v3.26.1
Segment Information (Segment Financial Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2026
May 31, 2025
May 31, 2026
May 31, 2025
Nov. 30, 2025
Revenues:          
Revenues $ 1,112,435 $ 1,529,585 $ 2,189,446 $ 2,921,362  
Inventory-related charges     (7,734) (7,013)  
Total pretax income 37,249 142,383 77,573 281,740  
Relocation cost 1,500   1,500    
Equity in income (loss) of unconsolidated joint ventures     6,754 12,684  
Inventories 5,732,557   5,732,557   $ 5,670,802
Assets 6,775,462   6,775,462   6,680,252
Housing          
Revenues:          
Revenues 1,106,252 1,524,716 2,177,726 2,911,757  
Construction and land costs (932,050) (1,224,497) (1,837,408) (2,330,456)  
Gross profits [1] $ 168,623 $ 294,661 $ 332,584 $ 574,288  
Housing gross profit margin as a percentage of housing revenues 15.20% 19.30% 15.30% 19.70%  
Housing | West Coast          
Revenues:          
Revenues $ 510,638 $ 660,193 $ 959,847 $ 1,261,842  
Construction and land costs (435,060) (537,930) (818,747) (1,028,452)  
Gross profits [1] $ 71,243 $ 121,069 $ 136,120 $ 231,550  
Housing gross profit margin as a percentage of housing revenues 14.00% 18.30% 14.20% 18.40%  
Housing | Southwest          
Revenues:          
Revenues $ 166,625 $ 314,102 $ 346,857 $ 626,981  
Construction and land costs (132,593) (235,585) (274,512) (467,993)  
Gross profits [1] $ 33,624 $ 77,696 $ 71,937 $ 157,857  
Housing gross profit margin as a percentage of housing revenues 20.20% 24.70% 20.70% 25.20%  
Housing | Central          
Revenues:          
Revenues $ 205,829 $ 282,966 $ 429,437 $ 558,579  
Construction and land costs (173,259) (229,507) (363,064) (449,085)  
Gross profits [1] $ 32,203 $ 51,645 $ 65,357 $ 107,362  
Housing gross profit margin as a percentage of housing revenues 15.60% 18.30% 15.20% 19.20%  
Housing | Southeast          
Revenues:          
Revenues $ 223,160 $ 267,455 $ 441,585 $ 464,355  
Construction and land costs (189,304) (219,335) (376,996) (381,210)  
Gross profits [1] $ 33,387 $ 46,391 $ 63,259 $ 81,235  
Housing gross profit margin as a percentage of housing revenues 15.00% 17.30% 14.30% 17.50%  
Housing | Corporate and Other          
Revenues:          
Revenues $ 0 $ 0 $ 0 $ 0  
Construction and land costs (1,834) (2,140) (4,089) (3,716)  
Gross profits [1] $ (1,834) $ (2,140) $ (4,089) $ (3,716)  
Housing gross profit margin as a percentage of housing revenues 0.00% 0.00% 0.00% 0.00%  
Land          
Revenues:          
Revenues $ 855 $ 0 $ 1,440 $ 0  
Construction and land costs (780) 0 (1,296) 0  
Gross profits 75 0 144 0  
Land | West Coast          
Revenues:          
Revenues 855 0 855 0  
Construction and land costs (780) 0 (780) 0  
Gross profits 75 0 75 0  
Land | Southwest          
Revenues:          
Revenues 0 0 0 0  
Construction and land costs 0 0 0 0  
Gross profits 0 0 0 0  
Land | Central          
Revenues:          
Revenues 0 0 0 0  
Construction and land costs 0 0 0 0  
Gross profits 0 0 0 0  
Land | Southeast          
Revenues:          
Revenues 0 0 585 0  
Construction and land costs 0 0 (516) 0  
Gross profits 0 0 69 0  
Land | Corporate and Other          
Revenues:          
Revenues 0 0 0 0  
Construction and land costs 0 0 0 0  
Gross profits 0 0 0 0  
Homebuilding          
Revenues:          
Revenues 1,107,107 1,524,716 2,179,166 2,911,757  
Construction and land costs (938,409) (1,230,055) (1,846,438) (2,337,469)  
Inventory-related charges (5,579) (5,558) (7,734) (7,013)  
Gross profits 168,698 294,661 332,728 574,288  
Marketing expenses (39,062) (42,602) (77,777) (82,265)  
Commission expenses (40,161) (52,514) (79,741) (99,680)  
General and administrative expenses (61,324) (68,082) (114,073) (133,541)  
Operating income 28,151 131,463 61,137 258,802  
Other [2] 2,433 2,759 4,236 7,251  
Total pretax income 30,584 134,222 65,373 266,053  
Equity in income (loss) of unconsolidated joint ventures 1,269 1,080 1,791 3,493  
Inventories 5,732,557   5,732,557   5,670,802
Investment in unconsolidated joint venture 78,766   78,766   72,436
Assets 6,718,130   6,718,130   6,620,443
Homebuilding | West Coast          
Revenues:          
Revenues 511,493 660,193 960,702 1,261,842  
Construction and land costs (440,175) (539,124) (824,507) (1,030,292)  
Inventory-related charges (4,335) (1,194) (4,980) (1,840)  
Gross profits 71,318 121,069 136,195 231,550  
Marketing expenses (16,968) (15,317) (32,503) (29,641)  
Commission expenses (17,264) (18,739) (32,466) (35,623)  
General and administrative expenses (10,413) (11,419) (19,334) (24,200)  
Operating income 26,673 75,594 51,892 142,086  
Other [2] 1,398 1,160 1,960 3,559  
Total pretax income 28,071 76,754 53,852 145,645  
Equity in income (loss) of unconsolidated joint ventures 1,397 1,159 1,959 3,558  
Inventories 3,066,783   3,066,783   3,048,056
Investment in unconsolidated joint venture 74,090   74,090   68,708
Assets 3,393,111   3,393,111   3,300,212
Homebuilding | Southwest          
Revenues:          
Revenues 166,625 314,102 346,857 626,981  
Construction and land costs (133,001) (236,406) (274,920) (469,124)  
Inventory-related charges (408) (821) (408) (1,131)  
Gross profits 33,624 77,696 71,937 157,857  
Marketing expenses (5,221) (6,014) (10,596) (11,776)  
Commission expenses (5,607) (9,977) (11,535) (20,078)  
General and administrative expenses (4,403) (6,324) (8,806) (11,847)  
Operating income 18,393 55,381 41,000 114,156  
Other [2] (128) (79) (165) (62)  
Total pretax income 18,265 55,302 40,835 114,094  
Equity in income (loss) of unconsolidated joint ventures (128) (79) (165) (62)  
Inventories 1,094,519   1,094,519   969,260
Investment in unconsolidated joint venture 2,112   2,112   1,180
Assets 1,157,760   1,157,760   1,019,475
Homebuilding | Central          
Revenues:          
Revenues 205,829 282,966 429,437 558,579  
Construction and land costs (173,626) (231,321) (364,080) (451,217)  
Inventory-related charges (367) (1,814) (1,016) (2,132)  
Gross profits 32,203 51,645 65,357 107,362  
Marketing expenses (8,850) (10,111) (17,517) (19,883)  
Commission expenses (8,667) (12,822) (18,419) (24,869)  
General and administrative expenses (6,713) (8,033) (11,354) (16,443)  
Operating income 7,973 20,679 18,067 46,167  
Other [2] 0 4 1 9  
Total pretax income 7,973 20,683 18,068 46,176  
Equity in income (loss) of unconsolidated joint ventures 0 0 0 0  
Inventories 735,233   735,233   758,962
Investment in unconsolidated joint venture 0   0   0
Assets 891,961   891,961   910,307
Homebuilding | Southeast          
Revenues:          
Revenues 223,160 267,455 442,170 464,355  
Construction and land costs (189,773) (221,064) (378,842) (383,120)  
Inventory-related charges (469) (1,729) (1,330) (1,910)  
Gross profits 33,387 46,391 63,328 81,235  
Marketing expenses (7,134) (7,775) (14,228) (14,398)  
Commission expenses (8,623) (10,976) (17,321) (19,110)  
General and administrative expenses (5,761) (7,410) (11,073) (14,420)  
Operating income 11,869 20,230 20,706 33,307  
Other [2] 0 0 (3) (3)  
Total pretax income 11,869 20,230 20,703 33,304  
Equity in income (loss) of unconsolidated joint ventures 0 0 (3) (3)  
Inventories 836,022   836,022   894,524
Investment in unconsolidated joint venture 2,564   2,564   2,548
Assets 873,328   873,328   943,846
Homebuilding | Corporate and Other          
Revenues:          
Revenues 0 0 0 0  
Construction and land costs (1,834) (2,140) (4,089) (3,716)  
Inventory-related charges 0 0 0 0  
Gross profits (1,834) (2,140) (4,089) (3,716)  
Marketing expenses (889) (3,385) (2,933) (6,567)  
Commission expenses 0 0 0 0  
General and administrative expenses (34,034) [3] (34,896) (63,506) [3] (66,631)  
Operating income (36,757) (40,421) (70,528) (76,914)  
Other [2] 1,163 1,674 2,443 3,748  
Total pretax income (35,594) $ (38,747) (68,085) $ (73,166)  
Assets $ 401,970   $ 401,970   $ 446,603
[1] 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.
[2] 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,
 2026202520262025
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 
[3] )    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