What changed in this filing

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Item 1. Financial Statements

2026-04-23 compared with 2025-10-21 · 85 added, 135 removed, 535 unchanged (29% of the section changed)

3 unchanged sentences

($000’s omitted)

September 30,

2026 December 31,

24 unchanged sentences

(000’s omitted, except per share data)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Home sale revenues $ 3,307,510 $ 3,749,269

27 unchanged sentences

Earnings Total

Shareholders' equity, June 30, 2025 197,599 $ 1,976 $ 3,465,074 $ 9,107,892 $ 12,574,942

Share issuances 6 1 — — 1

Dividends declared — — — ( 43,451 ) ( 43,451 )

Share repurchases ( 2,435 ) ( 24 ) — ( 299,976 ) ( 300,000 )

Excise tax on share repurchases — — — ( 2,994 ) ( 2,994 )

Cash paid for shares withheld for taxes — — — ( 543 ) ( 543 )

Share-based compensation — — 12,248 — 12,248

Net income — — — 585,834 585,834

Shareholders' equity, September 30, 2025 195,170 $ 1,953 $ 3,477,322 $ 9,346,762 $ 12,826,037

Shareholders' equity, December 31, 2025 192,725 $ 1,927 $ 3,488,924 $ 9,494,591 $ 12,985,442

6 unchanged sentences

Net income — — — 346,996 346,996

Shareholders' equity, September 30, 2025 195,170 $ 1,953 $ 3,477,322 $ 9,346,762 $ 12,826,037

Shareholder's equity, March 31, 2026 190,771 $ 1,908 $ 3,508,270 $ 9,443,974 $ 12,954,152

Capital Retained

Earnings Total

Shareholders' equity, June 30, 2024 207,905 $ 2,079 $ 3,403,327 $ 7,817,417 $ 11,222,823

Share issuances 9 — — — —

Dividends declared — — — ( 41,551 ) ( 41,551 )

Share repurchases ( 2,539 ) ( 25 ) — ( 319,975 ) ( 320,000 )

Excise tax on share repurchases — — — ( 3,189 ) ( 3,189 )

Cash paid for shares withheld for taxes — — — ( 840 ) ( 840 )

Share-based compensation — — 9,056 — 9,056

Net income — — — 697,914 697,914

Shareholders' equity, September 30, 2024 205,375 $ 2,054 $ 3,412,383 $ 8,149,776 $ 11,564,213

Shareholders' equity, December 31, 2024 202,913 $ 2,029 $ 3,425,384 $ 8,694,551 $ 12,121,964

6 unchanged sentences

Net income — — — 522,799 522,799

Shareholders' equity, September 30, 2024 205,375 $ 2,054 $ 3,412,383 $ 8,149,776 $ 11,564,213

Shareholder's equity, March 31, 2025 200,565 $ 2,005 $ 3,452,228 $ 8,846,739 $ 12,300,972

See accompanying Notes to Condensed Consolidated Financial Statements.

2 unchanged sentences

($000’s omitted)

Nine Months Ended

September 30,

Three Months Ended

Cash flows from operating activities:

3 unchanged sentences

Land-related charges 10,881 23,772

Loss on debt retirement 2,637 —

Depreciation and amortization 24,538 24,668

Equity income from unconsolidated entities ( 3,333 ) ( 42,577 )

Equity income from unconsolidated entities, net ( 879 ) ( 502 )

Distributions of income from unconsolidated entities — 1,810

14 unchanged sentences

Cash flows from financing activities:

Proceeds from debt issuance 794,784 —

Repayments of notes payable ( 599,682 ) ( 2,688 )

4 unchanged sentences

Share repurchases ( 308,183 ) ( 300,000 )

Excise tax on share repurchases ( 11,550 ) —

Cash paid for shares withheld for taxes ( 36,814 ) ( 23,422 )

31 unchanged sentences

Other income, net consists of the following ($000’s omitted):

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Write-offs of deposits and pre-acquisition costs $ ( 4,931 ) $ ( 4,335 )

Amortization of intangible assets ( 1,412 ) ( 2,367 )

Loss on debt retirement ( 2,637 ) —

Interest income 13,175 10,262

7 unchanged sentences

Home sale contract assets consist of cash from home closings held in escrow for our benefit, typically for less than five days, which are considered deposits in-transit and classified as cash.

Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $ 470.7 million and $ 512.6 million at September 30, 2025 and December 31, 2024, respectively.

Contract liabilities include customer deposits related to sold but undelivered homes, which totaled $ 466.6 million and $ 387.8 million at March 31, 2026 and December 31, 2025, respectively.

Substantially all of our home sales are scheduled to close and be recorded to revenue within one year from the date of receiving a customer deposit.

12 unchanged sentences

Our performance obligations for policy renewal commissions are considered satisfied upon issuance of the initial policy.

The related contract assets for estimated future renewal commissions are included in other assets and totaled $ 90.6 million and $ 91.1 million at September 30, 2025 and December 31, 2024, respectively.

The related contract assets for estimated future renewal commissions are included in other assets and totaled $ 84.0 million and $ 82.6 million at March 31, 2026 and December 31, 2025, respectively.

Residential mortgage loans available-for-sale

Substantially all of the loans originated by us are sold in the secondary mortgage market within a short period of time after origination, generally within 30 days.

At September 30, 2025 and December 31, 2024, residential mortgage loans available-for-sale had an aggregate fair value of $ 486.1 million and $ 629.6 million, respectively, and an aggregate outstanding principal balance of $ 488.5 million and $ 645.7 million, respectively.

At March 31, 2026 and December 31, 2025, residential mortgage loans available-for-sale had an aggregate fair value of $ 509.3 million and $ 613.7 million, respectively, and an aggregate outstanding principal balance of $ 523.2 million and $ 621.6 million, respectively.

These changes in fair value were substantially offset by changes in fair value of the corresponding derivative instruments.

Net gains from the sale of mortgages were $ 59.6 million and $ 62.0 million for the three months ended September 30, 2025 and 2024, respectively, and $ 169.1 million and $ 173.2 million for the nine months ended September 30, 2025 and 2024, respectively, and have been included in Financial Services revenues.

Net gains from the sale of mortgages were $ 35.3 million and $ 49.8 million for the three months ended March 31, 2026 and 2025, respectively, and have been included in Financial Services revenues.

Derivative instruments and hedging activities

We are party to IRLCs with customers resulting from our mortgage origination operations.

At September 30, 2025 and December 31, 2024, we had aggregate IRLCs of $ 758.3 million and $ 469.4 million, respectively.

At March 31, 2026 and December 31, 2025, we had aggregate IRLCs of $ 1.5 billion and $ 820.2 million, respectively.

Since we can terminate a loan commitment if the borrower does not comply with the terms of the contract, and some loan commitments may expire without being drawn upon, these commitments do not necessarily represent future cash requirements.

1 unchanged sentence

Forward contracts on mortgage-backed securities are the predominant derivative financial instruments we use to minimize market risk during the period from the time we extend an interest rate lock to a loan applicant until the time the loan is sold to an investor.

At September 30, 2025 and December 31, 2024, we had unexpired forward contracts of $ 1.2 billion and $ 977.0 million, respectively, and whole loan investor

At March 31, 2026 and December 31, 2025, we had unexpired forward contracts of $ 1.9 billion and $ 1.3 billion, respectively, and whole loan investor commitments of

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

commitments of $ 192.6 million and $ 237.1 million, respectively.

$ 217.7 million and $ 270.6 million, respectively.

Changes in the fair value of IRLCs and other derivative financial instruments are recognized in Financial Services revenues, and the fair values are reflected in other assets or other liabilities, as applicable.

3 unchanged sentences

The fair values of derivative instruments and their locations in the Condensed Consolidated Balance Sheets are summarized below ($000’s omitted):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Other Assets Accrued and Other Liabilities Other Assets Accrued and Other Liabilities

Interest rate lock commitments $ 2,377 $ 15,416 $ 1,452 $ 14,946

IRLCs $ 1,428 $ 48,342 $ 1,459 $ 20,829

Forward contracts 21,358 1,847 3,316 3,407

4 unchanged sentences

Computing diluted earnings per share is similar to computing basic earnings per share, except that the Denominator is increased to include the dilutive effects of unvested restricted share units and other potentially dilutive instruments.

Anti-dilutive shares were immaterial in the three months ended March 31, 2026 and 2025.

Credit losses

3 unchanged sentences

Counterparties associated with these assets are generally highly rated.

Allowances on the aforementioned assets were not material as of September 30, 2025.

Allowances on the aforementioned assets were not material as of March 31, 2026 and December 31, 2025.

New accounting pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740):

Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded disclosure of our income tax rate reconciliation and income taxes paid.

ASU 2023-09 is effective for us for annual periods beginning on or after January 1, 2025.

We are currently evaluating the impact ASU 2023-09 will have on our financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses” ("ASU 2024-03"), which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements.

1 unchanged sentence

We are currently evaluating the impact ASU 2024-03 will have on our financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40):

Targeted Improvement to the Accounting for Internal-use Software", which amends certain aspects of the accounting and disclosure of developed software costs.

ASU 2025-06 is effective for us for annual periods beginning after December 31, 2027.

We are currently evaluating the impact of ASU 2025-06 but do not expect that the adoption will have a material impact on our consolidated financial statements or related disclosures.

PULTEGROUP, INC.

2 unchanged sentences

Major components of inventory were as follows ($000’s omitted):

September 30,

2026 December 31,

10 unchanged sentences

Information related to interest capitalized into inventory is as follows ($000’s omitted):

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Interest in inventory, beginning of period $ 122,327 $ 139,960

14 unchanged sentences

If an entity holding the land under option is a variable interest entity ("VIE"), our deposit represents a variable interest in that entity.

No VIEs required consolidation at either September 30, 2025 or December 31, 2024 because we determined that we were not any VIE's primary beneficiary.

No VIEs required consolidation at either March 31, 2026 or December 31, 2025 because we determined that we were not any VIE's primary beneficiary.

Our maximum exposure to loss related to these VIEs is generally limited to our deposits and pre-acquisition costs under the land option agreements.

The following provides a summary of our interests in land option agreements as of September 30, 2025 and December 31, 2024 ($000’s omitted):

September 30, 2025 December 31, 2024

The following provides a summary of our interests in land option agreements as of March 31, 2026 and December 31, 2025 ($000’s omitted):

March 31, 2026 December 31, 2025

Pre-acquisition

8 unchanged sentences

We recorded the following land-related charges ($000's omitted):

Three Months Ended Nine Months Ended

September 30, September 30,

Three Months Ended

Statement of Operations Classification 2026 2025

14 unchanged sentences

Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency operations.

The Financial Services segment operates generally in the same markets as the Homebuilding

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency operations.

The Financial Services segment operates generally in the same markets as the Homebuilding segments.

Evaluation of segment performance is generally based on income before income taxes.

Each reportable segment generally follows the same accounting policies described in Note 1 .

In 2024, we adopted ASU 2023-07, which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis.

The adoption of ASU 2023-07 impacted the presentation of the performance measures presented in the below tables.

Information for previous periods in the below tables conforms with the current year presentation.

Operating Data by Segment

($000’s omitted)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Northeast $ 177,242 $ 249,733

33 unchanged sentences

($000’s omitted)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Other segment items (d) :

7 unchanged sentences

30,444 29,131

4,177 12,210 9,193 81,236

Financial Services ( 59,165 ) ( 54,970 )

13 unchanged sentences

(b) Other homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest.

(c) Other homebuilding includes insurance reserve reversals of $ 78.7 million for the nine months ended September 30, 2024, (see Note 8 ).

Other homebuilding also includes eliminations of corporate overhead allocated to the operating segments.

(d) Other segment items reflects other sources of income and expense, including internal capital charge allocations that are eliminated within Other homebuilding.

(e) Other homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments.

Other homebuilding also includes a gain of $ 37.7 million for the nine months ended September 30, 2024 related to the sale of our minority interest in a joint venture.

(f) Includes certain land-related charges (see the following table and Note 2 ).

(f) Income before income taxes includes certain land-related charges (see the following table and Note 2 ).

PULTEGROUP, INC.

2 unchanged sentences

($000’s omitted)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Land-related charges (a) :

7 unchanged sentences

$ 10,881 $ 23,772

(a) Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue.

(a) Land-related charges include land impairments, NRV adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue.

Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.

1 unchanged sentence

($000’s omitted)

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Depreciation and amortization

13 unchanged sentences

($000's omitted)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Inventory Total

12 unchanged sentences

(a) Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, other corporate items that are not allocated to the operating segments, and eliminations of certain inventory not owned allocated to the operating segments.

Other homebuilding also includes goodwill of $ 68.9 million, net of cumulative impairment charges of $ 20.2 million, at both September 30, 2025 and December 31, 2024.

Other homebuilding also includes goodwill of $ 40.4 million, net of cumulative impairment charges of $ 48.7 million, at both March 31, 2026 and December 31, 2025.

Notes payable

Our notes payable are summarized as follows ($000’s omitted):

September 30,

2026 December 31,

2 unchanged sentences

5.000 % unsecured senior notes due January 2027 (a)

337,277 337,277

4.250 % unsecured senior notes due March 2031 (a)

7.875 % unsecured senior notes due June 2032 (a)

4 unchanged sentences

300,000 300,000

4.900 % unsecured senior notes due March 2036 (a)

Net premiums, discounts, and issuance costs (b)

7 unchanged sentences

(b) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.

Other notes payable

Other notes payable include non-recourse and limited recourse notes with third parties that totaled $ 39.7 million and $ 35.8 million at September 30, 2025 and December 31, 2024, respectively.

These notes have maturities ranging up to five years , are

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

secured by the applicable land positions to which they relate, and generally have no recourse to other assets.

In February 2026, we issued $ 800.0 million of unsecured senior notes, consisting of $ 400.0 million of 4.250 % senior notes scheduled to mature on March 1, 2031, and $ 400.0 million of 4.900 % senior notes scheduled to mature on March 1, 2036.

The net proceeds from the February 2026 senior notes issuance were used to repay at maturity $ 251.9 million principal amount of unsecured senior notes which matured on March 1, 2026, and to redeem in full prior to maturity all $ 337.3 million principal amount of unsecured senior notes which were scheduled to mature in January 2027, and, in each case, to pay any premium and accrued interest in respect thereof, with the remaining net proceeds used for general corporate purposes.

Other notes payable

Other notes payable include non-recourse and limited recourse notes with third parties that totaled $ 38.4 million and $ 47.2 million at March 31, 2026 and December 31, 2025, respectively.

These notes have maturities ranging up to four years , are secured by the applicable land positions to which they relate, and generally have no recourse to other assets.

The stated interest rates on these notes range up to 9 %.

We recorded $ 13.1 million and $ 10.8 million of inventory through seller financing in the nine months ended September 30, 2025 and 2024, respectively.

We recorded $ 9.5 million of inventory through seller financing in the three months ended March 31, 2025.

Revolving credit facility

We maintain a revolving credit facility (the "Revolving Credit Facility") maturing in June 2027 that has a maximum borrowing capacity of $ 1.3 billion and contains an uncommitted accordion feature that could increase the capacity to $ 1.8 billion, subject to certain conditions and availability of additional bank commitments.

The Revolving Credit Facility also provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity.

We maintain a revolving credit facility with third-party lenders entered into in June 2022 (the "Original Revolving Credit Facility", and, as amended, the "Revolving Credit Facility") scheduled to mature in February 2031.

The Original Revolving Credit Facility was amended and restated in February 2026 to (i) extend the maturity from June 2027 to February 2031, (ii) increase the total committed capacity from $ 1.25 billion to $ 1.75 billion, and (iii) expand the uncommitted accordion feature from $ 500.0 million to $ 750.0 million, providing for potential capacity of up to $ 2.5 billion, subject to customary conditions and additional lender commitments.

The Revolving Credit Facility provides for the issuance of letters of credit that reduce the available borrowing capacity under the Revolving Credit Facility, up to the maximum borrowing capacity.

The interest rate on borrowings under the Revolving Credit Facility may be based on either the Secured Overnight Financing Rate or a base rate, plus an applicable margin, as defined therein.

The Revolving Credit Facility contains financial covenants that require us to maintain a minimum Tangible Net Worth and a maximum Debt-to-Capitalization Ratio (as each term is defined in the Revolving Credit Facility).

We were in compliance with all covenants and requirements as of September 30, 2025.

As of March 31, 2026, we were in compliance with all covenants and requirements of the Revolving Credit Facility.

Outstanding balances under the Revolving Credit Facility are guaranteed by certain of our wholly-owned subsidiaries.

At September 30, 2025, we had no borrowings outstanding, $ 348.0 million of letters of credit issued, and $ 902.0 million of remaining capacity under the Revolving Credit Facility.

At December 31, 2024, we had no borrowings outstanding, $ 321.1 million of letters of credit issued, and $ 928.9 million of remaining capacity under the Revolving Credit Facility.

At March 31, 2026, we had no borrowings outstanding, $ 348.1 million of letters of credit issued, and $ 1.4 billion of remaining capacity under the Revolving Credit Facility.

At December 31, 2025, we had no borrowings outstanding, $ 357.1 million of letters of credit issued, and $ 892.9 million of remaining capacity under the Original Revolving Credit Facility.

Joint venture debt

At September 30, 2025, aggregate outstanding debt of unconsolidated joint ventures was $ 37.2 million.

At March 31, 2026, aggregate outstanding debt of unconsolidated joint ventures was $ 44.4 million.

Financial Services debt

Pulte Mortgage maintains a master repurchase agreement with third-party lenders (as amended, the "Repurchase Agreement") that matures on August 12, 2026.

The maximum aggregate commitment under the Repurchase Agreement was $ 625.0 million at September 30, 2025, which continues until maturity.

The maximum aggregate commitment under the Repurchase Agreement was $ 625.0 million at March 31, 2026, which continues until maturity.

The Repurchase Agreement also contains an accordion feature that could increase the commitment by $ 50.0 million above its active commitment level.

1 unchanged sentence

The Repurchase Agreement contains various affirmative and negative covenants applicable to Pulte Mortgage, including quantitative thresholds related to net worth, net income, and liquidity.

At September 30, 2025, Pulte Mortgage had $ 404.2 million outstanding at a weighted-average interest rate of 5.93 % and $ 220.8 million of remaining capacity under the Repurchase Agreement.

At March 31, 2026, Pulte Mortgage had $ 455.1 million outstanding at a weighted-average interest rate of 5.43 % and $ 169.9 million of remaining capacity under the Repurchase Agreement.

At December 31, 2025, Pulte Mortgage had $ 532.3 million outstanding at a weighted-average interest rate of 5.51 % and $ 92.7 million of remaining capacity under the Repurchase Agreement.

Pulte Mortgage was in compliance with all covenants and requirements as of such dates.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Shareholders’ equity

In the nine months ended September 30, 2025, we declared cash dividends totaling $ 132.2 million and repurchased 8.2 million shares under our share repurchase authorization for $ 900.0 million.

In the nine months ended September 30, 2024, we declared cash dividends totaling $ 126.2 million and repurchased 7.6 million shares under our share repurchase authorization for $ 880.0 million.

On January 29, 2025, the Board of Directors increased our share repurchase authorization by $ 1.5 billion.

At September 30, 2025, we had remaining authorization to repurchase $ 1.3 billion of common shares.

In the three months ended March 31, 2026, we declared cash dividends totaling $ 50.2 million and repurchased 2.4 million shares under our share repurchase authorization for $ 308.2 million.

In the three months ended March 31, 2025, we declared cash dividends totaling $ 44.7 million and repurchased 2.8 million shares under our share repurchase authorization for $ 300.0 million.

On January 29, 2025, the Board of Directors increased our share repurchase authorization by $ 1.5 billion, which was publicly announced on January 30, 2025.

At March 31, 2026, we had remaining authorization to repurchase $ 674.7 million of common shares.

On April 22, 2026, the Board of Directors approved an additional increase to our share repurchase authorization of $ 1.5 billion, which was publicly announced on April 23, 2026.

Under our share-based compensation plans, we accept shares as payment under certain conditions related to the vesting of shares, generally related to the payment of minimum tax obligations.

In the nine months ended September 30, 2025 and 2024, participants surrendered shares valued a t $ 24.3 million and $ 18.5 million, respectively, under these plans.

In the three months ended March 31, 2026 and 2025, participants surrendered shares valued at $ 36.8 million and $ 23.4 million, respectively, under these plans.

Such share transactions are excluded from the above noted share repurchase authorization.

PULTEGROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Our effective tax rate was 23.7 % and 23.9 % for the three and nine months ended September 30, 2025, respectively, compared with 23.0 % and 23.1 % for the comparable prior year periods in 2024.

Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense and federal tax credits.

Our income tax expense for the nine months ended September 30, 2024 reflected a reduction in income tax liabilities totaling $ 13.2 million related to the favorable resolution of uncertain state tax positions.

At September 30, 2025 and December 31, 2024, we had net deferred tax liabilities of $ 440.5 million and $ 388.5 million, respectively.

Our effective tax rate was 22.8 % for the three months ended March 31, 2026, compared with 23.2 % for the three months ended March 31, 2025.

Our effective tax rate for each of these periods differs from the federal statutory rate primarily due to state income tax expense and benefits from stock-based compensation and federal tax credits.

At March 31, 2026 and December 31, 2025, we had net deferred tax liabilities of $ 408.6 million and $ 399.3 million, respectively.

The accounting for deferred taxes is based upon estimates of future results.

2 unchanged sentences

Unrecognized tax benefits represent the difference between tax positions taken or expected to be taken in a tax return and the benefits recognized for financial statement purposes.

We had $ 32.9 million and $ 38.7 million of gross unrecognized tax benefits at September 30, 2025 and December 31, 2024, respectively.

Additionally, we had accrued interest and penalties of $ 2.2 million and $ 1.9 million at September 30, 2025 and December 31, 2024, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted, introducing various changes to U.S.

federal tax law.

The Company does not expect the Act to have a material impact on its consolidated financial statements.

We had $ 29.9 million of gross unrecognized tax benefits at both March 31, 2026 and December 31, 2025.

Additionally, we had accrued interest and penalties of $ 0.6 million at both March 31, 2026 and December 31, 2025.

PULTEGROUP, INC.

9 unchanged sentences

Hierarchy Fair Value

September 30,

2026 December 31,

18 unchanged sentences

If quoted market prices are not available, fair values are based on quoted market prices of similar issues.

The carrying value of senior notes was $ 1.6 billion at both September 30, 2025 and December 31, 2024.

The carrying value of senior notes was $ 1.8 billion and $ 1.6 billion at March 31, 2026 and December 31, 2025, respectively.

PULTEGROUP, INC.

4 unchanged sentences

The majority of these letters of credit and surety bonds are in support of our land development and construction obligations to various municipalities, other government agencies, and utility companies related to the construction of roads, sewers, and other infrastructure.

We had outstanding letters of credit and surety bonds totaling $ 348.0 million and $ 3.1 billion, respectively, at September 30, 2025, and $ 321.1 million and $ 2.9 billion, respectively, at December 31, 2024.

We had outstanding letters of credit and surety bonds totaling $ 348.1 million and $ 3.0 billion, respectively, at March 31, 2026, and $ 357.1 million and $ 3.1 billion, respectively, at December 31, 2025.

In the event any such letter of credit or surety bond is drawn, we would be obligated to reimburse the issuer of the letter of credit or surety bond.

20 unchanged sentences

Changes to warranty liabilities were as follows ($000’s omitted):

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Warranty liabilities, beginning of period $ 128,717 $ 130,538

24 unchanged sentences

IBNR represents losses related to claims incurred but not yet reported plus development on reported claims.

Our recorded reserves for all such claims totaled $ 282.0 million and $ 267.5 million at September 30, 2025 and December 31, 2024, respectively.

Our recorded reserves for all such claims totaled $ 267.5 million and $ 259.4 million at March 31, 2026 and December 31, 2025, respectively.

The recorded reserves include loss estimates related to both (i) existing claims and related claim expenses and (ii) IBNR and related claim expenses.

Liabilities related to IBNR and related claim expenses represented approximately 69 % and 68 % of the total general liability reserves at September 30, 2025 and December 31, 2024, respectively.

Liabilities related to IBNR and related claim expenses represented approximately 74 % of the total general liability reserves at both March 31, 2026 and December 31, 2025.

The actuarial analyses that determine the IBNR portion of reserves consider a variety of factors, including the frequency and severity of losses, which are based on our historical claims experience supplemented by industry data.

8 unchanged sentences

Adjustments to reserves are recorded in the period in which the change in estimate occurs.

Our lower ending reserve balance at September 30, 2025 compared with September 30, 2024 results primarily from adjustments made during 2024 as a result of changes in estimates resulting from actual claim experience being less than anticipated in previous actuarial projections.

The changes in actuarial estimates were driven by changes in actual claims experience that, in turn, impacted actuarial estimates for potential future claims.

These changes in actuarial estimates did not involve any changes in actuarial methodology but did impact the development of estimates for future periods, which resulted in adjustments to the IBNR portion of our recorded liabilities.

There were no material adjustments to individual claims.

Costs associated with our insurance programs are classified within selling, general, and administrative expenses.

Changes in these liabilities were as follows ($000's omitted):

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

Three Months Ended

Balance, beginning of period $ 259,410 $ 267,474

13 unchanged sentences

Leases with an initial term of 12 months or less are not recorded on the balance sheet.

ROU assets and lease liabilities were $ 113.2 million and $ 129.6 million at September 30, 2025, respectively, and $ 93.9 million and $ 109.0 million at December 31, 2024, respectively.

In the three and nine months ended September 30, 2025 we recorded an additional $ 2.7 million and $ 36.7 million , respectively, of lease liabilities under operating leases, and $ 3.6 million and $ 9.1 million, respectively, in the comparable prior year periods.

Payments on lease liabilities in the three and nine months ended September 30, 2025 totaled $ 5.7 million and $ 17.2 million, respectively, and $ 5.9 million and $ 17.6 million in the comparable prior year periods.

ROU assets and lease liabilities were $ 105.3 million and $ 129.6 million at March 31, 2026, respectively, and $ 109.7 million and $ 133.2 million at December 31, 2025, respectively.

In the three months ended March 31, 2025 we recorded an additional $ 19.6 million of lease liabilities under operating leases.

Payments on lease liabilities in the three months ended March 31, 2026 and 2025 totaled $ 6.7 million and $ 5.8 million, respectively.

Lease expense includes costs for leases with terms in excess of one year as well as short-term leases with terms of less than one year.

In the three and nine months ended September 30, 2025 our total lease expense was $ 14.6 million and $ 45.6 million, respectively, and $ 15.3 million and $ 45.5 million in the comparable prior year periods.

Our total lease expense is inclusive of variable lease costs of $ 2.0 million and $ 7.3 million in the three and nine months ended September 30, 2025, respectively, and $ 2.3 million and $ 8.4 million in the comparable prior year periods, as well as short-term lease costs of $ 6.0 million and $ 17.4 million in the three and nine months ended September 30, 2025, respectively, and $ 6.2 million and $ 17.0 million in the comparable prior year periods.

In the three months ended March 31, 2026 and 2025 our total lease expense was $ 13.9 million and $ 15.7 million, respectively, inclusive of variable lease costs of $ 2.1 million and $ 3.0 million, respectively, as well as short-term lease costs of $ 4.7 million and $ 6.1 million, respectively.

Sublease income was de minimis.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The future minimum lease payments required under our leases as of September 30, 2025 were as follows ($000's omitted):

The future minimum lease payments required under our leases as of March 31, 2026 were as follows ($000's omitted):

Years Ending December 31,

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Present value of lease liabilities (d)

(a) Remaining payments are for the three months ending December 31, 2025.

(b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $ 8.2 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2025.

(a) Remaining payments are for the nine months ending December 31, 2026.

(b) Lease payments include options to extend lease terms that are reasonably certain of being exercised and exclude $ 9.4 million of legally binding minimum lease payments for leases signed but not yet commenced at March 31, 2026.

As a result, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.

(d) The weighted-average remaining lease term and weighted-average discount rate used in calculating our lease liabilities were 6.0 years and 4.6 %, respectively, at September 30, 2025.

(d) The weighted-average remaining lease term and weighted-average discount rate used in calculating our lease liabilities were 5.7 years and 4.6 %, respectively, at March 31, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements