普得集团(帕尔迪) 2025年度报告

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ______ To ______Commission File Number 1-9804 PULTEGROUP, INC. (Exact name of registrant as specified in its charter) 38-2766606 Michigan (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 3350 Peachtree Road NE, Suite 1500Atlanta, Georgia30326(Address of principal executive offices) (Zip Code)Registrant’s telephone number, including area code:404978-6400Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of theExchange Act If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the registrant’s voting shares held by nonaffiliates of the registrant as of June30, 2025, based on the closing sale price per share asreported by the New York Stock Exchange on such date, was approximately $20.7 billion. As of January22, 2026, the registrant had 192,327,885 shares of commonshares outstanding. Documents Incorporated by Reference Applicable portions of the Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form. PULTEGROUP, INC.TABLE OF CONTENTS Part I 1Business1ARisk Factors1BUnresolved Staff Comments1CCybersecurity2Properties3Legal Proceedings4Mine Safety Disclosures Part II5Market for the Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities196[Reserved]217Management’s Discussion and Analysis of Financial Condition and Results of Operations227AQuantitative and Qualitative Disclosures About Market Risk398Financial Statements and Supplementary Data419Changes in and Disagreements with Accountants on Accounting and Financial Disclosure709AControls and Procedures709BOther Information729CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections72 Part III 10Directors, Executive Officers and Corporate Governance11Executive Compensation12Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters13Certain Relationships and Related Transactions, and Director Independence14Principal Accountant Fees and Services PART I ITEM I.BUSINESS PulteGroup, Inc. is a Michigan corporation organized in 1956, though we date our founding to 1950, when our founder, Bill Pulte,built our first home. Over our history, we have delivered over 875,000 homes. We are one of the larg