Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

For reporting purposes, our Homebuilding operations are aggregated into six reportable segments:


Northeast:						Maryland, Massachusetts, New Jersey, Pennsylvania, 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 Ended
	March 31,
	2025		2024
Revenues:
Northeast	$	249,733	$	200,404
Southeast	638,729		717,222
Florida	980,539		1,144,876
Midwest	582,442		531,708
Texas	412,413		524,412
West	888,797		704,165
Other homebuilding (a)	49,170		34,016
	3,801,823		3,856,803
Financial Services	90,827		92,357
Consolidated revenues	$	3,892,650	$	3,949,160

Cost of revenues
Northeast	$	(163,032)	$	(138,394)
Southeast	(435,500)		(481,303)
Florida	(673,456)		(755,495)
Midwest	(413,859)		(383,435)
Texas	(302,884)		(370,427)
West	(706,595)		(541,334)
Other homebuilding (b)	(74,744)		(55,742)
	$	(2,770,070)	$	(2,726,130)

Selling, general, and administrative expenses:
Northeast	$	(23,906)	$	(21,292)
Southeast	(68,105)		(66,980)
Florida	(98,453)		(99,753)
Midwest	(61,114)		(54,266)
Texas	(55,768)		(60,443)
West	(84,753)		(73,820)
Other homebuilding (c)	(1,238)		18,960
	$	(393,337)	$	(357,594)


	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2025		2024

Other segment items (d):
Northeast	$	(1,574)	$	(2,079)
Southeast	(5,332)		(3,025)
Florida	(5,702)		(2,725)
Midwest	(1,888)		(1,653)
Texas	(2,899)		(1,909)
West	(4,872)		(6,467)
Other homebuilding (e)	29,131		72,443
	6,864		54,585
Financial Services	(54,970)		(51,378)
	$	(48,106)	$	3,207

Income before income taxes (f):
Northeast	$	61,221	$	38,639
Southeast	129,792		165,914
Florida	202,928		286,903
Midwest	105,581		92,354
Texas	50,862		91,633
West	92,577		82,544
Other homebuilding	2,319		69,677
	645,280		827,664
Financial Services	35,857		40,979
Consolidated income before income taxes	$	681,137	$	868,643

(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 insurance reserve reversals of $26.8 million for the three months ended March 31, 2024 (see Note 8). Other homebuilding also 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 $37.7 million for the three months ended March 31, 2024 related to the sale of our minority interest in a joint venture.

(f)Includes certain land-related charges (see the following table and Note 2).


	Operating Data by Segment ($000’s omitted)
	Three Months Ended
	March 31,
	2025		2024
Depreciation and amortization
Northeast	$	930	$	679
Southeast	2,204		1,568
Florida	4,647		3,646
Midwest	2,143		1,975
Texas	1,908		1,598
West	4,357		3,478
Other homebuilding	5,890		5,896
	22,079		18,840
Financial Services	2,589		2,221
	$	24,668	$	21,061


	Operating Data by Segment
	($000's omitted)
	March 31, 2025				December 31, 2024
	Total Inventory		Total Assets		Total Inventory		Total Assets
Northeast	$	725,455	$	812,576	$	716,530	$	807,922
Southeast	2,155,680		2,481,605		2,006,958		2,298,692
Florida	3,327,049		3,765,235		3,246,588		3,676,910
Midwest	1,383,745		1,530,358		1,401,747		1,529,602
Texas	1,685,879		1,959,743		1,645,213		1,905,394
West	3,770,150		4,323,075		3,684,393		4,212,636
Other homebuilding (a)	(88,459)		1,568,203		(8,609)		1,934,728
	12,959,499		16,440,795		12,692,820		16,365,884
Financial Services	—		895,751		—		997,879
	$	12,959,499	$	17,336,546	$	12,692,820	$	17,363,763

(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 $68.9 million, net of cumulative impairment charges of $20.2 million at March 31, 2025 and December 31, 2024.

(a) Land-related charges include land impairments, net realizable value 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.