Quarterly report [Sections 13 or 15(d)]

OPERATING AND REPORTING SEGMENTS (Tables)

v3.26.1
OPERATING AND REPORTING SEGMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables provide financial information about our reportable segments and Corporate and other categories (in thousands):
Three Months Ended June 30, 2026
West Central East Total
Home closing revenue $ 400,755  $ 446,726  $ 540,430  $ 1,387,911 
Land closing revenue 4,598  5,512  2,610  12,720 
Total closing revenue 405,353  452,238  543,040  1,400,631 
Cost of home closings 322,395  361,381  450,522  1,134,298 
Cost of land closings 4,256  5,479  2,461  12,196 
Total cost of closings 326,651  366,860  452,983  1,146,494 
Home closing gross profit 78,360  85,345  89,908  253,613 
Land closing gross profit 342  33  149  524 
Total closing gross profit 78,702  85,378  90,057  254,137 
Home closing gross margin 19.6% 19.1% 16.6% 18.3%
Commissions and other sales costs 23,854  32,030  35,921  91,805 
General and administrative expenses 11,117  11,831  16,476  39,424 
Homebuilding segment operating income 43,731  41,517  37,660  122,908 
Financial services segment profit 5,327 
Corporate and unallocated costs (1) (12,956)
Interest expense (2,187)
Other income, net 7,472 
Earnings before income taxes $ 120,564 

(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.
Three Months Ended June 30, 2025
West Central East Total
Home closing revenue $ 549,205  $ 480,425  $ 586,079  $ 1,615,709 
Land closing revenue —  6,969  1,308  8,277 
Total closing revenue 549,205  487,394  587,387  1,623,986 
Cost of home closings 434,743  373,838  465,800  1,274,381 
Cost of land closings —  7,693  1,303  8,996 
Total cost of closings 434,743  381,531  467,103  1,283,377 
Home closing gross profit 114,462  106,587  120,279  341,328 
Land closing gross profit/(loss) —  (724) 5  (719)
Total closing gross profit 114,462  105,863  120,284  340,609 
Home closing gross margin 20.8% 22.2% 20.5% 21.1%
Commissions and other sales costs 32,184  35,654  40,992  108,830 
General and administrative expenses 13,184  12,543  19,189  44,916 
Homebuilding segment operating income 69,094  57,666  60,103  186,863 
Financial services segment profit 5,611 
Corporate and unallocated costs (1) (10,267)
Interest expense — 
Other income, net 10,853 
Earnings before income taxes $ 193,060 

(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, 2026
West Central East Total
Home closing revenue $ 736,938  $ 823,026  $ 935,769  $ 2,495,733 
Land closing revenue 4,598  8,238  9,245  22,081 
Total closing revenue 741,536  831,264  945,014  2,517,814 
Cost of home closings 597,098  669,076  782,148  2,048,322 
Cost of land closings 4,256  8,149  9,421  21,826 
Total cost of closings 601,354  677,225  791,569  2,070,148 
Home closing gross profit 139,840  153,950  153,621  447,411 
Land closing gross profit/(loss) 342  89  (176) 255 
Total closing gross profit 140,182  154,039  153,445  447,666 
Home closing gross margin 19.0% 18.7% 16.4% 17.9%
Commissions and other sales costs 45,225  60,507  65,545  171,277 
General and administrative expenses 21,968  23,003  32,569  77,540 
Homebuilding segment operating income 72,989  70,529  55,331  198,849 
Financial services segment profit 8,820 
Corporate and unallocated costs (1) (26,242)
Interest expense (2,774)
Other income, net 14,435 
Earnings before income taxes $ 193,088 
(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, 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.
Schedule of Segment Assets
At June 30, 2026
West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 25,789  $ 57,550  $ 85,638  $ —  $ —  $ 168,977 
Real estate 1,722,360  1,609,963  2,559,655  —  —  5,891,978 
Investments in unconsolidated entities 34,333  24,117  —  —  973  59,423 
Other assets 48,607  (1) 318,738  (2) 82,763  (3) 2,444  982,003  (4) 1,434,555 
Total assets $ 1,831,089  $ 2,010,368  $ 2,728,056  $ 2,444  $ 982,976  $ 7,554,933 

(1)Balance consists primarily of cash and cash equivalents, prepaid expenses and other assets, and development receivables.
(2)Balance consists primarily of development reimbursements from local municipalities, prepaid expenses and other assets, and cash and cash equivalents.
(3)Balance consists primarily of goodwill (see Note 9), prepaid expenses and other assets, and cash and cash equivalents.
(4)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and deferred tax assets.
At December 31, 2025
West Central East Financial Services Corporate  and
Unallocated		 Total
Deposits on real estate under option or contract $ 26,155  $ 61,686  $ 86,329  $ —  $ —  $ 174,170 
Real estate 1,782,502  1,685,355  2,519,263  —  —  5,987,120 
Investments in unconsolidated entities 28,631  27,734  —  —  903  57,268 
Other assets 37,118  (1) 309,583  (2) 78,724  (3) 2,342  975,962  (4) 1,403,729 
Total assets $ 1,874,406  $ 2,084,358  $ 2,684,316  $ 2,342  $ 976,865  $ 7,622,287 
(1)Balance consists primarily of property and equipment, net, prepaid expenses and other assets, and development receivables.
(2)Balance consists primarily of development reimbursements from local municipalities, property and equipment, net, goodwill (see Note 9), and prepaid expenses and other assets.
(3)Balance consists primarily of prepaid expenses and other assets, goodwill (see Note 9), and property and equipment, net.
(4)Balance consists primarily of cash and cash equivalents, prepaids and other assets, and deferred tax assets.