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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Operating Data by Segment | 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
| 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
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.
Land-Related Charges By Reporting Segment | (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.

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