On this page of StockholderLetter.com we present the latest annual shareholder letter from PULTEGROUP INC/MI/ — ticker symbol PHM. Reading current and past PHM letters to shareholders can bring important insights into the investment thesis.

About PulteGroup, Inc. 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 s Annual Letter to Owners, Customers, Team Members and Business Partners Despite what was arguably the toughest demand environment for housing in more than a decade, I am extremely proud to report that PulteGroup generated full year revenues, gross margins and earnings that rank among the highest in the 75-year history of our company. ^ K W ' also deliver Cash Returned to Shareholders ($M) results that demonstrate Share Repurchase Dividends PulteGroup s ongoing success include total revenues of $17.3 $1,500 billion and home sale revenues $177 $168 $1,200 of $16.7 billion. Home sale $144 $142 $148 $900 29,572 homes and an average sales price of $566,000. It is $600 $1,200 $1,200 $1,075 $1,000 $897 important to note that $300 customer- lot premiums contributed $0 approximately $111,000 to 2021 2022 2023 2024 2025 Pulte s average sales price, helping to raise 2025 home sale revenues to the second highest year in the history of the K miums in 2025 were up 8% over 2024, which is consistent with the strength of demand among our move- -adult homebuyers. 1
home sale revenues and an Land Development Land Acquisition PulteGroup reported net $6.0 income of $2.2 billion, or $5.0 $11.12 per share, and cash $2.3 $4.0 $2.5 $1.9 $1.8 $2.2 billion. In alignment with $3.0 our long-established capital $2.0 $3.0 $2.7 $2.6 $2.5 $2.1 $1.0 $0.0 invest $5.2 billion into the 2021 2022 2023 2024 2025 business through land repurchases and dividends. I want to highlight s we have invested $23.5 billion in land and returned $6.2 billion of capital to our shareholders. Our capital supports our desire to intelligently grow our business while returning excess capital to our shareholders. Land Acquisition & Development Spend ($B) PulteGroup also allowed us to further strengthen our , as we ended 2025 with $2.0 billion of cash and a debt-to- 11.2%. When adjusted for cash on hand, we ended 2025 with a net debt-to- These results have been widely recognized, with the Company ranked #1 in total shareholder returns (TSR) for the past one-year and 10-year periods ended December 2025. Such performance over the short- and long-term is a testament to the consistent and disciplined approach we apply to running our business. Total Shareholder Return (1YR) 12/31/24 12/31/25 10% 5% 8.6% 8.3% 4.3% 0% -3.8% -5% -10.8% -10% -12.3% -12.7% -15% -20.2% -20% -25% PHM TOL 2 DHI TMHC NVR MTH KBH LEN
For PulteGroup, we emphasize a handful of key that drive our sustained delivery of superior results: Total Shareholder Return (10YR) 12/31/15 12/31/25 700% 600% 644% 500% 400% x PulteGroup has a strong 413% 403% 300% 348% 344% presence across all buyer 307% 268% groups, with 38% of our 200% 2025 home closings 100% 141% among - 0% 40% move-up, and 22% PHM KBH DHI TOL NVR MTH TMHC LEN -adult. In a year in - -up buyers was pressured, signups among our - / future closing volumes, our Del Webb some of our highest gross margins. Del Webb has been W ' importantly, high returns. x We have established homebuilding Broad Operating Platform , including the 9 markets we have entered since 2020. Such geographic the past several years, as markets pricing dynamics he minimize the impact of demand in other parts of the country. x The process of building a more personalized home with extensive e complex and requires a approach from building a standardized spec curated set of design features. Our has been purposefully built in a way that allows us to sell both built-to-order (BTO) and more standardized spec homes. several years during which spec homes for more than 50% of our closings, heading into 2026 we are focused on selling more BTO 3
 • shareholder letter icon 3/13/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/21/2023 PHM Stockholder Letter
 • stockholder letter icon 3/22/2024 PHM Stockholder Letter
 • stockholder letter icon 3/14/2025 PHM Stockholder Letter
 • stockholder letter icon More "General Contractors & Builders" Category Stockholder Letters
 • Benford's Law Stocks icon PHM Benford's Law Stock Score = 85


PHM Shareholder/Stockholder Letter Transcript:


About PulteGroup, Inc.
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   s Annual Letter to Owners, Customers, Team Members and Business Partners
Despite what was arguably the toughest demand environment for housing in more than a
decade, I am extremely proud to report that PulteGroup generated full year revenues, gross
margins and earnings that rank among the highest in the 75-year history of our company.
^                                                                               K                                                                                 

W        '                                                                                                                                             also deliver

Cash Returned to Shareholders ($M)
results that demonstrate
Share Repurchase
Dividends
PulteGroup   s ongoing success
include total revenues of $17.3
$1,500
billion and home sale revenues
$177
$168
$1,200
of $16.7 billion. Home sale
$144
$142
$148
$900
29,572 homes and an average
sales price of $566,000. It is
$600
$1,200
$1,200
$1,075
$1,000
$897
important to note that
$300
customer-                                     
lot premiums contributed
$0
approximately $111,000 to
2021
2022
2023
2024
2025
Pulte   s average sales price,
helping to raise 2025 home sale revenues to the second highest year in the history of the
                 K                               miums in 2025 were up 8% over 2024, which is consistent with
the strength of demand among our move-                      -adult homebuyers.
1


home sale revenues and an
Land Development
Land Acquisition
PulteGroup reported net
$6.0
income of $2.2 billion, or
$5.0
$11.12 per share, and cash
$2.3
$4.0
$2.5
$1.9
$1.8
$2.2
billion. In alignment with
$3.0
our long-established capital
$2.0
$3.0
$2.7
$2.6
$2.5
$2.1
$1.0
$0.0
invest $5.2 billion into the
2021
2022
2023
2024
2025
business through land
repurchases and dividends. I want to highlight                                                  s we have invested
$23.5 billion in land and returned $6.2 billion of capital to our shareholders. Our capital
                   supports our desire to intelligently grow our business while returning excess capital to
our shareholders.
Land Acquisition & Development Spend ($B)
PulteGroup                                                                                    also allowed us to further
strengthen our                                                                                      , as we ended 2025 with $2.0 billion
of cash and a debt-to-                             11.2%. When adjusted for cash on hand, we ended 2025
with a net debt-to-                                                  
These                                       
results have been widely
recognized, with the
Company ranked #1 in total
shareholder returns (TSR)
for the past one-year and
10-year periods ended
December 2025. Such
performance over the
short- and long-term is a
testament to the consistent
and disciplined approach
we apply to running our
business.
Total Shareholder Return (1YR)
12/31/24     12/31/25
10%
5%
8.6%
8.3%
4.3%
0%
-3.8%
-5%
-10.8%
-10%
-12.3% -12.7%
-15%
-20.2%
-20%
-25%
PHM
TOL
2
DHI
TMHC
NVR
MTH
KBH
LEN

For PulteGroup, we
emphasize a handful of key
                                  that drive
our sustained delivery of
superior                         
                 results:
Total Shareholder Return (10YR)
12/31/15     12/31/25
700%
600%
644%
500%
400%
x PulteGroup has a strong
413% 403%
300%
348% 344%
presence across all buyer
307%
268%
groups, with 38% of our
200%
2025 home closings
100%
141%
among         -                      
0%
40% move-up, and 22%
PHM
KBH
DHI
TOL
NVR
MTH TMHC LEN
          -adult. In a year in
                                           -                      -up buyers was pressured, signups among our
          -                                                   /                                        future closing volumes, our Del
Webb                                                      some of our highest gross margins. Del Webb has been
                                                                                   W        '                                                                            
importantly, high returns.
x We have established homebuilding
Broad Operating Platform
                                           , including
the 9 markets we have entered
since 2020. Such geographic
the past several years, as markets
pricing dynamics he                     
minimize the impact of            
demand in other parts of the
country.
x The process of building a more
personalized home with extensive
             e                    complex and requires a                  approach from building a standardized
spec                                              curated set of design features. Our                                         
has been purposefully built in a way that allows us to sell both built-to-order (BTO) and more
standardized spec homes.         several years during which spec homes                                     
for more than 50% of our closings, heading into 2026 we are focused on selling more BTO
3


shareholder letter icon 3/13/2026 Letter Continued (Full PDF)
 

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