v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 434,817 $ 633,313
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,173 11,471
Equity-based compensation expense 32,580 36,339
Contract land deposit impairments, net 30,587 21,270
Gain on sale of loans, net (76,607) (83,165)
Mortgage loans closed (2,412,511) (2,990,585)
Mortgage loans sold and principal payments on mortgage loans held for sale 2,665,140 2,991,852
Net change in assets and liabilities:    
Increase in inventory (511,729) (111,333)
Increase in contract land deposits (106,509) (132,440)
Decrease (increase) in receivables 33,002 (16,872)
Increase (decrease) in accounts payable and accrued expenses 49,200 (79,234)
Increase (decrease) in customer deposits 45,488 (27,781)
Other, net (8,475) (9,949)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 188,156 242,886
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (6,911) (35,350)
Distribution of capital from unconsolidated joint ventures 21,559 0
Purchase of property, plant and equipment (11,023) (15,362)
Proceeds from the sale of property, plant and equipment 291 448
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation 3,916 (50,264)
Cash flows from financing activities:    
Purchase of treasury stock (1,005,556) (1,054,807)
Principal payments on finance lease liabilities (2,922) (2,219)
Proceeds from the exercise of stock options 56,784 29,662
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (951,694) (1,027,364)
Net decrease in cash, restricted cash, and cash equivalents (759,622) (834,742)
Cash, restricted cash, and cash equivalents, beginning of the period 1,956,881 2,664,667
Cash, restricted cash, and cash equivalents, end of the period 1,197,259 1,829,925
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 14,953 14,746
Income taxes paid during the period, net of refunds $ 157,284 $ 247,220