XML 19 R8.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Segment information | Segment information Our Homebuilding operations are engaged in the acquisition and development of land primarily for residential purposes within the U.S. and the construction of housing on such land. For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:
Northeast: |  | Maryland, Massachusetts, New Jersey, Pennsylvania, Rhode Island, Virginia
Southeast: |  | Georgia, North Carolina, South Carolina, Tennessee
Florida: |  | Florida
Midwest: |  | Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas: |  | Texas
West: |  | Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington
We also have a reportable segment for our Financial Services operations, which consist principally of mortgage banking, title, and insurance agency operations. The Financial Services segment operates generally in the same markets as the Homebuilding segments. Evaluation of segment performance is generally based on income before income taxes. Each reportable segment generally follows the same accounting policies described in Note 1. In 2024, we adopted ASU 2023-07, which requires expanded disclosure of significant segment expenses and other segment items on an annual and interim basis. The adoption of ASU 2023-07 impacted the presentation of the performance measures presented in the below tables. Information for previous periods in the below tables conforms with the current year presentation.
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Northeast | $ | 303,181 |  |  | $ | 265,395 |  |  | $ | 900,352 |  |  | $ | 722,952 |
Southeast | 770,295 |  |  | 666,019 |  |  | 2,156,041 |  |  | 2,153,828 |
Florida | 1,098,712 |  |  | 1,167,456 |  |  | 3,116,603 |  |  | 3,606,409 |
Midwest | 719,327 |  |  | 660,096 |  |  | 1,993,116 |  |  | 1,843,384 |
Texas | 409,160 |  |  | 567,871 |  |  | 1,287,491 |  |  | 1,675,586 |
West | 946,662 |  |  | 1,016,977 |  |  | 2,815,217 |  |  | 2,611,911 |
Other homebuilding (a) | 54,207 |  |  | 18,697 |  |  | 137,144 |  |  | 93,238 |
| 4,301,544 |  |  | 4,362,511 |  |  | 12,405,964 |  |  | 12,707,308 |
Financial Services | 103,255 |  |  | 113,831 |  |  | 295,241 |  |  | 317,848 |
Consolidated revenues | $ | 4,404,799 |  |  | $ | 4,476,342 |  |  | $ | 12,701,205 |  |  | $ | 13,025,156 |
Cost of revenues |  |  |  |  |  |  |
Northeast | $ | (211,608) |  |  | $ | (179,062) |  |  | $ | (605,945) |  |  | $ | (490,057) |
Southeast | (534,351) |  |  | (450,638) |  |  | (1,488,573) |  |  | (1,448,215) |
Florida | (775,440) |  |  | (785,715) |  |  | (2,189,091) |  |  | (2,395,866) |
Midwest | (506,999) |  |  | (468,719) |  |  | (1,413,295) |  |  | (1,322,233) |
Texas | (311,384) |  |  | (406,174) |  |  | (963,097) |  |  | (1,186,108) |
West | (759,282) |  |  | (780,053) |  |  | (2,232,067) |  |  | (1,998,061) |
Other homebuilding (b) | (82,546) |  |  | (46,193) |  |  | (205,548) |  |  | (158,499) |
| $ | (3,181,610) |  |  | $ | (3,116,554) |  |  | $ | (9,097,616) |  |  | $ | (8,999,039) |
Selling, general, and administrative expenses: |  |  |  |  |  |  |
Northeast | $ | (24,901) |  |  | $ | (23,745) |  |  | $ | (75,189) |  |  | $ | (68,586) |
Southeast | (75,418) |  |  | (70,912) |  |  | (216,580) |  |  | (211,919) |
Florida | (100,587) |  |  | (107,010) |  |  | (299,681) |  |  | (316,696) |
Midwest | (61,387) |  |  | (57,639) |  |  | (181,760) |  |  | (170,622) |
Texas | (54,898) |  |  | (67,029) |  |  | (168,900) |  |  | (193,355) |
West | (85,333) |  |  | (84,801) |  |  | (252,769) |  |  | (239,887) |
Other homebuilding (c) | 1,843 |  |  | 4,239 |  |  | 10,407 |  |  | 75,428 |
| $ | (400,681) |  |  | $ | (406,897) |  |  | $ | (1,184,472) |  |  | $ | (1,125,637) |
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Other segment items (d): |  |  |  |  |  |  |
Northeast | $ | (1,141) |  |  | $ | (7,529) |  |  | $ | (3,880) |  |  | $ | (11,818) |
Southeast | (7,422) |  |  | (3,217) |  |  | (20,349) |  |  | (11,011) |
Florida | (7,105) |  |  | (6,750) |  |  | (19,108) |  |  | (14,203) |
Midwest | (3,035) |  |  | (2,573) |  |  | (6,403) |  |  | (6,613) |
Texas | (4,659) |  |  | (3,450) |  |  | (12,340) |  |  | (8,134) |
West | (9,329) |  |  | (8,571) |  |  | (23,592) |  |  | (22,772) |
Other homebuilding (e) | 36,868 |  |  | 44,300 |  |  | 94,865 |  |  | 155,787 |
| 4,177 |  |  | 12,210 |  |  | 9,193 |  |  | 81,236 |
Financial Services | (58,897) |  |  | (58,905) |  |  | (172,228) |  |  | (158,565) |
| $ | (54,720) |  |  | $ | (46,695) |  |  | $ | (163,035) |  |  | $ | (77,329) |
Income before income taxes (f): |  |  |  |  |  |  |
Northeast | $ | 65,531 |  |  | $ | 55,059 |  |  | $ | 215,338 |  |  | $ | 152,491 |
Southeast | 153,104 |  |  | 141,252 |  |  | 430,539 |  |  | 482,683 |
Florida | 215,580 |  |  | 267,981 |  |  | 608,723 |  |  | 879,644 |
Midwest | 147,906 |  |  | 131,165 |  |  | 391,658 |  |  | 343,916 |
Texas | 38,219 |  |  | 91,218 |  |  | 143,154 |  |  | 287,989 |
West | 92,718 |  |  | 143,552 |  |  | 306,789 |  |  | 351,191 |
Other homebuilding | 10,372 |  |  | 21,043 |  |  | 36,868 |  |  | 165,954 |
| 723,430 |  |  | 851,270 |  |  | 2,133,069 |  |  | 2,663,868 |
Financial Services | 44,358 |  |  | 54,926 |  |  | 123,013 |  |  | 159,283 |
Consolidated income before income taxes | $ | 767,788 |  |  | $ | 906,196 |  |  | $ | 2,256,082 |  |  | $ | 2,823,151 |
(a)Other homebuilding includes revenues from land sales and construction services. (b)Other homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest. (c)Other homebuilding includes insurance reserve reversals of $78.7 million for the nine months ended September 30, 2024, (see Note 8). Other homebuilding also includes eliminations of corporate overhead allocated to the operating segments. (d)Other Segment Items reflects other sources of income and expense, including internal capital charge allocations that are eliminated within Other homebuilding. (e)Other homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments. Other homebuilding also includes a gain of $37.7 million for the nine months ended September 30, 2024 related to the sale of our minority interest in a joint venture. (f)Includes certain land-related charges (see the following table and Note 2).
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Land-related charges (a): |  |  |  |  |  |  |
Northeast | $ | 160 |  |  | $ | 5,890 |  |  | $ | 401 |  |  | $ | 7,494 |
Southeast | 3,099 |  |  | 188 |  |  | 8,773 |  |  | 2,744 |
Florida | 1,200 |  |  | 1,085 |  |  | 6,489 |  |  | 2,002 |
Midwest | 898 |  |  | 188 |  |  | 2,501 |  |  | 835 |
Texas | 7,840 |  |  | 1,257 |  |  | 12,190 |  |  | 1,764 |
West | 13,710 |  |  | 3,352 |  |  | 37,134 |  |  | 4,796 |
Other homebuilding | 720 |  |  | 171 |  |  | 2,323 |  |  | 294 |
| $ | 27,627 |  |  | $ | 12,131 |  |  | $ | 69,811 |  |  | $ | 19,929 |
(a) Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
| Operating Data by Segment ($000’s omitted)
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |  |  |
Northeast | $ | 770 |  |  | $ | 691 |  |  | $ | 2,488 |  |  | $ | 2,133 |
Southeast | 3,059 |  |  | 1,740 |  |  | 7,726 |  |  | 4,957 |
Florida | 4,797 |  |  | 3,882 |  |  | 14,285 |  |  | 11,249 |
Midwest | 2,348 |  |  | 2,077 |  |  | 6,741 |  |  | 6,123 |
Texas | 2,099 |  |  | 1,821 |  |  | 6,013 |  |  | 5,154 |
West | 4,811 |  |  | 3,776 |  |  | 13,568 |  |  | 11,182 |
Other homebuilding | 5,490 |  |  | 5,847 |  |  | 17,143 |  |  | 17,562 |
| 23,374 |  |  | 19,834 |  |  | 67,964 |  |  | 58,360 |
Financial Services | 2,460 |  |  | 2,250 |  |  | 7,585 |  |  | 6,615 |
| $ | 25,834 |  |  | $ | 22,084 |  |  | $ | 75,549 |  |  | $ | 64,975 |
| Operating Data by Segment
| ($000's omitted)
| September 30, 2025 |  | December 31, 2024
| Total Inventory |  | Total Assets |  | Total Inventory |  | Total Assets
Northeast | $ | 707,592 |  |  | $ | 801,006 |  |  | $ | 716,530 |  |  | $ | 807,922 |
Southeast | 2,294,018 |  |  | 2,676,209 |  |  | 2,006,958 |  |  | 2,298,692 |
Florida | 3,283,182 |  |  | 3,735,940 |  |  | 3,246,588 |  |  | 3,676,910 |
Midwest | 1,458,892 |  |  | 1,600,987 |  |  | 1,401,747 |  |  | 1,529,602 |
Texas | 1,651,183 |  |  | 1,905,180 |  |  | 1,645,213 |  |  | 1,905,394 |
West | 3,860,048 |  |  | 4,364,332 |  |  | 3,684,393 |  |  | 4,212,636 |
Other homebuilding (a) | 97,062 |  |  | 1,996,124 |  |  | (8,609) |  |  | 1,934,728 |
| 13,351,977 |  |  | 17,079,778 |  |  | 12,692,820 |  |  | 16,365,884 |
Financial Services | — |  |  | 771,201 |  |  | — |  |  | 997,879 |
| $ | 13,351,977 |  |  | $ | 17,850,979 |  |  | $ | 12,692,820 |  |  | $ | 17,363,763 |
(a)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, other corporate items that are not allocated to the operating segments, and eliminations of certain inventory not owned allocated to the operating segments. Other homebuilding also includes goodwill of $68.9 million, net of cumulative impairment charges of $20.2 million, at both September 30, 2025 and December 31, 2024.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration