Annual report [Section 13 and 15(d), not S-K Item 405]

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

v3.25.4
OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment information on operating results      
Corporate and unallocated costs $ (211,762) $ (230,856) $ (231,722)
Interest expense 0 0 0
Other income, net 44,145 45,156 47,948
Loss on early extinguishment of debt 0 (631) (907)
Net earnings before income taxes $ 584,600 $ 1,002,870 $ 949,430
Operating Segments [Member] | Homebuilding      
Segment information on operating results      
Home closing gross margin 19.70% 24.90% 24.80%
Commissions and other sales costs $ 404,405 $ 409,069 $ 384,911
Corporate and unallocated costs (171,581) (164,193) (166,490)
Operating Income $ 562,018 $ 1,010,598 $ 955,155
Operating Segments [Member] | Homebuilding | West      
Segment information on operating results      
Home closing gross margin 20.10% 22.80% 20.70%
Commissions and other sales costs $ 110,408 $ 123,393 $ 115,020
Corporate and unallocated costs (50,944) (52,837) (58,627)
Operating Income $ 207,195 $ 331,790 $ 265,479
Operating Segments [Member] | Homebuilding | Central      
Segment information on operating results      
Home closing gross margin 20.90% 26.00% 27.00%
Commissions and other sales costs $ 140,114 $ 142,485 $ 143,985
Corporate and unallocated costs (49,924) (50,309) (50,021)
Operating Income $ 192,579 $ 332,452 $ 349,964
Operating Segments [Member] | Homebuilding | East      
Segment information on operating results      
Home closing gross margin 18.30% 26.10% 26.90%
Commissions and other sales costs $ 153,883 $ 143,191 $ 125,906
Corporate and unallocated costs (70,713) (61,047) (57,842)
Operating Income 162,244 346,356 339,712
Operating Segments [Member] | Financial Services [Member]      
Segment information on operating results      
Operating Income 18,618 14,410 12,466
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding      
Segment information on operating results      
Total closing revenue 5,824,435 6,363,872 6,113,013
Total cost of closings 4,686,431 4,780,012 4,606,457
Total closing gross profit 1,138,004 1,583,860 1,506,556
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | West      
Segment information on operating results      
Total closing revenue 1,837,394 2,223,876 2,142,419
Total cost of closings 1,468,847 1,715,856 1,703,293
Total closing gross profit 368,547 508,020 439,126
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | Central      
Segment information on operating results      
Total closing revenue 1,858,347 2,021,638 2,013,027
Total cost of closings 1,475,730 1,496,392 1,469,057
Total closing gross profit 382,617 525,246 543,970
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | East      
Segment information on operating results      
Total closing revenue 2,128,694 2,118,358 1,957,567
Total cost of closings 1,741,854 1,567,764 1,434,107
Total closing gross profit 386,840 550,594 523,460
Corporate and Unallocated [Member]      
Segment information on operating results      
Corporate and unallocated costs (40,181) [1] (66,663) (65,232)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]      
Segment information on operating results      
Interest expense 0 0 0
Other income, net 44,145 45,156 47,948
Homebuilding      
Segment information on operating results      
Total closing revenue 5,824,435 6,363,872 6,113,013
Total closing gross profit 1,138,004 1,583,860 1,506,556
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding      
Segment information on operating results      
Total closing revenue 5,763,597 6,341,546 6,056,784
Total cost of closings 4,627,405 4,761,703 4,554,671
Total closing gross profit 1,136,192 1,579,843 1,502,113
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | West      
Segment information on operating results      
Total closing revenue 1,829,432 2,223,876 2,107,095
Total cost of closings 1,461,313 1,715,856 1,671,330
Total closing gross profit 368,119 508,020 435,765
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | Central      
Segment information on operating results      
Total closing revenue 1,835,691 2,015,621 2,006,333
Total cost of closings 1,451,785 1,492,243 1,463,694
Total closing gross profit 383,906 523,378 542,639
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | East      
Segment information on operating results      
Total closing revenue 2,098,474 2,102,049 1,943,356
Total cost of closings 1,714,307 1,553,604 1,419,647
Total closing gross profit 384,167 548,445 523,709
Land      
Segment information on operating results      
Total closing revenue 60,838 22,326 56,229
Total closing gross profit 1,812 4,017 4,443
Land | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding      
Segment information on operating results      
Total closing revenue 60,838 22,326 56,229
Total cost of closings 59,026 18,309 51,786
Total closing gross profit 1,812 4,017 4,443
Land | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | West      
Segment information on operating results      
Total closing revenue 7,962 0 35,324
Total cost of closings 7,534 0 31,963
Total closing gross profit 428 0 3,361
Land | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | Central      
Segment information on operating results      
Total closing revenue 22,656 6,017 6,694
Total cost of closings 23,945 4,149 5,363
Total closing gross profit (1,289) 1,868 1,331
Land | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding | East      
Segment information on operating results      
Total closing revenue 30,220 16,309 14,211
Total cost of closings 27,547 14,160 14,460
Total closing gross profit $ 2,673 $ 2,149 $ (249)
[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.
Year Ended December 31, 2024
West Central East Total
Home closing revenue $ 2,223,876  $ 2,015,621  $ 2,102,049  $ 6,341,546 
Land closing revenue —  6,017  16,309  $ 22,326 
Total closing revenue 2,223,876  2,021,638  2,118,358  6,363,872 
Cost of home closings 1,715,856  1,492,243  1,553,604  4,761,703 
Cost of land closings —  4,149  14,160  18,309 
Total cost of closings 1,715,856  1,496,392  1,567,764  4,780,012 
Home closing gross profit 508,020  523,378  548,445  1,579,843 
Land closing gross profit/(loss) —  1,868  2,149  4,017 
Total closing gross profit 508,020  525,246  550,594  1,583,860 
Home closing gross margin 22.8% 26.0% 26.1% 24.9%
Commissions and other sales costs 123,393  142,485  143,191  409,069 
General and administrative expenses 52,837  50,309  61,047  164,193 
Homebuilding segment operating income 331,790  332,452  346,356  1,010,598 
Financial services segment profit 14,410 
Corporate and unallocated costs (1) (66,663)
Interest expense — 
Other income, net 45,156 
Loss on early extinguishment of debt (631)
Net earnings before income taxes $ 1,002,870 

(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.
Year Ended December 31, 2023
West Central East Total
Home closing revenue $ 2,107,095  $ 2,006,333  $ 1,943,356  $ 6,056,784 
Land closing revenue 35,324  6,694  14,211  $ 56,229 
Total closing revenue 2,142,419  2,013,027  1,957,567  $ 6,113,013 
Cost of home closings 1,671,330  1,463,694  1,419,647  $ 4,554,671 
Cost of land closings 31,963  5,363  14,460  $ 51,786 
Total cost of closings 1,703,293  1,469,057  1,434,107  $ 4,606,457 
Home closing gross profit 435,765  542,639  523,709  1,502,113 
Land closing gross profit/(loss) 3,361  1,331  (249) 4,443 
Total closing gross profit 439,126  543,970  523,460  1,506,556 
Home closing gross margin 20.7% 27.0% 26.9% 24.8%
Commissions and other sales costs 115,020  143,985  125,906  384,911 
General and administrative expenses 58,627  50,021  57,842  166,490 
Homebuilding segment operating income 265,479  349,964  339,712  955,155 
Financial services segment profit 12,466 
Corporate and unallocated costs (1) (65,232)
Interest expense — 
Other income, net 47,948 
Loss on early extinguishment of debt (907)
Net earnings before income taxes $ 949,430 

(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.