PulteGroup is one of the largest homebuilders in the U.S., building and selling single-family and attached homes across 47 markets in 26 states. The company targets three buyer groups: first-time buyers (~38% of closings) under the Centex brand, move-up buyers (~40%) under the Pulte Homes and John Wieland brands, and active adult (55+) buyers (~22%) under the Del Webb brand, which builds large amenity-rich age-restricted communities. PulteGroup is also launching Del Webb Explore, a non-age-restricted version targeting similar lifestyle buyers without the 55+ requirement. The company sells homes either as built-to-order (BTO), where construction starts only after a signed contract, or as spec homes built ahead of a buyer. Management prefers a BTO-heavy mix (targeting 60%+) because BTO buyers select options and lot premiums — averaging ~$109K per home in 2025 — which is a key driver of gross margin outperformance vs. peers. PulteGroup buys and develops land, builds homes, and sells them at a margin above total costs, with gross margin running at 26.3% in 2025. A small Financial Services segment (~2% of revenue) operates Pulte Mortgage, which originates loans for PulteGroup homebuyers and sells them into the secondary market, along with title and insurance operations. Growth is driven by community count expansion, growing Del Webb's share of closings toward 25%, and increasing the share of land held under option to reduce capital at risk.