v3.26.3
Segment Information (Tables)
 9 Months Ended
Aug. 31, 2026
Segment Reporting [Abstract]  
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 August 31, 2026
West CoastSouthwestCentralSoutheastCorporate and OtherTotal
Revenues:
Housing$620,017 $222,080 $205,567 $244,686 $— $1,292,350 
Land— — — — — — 
Total 620,017 222,080 205,567 244,686 — 1,292,350 
Construction and land costs:
Housing(515,589)(178,287)(176,495)(202,860)(2,373)(1,075,604)
Land— — — — — — 
Inventory-related charges(731)— (887)(1,368)— (2,986)
Total (516,320)(178,287)(177,382)(204,228)(2,373)(1,078,590)
Gross profits:
Housing (a)103,697 43,793 28,185 40,458 (2,373)213,760 
Land— — — — — — 
Total103,697 43,793 28,185 40,458 (2,373)213,760 
Marketing expenses(17,378)(5,464)(8,181)(7,876)(823)(39,722)
Commission expenses(19,965)(7,161)(7,960)(9,272)— (44,358)
General and administrative expenses (b)(13,380)(5,219)(8,601)(7,180)(28,166)(62,546)
Operating income (loss)
52,974 25,949 3,443 16,130 (31,362)67,134 
Other (c)2,238 (91)— — 4,518 6,665 
Homebuilding pretax income (loss)
$55,212 $25,858 $3,443 $16,130 $(26,844)$73,799 
Housing gross profit margin as a percentage of housing revenues16.7 %19.7 %13.7 %16.5 %— %16.5 %
Three Months Ended August 31, 2025
West CoastSouthwestCentralSoutheastCorporate and OtherTotal
Revenues:
Housing$664,880 $335,505 $310,603 $302,987 $— $1,613,975 
Land— — — 487 — 487 
Total 664,880 335,505 310,603 303,474 — 1,614,462 
Construction and land costs:
Housing(548,199)(254,004)(254,059)(251,035)(1,976)(1,309,273)
Land— — — (536)— (536)
Inventory-related charges(1,133)(511)(7,240)(2,454)— (11,338)
Total (549,332)(254,515)(261,299)(254,025)(1,976)(1,321,147)
Gross profits:
Housing (a)115,548 80,990 49,304 49,498 (1,976)293,364 
Land— — — (49)— (49)
Total115,548 80,990 49,304 49,449 (1,976)293,315 
Marketing expenses(15,052)(6,011)(9,606)(7,939)(1,286)(39,894)
Commission expenses(20,108)(10,703)(13,284)(11,967)— (56,062)
General and administrative expenses(10,739)(6,830)(8,206)(7,318)(33,103)(66,196)
Operating income (loss)
69,649 57,446 18,208 22,225 (36,365)131,163 
Other (c)1,631 (108)3 — 1,853 3,379 
Homebuilding pretax income (loss)
$71,280 $57,338 $18,211 $22,225 $(34,512)$134,542 
Housing gross profit margin as a percentage of housing revenues17.4 %24.1 %15.9 %16.3 %— %18.2 %
Nine Months Ended August 31, 2026
West CoastSouthwestCentralSoutheastCorporate and OtherTotal
Revenues:
Housing$1,579,864 $568,937 $635,004 $686,271 $— $3,470,076 
Land855 — — 585 — 1,440 
Total1,580,719 568,937 635,004 686,856 — 3,471,516 
Construction and land costs:
Housing(1,334,336)(452,799)(539,559)(579,856)(6,462)(2,913,012)
Land(780)— — (516)— (1,296)
Inventory-related charges(5,711)(408)(1,903)(2,698)— (10,720)
Total(1,340,827)(453,207)(541,462)(583,070)(6,462)(2,925,028)
Gross profits:
Housing (a)239,817 115,730 93,542 103,717 (6,462)546,344 
Land75 — — 69 — 144 
Total239,892 115,730 93,542 103,786 (6,462)546,488 
Marketing expenses(49,881)(16,060)(25,698)(22,104)(3,755)(117,498)
Commission expenses(52,431)(18,696)(26,379)(26,593)— (124,099)
General and administrative expenses (b)(32,714)(14,025)(19,955)(18,253)(91,673)(176,620)
Operating income (loss)
104,866 66,949 21,510 36,836 (101,890)128,271 
Other (c)4,198 (256)1 (3)6,961 10,901 
Homebuilding pretax income (loss)
$109,064 $66,693 $21,511 $36,833 $(94,929)$139,172 
Housing gross profit margin as a percentage of housing revenues15.2 %20.3 %14.7 %15.1 %— %15.7 %
Nine Months Ended August 31, 2025
West CoastSouthwestCentralSoutheastCorporate and OtherTotal
Revenues:
Housing$1,926,722 $962,486 $869,182 $767,342 $— $4,525,732 
Land— — — 487 — 487 
Total1,926,722 962,486 869,182 767,829 — 4,526,219 
Construction and land costs:
Housing(1,576,651)(721,997)(703,144)(632,245)(5,692)(3,639,729)
Land— — — (536)— (536)
Inventory-related charges(2,973)(1,642)(9,372)(4,364)— (18,351)
Total(1,579,624)(723,639)(712,516)(637,145)(5,692)(3,658,616)
Gross profits:
Housing (a)347,098 238,847 156,666 130,733 (5,692)867,652 
Land— — — (49)— (49)
Total347,098 238,847 156,666 130,684 (5,692)867,603 
Marketing expenses(44,693)(17,787)(29,489)(22,337)(7,853)(122,159)
Commission expenses(55,731)(30,781)(38,153)(31,077)— (155,742)
General and administrative expenses(34,939)(18,677)(24,649)(21,738)(99,734)(199,737)
Operating income (loss)
211,735 171,602 64,375 55,532 (113,279)389,965 
Other (c)5,190 (170)12 (3)5,601 10,630 
Homebuilding pretax income (loss)
$216,925 $171,432 $64,387 $55,529 $(107,678)$400,595 
Housing gross profit margin as a percentage of housing revenues18.0 %24.8 %18.0 %17.0 %— %19.2 %
(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 nine months ended August 31, 2026 included $1.9 million and $3.4 million, respectively, 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. Other within Corporate and other for the three months and nine months ended August 31, 2026 included a $3.5 million gain on the sale of an investment in equity securities of a privately held technology company, as discussed in Note 10 – Other Assets. The following table summarizes the equity in income (loss) of unconsolidated joint ventures by homebuilding reporting segment (in thousands):
Three Months Ended August 31,Nine Months Ended August 31,
2026202520262025
Equity in income (loss) of unconsolidated joint ventures:
West Coast$2,238 $1,617 $4,197 $5,175 
Southwest(91)(108)(256)(170)
Central— — — — 
Southeast— — (3)(3)
Total$2,147 $1,509 $3,938 $5,002 
The following tables present certain balance sheet information relating to our homebuilding reporting segments (in thousands):
August 31,
2026		November 30,
2025
Inventories:
West Coast$3,214,169 $3,048,056 
Southwest1,173,794 969,260 
Central757,883 758,962 
Southeast835,336 894,524 
Total$5,981,182 $5,670,802 
August 31,
2026		November 30,
2025
Investments in unconsolidated joint ventures:
West Coast$70,308 $68,708 
Southwest1,891 1,180 
Central— — 
Southeast2,564 2,548 
Total$74,763 $72,436 
Assets:
West Coast$3,551,068 $3,300,212 
Southwest1,244,243 1,019,475 
Central916,343 910,307 
Southeast866,235 943,846 
Corporate and other332,841 446,603 
Total $6,910,730 $6,620,443