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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 976,001 $ 1,224,496
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,567 13,422
Equity-based compensation expense 53,695 54,465
Contract land deposit impairments (recoveries), net 40,138 (4,868)
Gain on sale of loans, net (121,975) (135,799)
Mortgage loans closed (4,532,399) (4,568,806)
Mortgage loans sold and principal payments on mortgage loans held for sale 4,646,571 4,538,919
Net change in assets and liabilities:    
Increase in inventory (72,718) (307,247)
Increase in contract land deposits (181,771) (87,017)
(Increase) decrease in receivables (10,899) 46,993
Decrease in accounts payable and accrued expenses (81,116) (59,417)
(Decrease) increase in customer deposits (45,575) 24,168
Other, net (5,927) (3,397)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 681,592 737,412
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (37,281) (1,640)
Distribution of capital from unconsolidated joint ventures 0 2,715
Purchase of property, plant and equipment (20,808) (23,621)
Proceeds from the sale of property, plant and equipment 715 2,749
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (57,374) (19,797)
Cash flows from financing activities:    
Purchase of treasury stock (1,331,212) (1,493,362)
Principal payments on finance lease liabilities (3,412) (1,808)
Proceeds from the exercise of stock options 69,343 130,778
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (1,265,281) (1,364,392)
Net decrease in cash, restricted cash, and cash equivalents (641,063) (646,777)
Cash, restricted cash, and cash equivalents, beginning of the period 2,664,667 3,215,444
Cash, restricted cash, and cash equivalents, end of the period 2,023,604 2,568,667
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 15,546 15,094
Income taxes paid during the period, net of refunds 354,638 307,263
Distribution of earnings from unconsolidated joint ventures $ 0 $ 1,500