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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Total revenue $ 8,121,480 $ 8,168,136 $ 7,417,831
Total cost of revenue 6,251,272 6,183,924 5,634,758
Gross margin 1,870,208 1,984,212 1,783,073
Sales, commissions and other marketing costs 461,485 456,092 418,134
General and administrative expenses 273,506 314,406 280,573
Net income from unconsolidated entities (4,867) (6,347) (8,757)
Interest expense/(income), net 47,003 13,316 (12,577)
Other expense, net 37,714 50,627 87,567
Loss on extinguishment of debt, net 13,324 0 295
Income before income taxes 1,042,043 1,156,118 1,017,838
Effective Rate 250,780 269,548 248,097
Net income before allocation to non-controlling interests 791,263 886,570 769,741
Net income attributable to non-controlling interests (8,763) (3,261) (812)
Net income $ 782,500 $ 883,309 $ 768,929
Earnings per common share      
Basic (in dollars per share) $ 7.90 $ 8.43 $ 7.09
Diluted (in dollars per share) $ 7.77 $ 8.27 $ 6.98
Weighted average number of shares of common stock:      
Basic (in shares) 99,069 104,813 108,424
Diluted (in shares) 100,707 106,846 110,145
Home closings revenue, net      
Total revenue $ 7,755,434 $ 7,755,219 $ 7,158,857
Total cost of revenue 6,008,007 5,863,743 5,451,401
Gross margin 1,747,427 1,891,476 1,707,456
Land closings revenue      
Total revenue 36,944 81,417 60,971
Total cost of revenue 30,898 73,609 55,218
Financial services revenue      
Total revenue 209,407 199,459 160,312
Total cost of revenue 104,618 108,592 93,990
Amenity and other revenue      
Total revenue 119,695 132,041 37,691
Total cost of revenue $ 107,749 $ 137,980 $ 34,149