Quarterly report [Sections 13 or 15(d)]

OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details)

v3.25.2
OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Corporate and unallocated costs $ (55,183) $ (53,184) $ (112,180) $ (103,916)
Interest expense 0 0 0 0
Other income, net 10,853 11,498 20,351 20,520
Earnings before income taxes 193,060 297,361 353,219 531,376
Loss on early extinguishment of debt 0 (631) 0 (631)
Operating Segments [Member] | Financial Services [Member]        
Segment Reporting Information [Line Items]        
Operating Income 5,611 4,837 9,174 4,147
Operating Segments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Operating Income 186,863 293,601 346,574 532,245
Corporate and unallocated costs $ (44,916) $ (41,240) $ (89,300) $ (79,011)
Gross Margin, Segment Reporting Percentage 21.10% 25.90% 21.50% 25.90%
Selling Expense $ 108,830 $ 104,665 $ 203,550 $ 206,215
Operating Segments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Operating Income 69,094 100,779 133,759 172,043
Corporate and unallocated costs $ (13,184) $ (13,824) $ (26,637) $ (26,530)
Gross Margin, Segment Reporting Percentage 20.80% 23.80% 21.30% 23.10%
Selling Expense $ 32,184 $ 33,661 $ 59,586 $ 64,819
Operating Segments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Operating Income 57,666 95,815 103,494 180,586
Corporate and unallocated costs $ (12,543) $ (12,251) $ (25,382) $ (23,634)
Gross Margin, Segment Reporting Percentage 22.20% 27.10% 22.10% 27.30%
Selling Expense $ 35,654 $ 35,047 $ 68,311 $ 72,292
Operating Segments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Operating Income 60,103 97,007 109,321 179,616
Corporate and unallocated costs $ (19,189) $ (15,165) $ (37,281) $ (28,847)
Gross Margin, Segment Reporting Percentage 20.50% 27.30% 21.30% 27.50%
Selling Expense $ 40,992 $ 35,957 $ 75,653 $ 69,104
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 1,623,986 1,693,738 2,981,511 3,162,139
Cost of Revenue 1,283,377 1,254,232 2,342,087 2,344,668
Gross Profit 340,609 439,506 639,424 817,471
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 549,205 622,837 1,029,532 1,138,469
Cost of Revenue 434,743 474,573 809,550 875,077
Gross Profit 114,462 148,264 219,982 263,392
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 487,394 528,380 900,861 1,012,150
Cost of Revenue 381,531 385,267 703,674 735,638
Gross Profit 105,863 143,113 197,187 276,512
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 587,387 542,521 1,051,118 1,011,520
Cost of Revenue 467,103 394,392 828,863 733,953
Gross Profit 120,284 148,129 222,255 277,567
Corporate and Unallocated [Member]        
Segment Reporting Information [Line Items]        
Corporate and unallocated costs (10,267) [1] (11,944) (22,880) [1] (24,905) [1]
Segment Reconciling Items [Member]        
Segment Reporting Information [Line Items]        
Interest expense 0 0 0 0
Other income, net 10,853 11,498 20,351 20,520
Homebuilding        
Segment Reporting Information [Line Items]        
Revenue 1,623,986 1,693,738 2,981,511 3,162,139
Gross Profit 340,609 439,506 639,424 817,471
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 1,615,709 1,693,738 2,957,813 3,159,834
Cost of Revenue 1,274,381 1,254,232 2,320,835 2,342,370
Gross Profit 341,328 439,506 636,978 817,464
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 549,205 622,837 1,028,841 1,138,469
Cost of Revenue 434,743 474,573 809,408 875,077
Gross Profit 114,462 148,264 219,433 263,392
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 480,425 528,380 892,962 1,012,150
Cost of Revenue 373,838 385,267 695,646 735,638
Gross Profit 106,587 143,113 197,316 276,512
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 586,079 542,521 1,036,010 1,009,215
Cost of Revenue 465,800 394,392 815,781 731,655
Gross Profit 120,279 148,129 220,229 277,560
Home closings        
Segment Reporting Information [Line Items]        
Revenue 1,615,709 1,693,738 2,957,813 3,159,834
Gross Profit 341,328 439,506 636,978 817,464
Land closings        
Segment Reporting Information [Line Items]        
Revenue 8,277 0 23,698 2,305
Gross Profit (719) 0 2,446 7
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 8,277 0 23,698 2,305
Cost of Revenue 8,996 0 21,252 2,298
Gross Profit (719) 0 2,446 7
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 0 0 691 0
Cost of Revenue 0 0 142 0
Gross Profit 0 0 549 0
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 6,969 0 7,899 0
Cost of Revenue 7,693 0 8,028 0
Gross Profit (724) 0 (129) 0
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 1,308 0 15,108 2,305
Cost of Revenue 1,303 0 13,082 2,298
Gross Profit $ 5 $ 0 $ 2,026 $ 7
[1]
Six Months Ended June 30, 2025
West Central East Total
Home closing revenue $ 1,028,841  $ 892,962  $ 1,036,010  $ 2,957,813 
Land closing revenue 691  7,899  15,108  23,698 
Total closing revenue 1,029,532  900,861  1,051,118  2,981,511 
Cost of home closings 809,408  695,646  815,781  2,320,835 
Cost of land closings 142  8,028  13,082  21,252 
Total cost of closings 809,550  703,674  828,863  2,342,087 
Home closing gross profit 219,433  197,316  220,229  636,978 
Land closing gross profit/(loss) 549  (129) 2,026  2,446 
Total closing gross profit 219,982  197,187  222,255  639,424 
Home closing gross margin 21.3% 22.1% 21.3% 21.5%
Commissions and other sales costs 59,586  68,311  75,653  203,550 
General and administrative expenses 26,637  25,382  37,281  89,300 
Homebuilding segment operating income 133,759  103,494  109,321  346,574 
Financial services segment profit 9,174 
Corporate and unallocated costs (1) (22,880)
Interest expense — 
Other income, net 20,351 
Earnings before income taxes $ 353,219 
(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.
Six Months Ended June 30, 2024
West Central East Total
Home closing revenue $ 1,138,469  $ 1,012,150  $ 1,009,215  $ 3,159,834 
Land closing revenue —  —  2,305  2,305 
Total closing revenue 1,138,469  1,012,150  1,011,520  3,162,139 
Cost of home closings 875,077  735,638  731,655  2,342,370 
Cost of land closings —  —  2,298  2,298 
Total cost of closings 875,077  735,638  733,953  2,344,668 
Home closing gross profit 263,392  276,512  277,560  817,464 
Land closing gross profit —  —  7  7 
Total closing gross profit 263,392  276,512  277,567  817,471 
Home closing gross margin 23.1% 27.3% 27.5% 25.9%
Commissions and other sales costs 64,819  72,292  69,104  206,215 
General and administrative expenses 26,530  23,634  28,847  79,011 
Homebuilding segment operating income 172,043  180,586  179,616  532,245 
Financial services segment profit 4,147 
Corporate and unallocated costs (1) (24,905)
Interest expense — 
Other income, net 20,520 
Loss on early extinguishment of debt (631)
Earnings before income taxes $ 531,376 

(1)Balance consists primarily of corporate costs and shared service functions such as finance and treasury that are not allocated to the homebuilding or financial services reporting segments.