v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 1,339,816 $ 1,681,928 $ 1,591,611
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 24,510 18,375 16,916
Equity-based compensation expense 69,213 73,925 99,507
Contract land deposit impairments (recoveries) and other impairments, net 75,874 7,167 (2,908)
Gain on sale of loans, net (187,128) (189,475) (163,322)
Deferred tax (benefit) expense (1,443) 5,793 (3,743)
Mortgage loans closed (6,045,981) (6,267,493) (5,740,199)
Mortgage loans sold and principal payments on mortgage loans held for sale 5,994,849 6,351,178 5,949,657
Distribution of earnings from unconsolidated joint ventures 0 1,500 2,000
Net change in assets and liabilities:      
Decrease (increase) in inventory 335,147 (108,557) (161,875)
Increase in contract land deposits (200,657) (157,291) (77,563)
(Increase) decrease in receivables (57,368) 62,664 (59,653)
(Decrease) increase in accounts payable and accrued expenses (142,268) (83,215) 49,105
Increase (Decrease) in Contract with Customer, Liability (73,716) (11,515) 20,637
Other, net (9,528) (10,522) (22,177)
Operating activities 1,121,320 1,374,462 1,497,993
Net cash provided by operating activities 1,121,320 1,374,462 1,497,993
Cash flows from investing activities:      
Investments in and advances to unconsolidated joint ventures (47,614) (3,100) (1,776)
Distribution of capital from unconsolidated joint ventures 0 2,715 180
Purchase of property, plant and equipment (24,508) (29,212) (24,877)
Proceeds from the sale of property, plant and equipment 914 3,044 2,373
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (71,208) (26,553) (24,100)
Cash flows from financing activities:      
Purchase of treasury stock (1,833,316) (2,057,677) (1,081,815)
Principal payments on finance lease liabilities (4,728) (2,634) (1,661)
Proceeds from the exercise of stock options 80,146 161,625 250,509
Net cash used in financing activities (1,757,898) (1,898,686) (832,967)
Net (decrease) increase in cash, restricted cash, and cash equivalents (707,786) (550,777) 640,926
Cash, restricted cash, and cash equivalents, beginning of the year 2,664,667 3,215,444 2,574,518
Cash, restricted cash, and cash equivalents, end of the year 1,956,881 2,664,667 3,215,444
Supplemental disclosures of cash flow information:      
Interest paid during the year, net of interest capitalized 29,890 29,203 29,202
Income taxes paid during the year, net of refunds $ 438,766 $ 409,853 $ 407,185