What PulteGroup's FY2025 10-K says: 12 signals
PulteGroup filed its latest 10-K with the SEC on Feb 4, 2026. It discusses bookings decline, automation investment and cost reduction.
Public (PHM)Residential Building Constructionpultegroup.comLinkedIn
- Filed
- Feb 4, 2026
- Period
- FY2025
- Fiscal year end
- 12/31
- Filings
- 1
10-K · latest 10
What PulteGroup's 10-K filings say
- SEC EDGAR
10-K · FY2025
Filed · Fiscal year ends 12/31 · 12 signals
Gross margin fell 260 bps to 26.3% in 2025 due to high incentives and land costs.
Profitability is under significant pressure, with gross margins declining from 28.9% to 26.3% year-over-year.
-2.6%
Year-over-year decrease in gross margin from home sales (260 bps)
Net new orders fell 4% and ending backlog dollars plunged 19% in 2025.
The company is facing weakening demand, with a 4% decrease in net new orders and a significant 19% drop in the value of its order backlog.
-19%
Decrease in ending backlog dollars
Took $125.8M in land-related impairments and write-offs in 2025.
In response to difficult market conditions, the company recorded $77.4 million in land inventory impairments and wrote off $48.4 million in deposits and pre-acquisition costs.
$125.8M
Total land inventory impairments and write-offs of deposits/pre-acquisition costs
Texas and West regions suffer major declines, with income down 53% and 31% respectively.
The Texas and West segments are significant areas of weakness.
-53%
Decrease in income before income taxes for Texas segment
Elevated sales incentives, including mortgage rate buydowns, are expected to continue.
To combat housing affordability challenges and stimulate demand, the company is relying heavily on sales incentives like discounts on spec homes and mortgage interest rate buydowns.
Facing high order cancellation rates of 21% in the West and 17% in Texas.
The company's West and Texas regions are experiencing significantly higher-than-average order cancellation rates (21% and 17% respectively, vs.
21%
Order cancellation rate in the West segment
Actively planning to adjust overhead cost structure to align with demand.
In response to market volatility and lower demand, management has stated its intention to adjust the company's overhead cost structure.
SG&A includes increased spending on technology to support production and future growth.
SG&A expenses rose 19% in 2025, partly driven by investments in 'technology costs to support ongoing production volumes and investments for future growth.' This suggests active spending on technology platforms to manage operations and scale efficiently amidst market volatility.
$252.7M
Increase in gross dollar amount of SG&A
19%
Increase in gross dollar amount of SG&A
PulteGroup successfully improved its production cycle times in 2025, which helped offset lower new orders and contributed to a 14% reduction in homes in production.
-14%
Decrease in number of homes in production
In response to market volatility, PulteGroup is strategically shifting to control more lots via option agreements and manage spec inventory for buyers needing to close in 30-90 days.
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-d '{"domain":"pultegroup.com","signal_types":["sec-10k"],"limit":20}'Questions about PulteGroup 10-K
When did PulteGroup file its latest 10-K?
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Source. Annual reports (Form 10-K) filed with the SEC. Every card links to the filing on EDGAR.
Method. Insights are extracted from the filing text and grouped by category. Numbers are quoted from the filing.
Data as of .