Quarterly report [Sections 13 or 15(d)]

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

v3.26.3
OPERATING AND REPORTING SEGMENTS - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting [Line Items]        
Corporate and unallocated costs $ (45,170) $ (51,787) $ (148,952) $ (163,967)
Interest expense (1,352) 0 (4,126) 0
Other income, net 6,289 8,128 20,724 28,479
Earnings before income taxes 84,815 128,248 277,903 481,467
Operating Segments [Member] | Financial Services [Member]        
Segment Reporting [Line Items]        
Operating Income 4,759 4,480 13,579 13,654
Operating Segments [Member] | Homebuilding Segment        
Segment Reporting [Line Items]        
Operating Income 82,531 125,723 281,380 472,297
Corporate and unallocated costs $ (37,758) $ (41,704) $ (115,298) $ (131,004)
Gross Margin, Segment Reporting Percentage 17.40% 19.10% 17.80% 20.70%
Selling Expense $ 82,441 $ 99,722 $ 253,718 $ 303,272
Operating Segments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting [Line Items]        
Operating Income 29,990 42,746 102,979 176,505
Corporate and unallocated costs $ (10,451) $ (13,314) $ (32,419) $ (39,951)
Gross Margin, Segment Reporting Percentage 18.00% 19.60% 18.70% 20.80%
Selling Expense $ 20,970 $ 26,387 $ 66,195 $ 85,973
Operating Segments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting [Line Items]        
Operating Income 26,840 48,203 97,369 151,697
Corporate and unallocated costs $ (11,320) $ (11,854) $ (34,323) $ (37,236)
Gross Margin, Segment Reporting Percentage 17.70% 21.40% 18.40% 21.90%
Selling Expense $ 29,651 $ 34,189 $ 90,158 $ 102,500
Operating Segments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting [Line Items]        
Operating Income 25,701 34,774 81,032 144,095
Corporate and unallocated costs $ (15,987) $ (16,536) $ (48,556) $ (53,817)
Gross Margin, Segment Reporting Percentage 16.80% 16.70% 16.50% 19.70%
Selling Expense $ 31,820 $ 39,146 $ 97,365 $ 114,799
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting [Line Items]        
Revenue 1,168,433 1,415,403 3,686,247 4,396,914
Cost of Revenue 965,703 1,148,254 3,035,851 3,490,341
Gross Profit 202,730 267,149 650,396 906,573
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting [Line Items]        
Revenue 341,836 420,658 1,083,372 1,450,190
Cost of Revenue 280,425 338,211 881,779 1,147,761
Gross Profit 61,411 82,447 201,593 302,429
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting [Line Items]        
Revenue 386,425 444,927 1,217,689 1,345,788
Cost of Revenue 318,614 350,681 995,839 1,054,355
Gross Profit 67,811 94,246 221,850 291,433
Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting [Line Items]        
Revenue 440,172 549,818 1,385,186 1,600,936
Cost of Revenue 366,664 459,362 1,158,233 1,288,225
Gross Profit 73,508 90,456 226,953 312,711
Corporate and Unallocated [Member]        
Segment Reporting [Line Items]        
Corporate and unallocated costs (7,412) [1] (10,083) (33,654) [1] (32,963) [1]
Segment Reconciling Items [Member]        
Segment Reporting [Line Items]        
Interest expense (1,352) 0 (4,126) 0
Other income, net 6,289 8,128 20,724 28,479
Homebuilding        
Segment Reporting [Line Items]        
Revenue 1,168,433 1,415,403 3,686,247 4,396,914
Gross Profit 202,730 267,149 650,396 906,573
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting [Line Items]        
Revenue 1,162,352 1,399,335 3,658,085 4,357,148
Cost of Revenue 959,746 1,132,378 3,008,068 3,453,213
Gross Profit 202,606 266,957 650,017 903,935
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting [Line Items]        
Revenue 341,836 420,658 1,078,774 1,449,499
Cost of Revenue 280,425 338,211 877,523 1,147,619
Gross Profit 61,411 82,447 201,251 301,880
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting [Line Items]        
Revenue 383,964 443,086 1,206,990 1,336,048
Cost of Revenue 316,193 348,270 985,269 1,043,916
Gross Profit 67,771 94,816 221,721 292,132
Homebuilding | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting [Line Items]        
Revenue 436,552 535,591 1,372,321 1,571,601
Cost of Revenue 363,128 445,897 1,145,276 1,261,678
Gross Profit 73,424 89,694 227,045 309,923
Home closings        
Segment Reporting [Line Items]        
Revenue 1,162,352 1,399,335 3,658,085 4,357,148
Gross Profit 202,606 266,957 650,017 903,935
Land closings        
Segment Reporting [Line Items]        
Revenue 6,081 16,068 28,162 39,766
Gross Profit 124 192 379 2,638
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment        
Segment Reporting [Line Items]        
Revenue 6,081 16,068 28,162 39,766
Cost of Revenue 5,957 15,876 27,783 37,128
Gross Profit 124 192 379 2,638
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | West [Member]        
Segment Reporting [Line Items]        
Revenue 0 0 4,598 691
Cost of Revenue 0 0 4,256 142
Gross Profit 0 0 342 549
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | Central [Member]        
Segment Reporting [Line Items]        
Revenue 2,461 1,841 10,699 9,740
Cost of Revenue 2,421 2,411 10,570 10,439
Gross Profit 40 (570) 129 (699)
Land closings | Operating Segments [Member] | Reportable Subsegments [Member] | Homebuilding Segment | East [Member]        
Segment Reporting [Line Items]        
Revenue 3,620 14,227 12,865 29,335
Cost of Revenue 3,536 13,465 12,957 26,547
Gross Profit $ 84 $ 762 $ (92) $ 2,788
[1]
Nine Months Ended September 30, 2026
West Central East Total
Home closing revenue $ 1,078,774  $ 1,206,990  $ 1,372,321  $ 3,658,085 
Land closing revenue 4,598  10,699  12,865  28,162 
Total closing revenue 1,083,372  1,217,689  1,385,186  3,686,247 
Cost of home closings 877,523  985,269  1,145,276  3,008,068 
Cost of land closings 4,256  10,570  12,957  27,783 
Total cost of closings 881,779  995,839  1,158,233  3,035,851 
Home closing gross profit 201,251  221,721  227,045  650,017 
Land closing gross profit/(loss) 342  129  (92) 379 
Total closing gross profit 201,593  221,850  226,953  650,396 
Home closing gross margin 18.7% 18.4% 16.5% 17.8%
Commissions and other sales costs 66,195  90,158  97,365  253,718 
General and administrative expenses 32,419  34,323  48,556  115,298 
Homebuilding segment operating income 102,979  97,369  81,032  281,380 
Financial services segment profit 13,579 
Corporate and unallocated costs (1) (33,654)
Interest expense (4,126)
Other income, net 20,724 
Earnings before income taxes $ 277,903 
(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, 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.