Segment Information (Tables)

6 Months Ended

May 31, 2026

Schedule of Financial Information Relating to Company Reporting Segments

The following tables present certain statements of operations information relating to our homebuilding reporting segments (dollars in thousands):


	Three Months Ended May 31, 2026
	West Coast			Southwest			Central			Southeast			Corporate and Other			Total
Revenues:
Housing	$	510,638		$	166,625		$	205,829		$	223,160		$	—		$	1,106,252
Land	855			—			—			—			—			855
Total	511,493			166,625			205,829			223,160			—			1,107,107
Construction and land costs:
Housing	(435,060)			(132,593)			(173,259)			(189,304)			(1,834)			(932,050)
Land	(780)			—			—			—			—			(780)
Inventory-related charges	(4,335)			(408)			(367)			(469)			—			(5,579)
Total	(440,175)			(133,001)			(173,626)			(189,773)			(1,834)			(938,409)
Gross profits:
Housing (a)	71,243			33,624			32,203			33,387			(1,834)			168,623
Land	75			—			—			—			—			75
Total	71,318			33,624			32,203			33,387			(1,834)			168,698
Marketing expenses	(16,968)			(5,221)			(8,850)			(7,134)			(889)			(39,062)
Commission expenses	(17,264)			(5,607)			(8,667)			(8,623)			—			(40,161)
General and administrative expenses (b)	(10,413)			(4,403)			(6,713)			(5,761)			(34,034)			(61,324)
Operating income (loss)	26,673			18,393			7,973			11,869			(36,757)			28,151
Other (c)	1,398			(128)			—			—			1,163			2,433
Homebuilding pretax income (loss)	$	28,071		$	18,265		$	7,973		$	11,869		$	(35,594)		$	30,584
Housing gross profit margin as a percentage of housing revenues	14.0		%	20.2		%	15.6		%	15.0		%	—		%	15.2		%


	Three Months Ended May 31, 2025
	West Coast			Southwest			Central			Southeast			Corporate and Other			Total
Revenues:
Housing	$	660,193		$	314,102		$	282,966		$	267,455		$	—		$	1,524,716
Land	—			—			—			—			—			—
Total	660,193			314,102			282,966			267,455			—			1,524,716
Construction and land costs:
Housing	(537,930)			(235,585)			(229,507)			(219,335)			(2,140)			(1,224,497)
Land	—			—			—			—			—			—
Inventory-related charges	(1,194)			(821)			(1,814)			(1,729)			—			(5,558)
Total	(539,124)			(236,406)			(231,321)			(221,064)			(2,140)			(1,230,055)
Gross profits:
Housing (a)	121,069			77,696			51,645			46,391			(2,140)			294,661
Land	—			—			—			—			—			—
Total	121,069			77,696			51,645			46,391			(2,140)			294,661
Marketing expenses	(15,317)			(6,014)			(10,111)			(7,775)			(3,385)			(42,602)
Commission expenses	(18,739)			(9,977)			(12,822)			(10,976)			—			(52,514)
General and administrative expenses	(11,419)			(6,324)			(8,033)			(7,410)			(34,896)			(68,082)
Operating income (loss)	75,594			55,381			20,679			20,230			(40,421)			131,463
Other (c)	1,160			(79)			4			—			1,674			2,759
Homebuilding pretax income (loss)	$	76,754		$	55,302		$	20,683		$	20,230		$	(38,747)		$	134,222
Housing gross profit margin as a percentage of housing revenues	18.3		%	24.7		%	18.3		%	17.3		%	—		%	19.3		%


	Six Months Ended May 31, 2026
	West Coast			Southwest			Central			Southeast			Corporate and Other			Total
Revenues:
Housing	$	959,847		$	346,857		$	429,437		$	441,585		$	—		$	2,177,726
Land	855			—			—			585			—			1,440
Total	960,702			346,857			429,437			442,170			—			2,179,166
Construction and land costs:
Housing	(818,747)			(274,512)			(363,064)			(376,996)			(4,089)			(1,837,408)
Land	(780)			—			—			(516)			—			(1,296)
Inventory-related charges	(4,980)			(408)			(1,016)			(1,330)			—			(7,734)
Total	(824,507)			(274,920)			(364,080)			(378,842)			(4,089)			(1,846,438)
Gross profits:
Housing (a)	136,120			71,937			65,357			63,259			(4,089)			332,584
Land	75			—			—			69			—			144
Total	136,195			71,937			65,357			63,328			(4,089)			332,728
Marketing expenses	(32,503)			(10,596)			(17,517)			(14,228)			(2,933)			(77,777)
Commission expenses	(32,466)			(11,535)			(18,419)			(17,321)			—			(79,741)
General and administrative expenses (b)	(19,334)			(8,806)			(11,354)			(11,073)			(63,506)			(114,073)
Operating income (loss)	51,892			41,000			18,067			20,706			(70,528)			61,137
Other (c)	1,960			(165)			1			(3)			2,443			4,236
Homebuilding pretax income (loss)	$	53,852		$	40,835		$	18,068		$	20,703		$	(68,085)		$	65,373
Housing gross profit margin as a percentage of housing revenues	14.2		%	20.7		%	15.2		%	14.3		%	—		%	15.3		%


	Six Months Ended May 31, 2025
	West Coast			Southwest			Central			Southeast			Corporate and Other			Total
Revenues:
Housing	$	1,261,842		$	626,981		$	558,579		$	464,355		$	—		$	2,911,757
Land	—			—			—			—			—			—
Total	1,261,842			626,981			558,579			464,355			—			2,911,757
Construction and land costs:
Housing	(1,028,452)			(467,993)			(449,085)			(381,210)			(3,716)			(2,330,456)
Land	—			—			—			—			—			—
Inventory-related charges	(1,840)			(1,131)			(2,132)			(1,910)			—			(7,013)
Total	(1,030,292)			(469,124)			(451,217)			(383,120)			(3,716)			(2,337,469)
Gross profits:
Housing (a)	231,550			157,857			107,362			81,235			(3,716)			574,288
Land	—			—			—			—			—			—
Total	231,550			157,857			107,362			81,235			(3,716)			574,288
Marketing expenses	(29,641)			(11,776)			(19,883)			(14,398)			(6,567)			(82,265)
Commission expenses	(35,623)			(20,078)			(24,869)			(19,110)			—			(99,680)
General and administrative expenses	(24,200)			(11,847)			(16,443)			(14,420)			(66,631)			(133,541)
Operating income (loss)	142,086			114,156			46,167			33,307			(76,914)			258,802
Other (c)	3,559			(62)			9			(3)			3,748			7,251
Homebuilding pretax income (loss)	$	145,645		$	114,094		$	46,176		$	33,304		$	(73,166)		$	266,053
Housing gross profit margin as a percentage of housing revenues	18.4		%	25.2		%	19.2		%	17.5		%	—		%	19.7		%

(a) Housing gross profits are calculated by subtracting housing construction and land costs and inventory-related charges from housing revenues.

(b) General and administrative expenses within Corporate and other for the three months and six months ended May 31, 2026 included $1.5 million of costs associated with the planned relocation of our corporate headquarters office, as discussed in Note 21 – Relocation of Corporate Headquarters.

(c) Other is primarily comprised of interest income, interest expense and equity in income (loss) of unconsolidated joint ventures. The following table summarizes the equity in income (loss) of unconsolidated joint ventures by homebuilding reporting segment (in thousands):


	Three Months Ended May 31,				Six Months Ended May 31,
	2026		2025		2026		2025


Equity in income (loss) of unconsolidated joint ventures:
West Coast	$	1,397	$	1,159	$	1,959	$	3,558
Southwest	(128)		(79)		(165)		(62)
Central	—		—		—		—
Southeast	—		—		(3)		(3)
Total	$	1,269	$	1,080	$	1,791	$	3,493

The following tables present certain balance sheet information relating to our homebuilding reporting segments (in thousands):


	May 31, 2026		November 30, 2025
Inventories:
West Coast	$	3,066,783	$	3,048,056
Southwest	1,094,519		969,260
Central	735,233		758,962
Southeast	836,022		894,524
Total	$	5,732,557	$	5,670,802


	May 31, 2026		November 30, 2025
Investments in unconsolidated joint ventures:
West Coast	$	74,090	$	68,708
Southwest	2,112		1,180
Central	—		—
Southeast	2,564		2,548
Total	$	78,766	$	72,436



Assets:
West Coast	$	3,393,111	$	3,300,212
Southwest	1,157,760		1,019,475
Central	891,961		910,307
Southeast	873,328		943,846
Corporate and other	401,970		446,603
Total	$	6,718,130	$	6,620,443

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details