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v3.25.2

Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 31, 2025 | Nov. 30, 2024
--- | --- | ---
Assets |  |  |
Inventories |  | $ 5,838,816 | $ 5,528,020
Total assets |  | 6,985,572 | 6,936,169
Liabilities and stockholders’ equity |  |  |
Accrued expenses and other liabilities |  | 770,450 | 796,261
Notes payable |  | 1,943,582 | 1,691,679
Stockholders’ equity: |  |  |
Common stock — 74,451,477 and 74,409,977 shares issued at August 31, 2025 and November 30, 2024, respectively |  | 74,451 | 74,410
Paid-in capital |  | 848,909 | 862,049
Retained earnings |  | 3,543,885 | 3,269,423
Accumulated other comprehensive loss |  | (3,704) | (3,704)
Treasury stock, at cost — 9,686,792 and 2,253,156 shares at August 31, 2025 and November 30, 2024, respectively |  | (561,178) | (141,562)
Total stockholders’ equity |  | 3,902,363 | 4,060,616
Total liabilities and stockholders’ equity |  | 6,985,572 | 6,936,169
Homebuilding |  |  |
Assets |  |  |
Cash and cash equivalents |  | 330,586 | 597,973
Receivables |  | 386,486 | 377,533
Inventories |  | 5,838,816 | 5,528,020
Investments in unconsolidated joint ventures |  | 67,075 | 67,020
Property and equipment, net |  | 97,530 | 90,359
Deferred tax assets, net |  | 102,421 | 102,421
Other assets |  | 102,880 | 105,920
Total assets |  | 6,925,794 | 6,869,246
Liabilities and stockholders’ equity |  |  |
Accounts payable |  | 366,194 | 384,894
Accrued expenses and other liabilities |  | 770,450 | 796,261
Notes payable |  | 1,943,582 | 1,691,679
Total Homebuilding |  | 3,080,226 | 2,872,834
Financial services |  |  |
Assets |  |  |
Cash and cash equivalents |  | 1,712 | 1,220
Receivables |  | 4,256 | 5,407
Investments in unconsolidated joint ventures |  | 15,386 | 21,997
Other assets | [1] | 38,424 | 38,299
Total assets |  | 59,778 | 66,923
Liabilities and stockholders’ equity |  |  |
Financial services |  | $ 2,983 | $ 2,719
[1] | Other assets at August 31, 2025 and November 30, 2024 included $38.4 million and $38.2 million, respectively, of contract assets for estimated future renewal commissions.

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