PULTEGROUP, INC. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $17.3B |
| Gross margin | — not reported |
| Operating income | — not reported |
| Net income | $2.2B |
| Diluted EPS | $11.12 |
| Cash & equivalents | $2.0B |
| Total assets | $18.0B |
| Long-term debt | $43.9M |
Key takeaway
Home sale gross margin compressed to 26.3% in 2025 from 28.9% in 2024 due to elevated sales incentives, higher land costs, and land impairments.
🔒 4 more takeaways in the full analysis
Beneath the surface
The 2024 comparison period benefited from a one-time $333.9 million insurance reserve reversal versus only $42.3 million in 2025, meaning a large chunk of the SG&A margin deterioration and earnings decline reflects a non-repeating prior-year tailwind rather than pure operating weakness.
🔒 3 more insights a headline reader would miss
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