v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Operating Data by Segment For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:
Northeast:Maryland, Massachusetts, New Jersey, Pennsylvania, Rhode Island, Virginia
Southeast:Georgia, North Carolina, South Carolina, Tennessee
Florida:Florida
Midwest:Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio
Texas:Texas
West:Arizona, California, Colorado, Nevada, New Mexico, Oregon, Utah, Washington
Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Revenues:
Northeast$254,573 $303,181 $666,061 $900,352 
Southeast681,534 770,295 2,002,088 2,156,041 
Florida1,102,778 1,098,712 3,070,529 3,116,603 
Midwest664,353 719,327 1,827,794 1,993,116 
Texas361,579 409,160 1,089,470 1,287,491 
West794,213 946,662 2,316,177 2,815,217 
Other homebuilding (a)
7,790 54,207 117,544 137,144 
3,866,820 4,301,544 11,089,663 12,405,964 
Financial Services107,026 103,255 275,712 295,241 
Consolidated revenues$3,973,846 $4,404,799 $11,365,375 $12,701,205 
Cost of revenues
Northeast$(182,407)$(211,608)$(473,442)$(605,945)
Southeast(489,065)(534,351)(1,450,539)(1,488,573)
Florida(784,999)(775,440)(2,204,256)(2,189,091)
Midwest(466,400)(506,999)(1,292,318)(1,413,295)
Texas(291,175)(311,384)(851,397)(963,097)
West(667,799)(759,282)(1,924,068)(2,232,067)
Other homebuilding (b)
(25,057)(82,546)(162,946)(205,548)
$(2,906,902)$(3,181,610)$(8,358,966)$(9,097,616)
Selling, general, and administrative expenses:
Northeast$(24,101)$(24,901)$(71,567)$(75,189)
Southeast(73,720)(75,418)(217,537)(216,580)
Florida(102,924)(100,587)(300,646)(299,681)
Midwest(63,994)(61,387)(188,481)(181,760)
Texas(51,586)(54,898)(151,105)(168,900)
West(77,971)(85,333)(236,069)(252,769)
Other homebuilding (c)
(2,902)1,843 4,908 10,407 
$(397,198)$(400,681)$(1,160,497)$(1,184,472)
Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Other segment items (d):
Northeast$(2,756)$(1,141)$(6,274)$(3,880)
Southeast(7,364)(7,422)(18,528)(20,349)
Florida(6,020)(7,105)(17,859)(19,108)
Midwest(2,665)(3,035)(7,474)(6,403)
Texas(4,766)(4,659)(9,206)(12,340)
West(9,032)(9,329)(15,045)(23,592)
Other homebuilding (e)
49,531 36,868 105,711 94,865 
16,928 4,177 31,325 9,193 
Financial Services(61,468)(58,897)(180,196)(172,228)
$(44,540)$(54,720)$(148,871)$(163,035)
Income before income taxes (f):
Northeast$45,309 $65,531 $114,778 $215,338 
Southeast111,385 153,104 315,484 430,539 
Florida208,835 215,580 547,768 608,723 
Midwest131,294 147,906 339,521 391,658 
Texas14,052 38,219 77,762 143,154 
West39,411 92,718 140,995 306,789 
Other homebuilding29,362 10,372 65,217 36,868 
579,648 723,430 1,601,525 2,133,069 
Financial Services45,558 44,358 95,516 123,013 
Consolidated income before income taxes$625,206 $767,788 $1,697,041 $2,256,082 

(a)Other homebuilding includes revenues from land sales and construction services.
(b)Other homebuilding includes cost of revenues related to land sales, construction services, and amortization of capitalized interest.
(c)Other homebuilding includes eliminations of corporate overhead allocated to the operating segments.
(d)Other segment items reflects other sources of income and expense, including internal capital charge allocations that are eliminated within Other homebuilding.
(e)Other homebuilding includes income from unconsolidated entities, interest, the amortization of intangible assets, and other items not allocated to the operating segments. Other homebuilding also includes a gain of $21.4 million in the three and nine months ended September 30, 2026 related to the divestiture of certain manufacturing assets.
(f)Income before income taxes includes certain land-related charges (see the following table and Note 2).
Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Depreciation and amortization:
Northeast$1,108 $770 $3,061 $2,488 
Southeast3,312 3,059 9,546 7,726 
Florida4,963 4,797 14,348 14,285 
Midwest3,031 2,348 8,322 6,741 
Texas2,354 2,099 6,195 6,013 
West5,230 4,811 15,617 13,568 
Other homebuilding3,142 5,490 10,426 17,143 
23,140 23,374 67,515 67,964 
Financial Services3,551 2,460 9,111 7,585 
$26,691 $25,834 $76,626 $75,549 
Operating Data by Segment
($000's omitted)
September 30, 2026December 31, 2025
Total
Inventory		Total
Assets		Total
Inventory		Total
Assets
Northeast$910,753 $1,036,464 $735,538 $830,114 
Southeast2,546,187 2,943,338 2,224,780 2,646,216 
Florida3,449,016 3,966,197 3,204,259 3,664,325 
Midwest1,504,192 1,675,918 1,406,118 1,560,397 
Texas1,560,226 1,861,368 1,545,253 1,829,532 
West4,017,955 4,498,707 3,720,564 4,224,604 
Other homebuilding (a)
102,180 1,623,223 88,901 2,400,496 
14,090,509 17,605,215 12,925,413 17,155,684 
Financial Services— 879,691 — 892,739 
$14,090,509 $18,484,906 $12,925,413 $18,048,423 
 
(a)Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, other corporate items that are not allocated to the operating segments, and eliminations of certain inventory not owned allocated to the operating segments. Other homebuilding also includes goodwill of $40.4 million at both September 30, 2026 and December 31, 2025
Land-Related Charges By Reporting Segment
Operating Data by Segment
($000’s omitted)
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Land-related charges (a):
Northeast$1,243 $160 $1,800 $401 
Southeast3,629 3,099 7,731 8,773 
Florida877 1,200 13,610 6,489 
Midwest1,336 898 2,655 2,501 
Texas15,948 7,840 21,448 12,190 
West13,468 13,710 15,603 37,134 
Other homebuilding968 720 2,183 2,323 
$37,469 $27,627 $65,030 $69,811 

(a)    Land-related charges include land impairments, NRV adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.