






387,837








Deferred tax liabilities






 






456,784






 






 






448,493








Accrued and other liabilities






 






1,354,128






 






 






1,338,330








Financial Services debt






 






455,052






 






 






532,338








Notes payable






 






1,820,771






 






 






1,631,098








 






 






5,241,828






 






 






5,062,981








Shareholders' equity






 






12,954,152






 






 






12,985,442








 






$






18,195,980






 






$






18,048,423








 


 


 


 



PulteGroup, Inc.

Consolidated Statements of Cash Flows

($000's omitted)

(Unaudited) 







 



 






Three Months Ended








 






March 31,








 






 






2026






 






 






 






2025






 








Cash flows from operating activities:






 






 






 








Net income






$






346,996






 






 






$






522,799






 








Adjustments to reconcile net income to net cash from operating activities:






 






 






 








Deferred income tax expense






 






9,291






 






 






 






20,413






 








Land-related charges






 






10,881






 






 






 






23,772






 








Loss on debt retirement






 






2,637






 






 






 






—






 








Depreciation and amortization






 






24,538






 






 






 






24,668






 








Equity income from unconsolidated entities, net






 






(879






)






 






 






(502






)








Distributions of income from unconsolidated entities






 






—






 






 






 






1,810






 








Share-based compensation expense






 






19,354






 






 






 






18,127






 








Other, net






 






(83






)






 






 






(196






)








Increase (decrease) in cash due to:






 






 






 








Inventories






 






(376,394






)






 






 






(270,583






)








Residential mortgage loans available-for-sale






 






104,386






 






 






 






(13,211






)








Other assets






 






(36,695






)






 






 






(71,846






)








Accounts payable, accrued and other liabilities






 






55,719






 






 






 






(121,023






)








Net cash provided by operating activities






 






159,751






 






 






 






134,228






 








Cash flows from investing activities:






 






 






 








Capital expenditures






 






(25,396






)






 






 






(29,606






)








Investments in unconsolidated entities






 






(2,922






)






 






 






(6,679






)








Distributions of capital from unconsolidated entities






 






3,008






 






 






 






—






 








Other investing activities, net






 






383






 






 






 






(3,448






)








Net cash used in investing activities






 






(24,927






)






 






 






(39,733






)








Cash flows from financing activities:






 






 






 








Proceeds from debt issuance






 






794,784






 






 






 






—






 








Repayments of notes payable






 






(599,682






)






 






 






(2,688






)








Financial Services borrowings (repayments), net






 






(77,286






)






 






 






(100,055






)








Debt issuance costs






 






(22,592






)






 






 






—






 








Proceeds from liabilities related to consolidated inventory not owned






 






6,178






 






 






 






11,060






 








Payments related to consolidated inventory not owned






 






(4,582






)






 






 






(11,363






)








Share repurchases






 






(308,183






)






 






 






(300,000






)








Cash paid for shares withheld for taxes






 






(36,814






)






 






 






(23,422






)








Dividends paid






 






(52,035






)






 






 






(45,822






)








Net cash used in financing activities






 






(300,212






)






 






 






(472,290






)








Net increase (decrease) in cash, cash equivalents, and restricted cash






 






(165,388






)






 






 






(377,795






)








Cash, cash equivalents, and restricted cash at beginning of period






 






2,008,776






 






 






 






1,653,680






 








Cash, cash equivalents, and restricted cash at end of period






$






1,843,388






 






 






$






1,275,885






 








 






 






 






 








Supplemental Cash Flow Information:






 






 






 








Interest paid (capitalized), net






$






4,506






 






 






$






3,342






 








Income taxes paid (refunded), net






$






3,914






 






 






$






69,743






 








 


 


 


 



PulteGroup, Inc.

Segment Data

($000's omitted)

(Unaudited) 







 



 






Three Months Ended








 






March 31,








 






 






2026






 






 






 






2025






 








HOMEBUILDING:






 






 






 








Home sale revenues






$






3,307,510






 






 






$






3,749,269






 








Land sale and other revenues






 






29,315






 






 






 






52,554






 








Total Homebuilding revenues






 






3,336,825






 






 






 






3,801,823






 








 






 






 






 








Home sale cost of revenues






 






(2,500,153






)






 






 






(2,719,115






)








Land sale and other cost of revenues






 






(27,148






)






 






 






(50,955






)








Selling, general, and administrative expenses






 






(380,334






)






 






 






(393,337






)








Equity income from unconsolidated entities, net






 






879






 






 






 






502






 








Other income, net






 






6,745






 






 






 






6,362






 








Income before income taxes






$






436,814






 






 






$






645,280






 








 






 






 






 








FINANCIAL SERVICES:






 






 






 








Income before income taxes






$






12,582






 






 






$






35,857






 








 






 






 






 








CONSOLIDATED:






 






 






 








Income before income taxes






$






449,396






 






 






$






681,137






 








 


 


 


 



PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited) 







 



 






Three Months Ended








 






March 31,








 






2026






 






2025








 






 






 






 








Home sale revenues






$






3,307,510






 






$






3,749,269








 






 






 






 








Closings - units






 






 






 








Northeast






 






261






 






 






339








Southeast






 






1,228






 






 






1,193








Florida






 






1,689






 






 






1,650








Midwest






 






977






 






 






1,090








Texas






 






866






 






 






1,039








West






 






1,081






 






 






1,272








 






 






6,102






 






 






6,583








Average selling price






$






542






 






$






570








 






 






 






 








Net new orders - units






 






 






 








Northeast






 






441






 






 






404








Southeast






 






1,423






 






 






1,356








Florida






 






2,206






 






 






1,869








Midwest






 






1,285






 






 






1,388








Texas






 






1,258






 






 






1,287








West






 






1,421






 






 






1,461








 






 






8,034






 






 






7,765








Net new orders - dollars






$






4,565,026






 






$






4,477,827








 






 






 






 








Unit backlog






 






 






 








Northeast






 






687






 






 






680








Southeast






 






1,946






 






 






2,075








Florida






 






2,938






 






 






3,014








Midwest






 






1,913






 






 






2,100








Texas






 






1,183






 






 






1,196








West






 






1,760






 






 






2,270








 






 






10,427






 






 






11,335








Dollars in backlog






$






6,527,628






 






$






7,223,276








 


 


 


 



PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited) 







 



 






Three Months Ended








 






March 31,








 






 






2026






 






 






 






2025






 








MORTGAGE ORIGINATIONS:






 






 






 








Origination volume






 






3,989






 






 






 






4,271






 








Origination principal






$






1,703,016






 






 






$






1,866,018






 








Capture rate






 






84.8






%






 






 






86.4






%








 


 


 


 



Supplemental Data

($000's omitted)

(Unaudited) 







 



 






Three Months Ended








 






March 31,








 






 






2026






 






 






 






2025






 








 






 






 






 








Interest in inventory, beginning of period






$






122,327






 






 






$






139,960






 








Interest capitalized






 






27,835






 






 






 






26,092






 








Interest expensed






 






(24,897






)






 






 






(26,511






)








Interest in inventory, end of period






$






125,265






 






 






$






139,541






 








 


 


 


 



PulteGroup, Inc.

Reconciliation of Non-GAAP Financial Measures 







 



This report contains information about our debt-to-capital ratios. These measures could be considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, comparable GAAP financial measures. We calculate total net debt by subtracting total cash, cash equivalents, and restricted cash from notes payable to present the amount of assets needed to satisfy the debt. We use the debt-to-capital and net debt-to-capital ratios as indicators of our overall leverage and believe they are useful financial measures in understanding the leverage employed in our operations. We believe that these measures provide investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies. 







 



The following table sets forth a reconciliation of the debt-to-capital ratios ($000's omitted): 







 



Debt-to-Capital Ratios








 






 






 






 








 






March 31,




2026






 






December 31,




2025








Notes payable






$






1,820,771






 






 






$






1,631,098






 








Shareholders' equity






 






12,954,152






 






 






 






12,985,442






 








Total capital






$






14,774,923






 






 






$






14,616,540






 








Debt-to-capital ratio






 






12.3






%






 






 






11.2






%








 






 






 






 








Notes payable






$






1,820,771






 






 






$






1,631,098






 








Less: Total cash, cash equivalents, and restricted cash






 






(1,843,388






)






 






 






(2,008,776






)








Total net debt






$






(22,617






)






 






$






(377,678






)








Shareholders' equity






 






12,954,152






 






 






 






12,985,442






 








Total net capital






$






12,931,535






 






 






$






12,607,764






 








Net debt-to-capital ratio






 






(0.2






)%






 






 






(3.0






)%














 









 


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423395976/en/
Investors: Jim Zeumer

(404) 978-6434

Email: jim.zeumer@pultegroup.com


Original: PulteGroup, Inc. Reports First Quarter 2026 Financial Results