v3.26.1
Information on Segments
 6 Months Ended
Apr. 30, 2026
Segment Reporting [Abstract]  
Information on Segments Information on Segments
We operate in the following five geographic segments, with operations generally located in the states listed below:
•The North region: Connecticut, Delaware, Massachusetts, Michigan, New Jersey, New York and Pennsylvania;
•The Mid-Atlantic region: Georgia, Maryland, North Carolina, Tennessee and Virginia;
•The South region: Florida, South Carolina and Texas;
•The Mountain region: Arizona, Colorado, Idaho, Nevada and Utah;
•The Pacific region: California, Oregon and Washington.
Our Chief Executive Officer (CEO), Chief Financial Officer (CFO), and Chief Operating Officer (COO) are our chief operating decision makers (“CODMs”). Our CODMs use segment measures, principally income from operations (the primary measure of segment profit or loss), in addition to revenue, operating profit, and other key homebuilding metrics regularly provided to assess each segment’s performance and decide how to allocate resources. These operating results are reviewed against actual and forecasted figures. Our geographic reporting segments are consistent with how our CODMs assess operating performance and allocate capital.
Total revenues, significant expenses, income (loss) from operations and income (loss) before income taxes for each of our reportable segments were as follows (amounts in thousands):
For the three months ended April 30, 2026
NorthMid-AtlanticSouthMountainPacificTotalCorporate and otherTotal consolidated
Revenues:
Home sales$388,503 $413,319 $661,437 $565,132 $484,901 $2,513,292 $(828)$2,512,464 
Land sales and other10,135 246 4,834 3,551 — 18,766 — 18,766 
398,638 413,565 666,271 568,683 484,901 2,532,058 (828)2,531,230 
Cost of revenues:
Home sales291,333 310,827 497,859 439,326 373,206 1,912,551 611 1,913,162 
Land sales and other10,069 2,053 (2,304)3,551 — 13,369 (191)13,178 
301,402 312,880 495,555 442,877 373,206 1,925,920 420 1,926,340 
Selling, general and administrative25,778 28,416 59,777 39,610 31,665 185,246 73,007 258,253 
Income (loss) from operations71,458 72,269 110,939 86,196 80,030 420,892 (74,255)346,637 
Other:
(Loss) income from unconsolidated entities(163)— 3,325 90 (14)3,238 (19,958)(16,720)
Other income - net901 696 552 (218)304 2,235 18,206 20,441 
Income (loss) before income taxes$72,196 $72,965 $114,816 $86,068 $80,320 $426,365 $(76,007)$350,358 
For the three months ended April 30, 2025
NorthMid-AtlanticSouthMountainPacificTotalCorporate and otherTotal consolidated
Revenues:
Home sales$378,489 $321,757 $758,635 $755,874 $492,184 $2,706,939 $(486)$2,706,453 
Land sales and other— 23,427 640 — — 24,067 8,557 32,624 
378,489 345,184 759,275 755,874 492,184 2,731,006 8,071 2,739,077 
Cost of revenues:
Home sales280,567 231,606 546,932 571,069 370,640 2,000,814 1,404 2,002,218 
Land sales and other— 24,352 (1,485)(3)— 22,864 8,557 31,421 
280,567 255,958 545,447 571,066 370,640 2,023,678 9,961 2,033,639 
Selling, general and administrative23,109 26,504 58,768 47,463 31,833 187,677 68,083 255,760 
Income (loss) from operations74,813 62,722 155,060 137,345 89,711 519,651 (69,973)449,678 
Other:
Income (loss) from unconsolidated entities6,602 (1)6,631 79 (587)12,724 (1,235)11,489 
Other income - net753 503 1,152 505 579 3,492 12,844 16,336 
Income (loss) before income taxes$82,168 $63,224 $162,843 $137,929 $89,703 $535,867 $(58,364)$477,503 
For the six months ended April 30, 2026
NorthMid-AtlanticSouthMountainPacificTotalCorporate and otherTotal consolidated
Revenues:
Home sales$666,952 $651,471 $1,130,985 $1,040,959 $877,990 $4,368,357 $(908)$4,367,449 
Land sales and other10,135 2,248 4,834 8,076 — 25,293 284,115 309,408 
677,087 653,719 1,135,819 1,049,035 877,990 4,393,650 283,207 4,676,857 
Cost of revenues:
Home sales503,520 485,390 851,119 813,373 654,545 3,307,947 677 3,308,624 
Land sales and other10,069 4,885 (2,104)8,076 — 20,926 265,426 286,352 
513,589 490,275 849,015 821,449 654,545 3,328,873 266,103 3,594,976 
Selling, general and administrative56,410 57,193 120,225 84,577 67,311 385,716 130,473 516,189 
Income (loss) from operations107,088 106,251 166,579 143,009 156,134 679,061 (113,369)565,692 
Other:
Income (loss) from unconsolidated entities3,786 1,875 5,320 524 (373)11,132 7,592 18,724 
Other income - net933 5,460 1,013 168 547 8,121 31,396 39,517 
Income (loss) before income taxes$111,807 $113,586 $172,912 $143,701 $156,308 $698,314 $(74,381)$623,933 
For the six months ended April 30, 2025
NorthMid-AtlanticSouthMountainPacificTotalCorporate and otherTotal consolidated
Revenues:
Home sales$633,201 $557,997 $1,264,908 $1,312,578 $779,348 $4,548,032 $(803)$4,547,229 
Land sales and other17,156 23,683 1,477 — 106 42,422 8,557 50,979 
650,357 581,680 1,266,385 1,312,578 779,454 4,590,454 7,754 4,598,208 
Cost of revenues:
Home sales473,946 410,598 910,382 999,035 587,126 3,381,087 2,611 3,383,698 
Land sales and other17,156 24,546 (1,068)237 99 40,970 8,557 49,527 
491,102 435,144 909,314 999,272 587,225 3,422,057 11,168 3,433,225 
Selling, general and administrative49,139 52,186 117,257 96,208 64,568 379,358 116,816 496,174 
Income (loss) from operations110,116 94,350 239,814 217,098 127,661 789,039 (120,230)668,809 
Other:
Income (loss) from unconsolidated entities134 (7)11,724 (288)(645)10,918 (8,172)2,746 
Other income - net111 2,311 1,721 1,858 799 6,800 20,530 27,330 
Income (loss) before income taxes$110,361 $96,654 $253,259 $218,668 $127,815 $806,757 $(107,872)$698,885 
Land sales and other revenues during the six months ended April 30, 2026 includes $284.1 million related to the sale of apartment living properties and land parcels which resulted in a pre-tax gain of $18.8 million that is included in Corporate and other.
Corporate and other is a non-operating segment comprised principally of general corporate expenses such as our executive offices; the corporate finance, accounting, audit, tax, human resources, risk management, information technology, marketing, and legal groups; interest income; income from certain of our ancillary businesses, including our apartment rental development business and our high-rise urban luxury condominium operations; and income from our Rental Property Joint Ventures and Other Joint Ventures.
Total assets for each of our segments, as of the dates indicated, are shown in the table below (amounts in thousands):
April 30,
2026		October 31,
2025
North$1,618,547 $1,566,554 
Mid-Atlantic1,904,558 1,697,949 
South3,103,201 2,907,617 
Mountain2,990,926 2,948,416 
Pacific2,804,400 2,585,987 
Total home building12,421,632 11,706,523 
Corporate and other2,111,544 2,813,343 
Total consolidated$14,533,176 $14,519,866 
“Corporate and other” is comprised principally of cash and cash equivalents, restricted cash, investments in our Rental Property Joint Ventures, expected recoveries from insurance carriers and suppliers, manufacturing facilities, our apartment rental development operations, and our mortgage and title subsidiaries.
The amounts we have provided for inventory impairment charges and the expensing of costs that we believe not to be recoverable, for the three-month and six-month periods ended April 30, 2026 and 2025, which are included in home sales cost of revenues, were as follows (amounts in thousands):
 Three months ended April 30,Six months ended April 30,
 2026202520262025
North$506 $580 $528 $785 
Mid-Atlantic8,739 298 9,432 4,065 
South2,843 620 4,142 4,979 
Mountain3,417 7,301 9,410 14,795 
Pacific16,972 1,000 20,639 1,592 
Total consolidated$32,477 $9,799 $44,151 $26,216 
The amounts we have provided for land impairment charges included in land sales and other costs of revenues, for the three-month and six-month periods ended April 30, 2026 and 2025, are shown in the table below (amounts in thousands):
Three months ended April 30,Six months ended April 30,
 2026202520262025
Mid-Atlantic$1,900 $— $3,092 $— 
South400 — 600 1,841 
Total consolidated$2,300 $— $3,692 $1,841 
In the three-month period ended April 30, 2026, we recognized $13.5 million of impairment charges related to several Rental Property Joint Ventures, which are included in Corporate and other. In the six-month period ended April 30, 2026, we recognized $57.8 million of impairment charges related to several Rental Property Joint Ventures, which are included in Corporate and other. No similar charges were taken during the three-month or six-month periods ended April 30, 2025.