PHM PULTEGROUP INC/MI/

Overview and Growth

Fiscal 2025 results for PULTEGROUP INC/MI/ combined $17.31B of revenue with net income of $2.22B and an operating cash inflow of $1.87B. Revenue of $17.31B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 3.5% below fiscal 2024 revenue of $17.95B, marking a top-line contraction. The company reported diluted EPS of $11.12, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $14.69 in fiscal 2024, the current result was 24.3% lower. The diluted weighted-average share count was 199.54M, linking total earnings with the per-share result received by shareholders. At period end, total assets were $18.05B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.96x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The bottom-line result was net income of $2.22B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 12.8% of revenue, connecting the absolute net income figure with the company’s top-line scale. Income tax expense totaled $692.59M, providing the reported tax component that separates pretax and after-tax earnings. Net income equaled 17.1% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 12.3%, showing earnings relative to the full balance sheet. Current net income of $2.22B was below fiscal 2024 net income of $3.08B, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $18.05B asset base was financed through $5.06B of liabilities and $12.99B of equity. Reported cash and equivalents were $1.98B, separating immediately recognizable cash resources from the rest of the current-asset base. The company carried $43.90M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.0x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 0.2%, showing how much of the asset base was matched by borrowing. The equity-to-assets relationship was 71.9%, placing book capital against the total resource base. Relative to total assets, liabilities measured 28.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 11.0% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 3.9% higher than fiscal 2024 assets of $17.36B, measuring the company’s own balance-sheet change. Against $12.12B of equity in fiscal 2024, the current book-equity balance moved 7.1% and ended higher. Cash and equivalents were 22.8% higher than fiscal 2024 cash of $1.61B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $1.87B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 0.84x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $122.72M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 6.6% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $1.75B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 10.1%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 9.7%, comparing post-investment cash with the balance-sheet asset base. Compared with $1.68B in fiscal 2024, current operating cash flow of $1.87B was above the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.