Quarterly report [Sections 13 or 15(d)]

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

v3.25.3
OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Corporate and unallocated costs $ (51,787) $ (59,198) $ (163,967) $ (163,114)
Interest expense 0 0 0 0
Other income, net 8,128 10,682 28,479 31,202
Earnings before income taxes 128,248 249,932 481,467 781,308
Loss on early extinguishment of debt 0 0 0 (631)
Operating Segments [Member] | Financial Services [Member]        
Segment Reporting Information [Line Items]        
Operating Income 4,480 3,101 13,654 7,248
Operating Segments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Operating Income 125,723 254,216 472,297 786,461
Corporate and unallocated costs $ (41,704) $ (41,131) $ (131,004) $ (120,142)
Gross Margin, Segment Reporting Percentage 19.10% 24.80% 20.70% 25.50%
Selling Expense $ 99,722 $ 97,898 $ 303,272 $ 304,113
Operating Segments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Operating Income 42,746 93,891 176,505 265,934
Corporate and unallocated costs $ (13,314) $ (13,212) $ (39,951) $ (39,742)
Gross Margin, Segment Reporting Percentage 19.60% 23.30% 20.80% 23.20%
Selling Expense $ 26,387 $ 31,235 $ 85,973 $ 96,054
Operating Segments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Operating Income 48,203 78,649 151,697 259,235
Corporate and unallocated costs $ (11,854) $ (12,658) $ (37,236) $ (36,292)
Gross Margin, Segment Reporting Percentage 21.40% 25.60% 21.90% 26.80%
Selling Expense $ 34,189 $ 33,664 $ 102,500 $ 105,956
Operating Segments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Operating Income 34,774 81,676 144,095 261,292
Corporate and unallocated costs $ (16,536) $ (15,261) $ (53,817) $ (44,108)
Gross Margin, Segment Reporting Percentage 16.70% 25.60% 19.70% 26.90%
Selling Expense $ 39,146 $ 32,999 $ 114,799 $ 102,103
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 1,415,403 1,588,449 4,396,914 4,750,588
Cost of Revenue 1,148,254 1,195,204 3,490,341 3,539,872
Gross Profit 267,149 393,245 906,573 1,210,716
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 420,658 594,509 1,450,190 1,732,978
Cost of Revenue 338,211 456,171 1,147,761 1,331,248
Gross Profit 82,447 138,338 302,429 401,730
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 444,927 486,864 1,345,788 1,499,014
Cost of Revenue 350,681 361,893 1,054,355 1,097,531
Gross Profit 94,246 124,971 291,433 401,483
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 549,818 507,076 1,600,936 1,518,596
Cost of Revenue 459,362 377,140 1,288,225 1,111,093
Gross Profit 90,456 129,936 312,711 407,503
Corporate and Unallocated [Member]        
Segment Reporting Information [Line Items]        
Corporate and unallocated costs (10,083) [1] (18,067) (32,963) [1] (42,972) [1]
Segment Reconciling Items [Member]        
Segment Reporting Information [Line Items]        
Interest expense 0 0 0 0
Other income, net 8,128 10,682 28,479 31,202
Homebuilding        
Segment Reporting Information [Line Items]        
Revenue 1,415,403 1,588,449 4,396,914 4,750,588
Gross Profit 267,149 393,245 906,573 1,210,716
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 1,399,335 1,585,784 4,357,148 4,745,618
Cost of Revenue 1,132,378 1,193,219 3,453,213 3,535,589
Gross Profit 266,957 392,565 903,935 1,210,029
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 420,658 594,509 1,449,499 1,732,978
Cost of Revenue 338,211 456,171 1,147,619 1,331,248
Gross Profit 82,447 138,338 301,880 401,730
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 443,086 484,739 1,336,048 1,496,889
Cost of Revenue 348,270 360,413 1,043,916 1,096,051
Gross Profit 94,816 124,326 292,132 400,838
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 535,591 506,536 1,571,601 1,515,751
Cost of Revenue 445,897 376,635 1,261,678 1,108,290
Gross Profit 89,694 129,901 309,923 407,461
Home closings        
Segment Reporting Information [Line Items]        
Revenue 1,399,335 1,585,784 4,357,148 4,745,618
Gross Profit 266,957 392,565 903,935 1,210,029
Land closings        
Segment Reporting Information [Line Items]        
Revenue 16,068 2,665 39,766 4,970
Gross Profit 192 680 2,638 687
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 16,068 2,665 39,766 4,970
Cost of Revenue 15,876 1,985 37,128 4,283
Gross Profit 192 680 2,638 687
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 1,841 2,125 9,740 2,125
Cost of Revenue 2,411 1,480 10,439 1,480
Gross Profit (570) 645 (699) 645
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 14,227 540 29,335 2,845
Cost of Revenue 13,465 505 26,547 2,803
Gross Profit $ 762 $ 35 $ 2,788 $ 42
[1]
Nine Months Ended September 30, 2025
West Central East Total
Home closing revenue $ 1,449,499  $ 1,336,048  $ 1,571,601  $ 4,357,148 
Land closing revenue 691  9,740  29,335  39,766 
Total closing revenue 1,450,190  1,345,788  1,600,936  4,396,914 
Cost of home closings 1,147,619  1,043,916  1,261,678  3,453,213 
Cost of land closings 142  10,439  26,547  37,128 
Total cost of closings 1,147,761  1,054,355  1,288,225  3,490,341 
Home closing gross profit 301,880  292,132  309,923  903,935 
Land closing gross profit/(loss) 549  (699) 2,788  2,638 
Total closing gross profit 302,429  291,433  312,711  906,573 
Home closing gross margin 20.8% 21.9% 19.7% 20.7%
Commissions and other sales costs 85,973  102,500  114,799  303,272 
General and administrative expenses 39,951  37,236  53,817  131,004 
Homebuilding segment operating income 176,505  151,697  144,095  472,297 
Financial services segment profit 13,654 
Corporate and unallocated costs (1) (32,963)
Interest expense — 
Other income, net 28,479 
Earnings before income taxes $ 481,467 
(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.
Nine Months Ended September 30, 2024
West Central East Total
Home closing revenue $ 1,732,978  $ 1,496,889  $ 1,515,751  $ 4,745,618 
Land closing revenue —  2,125  2,845  4,970 
Total closing revenue 1,732,978  1,499,014  1,518,596  4,750,588 
Cost of home closings 1,331,248  1,096,051  1,108,290  3,535,589 
Cost of land closings —  1,480  2,803  4,283 
Total cost of closings 1,331,248  1,097,531  1,111,093  3,539,872 
Home closing gross profit 401,730  400,838  407,461  1,210,029 
Land closing gross profit —  645  42  687 
Total closing gross profit 401,730  401,483  407,503  1,210,716 
Home closing gross margin 23.2% 26.8% 26.9% 25.5%
Commissions and other sales costs 96,054  105,956  102,103  304,113 
General and administrative expenses 39,742  36,292  44,108  120,142 
Homebuilding segment operating income 265,934  259,235  261,292  786,461 
Financial services segment profit 7,248 
Corporate and unallocated costs (1) (42,972)
Interest expense — 
Other income, net 31,202 
Loss on early extinguishment of debt (631)
Earnings before income taxes $ 781,308 

(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.