v3.25.4
Segment Information, Nature of Operations, and Certain Concentrations (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Revenues
The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable:
 Year Ended December 31,
 202520242023
Revenues:   
Homebuilding Mid Atlantic$4,372,010 $4,423,768 $4,189,957 
Homebuilding North East1,202,411 1,165,873 948,289 
Homebuilding Mid East1,875,046 1,861,735 1,723,514 
Homebuilding South East2,644,802 2,841,049 2,452,845 
Mortgage Banking229,690 232,054 203,597 
Consolidated revenues$10,323,959 $10,524,479 $9,518,202 
Cost of Goods and Services Sold
 Year Ended December 31,
 202520242023
Segment cost of sales:   
Homebuilding Mid Atlantic$(3,352,548)$(3,318,299)$(3,165,964)
Homebuilding North East(895,669)(862,223)(704,654)
Homebuilding Mid East(1,479,047)(1,447,286)(1,350,843)
Homebuilding South East(2,160,303)(2,206,202)(1,823,002)
Selling, general & administrative
 Year Ended December 31,
 202520242023
Segment selling, general & administrative expense:   
Homebuilding Mid Atlantic$(148,955)$(151,470)$(144,641)
Homebuilding North East(47,627)(46,132)(41,651)
Homebuilding Mid East(81,941)(80,254)(76,241)
Homebuilding South East(160,145)(142,865)(111,432)
Mortgage Banking(95,347)(96,630)(85,555)
Corporate capital allocation charge
 Year Ended December 31,
 202520242023
Corporate capital allocation charge:   
Homebuilding Mid Atlantic$(149,923)$(139,780)$(135,618)
Homebuilding North East(46,106)(40,614)(33,269)
Homebuilding Mid East(47,708)(43,989)(39,005)
Homebuilding South East(124,961)(106,514)(80,913)
Schedule of Other Segment Items
 Year Ended December 31,
 202520242023
Other segment items, net:   
Homebuilding Mid Atlantic$2,015 $2,036 $1,589 
Homebuilding North East537 321 297 
Homebuilding Mid East640 628 440 
Homebuilding South East2,618 2,690 3,040 
Mortgage Banking (1)21,818 23,777 20,271 

(1)This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.
Profit before Taxes
 Year Ended December 31,
 202520242023
Segment profit:   
Homebuilding Mid Atlantic$722,599 $816,255 $745,323 
Homebuilding North East213,546 217,225 169,012 
Homebuilding Mid East266,990 290,834 257,865 
Homebuilding South East202,011 388,158 440,538 
Mortgage Banking156,161 159,201 138,313 
Total segment profit1,561,307 1,871,673 1,751,051 
Reconciling items:   
Contract land deposit allowance adjustment (2)(72,276)6,228 3,279 
Equity-based compensation expense (3)(69,213)(73,925)(99,507)
Corporate capital allocation (4)368,698 330,897 288,805 
Unallocated corporate overhead(146,123)(156,470)(175,208)
Consolidation adjustments and other (5)62,872 26,424 44,619 
Corporate interest income84,158 137,530 142,083 
Corporate interest expense(27,491)(26,851)(26,749)
Reconciling items sub-total200,625 243,833 177,322 
Consolidated profit before taxes$1,761,932 $2,115,506 $1,928,373 


(2)    This item represents changes to the contract land deposit impairment allowance, which are not allocated to our reportable segments. See further discussion of contract land deposit impairment charges in Note 3.
(3)    This item represents compensation expense for all Option and RSU grants. See Note 10 for additional discussion of equity-based compensation.
(4)    This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding segments. The corporate capital allocation charge is based on the segment's monthly average asset balance.
(5)    The consolidation adjustments and other in each period are primarily attributable to changes in units under construction year over year, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.
Assets
 As of December 31,
 20252024
Assets:  
Homebuilding Mid Atlantic$1,185,864 $1,337,659 
Homebuilding North East374,313 368,300 
Homebuilding Mid East359,826 396,854 
Homebuilding South East971,162 914,318 
Mortgage Banking760,020 485,409 
Total segment assets3,651,185 3,502,540 
Reconciling items:  
Cash and cash equivalents1,883,844 2,561,339 
Deferred taxes143,666 142,192 
Intangible assets and goodwill48,927 49,368 
Operating lease right-of-use assets110,535 78,340 
Finance lease right-of-use assets39,080 37,638 
Contract land deposit allowance(110,958)(58,597)
Consolidation adjustments and other90,651 68,168 
Reconciling items sub-total2,205,745 2,878,448 
Consolidated assets$5,856,930 $6,380,988