• Ford for houses
• General Motors for houses

• Residential Home Construction: Building and selling various types of new homes, including single-family homes, townhouses, and condominiums, across different price points and geographic regions.
• Financial Services: Providing mortgage banking, title, and insurance services primarily to customers purchasing homes from PulteGroup.
• Land Development: Acquiring and developing land parcels into residential communities for future home construction.

PulteGroup (symbol: PHM) is a homebuilding company that primarily sells new homes directly to individual consumers rather than to other companies.

PulteGroup serves three primary categories of individual customers, often through its distinct brands:

1. First-time Homebuyers: These customers are typically entering the housing market for the first time, often seeking more affordable homes, entry-level features, and communities designed for starting families or young professionals. PulteGroup addresses this segment primarily through its Centex brand.
2. Move-up Homebuyers: This category includes individuals or families who are looking to purchase a larger home, a home with more features, or a home in a different location to accommodate changing lifestyle needs, family growth, or increased financial capacity. PulteGroup serves this segment primarily through its flagship Pulte Homes brand, and also through John Wieland Homes and Neighborhoods for more upscale, luxury move-up buyers.
3. Active Adult Homebuyers (55+): These customers are typically empty nesters or retirees looking for age-restricted communities (55+), often featuring single-story homes, low-maintenance living, and a variety of community amenities and social activities. PulteGroup's dedicated brand for this segment is Del Webb.

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Ryan R. Marshall, President and Chief Executive Officer

Ryan R. Marshall joined PulteGroup in 2003, holding various leadership roles including Area President for the Southeast and Florida, Division President, and Executive Vice President of Homebuilding Operations. He was promoted to President and Chief Executive Officer in September 2016. Mr. Marshall received a Bachelor of Arts in accounting from the University of Utah and a Master of Business Administration from Arizona State University. He grew up on a cattle ranch and managed a gas station to help pay for college.

James L. Ossowski, Executive Vice President and Chief Financial Officer

James L. Ossowski was named Executive Vice President and Chief Financial Officer in February 2025. He has held several corporate and field financial roles within PulteGroup since 2002, including Senior Vice President-Finance, Vice President-Finance and Controller, Vice President-Finance Homebuilding Operations, and Area Vice President-Finance. Prior to joining PulteGroup, Mr. Ossowski spent 11 years at the accounting firm Arthur Andersen.

Matt Koart, Executive Vice President and Chief Operating Officer

Matt Koart was named Executive Vice President and Chief Operating Officer of PulteGroup, Inc. in May 2023. From 2011, he served as President of Koart Residential, Inc., a company he founded involved in residential real estate acquisition, entitlement, development, and construction. Before founding his own company, Mr. Koart was CEO of Shapell Industries, a California-based diversified real estate company. He previously worked at PulteGroup for 12 years, from 1996 to 2008, advancing through various leadership roles. Mr. Koart earned both a Bachelor of Science and a Juris Doctor from the University of Southern California.

Kevin Henry, Executive Vice President and Chief People Officer

Kevin Henry was appointed Executive Vice President and Chief People Officer of PulteGroup, Inc. in June 2023. He joined PulteGroup from BlueLinx Corporation, where he served as Chief People Officer. Mr. Henry's prior experience includes serving as Chief People Officer at Extended Stay America and holding senior human resource positions at companies such as Snyder-Lance, Inc., Coca-Cola Bottling Co. Consolidated, and Nationwide Credit. He holds a bachelor's degree in industrial labor relations from Cornell University. Mr. Henry also serves on the board of directors of Saia Inc.

Todd Sheldon, Executive Vice President, General Counsel and Corporate Secretary

Todd Sheldon joined PulteGroup as Executive Vice President, General Counsel and Corporate Secretary from Americold, where he was executive vice president and general counsel. His career also includes roles as senior vice president and general counsel for SUPERVALU and vice president and senior legal counsel for Medtronic Spine. Before moving in-house, Mr. Sheldon practiced corporate and securities law at Chapman & Cutler LLP and Fagel Haber in Chicago. He earned his B.A. in International Relations from the University of Michigan and his J.D. from DePaul College of Law.

PulteGroup (PHM) primarily operates in the homebuilding sector, constructing and selling residential homes, including single-family detached homes, townhouses, condominiums, and duplexes. The company also provides financial services, such as mortgage banking and insurance brokerage, through its subsidiaries.

The addressable market for PulteGroup's main products, residential construction and homebuilding, in the United States is approximately USD 1.35 trillion in 2025. This market is projected to grow to USD 1.69 trillion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.59%.

PulteGroup (PHM) anticipates several key drivers to fuel its revenue growth over the next two to three years, primarily centered around strategic land management, a diversified product offering catering to various buyer segments, and leveraging favorable market dynamics when they arise.

1. Optimized Land Pipeline and Community Count Growth: PulteGroup's strategic focus on optimizing its land pipeline, particularly by increasing the percentage of land held under option, is expected to drive future revenue. This approach provides greater flexibility and reduces capital intensity, allowing the company to efficiently manage its community count. For instance, in Q1 2025, 59% of its approximately 244,000 lots under control were held under option, a nearly 30% increase from the prior year. This flexibility in land acquisition and development, with an expected investment of approximately $5.0 billion in 2025, positions PulteGroup to open new communities and increase housing supply in desirable markets, directly contributing to higher home closings and revenue.
2. Diversified Buyer Strategy (First-time, Move-up, Active Adult): PulteGroup consistently highlights its balanced operating model across different buyer segments: first-time, move-up, and active adult buyers. Maintaining a strong presence in these diverse demographics allows the company to adapt to shifting market demands and capture a broader customer base. For example, in Q4 2024, the mix of closings was 40% first-time, 40% move-up, and 20% active adult, demonstrating a balanced approach. While there might be some fluctuations in specific segments, as seen with a slight decline in active adult closings in Q4 2024 due to community closeouts, the overall strategy of serving multiple buyer groups is intended to provide a stable foundation for revenue growth as demand evolves across these categories. The active adult segment, particularly through its Del Webb brand, has shown resilience, with a 7% increase in net new orders in Q3 2025 over Q3 2024.
3. Strategic Pricing and Management of Incentives: The company's ability to manage product offerings, pricing, and incentives in response to market conditions is a continuous driver of revenue. Despite "increasing affordability challenges" in 2024, PulteGroup reported a 6% increase in its average sales price to $581,000 in Q4 2024, contributing to a 13% increase in home sale revenues. While Q1 2025 saw a 6% increase in average sales price to $570,000, it was offset by a decrease in closing volume. This indicates a strategic approach to maintaining pricing power where possible, even while navigating a competitive market that might require increased incentives, which rose to 8.0% in Q1 2025. The ongoing management of these factors will be crucial for revenue generation.
4. Leveraging an Improving Consumer Environment and Interest Rate Stability: PulteGroup's management has expressed encouragement regarding positive consumer responses to pullbacks in interest rates. Although consumers faced challenges with high interest rates and economic uncertainty in the first half of 2025, any sustained improvement or stability in interest rates is expected to positively impact buyer demand and, consequently, home sales and revenue. The company "remains optimistic about a housing demand recovery" in the future.

Share Repurchases

• PulteGroup authorized a $1.5 billion increase to its share repurchase program on January 30, 2025, bringing the total remaining authorization to $2.1 billion.
• The company repurchased $900 million of common shares through the first nine months of 2025, representing 8.2 million shares or 4.0% of shares outstanding.
• In 2024, PulteGroup's annual share repurchases totaled $1.2 billion, following $1 billion in 2023 and $1.075 billion in 2022.

Share Issuance

• Share issuances amounted to $429 thousand and $8.558 million across two periods reported in the April 2025 10-Q filing.

Capital Expenditures

• PulteGroup plans to invest approximately $5.0 billion to $5.5 billion in land acquisition and development in 2025.
• In 2024, capital expenditures were $119 million.
• The primary focus of capital expenditures is on land acquisition and development, with 55% of the 2025 planned investment allocated to land development.