Segment Information (Tables)

12 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Reporting segment results

The tables that follow present financial information pertaining to the Company’s reporting segments.

	September 30, 2025
	Homebuilding		Rental		Forestar		Financial Services		Eliminations and Other (1)		Consolidated
	(In millions)
Assets
Cash and cash equivalents	$	2,210.5	$	140.8	$	379.2	$	244.5	$	10.4	$	2,985.4
Restricted cash	25.5		2.5		—		19.9		—		47.9
Inventories:
Construction in progress and finished homes	7,743.7		—		—		—		(95.2)		7,648.5
Residential land and lots — developed and under development	12,513.1		—		2,465.1		—		(282.4)		14,695.8
Land held for development	38.3		—		180.0		—		—		218.3
Land held for sale	21.4		—		—		—		—		21.4
Rental properties	—		2,710.4		—		—		(7.1)		2,703.3
	20,316.5		2,710.4		2,645.1		—		(384.7)		25,287.3
Mortgage loans held for sale	—		—		—		2,566.5		—		2,566.5
Deferred income taxes, net	125.7		(42.2)		—		—		(39.0)		44.5
Property and equipment, net	543.0		0.6		8.1		4.3		22.9		578.9
Other assets	3,344.1		38.9		104.6		220.6		89.0		3,797.2
Goodwill	134.3		—		—		—		29.2		163.5
	$	26,699.6	$	2,851.0	$	3,137.0	$	3,055.8	$	(272.2)	$	35,471.2
Liabilities
Accounts payable	$	1,016.8	$	230.6	$	71.0	$	0.7	$	(97.2)	$	1,221.9
Accrued expenses and other liabilities	3,122.1		34.7		494.3		294.7		(404.2)		3,541.6
Notes payable	3,154.4		600.0		802.8		1,408.3		—		5,965.5
	$	7,293.3	$	865.3	$	1,368.1	$	1,703.7	$	(501.4)	$	10,729.0

_______________

(1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.

	September 30, 2024
	Homebuilding		Rental		Forestar		Financial Services		Eliminations and Other (1)		Consolidated
	(In millions)
Assets
Cash and cash equivalents	$	3,623.0	$	157.6	$	481.2	$	242.3	$	12.3	$	4,516.4
Restricted cash	4.8		2.2		—		20.6		—		27.6
Inventories:
Construction in progress and finished homes	8,986.1		—		—		—		(110.3)		8,875.8
Residential land and lots — developed and under development	11,011.7		—		2,126.1		—		(189.7)		12,948.1
Land held for development	20.5		—		140.1		—		—		160.6
Land held for sale	12.7		—		—		—		—		12.7
Rental properties	—		2,902.4		—		—		3.6		2,906.0
	20,031.0		2,902.4		2,266.2		—		(296.4)		24,903.2
Mortgage loans held for sale	—		—		—		2,477.5		—		2,477.5
Deferred income taxes, net	211.6		(14.7)		—		—		(29.4)		167.5
Property and equipment, net	500.2		1.1		7.1		4.0		18.6		531.0
Other assets	2,976.5		74.5		85.6		212.3		(31.3)		3,317.6
Goodwill	134.3		—		—		—		29.2		163.5
	$	27,481.4	$	3,123.1	$	2,840.1	$	2,956.7	$	(297.0)	$	36,104.3
Liabilities
Accounts payable	$	1,046.1	$	474.2	$	85.9	$	0.8	$	(261.5)	$	1,345.5
Accrued expenses and other liabilities	2,552.0		67.8		452.8		234.6		(290.5)		3,016.7
Notes payable	2,926.8		750.7		706.4		1,533.8		—		5,917.7
	$	6,524.9	$	1,292.7	$	1,245.1	$	1,769.2	$	(552.0)	$	10,279.9

_______________

(1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.

	Year Ended September 30, 2025
	Homebuilding		Rental		Forestar		Financial Services		Eliminations and Other (1)		Consolidated
	(In millions)
Revenues
Home sales	$	31,432.0	$	—	$	—	$	—	$	—	$	31,432.0
Land/lot sales and other	83.5		—		1,662.4		—		(1,409.1)		336.8
Rental property sales	—		1,640.4		—		—		—		1,640.4
Financial services	—		—		—		841.2		—		841.2
	31,515.5		1,640.4		1,662.4		841.2		(1,409.1)		34,250.4
Cost of sales
Home sales (2)	24,664.9		—		—		—		(227.3)		24,437.6
Land/lot sales and other	50.1		—		1,291.7		—		(1,132.5)		209.3
Rental property sales	—		1,333.4		—		—		(4.2)		1,329.2
Inventory and land option charges	144.2		7.3		7.2		—		(0.6)		158.1
	24,859.2		1,340.7		1,298.9		—		(1,364.6)		26,134.2
Selling, general and administrative expense	2,623.1		245.2		154.4		651.4		17.9		3,692.0
Other (income) expense (3)	(101.7)		(115.5)		(10.2)		(88.9)		0.6		(315.7)
Income before income taxes	$	4,134.9	$	170.0	$	219.3	$	278.7	$	(63.0)	$	4,739.9
Summary Cash Flow Information
Depreciation and amortization	$	93.4	$	2.0	$	3.5	$	1.8	$	0.6	$	101.3
Cash provided by (used in) operating activities	$	3,407.6	$	105.5	$	(197.7)	$	173.2	$	(67.7)	$	3,420.9

_______________

(1)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions.

(2)Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.

(3)Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.

	Year Ended September 30, 2024
	Homebuilding		Rental		Forestar		Financial Services		Eliminations and Other (1)		Consolidated
	(In millions)
Revenues
Home sales	$	33,903.6	$	—	$	—	$	—	$	—	$	33,903.6
Land/lot sales and other	58.2		—		1,509.4		—		(1,237.4)		330.2
Rental property sales	—		1,685.1		—		—		—		1,685.1
Financial services	—		—		—		882.5		—		882.5
	33,961.8		1,685.1		1,509.4		882.5		(1,237.4)		36,801.4
Cost of sales
Home sales (2)	25,952.1		—		—		—		(262.9)		25,689.2
Land/lot sales and other	40.0		—		1,145.9		—		(989.8)		196.1
Rental property sales	—		1,315.9		—		—		(14.0)		1,301.9
Inventory and land option charges	68.9		5.8		4.1		—		—		78.8
	26,061.0		1,321.7		1,150.0		—		(1,266.7)		27,266.0
Selling, general and administrative expense	2,553.3		236.2		118.5		672.4		19.1		3,599.5
Other (income) expense (3)	(107.6)		(101.5)		(29.2)		(101.1)		(9.4)		(348.8)
Income before income taxes	$	5,455.1	$	228.7	$	270.1	$	311.2	$	19.6	$	6,284.7
Summary Cash Flow Information
Depreciation and amortization	$	79.4	$	2.4	$	3.0	$	1.8	$	0.5	$	87.1
Cash provided by (used in) operating activities	$	2,239.0	$	(231.0)	$	(158.6)	$	281.6	$	58.8	$	2,189.8

_______________

(1)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions.

(2)Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.

(3)Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.

	Year Ended September 30, 2023
	Homebuilding		Rental		Forestar		Financial Services		Eliminations and Other (1)		Consolidated
	(In millions)
Revenues
Home sales	$	31,641.0	$	—	$	—	$	—	$	—	$	31,641.0
Land/lot sales and other	102.2		—		1,436.9		—		(1,126.7)		412.4
Rental property sales	—		2,605.5		—		—		—		2,605.5
Financial services	—		—		—		801.5		—		801.5
	31,743.2		2,605.5		1,436.9		801.5		(1,126.7)		35,460.4
Cost of sales
Home sales (2)	24,201.3		—		—		—		(248.5)		23,952.8
Land/lot sales and other	53.8		—		1,108.9		—		(959.9)		202.8
Rental property sales	—		1,886.8		—		—		(12.7)		1,874.1
Inventory and land option charges	60.7		6.7		24.0		—		(11.1)		80.3
	24,315.8		1,893.5		1,132.9		—		(1,232.2)		26,110.0
Selling, general and administrative expense	2,239.9		290.2		97.7		594.9		26.1		3,248.8
Other (income) expense (3)	(78.8)		(102.4)		(15.3)		(76.7)		60.1		(213.1)
Income before income taxes	$	5,266.3	$	524.2	$	221.6	$	283.3	$	19.3	$	6,314.7
Summary Cash Flow Information
Depreciation and amortization	$	64.0	$	2.4	$	3.0	$	2.1	$	20.1	$	91.6
Cash provided by operating activities	$	3,078.4	$	739.2	$	364.1	$	13.2	$	109.2	$	4,304.1

_______________

(1)Amounts include the results of the Company’s other businesses and the elimination of intercompany transactions.

(2)Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.

(3)Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.

Revenues, expenses and pre-tax income of the Company’s homebuilding segment are disaggregated into the individual homebuilding reporting segments in the tables below. Expenses maintained at the corporate level consist primarily of homebuilding interest and property taxes, which are capitalized and amortized to cost of sales or expensed directly, and the expenses related to operating the Company’s corporate office. The amortization of capitalized interest and property taxes is allocated to each homebuilding segment based on the segment’s cost of sales, while expenses associated with the corporate office are allocated to each homebuilding segment based on the segment’s inventory balances.

Homebuilding Results by Reporting Segment	Year Ended September 30, 2025
	Northwest		Southwest		South Central		Southeast		East		North		Total
	(In millions)
Revenues
Home sales	$	2,685.7	$	4,573.7	$	6,885.4	$	6,939.4	$	6,131.1	$	4,216.7	$	31,432.0
Land/lot sales and other	0.5		21.6		13.9		31.8		6.9		8.8		83.5
	2,686.2		4,595.3		6,899.3		6,971.2		6,138.0		4,225.5		31,515.5
Cost of sales
Home sales	2,075.7		3,695.4		5,350.7		5,510.1		4,768.1		3,264.9		24,664.9
Land/lot sales and other	0.2		19.9		10.0		9.0		4.8		6.2		50.1
Inventory and land option charges	3.8		16.7		36.7		45.4		29.2		12.4		144.2
	2,079.7		3,732.0		5,397.4		5,564.5		4,802.1		3,283.5		24,859.2
Selling, general and administrative expense	220.0		361.9		558.3		587.8		522.1		373.0		2,623.1
Other (income) expense	(9.2)		(15.7)		(21.0)		(21.0)		(20.2)		(14.6)		(101.7)
Income before income taxes	$	395.7	$	517.1	$	964.6	$	839.9	$	834.0	$	583.6	$	4,134.9

Homebuilding Results by Reporting Segment	Year Ended September 30, 2024
	Northwest		Southwest		South Central		Southeast		East		North		Total
	(In millions)
Revenues
Home sales	$	2,744.6	$	4,913.3	$	7,639.6	$	8,853.4	$	6,070.9	$	3,681.8	$	33,903.6
Land/lot sales and other	17.1		1.4		12.5		23.4		2.2		1.6		58.2
	2,761.7		4,914.7		7,652.1		8,876.8		6,073.1		3,683.4		33,961.8
Cost of sales
Home sales	2,121.2		3,862.5		5,765.4		6,790.5		4,534.8		2,877.7		25,952.1
Land/lot sales and other	14.8		0.1		8.1		15.9		0.6		0.5		40.0
Inventory and land option charges	4.4		12.7		11.4		18.4		11.9		10.1		68.9
	2,140.4		3,875.3		5,784.9		6,824.8		4,547.3		2,888.3		26,061.0
Selling, general and administrative expense	211.1		354.1		557.0		634.4		484.6		312.1		2,553.3
Other (income) expense	(10.6)		(18.2)		(21.2)		(23.8)		(18.4)		(15.4)		(107.6)
Income before income taxes	$	420.8	$	703.5	$	1,331.4	$	1,441.4	$	1,059.6	$	498.4	$	5,455.1

Homebuilding Results by Reporting Segment	Year Ended September 30, 2023
	Northwest		Southwest		South Central		Southeast		East		North		Total
	(In millions)
Revenues
Home sales	$	2,574.1	$	4,246.7	$	7,598.1	$	8,756.5	$	5,323.9	$	3,141.7	$	31,641.0
Land/lot sales and other	8.3		36.1		14.5		4.3		1.4		37.6		102.2
	2,582.4		4,282.8		7,612.6		8,760.8		5,325.3		3,179.3		31,743.2
Cost of sales
Home sales	2,003.6		3,451.2		5,721.6		6,485.5		3,992.7		2,546.7		24,201.3
Land/lot sales and other	7.1		28.8		10.7		(5.1)		0.2		12.1		53.8
Inventory and land option charges	6.6		11.3		7.6		14.6		8.4		12.2		60.7
	2,017.3		3,491.3		5,739.9		6,495.0		4,001.3		2,571.0		24,315.8
Selling, general and administrative expense	182.2		315.3		500.9		574.7		399.5		267.3		2,239.9
Other (income) expense	(8.2)		(13.1)		(16.5)		(20.0)		(11.2)		(9.8)		(78.8)
Income before income taxes	$	391.1	$	489.3	$	1,388.3	$	1,711.1	$	935.7	$	350.8	$	5,266.3

The Company’s total inventories are disaggregated into the individual reporting segments in the table below. Inventories are the only assets included in the measure of segment assets used by the Company’s chief operating decision makers.

Inventories by Reporting Segment	September 30,
	2025		2024		2023
	(In millions)
Homebuilding
Northwest	$	1,891.8	$	1,935.2	$	1,907.5
Southwest	3,068.5		3,278.9		3,133.0
South Central	3,931.9		3,728.0		3,810.5
Southeast	4,061.8		4,284.5		3,958.5
East	4,397.7		3,978.2		3,024.7
North	2,637.6		2,551.2		2,078.0
Corporate and unallocated (1)	327.2		275.0		243.6
Total Homebuilding	20,316.5		20,031.0		18,155.8
Rental	2,710.4		2,902.4		2,708.4
Forestar	2,645.1		2,266.2		1,790.3
Eliminations and other (2)	(384.7)		(296.4)		(281.2)
Consolidated inventories	$	25,287.3	$	24,903.2	$	22,373.3

_______________

(1)Corporate and unallocated consists primarily of homebuilding capitalized interest and property taxes.

(2)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions.