Business Segments Business Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting [Table Text Block]

three and six months ended June 30, 2026 and 2025:

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Revenue:
Northern homebuilding	$	452,640	$	488,250	$	829,546	$	898,627
Southern homebuilding	578,282		642,892		1,090,852		1,177,088
Financial services (a)	32,336		31,450		63,567		62,970
Total revenue	$	1,063,258	$	1,162,592	$	1,983,965	$	2,138,685
Cost of Sales:
Northern homebuilding	$	356,896	$	376,979	$	660,347	$	696,438
Southern homebuilding	470,863		498,994		885,528		902,845
Financial services (a)	—		—		—		—
Total cost of sales (b)	$	827,759	$	875,973	$	1,545,875	$	1,599,283
General and administrative expense:
Northern homebuilding	$	11,733	$	10,823	$	21,401	$	19,959
Southern homebuilding	20,154		21,004		38,393		39,812
Financial services (a)	15,310		13,908		29,817		26,661
Segment general and administrative expense	$	47,197	$	45,735	$	89,611	$	86,432
Corporate and unallocated general and administrative expense	23,001		21,512		41,773		39,888
Total general and administrative expense	$	70,198	$	67,247	$	131,384	$	126,320
Selling expense:
Northern homebuilding	$	25,856	$	24,434	$	46,720	$	45,624
Southern homebuilding	37,353		38,594		71,128		69,700
Financial services (a)	—		—		—		—
Segment selling expense	$	63,209	$	63,028	$	117,848	$	115,324
Corporate and unallocated selling expense	814		627		1,515		1,117
Total selling expense	$	64,023	$	63,655	$	119,363	$	116,441
Operating income:
Northern homebuilding	$	58,155	$	76,014	$	101,078	$	136,606
Southern homebuilding	49,912		84,300		95,803		164,731
Financial services (a)	17,026		17,542		33,750		36,309
Segment operating income	$	125,093	$	177,856	$	230,631	$	337,646
Corporate selling, general and administrative expense	(23,815)		(22,139)		(43,288)		(41,005)
Total operating income (a)(b)	$	101,278	$	155,717	$	187,343	$	296,641
Interest (income) expense - net:
Northern homebuilding	$	—	$	(24)	$	(10)	$	(46)
Southern homebuilding	(345)		(1)		(539)		(3)
Financial services (a)	2,603		3,066		5,230		5,727
Segment Interest (income) expense - net	$	2,258	$	3,041	$	4,681	$	5,678
Corporate Interest (income) expense - net	(5,544)		(7,418)		(11,072)		(15,252)
Total interest income, net of interest expense	$	(3,286)	$	(4,377)	$	(6,391)	$	(9,574)
Income before income taxes	$	104,564	$	160,094	$	193,734	$	306,215

(a)Our financial services operational results should be viewed in connection with our homebuilding business as its operations originate loans and provide title services primarily for our homebuying customers, with the exception of an immaterial amount of mortgage refinancing.

(b)For the three and six months ended June 30, 2026, total cost of sales and operating income were impacted by $4.2 million in inventory charges taken during the period. $0.4 million and $3.8 million of these charges were attributable to the Northern homebuilding operating segment and the Southern homebuilding operating segment, respectively. Additionally, total cost of sales and operating income in the Southern homebuilding operating segment were impacted by $4.0 million and $5.5 million, respectively, for warranty charges in two of our Florida communities primarily relating to attic ventilation issues (See Note 6).

.

Segment Reporting, Reconciliation of Asset by Segment to Consolidated

The following tables show total assets by segment at June 30, 2026 and December 31, 2025:

	June 30, 2026
(In thousands)	Northern		Southern			Financial Services		Segment Total		Corporate and Unallocated		Total
Deposits on real estate under option or contract	$	19,766	$	63,189		$	—	$	82,955	$	—	$	82,955
Inventory (a)	1,186,269		2,236,074			—		3,422,343		—		3,422,343
Investments in joint venture arrangements	—		62,018			—		62,018		—		62,018
Other assets	43,317		151,372		(b)	375,767		570,456		718,271		1,288,727
Total assets	$	1,249,352	$	2,512,653		$	375,767	$	4,137,772	$	718,271	$	4,856,043

	December 31, 2025
(In thousands)	Northern		Southern			Financial Services		Segment Total		Corporate and Unallocated		Total
Deposits on real estate under option or contract	$	14,319	$	60,226		$	—	$	74,545	$	—	$	74,545
Inventory (a)	1,164,647		2,144,748			—		3,309,395		—		3,309,395
Investments in joint venture arrangements	—		106,299			—		106,299		—		106,299
Other assets	35,087		122,223		(b)	375,682		532,992		753,894		1,286,886
Total assets	$	1,214,053	$	2,433,496		$	375,682	$	4,023,231	$	753,894	$	4,777,125

(a)Inventory includes single-family lots, land and land development costs; land held for sale; homes under construction; model homes and furnishings; community development district infrastructure; and consolidated inventory not owned.

(b)Includes development reimbursements from local municipalities