Quarterly report [Sections 13 or 15(d)]

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

v3.26.1
OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Reporting Information [Line Items]        
Corporate and unallocated costs $ (52,380) $ (55,183) $ (103,782) $ (112,180)
Interest expense (2,187) 0 (2,774) 0
Other income, net 7,472 10,853 14,435 20,351
Earnings before income taxes 120,564 193,060 193,088 353,219
Operating Segments [Member] | Financial Services [Member]        
Segment Reporting Information [Line Items]        
Operating Income 5,327 5,611 8,820 9,174
Operating Segments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Operating Income 122,908 186,863 198,849 346,574
Corporate and unallocated costs $ (39,424) $ (44,916) $ (77,540) $ (89,300)
Gross Margin, Segment Reporting Percentage 18.30% 21.10% 17.90% 21.50%
Selling Expense $ 91,805 $ 108,830 $ 171,277 $ 203,550
Operating Segments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Operating Income 43,731 69,094 72,989 133,759
Corporate and unallocated costs $ (11,117) $ (13,184) $ (21,968) $ (26,637)
Gross Margin, Segment Reporting Percentage 19.60% 20.80% 19.00% 21.30%
Selling Expense $ 23,854 $ 32,184 $ 45,225 $ 59,586
Operating Segments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Operating Income 41,517 57,666 70,529 103,494
Corporate and unallocated costs $ (11,831) $ (12,543) $ (23,003) $ (25,382)
Gross Margin, Segment Reporting Percentage 19.10% 22.20% 18.70% 22.10%
Selling Expense $ 32,030 $ 35,654 $ 60,507 $ 68,311
Operating Segments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Operating Income 37,660 60,103 55,331 109,321
Corporate and unallocated costs $ (16,476) $ (19,189) $ (32,569) $ (37,281)
Gross Margin, Segment Reporting Percentage 16.60% 20.50% 16.40% 21.30%
Selling Expense $ 35,921 $ 40,992 $ 65,545 $ 75,653
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 1,400,631 1,623,986 2,517,814 2,981,511
Cost of Revenue 1,146,494 1,283,377 2,070,148 2,342,087
Gross Profit 254,137 340,609 447,666 639,424
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 405,353 549,205 741,536 1,029,532
Cost of Revenue 326,651 434,743 601,354 809,550
Gross Profit 78,702 114,462 140,182 219,982
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 452,238 487,394 831,264 900,861
Cost of Revenue 366,860 381,531 677,225 703,674
Gross Profit 85,378 105,863 154,039 197,187
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 543,040 587,387 945,014 1,051,118
Cost of Revenue 452,983 467,103 791,569 828,863
Gross Profit 90,057 120,284 153,445 222,255
Corporate and Unallocated [Member]        
Segment Reporting Information [Line Items]        
Corporate and unallocated costs (12,956) [1] (10,267) (26,242) [1] (22,880) [1]
Segment Reconciling Items [Member]        
Segment Reporting Information [Line Items]        
Interest expense (2,187) 0 (2,774) 0
Other income, net 7,472 10,853 14,435 20,351
Homebuilding        
Segment Reporting Information [Line Items]        
Revenue 1,400,631 1,623,986 2,517,814 2,981,511
Gross Profit 254,137 340,609 447,666 639,424
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 1,387,911 1,615,709 2,495,733 2,957,813
Cost of Revenue 1,134,298 1,274,381 2,048,322 2,320,835
Gross Profit 253,613 341,328 447,411 636,978
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 400,755 549,205 736,938 1,028,841
Cost of Revenue 322,395 434,743 597,098 809,408
Gross Profit 78,360 114,462 139,840 219,433
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 446,726 480,425 823,026 892,962
Cost of Revenue 361,381 373,838 669,076 695,646
Gross Profit 85,345 106,587 153,950 197,316
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 540,430 586,079 935,769 1,036,010
Cost of Revenue 450,522 465,800 782,148 815,781
Gross Profit 89,908 120,279 153,621 220,229
Home closings        
Segment Reporting Information [Line Items]        
Revenue 1,387,911 1,615,709 2,495,733 2,957,813
Gross Profit 253,613 341,328 447,411 636,978
Land closings        
Segment Reporting Information [Line Items]        
Revenue 12,720 8,277 22,081 23,698
Gross Profit 524 (719) 255 2,446
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting Information [Line Items]        
Revenue 12,720 8,277 22,081 23,698
Cost of Revenue 12,196 8,996 21,826 21,252
Gross Profit 524 (719) 255 2,446
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting Information [Line Items]        
Revenue 4,598 0 4,598 691
Cost of Revenue 4,256 0 4,256 142
Gross Profit 342 0 342 549
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting Information [Line Items]        
Revenue 5,512 6,969 8,238 7,899
Cost of Revenue 5,479 7,693 8,149 8,028
Gross Profit 33 (724) 89 (129)
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting Information [Line Items]        
Revenue 2,610 1,308 9,245 15,108
Cost of Revenue 2,461 1,303 9,421 13,082
Gross Profit $ 149 $ 5 $ (176) $ 2,026
[1]
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.