PulteGroup, Inc. (NYSE: PHM) announced today its third‑quarter 2025 financial results, reporting net income of $586 million, or $2.96 per share, on home‑sale revenues of $4.2 billion. The company’s earnings per share fell 12% from $3.35 in the same quarter a year earlier, while the average sales price rose to $564,000, offsetting a 5% decline in closings to 7,529 homes. Home‑sale gross margin for the quarter was 26.2%, down from 28.8% in Q3 2024, and SG&A expenses were $401 million, or 9.4% of revenue.
The third‑quarter results also show a 6% drop in net new orders, totaling 6,638 homes with a value of $3.6 billion, compared with $3.9 billion in Q3 2024. The company’s backlog stood at 9,888 homes valued at $6.2 billion, and its average community count increased 5% to 1,002. Financial services operations generated pre‑tax income of $44 million, down from $55 million year‑ago, largely due to lower closing volumes and a reduced mortgage capture rate of 84%.
PulteGroup repurchased 2.4 million shares for $300 million in the quarter, bringing cumulative share repurchases for the first nine months of 2025 to 8.2 million shares for $900 million. The company ended the quarter with $1.5 billion in cash and a debt‑to‑capital ratio of 11.2%, underscoring its strong liquidity position. Cash flow from operations was robust, supporting ongoing capital allocation and shareholder returns.
CEO Ryan Marshall emphasized that the company remains disciplined in managing production volumes and capital allocation, and that the diversified business platform continues to deliver strong financial results despite lower demand. He noted that interest rates have moved lower, but buyer confidence remains uncertain, and that PulteGroup is positioning the business for growth when market conditions improve. The company’s forward‑looking statements highlight its focus on maintaining high returns over the housing cycle while navigating affordability challenges.
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