Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
Mar. 31, 2025	Mar. 31, 2024
OPERATING ACTIVITIES
Net income	$ 1,671.0	$ 2,139.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	48.7	41.1
Stock-based compensation expense	75.2	65.9
Deferred income taxes	93.1	19.9
Inventory and land option charges	46.6	19.6
Changes in operating assets and liabilities:
Decrease (increase) in construction in progress and finished homes	229.8	(709.1)
Increase in residential land and lots – developed, under development, held for development and held for sale	(1,588.9)	(1,371.1)
Increase in rental properties	(216.0)	(386.9)
(Increase) decrease in other assets	(122.9)	27.6
Decrease (increase) in mortgage loans held for sale	22.5	(152.5)
Decrease in accounts payable, accrued expenses and other liabilities	(48.6)	(164.0)
Net cash provided by (used in) operating activities	210.5	(470.1)
INVESTING ACTIVITIES
Expenditures for property and equipment	(47.6)	(71.3)
Proceeds from sale of assets	0.0	9.9
Payments related to business acquisitions, net of cash acquired	(53.1)	(1.0)
Other investing activities	6.2	(3.6)
Net cash used in investing activities	(94.5)	(66.0)
FINANCING ACTIVITIES
Proceeds from notes payable	2,222.0	985.0
Repayment of notes payable	(1,566.1)	(400.0)
(Repayment) borrowings on mortgage repurchase facilities, net	(86.4)	214.4
Proceeds from stock associated with certain employee benefit plans	8.5	12.2
Cash paid for shares withheld for taxes	(63.4)	(81.6)
Cash dividends paid	(254.0)	(199.1)
Repurchases of common stock	(2,407.9)	(794.5)
Net proceeds from issuance of Forestar common stock	0.0	19.7
Net other financing activities	5.4	(26.7)
Net cash used in financing activities	(2,141.9)	(270.6)
Net decrease in cash, cash equivalents and restricted cash	(2,025.9)	(806.7)
Cash, cash equivalents and restricted cash at beginning of period	4,544.0	3,900.1
Cash, cash equivalents and restricted cash at end of period	2,518.1	3,093.4
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Notes payable issued for inventory	0.0	18.9
Stock issued under employee incentive plans	$ 143.5	$ 151.3

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