| Schedule of segment reporting information, by segment |
The Company’s Chief Executive Officer, Chief Operating Officer and Chief Financial Officer are its Chief Operating Decision Makers (CODMs). The CODMs evaluate segment performance primarily based on revenues, pre-tax income and inventories for all reporting segments. Revenues, pre-tax income and inventories at the segment level are compared to forecasted results to evaluate the performance of each segment and assist in decision making regarding capital allocation between segments. The tables that follow present financial information pertaining to the Company’s reporting segments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 31, 2026 | | | Homebuilding | | Rental | | Forestar | | Financial Services | | Eliminations and Other (1) | | Consolidated | | | (In millions) | | Assets | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 1,139.3 | | | $ | 142.5 | | | $ | 362.2 | | | $ | 242.4 | | | $ | 31.5 | | | $ | 1,917.9 | | | Restricted cash | | 26.1 | | | 3.5 | | | — | | | 26.7 | | | — | | | 56.3 | | | Inventories: | | | | | | | | | | | | | | Construction in progress and finished homes | | 8,682.5 | | | — | | | — | | | — | | | (130.8) | | | 8,551.7 | | | Residential land and lots — developed and under development | | 12,209.1 | | | — | | | 2,552.7 | | | — | | | (244.9) | | | 14,516.9 | | | Land held for development | | 38.6 | | | — | | | 157.0 | | | — | | | — | | | 195.6 | | | Land held for sale | | 39.1 | | | — | | | — | | | — | | | — | | | 39.1 | | | Rental properties | | — | | | 3,011.1 | | | — | | | — | | | (10.6) | | | 3,000.5 | |
| | 20,969.3 | | | 3,011.1 | | | 2,709.7 | | | — | | | (386.3) | | | 26,303.8 | | | Mortgage loans held for sale | | — | | | — | | | — | | | 2,680.8 | | | — | | | 2,680.8 | | | Deferred tax asset, net | | 70.8 | | | (42.2) | | | — | | | — | | | (28.6) | | | — | | | Property and equipment, net | | 557.1 | | | 0.6 | | | 7.7 | | | 4.2 | | | 23.5 | | | 593.1 | | | Other assets | | 3,553.5 | | | 51.7 | | | 93.0 | | | 177.7 | | | (24.4) | | | 3,851.5 | | | Goodwill | | 134.3 | | | — | | | — | | | — | | | 29.2 | | | 163.5 | | | | $ | 26,450.4 | | | $ | 3,167.2 | | | $ | 3,172.6 | | | $ | 3,131.8 | | | $ | (355.1) | | | $ | 35,566.9 | | | Liabilities | | | | | | | | | | | | | | Accounts payable | | $ | 1,153.4 | | | $ | 203.3 | | | $ | 73.3 | | | $ | 0.4 | | | $ | (106.9) | | | $ | 1,323.5 | | | Deferred tax liability, net | | — | | | — | | | 84.3 | | | — | | | (75.9) | | | 8.4 | | | Accrued expenses and other liabilities | | 3,038.7 | | | 41.2 | | | 401.6 | | | 414.2 | | | (423.5) | | | 3,472.2 | | | Notes payable | | 3,427.1 | | | 865.0 | | | 793.5 | | | 1,478.2 | | | — | | | 6,563.8 | | | | $ | 7,619.2 | | | $ | 1,109.5 | | | $ | 1,352.7 | | | $ | 1,892.8 | | | $ | (606.3) | | | $ | 11,367.9 | |
_______________ (1)Amounts include the balances of the Company’s other businesses and the elimination of intercompany transactions. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 tax asset, 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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2026 | | | Homebuilding | | Rental | | Forestar | | Financial Services | | Eliminations and Other (1) | | Consolidated | | | (In millions) | | Revenues | | | | | | | | | | | | | | Home sales | | $ | 7,045.5 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 7,045.5 | | | Land/lot sales and other | | 17.7 | | | — | | | 374.3 | | | — | | | (284.0) | | | 108.0 | | | Rental property sales | | — | | | 211.8 | | | — | | | — | | | — | | | 211.8 | | | Financial services | | — | | | — | | | — | | | 192.8 | | | — | | | 192.8 | | | | 7,063.2 | | | 211.8 | | | 374.3 | | | 192.8 | | | (284.0) | | | 7,558.1 | | | Cost of sales | | | | | | | | | | | | | | Home sales (2) | | 5,628.7 | | | — | | | — | | | — | | | (63.5) | | | 5,565.2 | | | Land/lot sales and other | | 13.3 | | | — | | | 287.8 | | | — | | | (226.1) | | | 75.0 | | | Rental property sales | | — | | | 182.9 | | | — | | | — | | | (0.4) | | | 182.5 | | | Inventory and land option charges | | 25.5 | | | 0.3 | | | 6.3 | | | — | | | — | | | 32.1 | | | | 5,667.5 | | | 183.2 | | | 294.1 | | | — | | | (290.0) | | | 5,854.8 | | | Selling, general and administrative expense | | 648.9 | | | 52.0 | | | 37.9 | | | 159.8 | | | 4.7 | | | 903.3 | | | Other (income) expense (3) | | (11.1) | | | (35.7) | | | (1.6) | | | (18.7) | | | (0.3) | | | (67.4) | | | Income before income taxes | | $ | 757.9 | | | $ | 12.3 | | | $ | 43.9 | | | $ | 51.7 | | | $ | 1.6 | | | $ | 867.4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_______________ (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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended March 31, 2026 | | | Homebuilding | | Rental | | Forestar | | Financial Services | | Eliminations and Other (1) | | Consolidated | | | (In millions) | | Revenues | | | | | | | | | | | | | | Home sales | | $ | 13,558.2 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,558.2 | | | Land/lot sales and other | | 33.9 | | | — | | | 647.3 | | | — | | | (493.1) | | | 188.1 | | | Rental property sales | | — | | | 321.3 | | | — | | | — | | | — | | | 321.3 | | | Financial services | | — | | | — | | | — | | | 377.4 | | | — | | | 377.4 | | | | 13,592.1 | | | 321.3 | | | 647.3 | | | 377.4 | | | (493.1) | | | 14,445.0 | | | Cost of sales | | | | | | | | | | | | | | Home sales (2) | | 10,810.6 | | | — | | | — | | | — | | | (116.1) | | | 10,694.5 | | | Land/lot sales and other | | 26.7 | | | — | | | 505.0 | | | — | | | (397.7) | | | 134.0 | | | Rental property sales | | — | | | 275.7 | | | — | | | — | | | (0.6) | | | 275.1 | | | Inventory and land option charges | | 35.7 | | | 0.4 | | | 7.1 | | | — | | | 0.2 | | | 43.4 | | | | 10,873.0 | | | 276.1 | | | 512.1 | | | — | | | (514.2) | | | 11,147.0 | | | Selling, general and administrative expense | | 1,281.4 | | | 98.9 | | | 74.3 | | | 304.8 | | | 9.0 | | | 1,768.4 | | | Other (income) expense (3) | | (28.3) | | | (66.2) | | | (3.9) | | | (37.1) | | | (0.3) | | | (135.8) | | | Income before income taxes | | $ | 1,466.0 | | | $ | 12.5 | | | $ | 64.8 | | | $ | 109.7 | | | $ | 12.4 | | | $ | 1,665.4 | | | Summary Cash Flow Information | | | | | | | | | | | | | | Depreciation and amortization | | $ | 51.9 | | | $ | 0.8 | | | $ | 1.6 | | | $ | 1.0 | | | $ | 0.5 | | | $ | 55.8 | | | Cash provided by (used in) operating activities | | $ | 618.8 | | | $ | (321.0) | | | $ | (5.1) | | | $ | 136.6 | | | $ | 12.2 | | | $ | 441.5 | |
_______________ (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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2025 | | | Homebuilding | | Rental | | Forestar | | Financial Services | | Eliminations and Other (1) | | Consolidated | | | (In millions) | | Revenues | | | | | | | | | | | | | | Home sales | | $ | 7,180.9 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 7,180.9 | | | Land/lot sales and other | | 22.0 | | | — | | | 351.0 | | | — | | | (269.4) | | | 103.6 | | | Rental property sales | | — | | | 236.6 | | | — | | | — | | | — | | | 236.6 | | | Financial services | | — | | | — | | | — | | | 212.9 | | | — | | | 212.9 | | | | 7,202.9 | | | 236.6 | | | 351.0 | | | 212.9 | | | (269.4) | | | 7,734.0 | | | Cost of sales | | | | | | | | | | | | | | Home sales (2) | | 5,614.7 | | | — | | | — | | | — | | | (49.8) | | | 5,564.9 | | | Land/lot sales and other | | 3.0 | | | — | | | 270.9 | | | — | | | (217.8) | | | 56.1 | | | Rental property sales | | — | | | 182.8 | | | — | | | — | | | — | | | 182.8 | | | Inventory and land option charges | | 29.4 | | | 0.3 | | | 0.9 | | | — | | | (0.6) | | | 30.0 | | | | 5,647.1 | | | 183.1 | | | 271.8 | | | — | | | (268.2) | | | 5,833.8 | | | Selling, general and administrative expense | | 637.8 | | | 58.0 | | | 38.4 | | | 160.3 | | | 4.2 | | | 898.7 | | | Other (income) expense (3) | | (17.0) | | | (27.3) | | | 0.1 | | | (20.4) | | | (1.0) | | | (65.6) | | | Income before income taxes | | $ | 935.0 | | | $ | 22.8 | | | $ | 40.7 | | | $ | 73.0 | | | $ | (4.4) | | | $ | 1,067.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_______________ (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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended March 31, 2025 | | | Homebuilding | | Rental | | Forestar | | Financial Services | | Eliminations and Other (1) | | Consolidated | | | (In millions) | | Revenues | | | | | | | | | | | | | | Home sales | | $ | 14,327.0 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 14,327.0 | | | Land/lot sales and other | | 43.2 | | | — | | | 601.3 | | | — | | | (474.0) | | | 170.5 | | | Rental property sales | | — | | | 454.3 | | | — | | | — | | | — | | | 454.3 | | | Financial services | | — | | | — | | | — | | | 395.2 | | | — | | | 395.2 | | | | 14,370.2 | | | 454.3 | | | 601.3 | | | 395.2 | | | (474.0) | | | 15,347.0 | | | Cost of sales | | | | | | | | | | | | | | Home sales (2) | | 11,136.7 | | | — | | | — | | | — | | | (103.1) | | | 11,033.6 | | | Land/lot sales and other | | 16.7 | | | — | | | 465.2 | | | — | | | (387.7) | | | 94.2 | | | Rental property sales | | — | | | 362.2 | | | — | | | — | | | — | | | 362.2 | | | Inventory and land option charges | | 41.3 | | | 3.9 | | | 2.0 | | | — | | | (0.6) | | | 46.6 | | | | 11,194.7 | | | 366.1 | | | 467.2 | | | — | | | (491.4) | | | 11,536.6 | | | Selling, general and administrative expense | | 1,274.5 | | | 104.3 | | | 74.3 | | | 314.5 | | | 9.2 | | | 1,776.8 | | | Other (income) expense (3) | | (46.9) | | | (50.8) | | | (2.8) | | | (40.9) | | | (2.0) | | | (143.4) | | | Income before income taxes | | $ | 1,947.9 | | | $ | 34.7 | | | $ | 62.6 | | | $ | 121.6 | | | $ | 10.2 | | | $ | 2,177.0 | | | Summary Cash Flow Information | | | | | | | | | | | | | | Depreciation and amortization | | $ | 44.8 | | | $ | 1.0 | | | $ | 1.7 | | | $ | 0.9 | | | $ | 0.3 | | | $ | 48.7 | | | Cash provided by (used in) operating activities | | $ | 876.0 | | | $ | (381.6) | | | $ | (469.8) | | | $ | 197.2 | | | $ | (11.3) | | | $ | 210.5 | |
_______________ (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 | | Three Months Ended March 31, 2026 | | Northwest | | Southwest | | South Central | | Southeast | | East | | North | | Total | | | (In millions) | | Revenues | | | | | | | | | | | | | | | | Home sales | | $ | 539.6 | | | $ | 1,025.1 | | | $ | 1,511.4 | | | $ | 1,552.3 | | | $ | 1,381.9 | | | $ | 1,035.2 | | | $ | 7,045.5 | | | Land/lot sales and other | | 0.1 | | | 10.1 | | | 0.3 | | | 6.2 | | | — | | | 1.0 | | | 17.7 | | | | 539.7 | | | 1,035.2 | | | 1,511.7 | | | 1,558.5 | | | 1,381.9 | | | 1,036.2 | | | 7,063.2 | | | Cost of sales | | | | | | | | | | | | | | | | Home sales | | 432.0 | | | 822.9 | | | 1,195.9 | | | 1,245.0 | | | 1,114.4 | | | 818.5 | | | 5,628.7 | | | Land/lot sales and other | | (0.2) | | | 8.4 | | | — | | | 5.0 | | | — | | | 0.1 | | | 13.3 | | | Inventory and land option charges | | 0.5 | | | 3.4 | | | 14.1 | | | 4.4 | | | 1.9 | | | 1.2 | | | 25.5 | | | | 432.3 | | | 834.7 | | | 1,210.0 | | | 1,254.4 | | | 1,116.3 | | | 819.8 | | | 5,667.5 | | | Selling, general and administrative expense | | 53.7 | | | 88.1 | | | 137.4 | | | 141.4 | | | 132.8 | | | 95.5 | | | 648.9 | | | Other (income) expense | | (0.9) | | | (1.8) | | | (2.0) | | | (2.7) | | | (2.0) | | | (1.7) | | | (11.1) | | | Income before income taxes | | $ | 54.6 | | | $ | 114.2 | | | $ | 166.3 | | | $ | 165.4 | | | $ | 134.8 | | | $ | 122.6 | | | $ | 757.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended March 31, 2026 | | | Northwest | | Southwest | | South Central | | Southeast | | East | | North | | Total | | | (In millions) | | Revenues | | | | | | | | | | | | | | | | Home sales | | $ | 1,086.0 | | | $ | 1,915.0 | | | $ | 2,900.7 | | | $ | 3,004.6 | | | $ | 2,632.2 | | | $ | 2,019.7 | | | $ | 13,558.2 | | | Land/lot sales and other | | 0.4 | | | 14.9 | | | 0.5 | | | 11.9 | | | 0.2 | | | 6.0 | | | 33.9 | | | | 1,086.4 | | | 1,929.9 | | | 2,901.2 | | | 3,016.5 | | | 2,632.4 | | | 2,025.7 | | | 13,592.1 | | | Cost of sales | | | | | | | | | | | | | | | | Home sales | | 868.0 | | | 1,543.4 | | | 2,279.9 | | | 2,417.1 | | | 2,108.9 | | | 1,593.3 | | | 10,810.6 | | | Land/lot sales and other | | 0.1 | | | 12.3 | | | — | | | 9.8 | | | — | | | 4.5 | | | 26.7 | | | Inventory and land option charges | | 0.6 | | | 4.1 | | | 15.8 | | | 6.3 | | | 6.7 | | | 2.2 | | | 35.7 | | | | 868.7 | | | 1,559.8 | | | 2,295.7 | | | 2,433.2 | | | 2,115.6 | | | 1,600.0 | | | 10,873.0 | | | Selling, general and administrative expense | | 106.1 | | | 171.8 | | | 270.7 | | | 281.3 | | | 263.8 | | | 187.7 | | | 1,281.4 | | | Other (income) expense | | (2.3) | | | (4.5) | | | (4.9) | | | (6.8) | | | (5.3) | | | (4.5) | | | (28.3) | | | Income before income taxes | | $ | 113.9 | | | $ | 202.8 | | | $ | 339.7 | | | $ | 308.8 | | | $ | 258.3 | | | $ | 242.5 | | | $ | 1,466.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Homebuilding Results by Reporting Segment | | Three Months Ended March 31, 2025 | | Northwest | | Southwest | | South Central | | Southeast | | East | | North | | Total | | | (In millions) | | Revenues | | | | | | | | | | | | | | | | Home sales | | $ | 660.4 | | | $ | 1,063.6 | | | $ | 1,530.0 | | | $ | 1,593.0 | | | $ | 1,359.8 | | | $ | 974.1 | | | $ | 7,180.9 | | | Land/lot sales and other | | — | | | 0.1 | | | 0.7 | | | 20.8 | | | 0.2 | | | 0.2 | | | 22.0 | | | | 660.4 | | | 1,063.7 | | | 1,530.7 | | | 1,613.8 | | | 1,360.0 | | | 974.3 | | | 7,202.9 | | | Cost of sales | | | | | | | | | | | | | | | | Home sales | | 508.5 | | | 845.2 | | | 1,192.9 | | | 1,256.1 | | | 1,056.0 | | | 756.0 | | | 5,614.7 | | | Land/lot sales and other | | — | | | — | | | 0.2 | | | 2.8 | | | — | | | — | | | 3.0 | | | Inventory and land option charges | | 2.6 | | | 5.9 | | | 4.4 | | | 7.3 | | | 8.0 | | | 1.2 | | | 29.4 | | | | 511.1 | | | 851.1 | | | 1,197.5 | | | 1,266.2 | | | 1,064.0 | | | 757.2 | | | 5,647.1 | | | Selling, general and administrative expense | | 57.2 | | | 92.1 | | | 128.2 | | | 140.4 | | | 127.0 | | | 92.9 | | | 637.8 | | | Other (income) expense | | (1.6) | | | (2.8) | | | (3.4) | | | (4.1) | | | (2.8) | | | (2.3) | | | (17.0) | | | Income before income taxes | | $ | 93.7 | | | $ | 123.3 | | | $ | 208.4 | | | $ | 211.3 | | | $ | 171.8 | | | $ | 126.5 | | | $ | 935.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended March 31, 2025 | | | Northwest | | Southwest | | South Central | | Southeast | | East | | North | | Total | | | (In millions) | | Revenues | | | | | | | | | | | | | | | | Home sales | | $ | 1,193.5 | | | $ | 2,203.6 | | | $ | 3,016.5 | | | $ | 3,332.2 | | | $ | 2,668.3 | | | $ | 1,912.9 | | | $ | 14,327.0 | | | Land/lot sales and other | | 0.1 | | | 0.2 | | | 1.1 | | | 31.4 | | | 6.3 | | | 4.1 | | | 43.2 | | | | 1,193.6 | | | 2,203.8 | | | 3,017.6 | | | 3,363.6 | | | 2,674.6 | | | 1,917.0 | | | 14,370.2 | | | Cost of sales | | | | | | | | | | | | | | | | Home sales | | 915.1 | | | 1,729.6 | | | 2,332.1 | | | 2,627.9 | | | 2,049.3 | | | 1,482.7 | | | 11,136.7 | | | Land/lot sales and other | | — | | | — | | | 0.4 | | | 9.0 | | | 4.7 | | | 2.6 | | | 16.7 | | | Inventory and land option charges | | 3.1 | | | 6.3 | | | 5.6 | | | 12.9 | | | 10.7 | | | 2.7 | | | 41.3 | | | | 918.2 | | | 1,735.9 | | | 2,338.1 | | | 2,649.8 | | | 2,064.7 | | | 1,488.0 | | | 11,194.7 | | | Selling, general and administrative expense | | 109.8 | | | 183.2 | | | 260.3 | | | 289.7 | | | 252.1 | | | 179.4 | | | 1,274.5 | | | Other (income) expense | | (4.3) | | | (7.0) | | | (10.5) | | | (10.0) | | | (8.4) | | | (6.7) | | | (46.9) | | | Income before income taxes | | $ | 169.9 | | | $ | 291.7 | | | $ | 429.7 | | | $ | 434.1 | | | $ | 366.2 | | | $ | 256.3 | | | $ | 1,947.9 | |
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 | | March 31,
2026 | | September 30,
2025 | | | (In millions) | | Homebuilding | | | | | | Northwest | | $ | 1,947.5 | | | $ | 1,891.8 | | | Southwest | | 3,055.9 | | | 3,068.5 | | | South Central | | 4,033.7 | | | 3,931.9 | | | Southeast | | 4,189.9 | | | 4,061.8 | | | East | | 4,599.3 | | | 4,397.7 | | | North | | 2,783.7 | | | 2,637.6 | | | Corporate and unallocated (1) | | 359.3 | | | 327.2 | | | Total Homebuilding | | 20,969.3 | | | 20,316.5 | | | Rental | | 3,011.1 | | | 2,710.4 | | | Forestar | | 2,709.7 | | | 2,645.1 | | | Eliminations and other (2) | | (386.3) | | | (384.7) | | | Consolidated inventories | | $ | 26,303.8 | | | $ | 25,287.3 | |
____________________________ (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.
|