PULTEGROUP INC/MI/PHM
PULTEGROUP INC/MI/ Segments Disclosure
Segment information
Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. Home sale revenues are composed of single-family detached homes, as well as attached homes, such as townhomes, condominiums, and duplexes. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:
| Northeast: | Maryland, Massachusetts, New Jersey, Pennsylvania, Rhode Island, Virginia | |||||||
| Southeast: | Georgia, North Carolina, South Carolina, Tennessee | |||||||
| Florida: | Florida | |||||||
| Midwest: | Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio | |||||||
| Texas: | Texas | |||||||
| West: | 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 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.
Our Chief Executive Officer ("CEO"), who has been identified as the chief operating decision maker for the purposes of the following reportable segment disclosures, is regularly provided operating results of individual operating segments which comprise our reportable segments. These operating results include key operating metrics which inform the CEO's decisions regarding allocation of resources and assessment of our overall operational performance. These operating results are reviewed against actual and forecasted figures, with income before income taxes being the key operating metric used to measure profit or loss.
| Operating Data by Segment ($000’s omitted) Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenues: | |||||||||||||||||
| Northeast | $ | 1,242,515 | $ | 1,068,199 | $ | 969,107 | |||||||||||
| Southeast | 2,959,063 | 2,880,882 | 2,669,065 | ||||||||||||||
| Florida | 4,264,540 | 4,706,048 | 4,650,355 | ||||||||||||||
| Midwest | 2,727,733 | 2,590,309 | 2,084,807 | ||||||||||||||
| Texas | 1,675,539 | 2,140,699 | 2,040,164 | ||||||||||||||
| West | 3,876,804 | 3,933,430 | 3,182,947 | ||||||||||||||
Other homebuilding (a) | 177,092 | 194,389 | 144,378 | ||||||||||||||
| 16,923,286 | 17,513,956 | 15,740,823 | |||||||||||||||
| Financial Services | 388,667 | 432,994 | 320,755 | ||||||||||||||
| Consolidated revenues | $ | 17,311,953 | $ | 17,946,950 | $ | 16,061,578 | |||||||||||
| Cost of Revenues | |||||||||||||||||
| Northeast | $ | (840,045) | $ | (729,284) | $ | (665,616) | |||||||||||
| Southeast | (2,069,322) | (1,948,510) | (1,792,371) | ||||||||||||||
| Florida | (3,010,191) | (3,153,767) | (3,040,705) | ||||||||||||||
| Midwest | (1,930,473) | (1,854,693) | (1,521,994) | ||||||||||||||
| Texas | (1,273,133) | (1,526,930) | (1,434,639) | ||||||||||||||
| West | (3,115,723) | (3,017,970) | (2,476,076) | ||||||||||||||
Other homebuilding (b) | (268,575) | (270,505) | (223,412) | ||||||||||||||
| (12,507,462) | (12,501,659) | (11,154,813) | |||||||||||||||
| SG&A: | |||||||||||||||||
| Northeast | $ | (102,160) | $ | (94,925) | $ | (85,666) | |||||||||||
| Southeast | (295,164) | (287,274) | (255,327) | ||||||||||||||
| Florida | (401,278) | (427,392) | (396,978) | ||||||||||||||
| Midwest | (246,908) | (236,195) | (196,159) | ||||||||||||||
| Texas | (221,400) | (257,490) | (224,434) | ||||||||||||||
| West | (343,738) | (341,613) | (284,392) | ||||||||||||||
Other homebuilding (c) | 36,720 | 323,613 | 130,314 | ||||||||||||||
| (1,573,928) | (1,321,276) | (1,312,642) | |||||||||||||||
| Operating Data by Segment ($000’s omitted) Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Other Segment Items (d): | |||||||||||||||||
| Northeast | $ | (6,443) | $ | (13,994) | $ | (7,317) | |||||||||||
| Southeast | (34,097) | (13,571) | (17,524) | ||||||||||||||
| Florida | (31,425) | (3,578) | (19,191) | ||||||||||||||
| Midwest | (11,291) | (9,236) | (12,688) | ||||||||||||||
| Texas | (18,827) | (10,685) | (9,189) | ||||||||||||||
| West | (38,346) | (21,008) | (42,486) | ||||||||||||||
Other homebuilding (e) | 51,824 | 176,975 | 151,102 | ||||||||||||||
| (88,605) | 104,903 | 42,707 | |||||||||||||||
| Financial Services | (230,637) | (223,039) | (187,563) | ||||||||||||||
| $ | (319,242) | $ | (118,136) | $ | (144,856) | ||||||||||||
Income (loss) before income taxes (e): | |||||||||||||||||
| Northeast | $ | 293,867 | $ | 229,996 | $ | 210,508 | |||||||||||
| Southeast | 560,480 | 631,527 | 603,843 | ||||||||||||||
| Florida | 821,646 | 1,121,311 | 1,193,481 | ||||||||||||||
| Midwest | 539,061 | 490,185 | 353,966 | ||||||||||||||
| Texas | 162,179 | 345,594 | 371,902 | ||||||||||||||
| West | 378,997 | 552,839 | 379,993 | ||||||||||||||
| Other homebuilding | (2,939) | 424,472 | 202,382 | ||||||||||||||
| 2,753,291 | 3,795,924 | 3,316,075 | |||||||||||||||
| Financial Services | 158,030 | 209,955 | 133,192 | ||||||||||||||
| Consolidated income before income taxes | $ | 2,911,321 | $ | 4,005,879 | $ | 3,449,267 | |||||||||||
(a)Other Homebuilding includes revenues from land sales and construction services.
(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 $42.3 million, $333.9 million, and $130.8 million in 2025, 2024 and 2023, respectively (see Note 11). 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, impairment of intangible assets, and other items not allocated to the operating segments. Also includes goodwill impairment of $28.6 million in 2025 (Note 1), impairment of property and equipment of $49.6 million in 2025 (Note 1), and a gain of $39.5 million in 2024 related to the sale of our minority interest in a joint venture.
| Operating Data by Segment ($000's omitted) Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Land-related charges (a): | |||||||||||||||||
| Northeast | $ | 1,779 | $ | 8,142 | $ | 497 | |||||||||||
| Southeast | 20,216 | 4,006 | 7,853 | ||||||||||||||
| Florida | 11,743 | 2,804 | 2,683 | ||||||||||||||
| Midwest | 4,905 | 1,598 | 7,786 | ||||||||||||||
| Texas | 24,967 | 9,643 | 3,661 | ||||||||||||||
| West | 59,259 | 7,412 | 19,343 | ||||||||||||||
| Other homebuilding | 4,045 | 967 | 1,292 | ||||||||||||||
| $ | 126,914 | $ | 34,572 | $ | 43,115 | ||||||||||||
(a)Land-related charges include land impairments, NRV adjustments for land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. See Note 2 for additional discussion of these charges.
| Operating Data by Segment ($000's omitted) Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
Depreciation and amortization: | |||||||||||||||||
| Northeast | $ | 3,409 | $ | 2,882 | $ | 3,365 | |||||||||||
| Southeast | 10,809 | 6,940 | 6,056 | ||||||||||||||
| Florida | 19,063 | 15,623 | 13,471 | ||||||||||||||
| Midwest | 9,150 | 8,229 | 8,207 | ||||||||||||||
| Texas | 7,961 | 6,911 | 6,214 | ||||||||||||||
| West | 27,025 | 15,482 | 12,438 | ||||||||||||||
| Other homebuilding | 24,942 | 23,997 | 22,992 | ||||||||||||||
| 102,359 | 80,064 | 72,743 | |||||||||||||||
| Financial Services | 10,148 | 9,098 | 8,081 | ||||||||||||||
| $ | 112,507 | $ | 89,162 | $ | 80,824 | ||||||||||||
| Operating Data by Segment | ||||||||||||||||||||||||||
| ($000's omitted) | ||||||||||||||||||||||||||
| December 31, | ||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||
| Total Inventory | Total Assets | Total Inventory | Total Assets | |||||||||||||||||||||||
| Northeast | $ | 735,538 | $ | 830,114 | $ | 716,530 | $ | 807,922 | ||||||||||||||||||
| Southeast | 2,224,780 | 2,646,216 | 2,006,958 | 2,298,692 | ||||||||||||||||||||||
| Florida | 3,204,259 | 3,664,325 | 3,246,588 | 3,676,910 | ||||||||||||||||||||||
| Midwest | 1,406,118 | 1,560,397 | 1,401,747 | 1,529,602 | ||||||||||||||||||||||
| Texas | 1,545,253 | 1,829,532 | 1,645,213 | 1,905,394 | ||||||||||||||||||||||
| West | 3,720,564 | 4,224,604 | 3,684,393 | 4,212,636 | ||||||||||||||||||||||
Other homebuilding (a) | 88,901 | 2,400,496 | (8,609) | 1,934,728 | ||||||||||||||||||||||
| 12,925,413 | 17,155,684 | 12,692,820 | 16,365,884 | |||||||||||||||||||||||
| Financial Services | — | 892,739 | — | 997,879 | ||||||||||||||||||||||
| $ | 12,925,413 | $ | 18,048,423 | $ | 12,692,820 | $ | 17,363,763 | |||||||||||||||||||
(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 and land held for sale allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million, net of cumulative impairment charges of $48.7 million at December 31, 2025, and goodwill of $68.9 million, net of cumulative impairment charges of $20.2 million at December 31, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 4, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 5, 2024 | |
| 2022 | Feb 6, 2023 | |
| 2021 | Feb 7, 2022 | |
| 2020 | Feb 2, 2021 | |
| 2019 | Jan 30, 2020 | |
| 2018 | Jan 31, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 1, 2017 | |
| 2015 | Feb 8, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.