v3.26.1
Segment Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Revenues
The following tables present certain segment financial data with reconciliations to the amounts reported for the consolidated company, where applicable:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues:
Homebuilding Mid Atlantic$879,532 $1,128,874 $1,617,558 $2,211,109 
Homebuilding North East280,823 308,929 521,307 597,755 
Homebuilding Mid East453,439 449,953 763,891 862,362 
Homebuilding South East665,977 660,511 1,211,894 1,227,486 
Mortgage Banking46,585 50,547 92,769 103,134 
Total consolidated revenues$2,326,356 $2,598,814 $4,207,419 $5,001,846 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment cost of sales
Homebuilding Mid Atlantic$(695,463)$(864,008)$(1,269,462)$(1,685,134)
Homebuilding North East(219,176)(228,054)(405,778)(440,602)
Homebuilding Mid East(361,034)(355,647)(607,560)(683,737)
Homebuilding South East(547,790)(537,049)(998,978)(992,323)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment selling, general & administrative expense:
Homebuilding Mid Atlantic$(38,681)$(37,172)$(76,794)$(74,728)
Homebuilding North East(11,062)(11,833)(21,607)(22,534)
Homebuilding Mid East(20,907)(20,734)(39,665)(40,430)
Homebuilding South East(37,882)(40,943)(74,742)(78,928)
Mortgage Banking
(25,094)(25,216)(47,420)(48,723)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Corporate capital allocation charge:
Homebuilding Mid Atlantic$(40,089)$(37,003)$(75,150)$(74,146)
Homebuilding North East(11,965)(11,290)(22,943)(21,892)
Homebuilding Mid East(12,703)(12,033)(23,359)(23,240)
Homebuilding South East(32,039)(31,572)(61,804)(60,247)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Other segment items, net
Homebuilding Mid Atlantic$251 $699 $707 $1,122 
Homebuilding North East313 212 403 348 
Homebuilding Mid East86 190 240 383 
Homebuilding South East(167)571 374 1,260 
Mortgage Banking (1)
4,978 5,494 9,051 10,120 
(1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.
Profit before Taxes
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Segment profit
Homebuilding Mid Atlantic$105,550 $191,390 $196,859 $378,223 
Homebuilding North East38,933 57,964 71,382 113,075 
Homebuilding Mid East58,881 61,729 93,547 115,338 
Homebuilding South East48,099 51,518 76,744 97,248 
Mortgage Banking26,469 30,825 54,400 64,531 
Total segment profit
277,932 393,426 492,932 768,415 
Reconciling items:
Contract land deposit allowance adjustment (2)
(21,664)(13,153)(30,481)(21,270)
Equity-based compensation expense (3)
(19,293)(17,813)(32,580)(36,339)
Corporate capital allocation (4)
96,796 91,898 183,256 179,525 
Unallocated corporate overhead(36,673)(34,364)(92,673)(90,333)
Consolidation adjustments and other (5)
17,016 13,538 34,834 17,470 
Corporate interest income
11,215 20,276 28,574 45,475 
Corporate interest expense
(6,688)(6,675)(13,527)(13,806)
Reconciling items sub-total40,709 53,707 77,403 80,722 
Consolidated profit before taxes
$318,641 $447,133 $570,335 $849,137 
(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.
(3) This item represents compensation expense for all Option and RSU grants.
(4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable 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 period over period, 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
June 30, 2026December 31, 2025
Assets:
Homebuilding Mid Atlantic$1,502,074 $1,185,864 
Homebuilding North East414,917 374,313 
Homebuilding Mid East472,769 359,826 
Homebuilding South East1,133,382 971,162 
Mortgage Banking554,360 760,020 
Total segment assets4,077,502 3,651,185 
Reconciling items (1):
Cash and cash equivalents1,093,736 1,883,844 
Deferred taxes151,303 143,666 
Intangible assets48,927 48,927 
Operating lease right-of-use assets110,893 110,535 
Finance lease right-of-use assets35,924 39,080 
Contract land deposit allowance
(134,928)(110,958)
Consolidation adjustments and other87,263 90,651 
Reconciling items sub-total1,393,118 2,205,745 
Consolidated assets$5,470,620 $5,856,930