D.R. Horton, Inc
(NYSE:DHI)

D.R. Horton, Inc. operates as a homebuilding company in East, Midwest, Southeast, South Central, Southwest, and West regions in the United States. It engages in the acquisition and development of land; and construction and sale of homes in 29 states and 88 markets under the names of D.R. Horton, Ame...

Website: http://www.drhorton.com

Founded: 1978

Full Time Employees: 9,716

Sector: Consumer Cyclical

Industry: Residential Construction

Consumer Cyclical Home Builder

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At a glance:

Bull Thesis:

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Main Competitors:

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2002-09-30	2001-09-30

revenues	7,558,100,000	6,886,900,000	9,677,800,000	9,225,700,000	7,734,000,000	7,613,000,000	10,002,600,000	9,965,700,000	9,107,200,000	7,726,000,000	10,504,000,000	9,725,600,000	7,972,900,000	7,257,800,000	9,639,400,000	8,788,100,000	7,999,000,000	7,053,400,000	8,109,300,000	7,284,600,000	6,446,900,000	5,933,400,000	6,400,300,000	5,390,000,000	4,500,000,000	4,020,700,000	5,038,900,000	4,906,300,000	4,128,700,000	3,519,000,000	4,505,100,000	4,435,300,000	3,794,700,000	3,332,700,000	92,600,000	91,900,000	86,900,000	78,100,000	90,200,000	83,100,000	66,900,000	55,300,000	81,400,000	74,400,000																										17,700,000	28,700,000	30,900,000	32,900,000	35,000,000	49,400,000	50,000,000	41,900,000	66,500,000	84,200,000	74,200,000	71,100,000	61,300,000	78,600,000	60,700,000	49,800,000	46,000,000	51,129,000	48,709,000	42,040,000	40,922,000
cost of sales	5,854,800,000	5,292,200,000	7,581,100,000	7,016,500,000	5,833,800,000	5,702,800,000	7,448,300,000	7,323,700,000	6,774,300,000	5,719,800,000	7,680,700,000	7,141,800,000	5,996,200,000	5,291,300,000	6,761,000,000	5,879,300,000	5,429,900,000	4,905,700,000	5,703,200,000	5,212,600,000	4,650,900,000	4,332,500,000	4,753,500,000	4,084,700,000	3,450,800,000	3,084,200,000	3,881,500,000	3,831,600,000	3,256,700,000	2,751,100,000	3,459,100,000	3,397,200,000	2,961,600,000	2,580,100,000
selling, general and administrative expense	903,300,000	865,100,000	970,900,000	944,300,000	898,700,000	878,100,000	960,300,000	923,600,000	880,600,000	835,000,000	886,200,000	852,100,000	773,600,000	737,000,000	832,100,000	740,600,000	695,100,000	665,900,000	693,000,000	655,700,000	621,500,000	585,900,000	597,700,000	527,500,000	466,800,000	455,800,000	505,500,000	480,000,000	444,200,000	402,800,000	456,900,000	434,900,000	400,900,000	384,200,000	348,000,000	309,500,000	294,500,000	268,400,000	318,300,000	280,400,000	258,200,000	243,300,000	275,400,000	257,800,000	242,400,000	238,000,000	241,000,000	221,900,000	187,900,000	183,400,000	186,600,000	167,500,000	155,100,000	140,800,000	145,800,000	136,400,000	127,500,000	119,000,000	124,200,000	113,700,000	123,200,000	118,900,000	121,700,000	143,200,000	128,700,000	128,400,000	134,800,000	134,300,000	126,900,000	127,000,000	175,700,000	194,700,000	208,300,000	213,100,000	282,600,000	267,500,000	296,000,000	295,300,000	409,700,000	356,400,000	364,900,000	325,700,000	399,900,000	302,000,000	267,000,000	257,700,000	279,508,000	244,293,000	222,679,000	212,520,000
other expense	-67,400,000	-68,500,000	-79,000,000	-93,200,000	-65,600,000	-77,800,000	-115,700,000	-80,600,000	-76,200,000	-76,300,000	-81,200,000	-52,200,000	-42,200,000	-37,700,000	-19,500,000	-15,100,000	-9,300,000	-15,500,000	-13,400,000	-17,400,000	-5,400,000	-5,300,000	-6,300,000	-4,600,000	-10,400,000	-11,500,000	-5,925,000	-9,400,000	-5,700,000	-8,600,000	-7,675,000	-12,600,000	-11,100,000	-20,500,000	-3,200,000	-1,300,000	-2,400,000	-4,100,000
income before income taxes	867,400,000	798,100,000	1,204,800,000	1,358,100,000	1,067,100,000	1,109,900,000	1,709,700,000	1,799,000,000	1,528,500,000	1,247,500,000	2,018,300,000	1,783,900,000	1,245,300,000	1,267,200,000	2,065,800,000	2,183,300,000	1,883,300,000	1,497,300,000	1,726,500,000	1,415,600,000	1,179,900,000	1,034,300,000	1,056,100,000	782,400,000	621,300,000	523,300,000	660,100,000	626,700,000	462,800,000	375,700,000	607,700,000	616,200,000	444,800,000	391,200,000	485,600,000	444,500,000	353,900,000	318,100,000	433,100,000	378,600,000	300,500,000	241,300,000	338,800,000	333,800,000	230,100,000	220,700,000	250,800,000	171,800,000	201,900,000	189,700,000	202,700,000	205,100,000	142,100,000	107,900,000	99,200,000	72,200,000	42,300,000	29,200,000	33,900,000	28,900,000	-30,800,000	-19,900,000	-1,700,000	46,300,000	12,100,000	42,800,000	-226,100,000	-161,900,000	-103,000,000	-61,300,000	-1,165,200,000	-379,100,000	-884,600,000	-202,900,000	-100,200,000	-1,111,400,000	83,400,000	176,900,000	445,800,000	472,200,000	569,000,000	500,100,000	904,400,000	604,400,000	478,000,000	391,800,000	565,881,000	408,611,000	306,596,000	301,812,000
income tax expense	209,400,000	196,700,000	288,000,000	325,000,000	248,000,000	258,000,000	409,900,000	432,200,000	344,800,000	291,800,000	492,800,000	432,200,000	295,700,000	298,900,000	417,600,000	524,000,000	441,000,000	351,500,000	381,000,000	299,100,000	246,000,000	239,100,000	224,900,000	149,500,000	137,300,000	90,800,000	156,200,000	153,100,000	108,400,000	89,000,000	138,800,000	162,500,000	94,000,000	202,400,000	172,300,000	155,500,000	124,700,000	111,200,000	149,400,000	128,800,000	105,400,000	83,600,000	99,900,000	112,400,000	82,200,000	78,200,000	84,600,000	58,700,000	70,900,000	66,500,000	32,975,000	59,100,000	31,100,000	41,600,000				1,500,000
net income	658,000,000	601,400,000	916,800,000	1,033,100,000	819,100,000	851,900,000	1,299,800,000	1,366,800,000	1,183,700,000	955,700,000	1,525,500,000	1,351,700,000	949,600,000	968,300,000	1,648,200,000	1,659,300,000	1,442,300,000	1,145,800,000	1,345,500,000	1,116,500,000	933,900,000	795,200,000	831,200,000	632,900,000	484,000,000	432,500,000	278,675,000	473,600,000	354,400,000	286,700,000	468,900,000	453,700,000	350,800,000	188,800,000	313,300,000	289,000,000	229,200,000	206,900,000	283,700,000	249,800,000	195,100,000	157,700,000	238,900,000	221,400,000	147,900,000	142,500,000	166,200,000	113,100,000	131,000,000	123,200,000	139,500,000	146,000,000	111,000,000	66,300,000	100,100,000	787,800,000	40,600,000	27,700,000	35,800,000	28,700,000	27,800,000	-20,400,000	-8,800,000	50,500,000	11,400,000	192,000,000	-231,900,000	-142,300,000	-108,600,000	-62,600,000	-799,800,000	-399,300,000	-1,305,600,000	-128,800,000	-50,200,000	-823,800,000	51,700,000	109,700,000	277,700,000	292,800,000	352,800,000	310,100,000	563,800,000	371,700,000	294,000,000	241,000,000	349,633,000	251,296,000	188,557,000	185,614,000
yoy	-19.67%	-29.40%	-29.47%	-24.41%	-30.80%	-10.86%	-14.80%	1.12%	24.65%	-1.30%	-7.44%	-18.54%	-34.16%	-15.49%	22.50%	48.62%	54.44%	44.09%	61.87%	76.41%	92.95%	83.86%	198.27%	33.64%	36.57%	50.85%	-40.57%	4.39%	1.03%	51.85%	49.66%	56.99%	53.05%	-8.75%	10.43%	15.69%	17.48%	31.20%	18.75%	12.83%	31.91%	10.67%	43.74%	95.76%	12.90%	15.67%	19.14%	-22.53%	18.02%	85.82%	39.36%	-81.47%	173.40%	139.35%	179.61%	2644.95%	46.04%	-235.78%	-506.82%	-43.17%	143.86%	-110.63%	-96.21%	-135.49%	-110.50%	-406.71%	-71.01%	-64.36%	-91.68%	-51.40%	1493.23%	-51.53%	-2625.34%	-217.41%	-118.08%	-381.35%	-85.35%	-64.62%	-50.74%	-21.23%	20.00%	28.67%	61.25%	47.91%	55.92%	29.84%
qoq	9.41%	-34.40%	-11.26%	26.13%	-3.85%	-34.46%	-4.90%	15.47%	23.86%	-37.35%	12.86%	42.34%	-1.93%	-41.25%	-0.67%	15.05%	25.88%	-14.84%	20.51%	19.55%	17.44%	-4.33%	31.33%	30.76%	11.91%	55.20%	-41.16%	33.63%	23.61%	-38.86%	3.35%	29.33%	85.81%	-39.74%	8.41%	26.09%	10.78%	-27.07%	13.57%	28.04%	23.72%	-33.99%	7.90%	49.70%	3.79%	-14.26%	46.95%	-13.66%	6.33%	-11.68%	-4.45%	31.53%	67.42%	-33.77%	-87.29%	1840.39%	46.57%	-22.63%	24.74%	3.24%	-236.27%	131.82%	-117.43%	342.98%	-94.06%	-182.79%	62.97%	31.03%	73.48%	-92.17%	100.30%	-69.42%	913.66%	156.57%	-93.91%	-1693.42%	-52.87%	-60.50%	-5.16%	-17.01%	13.77%	-45.00%	51.68%	26.43%	21.99%	-31.07%	39.13%	33.27%	1.59%
net income attributable to noncontrolling interests	10,100,000	6,600,000	11,500,000	8,500,000	8,700,000	7,000,000	16,400,000	13,200,000	11,600,000	8,300,000	15,800,000	16,600,000	7,400,000	9,600,000	16,400,000	11,500,000	6,000,000	4,200,000	6,500,000	1,000,000	4,400,000	3,400,000	2,200,000	2,200,000	1,300,000	1,200,000	375,000	-1,200,000	3,100,000
net income attributable to d.r. horton, inc.	647,900,000	594,800,000	905,300,000	1,024,600,000	810,400,000	844,900,000	1,283,400,000	1,353,600,000	1,172,100,000	947,400,000	1,509,700,000	1,335,100,000	942,200,000	958,700,000	1,631,800,000	1,647,800,000	1,436,300,000	1,141,600,000	1,339,000,000	1,115,500,000	929,500,000	791,800,000	829,000,000	630,700,000	482,700,000	431,300,000	505,300,000	474,800,000	351,300,000	287,200,000	466,200,000	453,800,000	351,000,000	189,300,000
net income per share
basic	2.25	2.03	3.05	3.37	2.59																																																																													990,000				1.03	0.673	1.08
diluted	2.24	2.03	3.04	3.36	2.58																																																																													980,000				1.01	0.66	1.06
weighted-average shares outstanding
basic	287.9	292.3	308.5	304.1	312.5																																																																													312,900,000				233.5		233,057	232,813	232,285
diluted	289	293.3	309.9	304.9	314																																																																													317,600,000				237.8		237,088	237,096	236,715
see accompanying notes to consolidated financial statements.
basic net income per common share attributable to d.r. horton, inc.						2,630,000	3,940,000	4,120,000	3,540,000	2,840,000	4,470,000	3,930,000	2,750,000	2,790,000	4,690,000	4,700,000	4,070,000	3,210,000	3,730,000	3,100,000	2,570,000	2,170,000	2,270,000	1,730,000	1,320,000	1,170,000	745,000	1,280,000	940,000	770,000	660,000	1,200,000	930,000	500,000
weighted-average number of common shares						321,500,000	329,500,000	328,400,000	330,900,000	333,300,000	340,700,000	339,900,000	342,100,000	344,200,000	351,700,000	350,800,000	353,100,000	356,100,000	361,100,000	359,700,000	362,300,000	364,400,000	365,500,000	363,800,000	365,800,000	368,300,000		372,300,000	373,300,000	375,100,000		377,400,000	376,800,000
diluted net income per common share attributable to d.r. horton, inc.						2,610,000	3,910,000	4,100,000	3,520,000	2,820,000	4,430,000	3,900,000	2,730,000	2,760,000	4,660,000	4,670,000	4,030,000	3,170,000	3,680,000	3,060,000	2,530,000	2,140,000	2,240,000	1,720,000	1,300,000	1,160,000	735,000	1,260,000	930,000	760,000	647,500	1,180,000	910,000	490,000
adjusted weighted-average number of common shares						323,300,000	331,600,000	330,100,000	333,300,000	335,700,000	343,300,000	342,300,000	344,900,000	346,900,000	354,800,000	353,100,000	356,300,000	360,100,000	365,800,000	364,000,000	367,200,000	370,000,000	370,200,000	367,700,000	370,100,000	373,400,000		376,900,000	377,700,000	380,100,000		383,400,000	383,900,000
gain on sale of assets																						-14,000,000			-28,500,000	-31,100,000	-13,475,000	-22,600,000	-29,300,000	-2,000,000	-3,625,000		-1,100,000
loss on extinguishment of debt																				18,100,000
net loss attributable to noncontrolling interests																														-500,000	-175,000	-100,000	-200,000	-500,000
equity in earnings of unconsolidated entities																															-775,000	-400,000	-400,000	-2,300,000
cash dividends declared per common share																															125,000	125,000	125,000	125,000	100,000	100,000	100,000	100,000	80,000	80,000	80,000	80,000	62,500	62,500	62,500	62,500	62,500	37,500	37,500					187,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	37,500	75,000	75,000	150,000	150,000	150,000	150,000	150,000	150,000	150,000	100,000	100,000	90,000	90,000	90,000	67,500
homebuilding:
revenues:
home sales																																			4,035,100,000	3,662,300,000	3,158,100,000	2,797,700,000	3,637,500,000	3,118,700,000	2,686,000,000	2,340,900,000	3,052,000,000	2,857,900,000	2,318,800,000	2,240,700,000	2,403,600,000	2,090,300,000	1,680,000,000	1,630,800,000	1,802,000,000	1,630,800,000	1,368,700,000	1,223,300,000	1,288,300,000	1,115,200,000	930,600,000	884,300,000	1,073,700,000	974,500,000	733,000,000	761,100,000	921,200,000	1,378,200,000	894,800,000	1,108,200,000	1,010,500,000	896,600,000	770,700,000	885,800,000	1,544,500,000	1,415,000,000	1,597,800,000	1,607,000,000	2,968,100,000	2,470,500,000	2,521,500,000	2,761,100,000	4,702,700,000	3,581,400,000	3,472,300,000	2,789,100,000	4,943,700,000	3,277,100,000	2,706,800,000	2,449,100,000	3,410,412,000	2,695,531,000	2,250,531,000	2,134,626,000
land/lot sales and other																																			31,400,000	22,200,000	6,300,000	28,400,000	13,500,000	30,100,000	15,000,000	20,200,000	39,000,000	18,500,000	19,700,000	12,300,000	19,800,000	12,600,000	16,600,000	4,800,000	15,800,000	13,700,000	21,700,000	9,900,000
cost of sales:
inventory and land option charges																																			20,300,000	5,400,000	12,200,000	2,300,000	15,400,000	8,100,000	6,000,000	2,000,000	26,300,000	15,400,000	12,500,000	6,000,000	21,300,000	56,800,000	4,400,000	2,600,000	27,100,000	800,000
gross profit:
homebuilding pre-tax income																																			457,800,000	415,200,000	322,400,000	293,900,000	403,100,000	349,200,000	283,100,000	229,000,000	301,500,000	302,100,000	208,600,000	206,100,000	236,600,000	158,600,000	191,700,000	181,900,000
financial services and other:
general and administrative expense																																			68,100,000	65,000,000	60,700,000	57,500,000	66,500,000	56,400,000	51,000,000	46,100,000	47,800,000	46,000,000	40,700,000	37,800,000	37,500,000	33,800,000	30,200,000	29,800,000	31,500,000	31,300,000	28,000,000	25,700,000	25,600,000	21,500,000	19,600,000	18,900,000	19,900,000	19,300,000	18,200,000	19,000,000	20,000,000	21,200,000	17,400,000	18,700,000	19,600,000	18,100,000	17,200,000	23,200,000	23,700,000	23,100,000	22,800,000	30,500,000	34,500,000	36,000,000	38,400,000	45,000,000	54,600,000	50,800,000	49,400,000	47,300,000	42,500,000	38,500,000	33,900,000	32,700,000	37,158,000	32,142,000	26,211,000	25,489,000
interest and other expense																																			-3,300,000	-2,400,000	-5,300,000	-3,600,000													-1,425,000	-2,700,000
financial services and other pre-tax income																																			27,800,000	29,300,000	31,500,000	24,200,000
other comprehensive income, net of income tax:
debt securities collateralized by residential real estate:
net change in unrealized gain
reclassification adjustment for net gain realized in net income																																									-2,600,000
comprehensive income																																			313,300,000	289,000,000	229,200,000	206,900,000	283,700,000	249,800,000	192,500,000	158,900,000	238,100,000	221,400,000	147,900,000	142,500,000	166,200,000	113,100,000	131,300,000	123,200,000	139,500,000	147,900,000	111,000,000	66,200,000	100,300,000	787,700,000	40,500,000	27,800,000
basic net income per common share																																			830,000	770,000	610,000	550,000	760,000	670,000	530,000	430,000	650,000	600,000	400,000	390,000	470,000	320,000	400,000	380,000	440,000	450,000	350,000	210,000	310,000	2,470,000	130,000	90,000	120,000	90,000	90,000	-60,000	-30,000	160,000	40,000	600,000									-160,000	-2,620,000	160,000	350,000	880,000	940,000	1,130,000		1,800,000	1,190,000	940,000
net income per common share assuming dilution																																			820,000	760,000	600,000	550,000	750,000	660,000	520,000	420,000	640,000	600,000	400,000	390,000	450,000	320,000	380,000	360,000	400,000	420,000	320,000	200,000	300,000	2,220,000	130,000	90,000	120,000	90,000	90,000	-60,000	-10,000	160,000	40,000	560,000									-160,000	-2,620,000	160,000	350,000	880,000	930,000	1,110,000		1,770,000	1,170,000	920,000
other																																							-4,200,000	-3,800,000	-9,600,000	-3,400,000	-4,500,000	-3,900,000	-4,500,000	-5,500,000	-3,900,000	-3,100,000	-2,800,000	-3,300,000	-4,600,000	-3,800,000	-3,200,000	-3,300,000	-4,000,000	-2,600,000	-3,200,000	-2,200,000	-1,200,000	-1,200,000	-3,400,000	-2,300,000	-2,700,000	-1,700,000	-3,300,000	-1,500,000	-4,100,000	-2,200,000	-2,200,000	-4,300,000	-2,100,000	-3,500,000	-1,800,000	-1,700,000	1,700,000	-3,900,000	-600,000	-1,100,000	2,400,000	-2,900,000	-13,400,000	-4,900,000	-23,500,000	-500,000	-6,300,000	-4,900,000	-6,063,000	-4,780,000	-3,444,000	-2,612,000
financial services:
interest and other																																							-1,800,000	-2,700,000	-1,500,000	-3,100,000	-3,700,000	-3,300,000	-2,700,000	-2,800,000	-2,700,000	-2,900,000	-2,000,000	-2,600,000			-2,600,000	-2,500,000	-2,600,000	-2,200,000	-2,500,000	-3,000,000	-2,900,000	-2,500,000	-1,900,000	-2,300,000	-2,500,000	-3,000,000	-1,900,000	-2,600,000	-2,400,000	-2,300,000	-2,400,000	-3,300,000	-2,900,000	-2,200,000	-2,600,000	-3,700,000
financial services pre-tax income																																							14,775,000	29,400,000	17,400,000	12,300,000	37,300,000	31,700,000	21,500,000	14,600,000	14,200,000	13,200,000	10,200,000	7,800,000
unrealized gain related to debt securities collateralized by residential real estate																																										1,200,000							300,000			1,900,000
revenues, net of recourse expense																																													59,500,000																								2,700,000
revenues, net of recourse and reinsurance expense																																														49,600,000	49,000,000	44,100,000	38,400,000	35,000,000	42,100,000	48,300,000	41,200,000	41,900,000	37,400,000	33,800,000	25,600,000	21,000,000	24,200,000	23,800,000	18,000,000	21,200,000	22,800,000	27,800,000	16,700,000	23,300,000
interest expense																																																					1,900,000	3,200,000	4,900,000	6,200,000	5,500,000	6,900,000	9,500,000	10,100,000	14,700,000	16,200,000	17,000,000	19,600,000	22,700,000	26,900,000	26,800,000	20,300,000	23,100,000	25,600,000	16,100,000	11,700,000	11,200,000	1,300,000	3,100,000	4,100,000	6,800,000		2,900,000		10,600,000	4,500,000					60,000	11,000	3,064,000	265,000
unrealized loss related to available-for-sale securities																																																			-50,000				-25,000	-100,000	-100,000
inventory impairments and land option cost write-offs																																																					1,800,000	1,300,000	1,500,000	2,500,000	800,000	1,400,000	12,800,000	9,900,000	14,300,000	8,400,000	30,800,000	30,300,000	2,400,000	1,200,000	192,500,000	110,800,000	48,100,000	56,200,000	1,074,500,000	330,400,000	834,100,000	245,500,000	318,700,000	852,000,000	81,200,000	77,700,000
gain on early retirement of debt																																																							-25,000						2,700,000	1,500,000	-1,800,000	8,300,000		-1,600,000	-1,100,000	3,900,000
unrealized gain related to available-for-sale securities																																																						-100,000				100,000
land/lot sales																																																							1,825,000	1,000,000	5,000,000	1,300,000	400,000	900,000	100,000	5,900,000	4,500,000	100,000	2,000,000	700,000	3,700,000	17,500,000	4,600,000	14,500,000	209,200,000	18,300,000	26,200,000	100,600,000	154,900,000	77,600,000	94,700,000	40,400,000	95,900,000	12,200,000	54,200,000	52,700,000	74,500,000	32,400,000	120,100,000	25,000,000	49,070,000	46,156,000	42,692,000	28,982,000
income tax (benefit) expense																																																							-178,125,000	-715,600,000
income tax benefit																																																									1,700,000
(gain) loss on early retirement of debt																																																										-100,000
loss on early retirement of debt																																																											2,675,000	6,500,000												2,600,000				12,100,000
benefit from income taxes																																																											-14,450,000	200,000		500,000	7,100,000	-4,200,000					5,600,000	1,300,000	-365,400,000	20,200,000	421,000,000	-74,100,000	-50,000,000	-287,600,000	31,700,000	67,200,000	168,100,000	179,400,000	216,200,000	190,000,000	340,600,000	232,700,000	184,000,000	150,800,000	216,248,000	157,315,000	118,039,000	116,198,000
(benefit from) benefit from income taxes																																																													-58,600,000					-149,200,000	-3,200,000	-19,600,000
provision for income taxes																																																																	700,000
revenues, net of recourse expense and reinsurance reserves																																																																			9,775,000	18,800,000
basic and diluted net income per common share																																																																			-730,000	-450,000	-340,000	-200,000	-1,452,500	-1,260,000	-4,140,000	-410,000
(gain) on early retirement of debt																																																																					-2,200,000	-6,200,000
goodwill impairment																																																																											48,500,000	425,600,000
other income																																																																																	-5,600,000				-5,900,000		-2,765,000	-7,357,000	2,834,000
net income per common share:
basic	2.25	2.03	3.05	3.37	2.59																																																																													990,000				1.03	0.673	1.08
diluted	2.24	2.03	3.04	3.36	2.58																																																																													980,000				1.01	0.66	1.06
weighted-average number of common shares outstanding:
basic	287.9	292.3	308.5	304.1	312.5																																																																													312,900,000				233.5		233,057	232,813	232,285
diluted	289	293.3	309.9	304.9	314																																																																													317,600,000				237.8		237,088	237,096	236,715
weighted-average number of shares of stock outstanding:
basic	287.9	292.3	308.5	304.1	312.5																																																																													312,900,000				233.5		233,057	232,813	232,285
diluted	289	293.3	309.9	304.9	314																																																																													317,600,000				237.8		237,088	237,096	236,715
cash dividends declared per share																																																																																						0.08
cash dividends per share																																																																																							0.058	0.08	0.08	0.07
earnings per share:
basic																																																																																									0.81	0.8
diluted																																																																																									0.8	0.78

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2001-09-30

assets
cash and cash equivalents	1,917,900,000	2,506,300,000	2,985,400,000	2,614,000,000	2,471,400,000	3,050,100,000	4,516,400,000	2,992,300,000	3,063,100,000	3,323,400,000	3,873,600,000	3,379,100,000	3,051,100,000	2,591,100,000	2,540,500,000	1,655,700,000	1,663,900,000	2,442,100,000		1,942,700,000	2,205,200,000	2,454,900,000	3,018,500,000	2,353,500,000	1,522,800,000	1,583,300,000	1,494,300,000	864,200,000	698,800,000	737,000,000	1,473,100,000	1,178,200,000	1,010,800,000	920,300,000	973,000,000	460,800,000	947,900,000	1,115,500,000	1,271,800,000	862,900,000	1,195,200,000	1,245,700,000	1,355,900,000	766,700,000	665,800,000	517,700,000	632,500,000	538,500,000	930,800,000	801,100,000	913,300,000	607,800,000	1,127,700,000	546,400,000	1,030,400,000	884,300,000	721,100,000	715,500,000	824,200,000	1,064,800,000	1,200,100,000	1,282,600,000	1,357,100,000	1,612,800,000	1,904,300,000	1,922,800,000	1,966,300,000	1,485,600,000	1,882,800,000	1,355,600,000	819,400,000	518,900,000	90,400,000	228,300,000	4,900,000	68,200,000	65,500,000	457,800,000	100,300,000	206,300,000	182,500,000	1,111,600,000	109,800,000	526,100,000	313,100,000	480,100,000	202,198,000	190,362,000	138,166,000
restricted cash	56,300,000	46,700,000	47,900,000	50,900,000	46,700,000	18,900,000	27,600,000	27,700,000	30,300,000	21,200,000	26,500,000	28,900,000	23,500,000	21,400,000	32,400,000	28,600,000	25,200,000	22,500,000		26,400,000	26,700,000	20,000,000		19,200,000	14,500,000	12,600,000		21,100,000	32,400,000	31,300,000	32,900,000	58,700,000	55,400,000	53,700,000	9,300,000	10,900,000	11,100,000	8,800,000	9,500,000	11,800,000	11,400,000	9,700,000	9,700,000	11,700,000	10,400,000	9,600,000	10,000,000	20,100,000	79,800,000	81,100,000	77,800,000	68,600,000	54,500,000	54,800,000	49,300,000	41,500,000	44,600,000	49,100,000	50,400,000	45,000,000	46,200,000	53,700,000	58,800,000	50,300,000	53,100,000	55,200,000	62,000,000											248,300,000
total cash, cash equivalents and restricted cash	1,974,200,000	2,553,000,000	3,033,300,000	2,664,900,000	2,518,100,000	3,069,000,000	4,544,000,000	3,020,000,000	3,093,400,000	3,344,600,000	3,900,100,000	3,408,000,000	3,074,600,000	2,612,500,000	2,572,900,000	1,684,300,000	1,689,100,000	2,464,600,000		1,969,100,000	2,231,900,000	2,474,900,000		2,372,700,000	1,537,300,000	1,595,900,000		885,300,000	731,200,000	768,300,000
inventories:
construction in progress and finished homes	8,551,700,000	7,270,700,000	7,648,500,000	9,024,300,000	8,651,300,000	8,701,400,000	8,875,800,000	9,880,500,000	9,708,500,000	9,467,700,000	9,001,400,000	9,352,800,000	9,290,600,000	9,508,000,000	9,798,200,000	10,803,100,000	9,876,600,000	8,742,900,000		7,744,100,000	7,300,100,000	6,598,800,000		5,847,300,000	5,969,400,000	5,580,100,000		5,722,600,000	6,087,600,000	5,842,800,000	5,086,300,000	5,194,800,000	5,119,600,000	4,907,800,000	4,606,000,000	4,905,600,000	4,642,600,000	4,285,400,000	4,034,700,000	4,371,400,000	4,153,800,000	3,792,600,000	3,501,200,000	3,815,300,000	3,915,800,000	3,719,700,000	3,541,300,000	3,382,200,000	2,864,200,000	2,721,800,000	2,498,000,000	2,374,800,000	2,116,200,000	1,909,500,000	1,682,700,000	1,573,200,000	1,359,300,000	1,369,200,000	1,427,600,000	1,329,000,000	1,217,600,000	1,286,000,000	1,416,800,000	1,636,700,000	1,380,700,000	1,444,900,000	1,407,700,000	1,473,100,000	1,529,400,000	1,681,600,000	2,064,100,000	2,200,100,000	2,937,400,000	3,346,800,000	4,207,500,000	4,182,700,000	4,160,900,000	4,322,800,000	5,298,600,000	4,422,000,000	3,564,800,000	3,105,900,000	3,945,300,000	3,584,500,000	3,142,100,000	2,878,500,000
residential land and lots — developed and under development	14,516,900,000	15,212,900,000	14,695,800,000	14,252,700,000	14,412,500,000	14,093,500,000	12,948,100,000	12,413,400,000	11,889,900,000	11,497,100,000	10,621,900,000	10,240,500,000	9,940,400,000	9,898,900,000	9,173,100,000	8,787,600,000	8,346,100,000	8,162,400,000		7,407,900,000	7,066,100,000	6,856,100,000		6,198,800,000	6,151,900,000	6,214,100,000		5,811,400,000	5,672,900,000	5,596,000,000	5,172,400,000	4,948,200,000	4,900,000,000	4,827,700,000	4,519,700,000	4,529,200,000	4,242,200,000	4,296,400,000	4,135,200,000	3,948,600,000	3,829,300,000	4,072,600,000	4,065,300,000	4,010,800,000	3,928,300,000	3,944,100,000	3,800,000,000	3,597,500,000	3,451,900,000	3,300,500,000	3,227,300,000	3,032,700,000	2,605,700,000	2,475,700,000	1,838,400,000	1,600,000,000	1,412,500,000	1,370,700,000	1,336,300,000	1,383,700,000	1,441,100,000	1,406,100,000	1,572,900,000	1,554,800,000	1,621,900,000	1,641,300,000	1,875,900,000	2,066,900,000	2,273,900,000	2,409,600,000	3,505,300,000	4,049,800,000	4,673,500,000	5,334,700,000	5,869,500,000	6,725,300,000	6,878,400,000	6,737,000,000	6,462,100,000	6,123,900,000	6,274,500,000	5,174,300,000
land held for development	195,600,000	212,000,000	218,300,000	286,900,000	288,600,000	288,000,000	160,600,000	155,800,000	155,200,000	134,500,000	50,000,000	62,600,000	88,300,000	108,600,000	110,800,000	124,500,000	124,800,000	131,400,000		113,900,000	86,000,000	97,800,000		64,500,000	77,100,000	82,100,000		125,700,000	110,800,000	109,800,000	96,100,000	117,000,000	86,600,000	100,500,000	101,000,000	107,700,000	128,400,000	137,200,000	137,800,000	155,500,000	194,300,000	185,400,000	202,300,000	235,400,000	271,300,000	304,300,000	332,800,000	395,900,000	467,500,000	473,800,000	472,100,000	504,000,000	602,200,000	629,900,000	644,100,000	688,400,000	707,100,000	709,800,000	736,900,000	761,300,000	753,200,000	749,300,000	567,700,000	564,900,000	572,700,000	562,500,000	567,000,000	599,800,000	586,200,000	531,700,000	735,400,000	721,500,000	886,800,000	540,100,000	359,400,000	204,300,000	198,700,000	182,900,000	102,300,000	130,700,000	60,900,000	6,200,000	6,300,000	6,300,000	6,300,000	6,200,000	6,262,000	6,262,000			2,824,000
land held for sale	39,100,000	26,400,000	21,400,000	29,800,000	11,900,000	8,700,000	12,700,000	15,800,000	8,800,000	3,500,000	8,700,000	8,400,000	20,400,000	29,500,000	29,400,000	32,700,000	21,600,000	24,800,000		23,500,000	24,100,000	23,800,000		28,100,000	26,100,000	22,900,000		42,600,000	49,000,000	47,000,000	40,200,000	43,300,000	38,200,000	204,200,000	10,400,000	11,500,000	24,900,000	23,400,000	33,200,000	28,700,000	39,200,000	37,600,000	38,200,000	49,700,000	21,500,000	21,200,000	26,400,000
rental properties	3,000,500,000	2,884,000,000	2,703,300,000	3,132,400,000	3,118,100,000	2,988,900,000	2,906,000,000	3,070,600,000	3,077,600,000	2,947,500,000	2,691,300,000	3,319,200,000	3,232,000,000	2,900,300,000	2,544,200,000	1,951,000,000	1,477,400,000	1,141,000,000		722,300,000
total inventory	26,303,800,000	25,606,000,000	25,287,300,000	26,726,100,000	26,482,400,000	26,080,500,000	24,903,200,000	25,536,100,000	24,840,000,000	24,050,300,000	22,373,300,000	22,983,500,000	22,571,700,000	22,445,300,000	21,655,700,000	21,698,900,000	19,846,500,000	18,202,500,000		16,011,700,000	14,476,300,000	13,576,500,000		12,138,700,000	12,224,500,000	11,899,200,000		11,702,300,000	11,920,300,000	11,595,600,000
mortgage loans held for sale	2,680,800,000	1,908,800,000	2,566,500,000	2,767,700,000	2,455,000,000	1,794,400,000	2,477,500,000	2,578,800,000	2,672,400,000	2,044,100,000	2,519,900,000	2,414,400,000	2,124,000,000	1,782,700,000	2,386,000,000	2,082,500,000	2,242,800,000	1,833,300,000		1,644,100,000	1,755,800,000	1,438,900,000		1,502,600,000	1,379,400,000	1,025,100,000		954,900,000	796,500,000	622,200,000	796,400,000	679,900,000	658,200,000	538,200,000	587,300,000	627,400,000	577,800,000	548,300,000	654,000,000	634,500,000	616,100,000	524,400,000	631,000,000	568,400,000	517,600,000	453,800,000	476,900,000	419,200,000	342,500,000	299,800,000	395,100,000	358,200,000	394,300,000	307,900,000	345,300,000	295,100,000	275,900,000	294,100,000	286,200,000	206,500,000	188,500,000	253,800,000	316,100,000	237,100,000	164,700,000	220,800,000	222,700,000	187,600,000	204,200,000	352,100,000	246,400,000	307,100,000	245,100,000	523,500,000	469,000,000	568,600,000	652,200,000	1,022,900,000	846,100,000	717,200,000	907,100,000	1,358,700,000	828,700,000	648,300,000	533,600,000	623,300,000	413,614,000	432,494,000	300,217,000		222,818,000
deferred tax asset
property and equipment	593,100,000	582,000,000	578,900,000	559,700,000	536,500,000	524,200,000	531,000,000	520,900,000	479,900,000	475,500,000	445,400,000	425,300,000	509,600,000	501,700,000	471,600,000	481,300,000	434,000,000	410,400,000		367,000,000	895,000,000	748,400,000		631,900,000	589,700,000	563,400,000		454,200,000	437,900,000	391,100,000	401,100,000	385,200,000	380,400,000	357,700,000	194,400,000	179,600,000	167,600,000	154,100,000	139,500,000	151,700,000	149,500,000	147,600,000	144,000,000	199,300,000	193,800,000	190,700,000	190,800,000	132,900,000	123,300,000	117,500,000	106,700,000	96,100,000	87,100,000	81,900,000	72,600,000	66,700,000	55,000,000	57,600,000	58,900,000	59,200,000	60,000,000	60,500,000	61,300,000	57,100,000	55,700,000	57,800,000	62,500,000	66,600,000	70,700,000	65,900,000	78,900,000	88,900,000	99,900,000	110,200,000	117,900,000	125,100,000	127,400,000	131,400,000	130,700,000	115,200,000	112,900,000	107,200,000	97,800,000	94,000,000	92,200,000	91,900,000	88,868,000	86,383,000	82,897,000		53,096,000
other assets	3,851,500,000	3,801,300,000	3,797,200,000	3,447,500,000	3,459,900,000	3,270,700,000	3,317,600,000	3,175,500,000	2,982,500,000	3,127,700,000	2,993,000,000	2,806,600,000	2,615,100,000	2,620,900,000	2,960,300,000	2,602,000,000	2,177,700,000	1,787,500,000		1,491,000,000	1,418,500,000	1,236,200,000		1,005,900,000	1,086,100,000	921,700,000		889,900,000	785,700,000	818,800,000	701,900,000	642,100,000	607,700,000	622,000,000	518,700,000	470,300,000	463,400,000	444,700,000	456,200,000	422,800,000	378,900,000	434,300,000	456,200,000	445,400,000	442,400,000	448,500,000	441,100,000	460,400,000	427,800,000	441,100,000	460,500,000	473,500,000	456,200,000	454,200,000	456,800,000	412,100,000	395,900,000	398,400,000	391,200,000	386,500,000	425,800,000	434,800,000	417,800,000	414,300,000	447,100,000	436,500,000	52,000,000	55,300,000	59,100,000	68,000,000	46,500,000	53,200,000	46,500,000	59,200,000	54,500,000	49,300,000	49,900,000	92,100,000	77,700,000	121,800,000	103,000,000	77,400,000	38,200,000	29,200,000	30,900,000	29,100,000	27,534,000	27,507,000	24,109,000		14,737,000
goodwill	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000	163,500,000		163,500,000	163,500,000	163,500,000		163,500,000	163,500,000	163,500,000		163,500,000	163,500,000	158,400,000	109,200,000	109,200,000	109,200,000	100,000,000	80,000,000	80,000,000	80,000,000	80,000,000	80,000,000	87,200,000	87,200,000	87,200,000	87,200,000	97,000,000	94,800,000	94,800,000	94,800,000	94,800,000	41,200,000	41,200,000	38,900,000	38,900,000	38,900,000	38,900,000	38,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	15,900,000	95,300,000	95,300,000	95,300,000	95,300,000	153,300,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000	578,900,000
total assets	35,566,900,000	34,639,600,000	35,471,200,000	36,395,900,000	35,690,000,000	35,029,700,000	36,104,300,000	35,151,400,000	34,398,200,000	33,381,600,000	32,582,400,000	32,323,100,000	31,170,800,000	30,264,500,000	30,351,100,000	28,869,900,000	26,685,300,000	24,999,400,000	19,724,900,000	21,793,500,000	21,083,800,000	19,780,400,000	18,912,300,000	17,973,900,000	17,130,000,000	16,322,900,000	15,606,600,000	15,224,000,000	15,007,000,000	14,535,800,000	14,114,600,000	13,593,400,000	13,218,100,000	12,957,300,000	12,184,600,000	11,977,100,000	11,921,100,000	11,712,100,000	11,558,900,000	11,333,200,000	11,300,200,000	11,179,500,000	11,151,000,000	10,863,500,000	10,713,100,000	10,338,700,000	10,202,500,000	9,716,600,000	9,372,800,000	8,927,200,000	8,856,400,000	8,287,000,000	8,232,500,000	7,347,300,000	7,248,200,000	6,657,000,000	5,363,400,000	5,358,400,000	5,504,800,000	5,621,300,000	5,726,700,000	5,938,600,000	6,211,400,000	6,459,300,000	6,692,100,000	6,756,600,000	6,779,500,000	6,477,700,000	7,174,900,000	7,709,600,000	8,464,500,000	8,955,200,000	10,401,000,000	11,556,300,000	12,494,000,000	13,510,500,000	13,668,700,000	14,820,700,000	14,559,700,000	13,511,000,000										7,279,400,000
liabilities
accounts payable	1,323,500,000	1,026,000,000	1,221,900,000	1,388,800,000	1,373,800,000	1,372,600,000	1,345,500,000	1,412,700,000	1,386,500,000	1,260,300,000	1,246,200,000	1,369,500,000	1,251,300,000	1,205,000,000	1,360,300,000	1,507,300,000	1,378,600,000	1,150,700,000		1,250,900,000	1,137,400,000	845,600,000		761,200,000	707,000,000	659,300,000		681,200,000	658,500,000	697,200,000	624,700,000	655,300,000	582,700,000	575,700,000	575,600,000	602,600,000	530,300,000	505,900,000	537,000,000	568,200,000	499,800,000	415,600,000	473,000,000	462,100,000	451,900,000	400,400,000	480,300,000	375,600,000	298,900,000	342,100,000	346,400,000	311,100,000	262,700,000	241,800,000	216,200,000	186,300,000	143,400,000	154,000,000	181,700,000	154,100,000	127,500,000	135,100,000	199,800,000	232,400,000	173,500,000	216,800,000	170,600,000	150,900,000	154,300,000	254,000,000	285,200,000	290,400,000	358,600,000	566,200,000	807,600,000	777,500,000	812,400,000	982,300,000	957,400,000	818,100,000	765,500,000	820,700,000	722,600,000	718,200,000	406,100,000	453,900,000
deferred tax liability	8,400,000
accrued expenses and other liabilities	3,472,200,000	3,510,900,000	3,541,600,000	3,165,400,000	2,939,100,000	3,096,500,000	3,016,700,000	2,897,000,000	2,777,400,000	3,227,400,000	3,103,800,000	2,766,000,000	2,830,800,000	2,816,800,000	3,138,300,000	2,951,900,000	2,618,900,000	2,580,000,000		2,001,300,000	2,198,100,000	1,938,900,000		1,588,300,000	1,381,600,000	1,377,400,000		1,277,500,000	1,192,100,000	1,198,100,000	1,127,500,000	1,074,600,000	1,029,600,000	1,068,100,000	933,100,000	957,600,000	897,700,000	967,600,000	917,100,000	909,800,000	847,000,000	935,300,000	929,200,000	909,200,000	847,700,000	903,500,000	875,000,000	879,400,000	822,600,000	884,300,000	886,000,000	938,600,000	907,200,000	856,600,000	893,800,000	842,300,000	800,500,000	829,800,000	812,400,000	820,600,000	916,700,000	957,200,000	950,100,000	949,400,000	957,100,000	932,000,000	685,900,000	709,500,000	738,800,000	814,900,000	803,700,000	793,700,000	849,900,000	933,300,000	982,000,000	960,500,000	1,051,000,000	1,143,000,000	1,004,200,000	1,025,400,000	1,123,900,000	1,196,900,000	929,300,000	775,200,000
notes payable	6,563,800,000	5,547,300,000	5,965,500,000	7,248,700,000	6,518,400,000	5,097,700,000	5,917,700,000	5,691,000,000	5,937,900,000	5,290,400,000	5,094,500,000	6,105,300,000	5,966,900,000	5,690,300,000	6,066,900,000	5,975,200,000	5,570,000,000	5,255,300,000	3,214,000,000	4,416,300,000	4,472,300,000	4,225,600,000	4,283,300,000	4,297,300,000	4,306,600,000	3,783,300,000	3,399,400,000	3,450,600,000	3,622,400,000	3,342,300,000	3,203,500,000	3,093,600,000	3,233,900,000	3,258,100,000	2,451,600,000	2,453,100,000	2,803,400,000	2,798,600,000	2,798,300,000	2,797,100,000	3,167,300,000	3,337,200,000	3,333,600,000	3,373,100,000	3,548,000,000	3,403,100,000	3,323,600,000	3,142,400,000	3,638,300,000	3,276,100,000	3,270,400,000	2,863,900,000	3,027,200,000	2,424,300,000	2,305,300,000	1,948,600,000	1,582,300,000	1,588,100,000	1,764,100,000	1,959,400,000	2,029,000,000	2,085,300,000	2,214,700,000	2,551,800,000	2,910,000,000	3,208,600,000	3,280,200,000	2,867,600,000	3,405,400,000	3,544,900,000	3,581,600,000	3,580,800,000	3,618,300,000	3,989,000,000	4,598,000,000	4,592,400,000	4,644,900,000	4,886,900,000	5,489,700,000	4,848,700,000	4,300,000,000	3,660,100,000	3,654,700,000	3,823,600,000	3,526,300,000	3,006,500,000	3,005,379,000	2,780,861,000	2,547,678,000	2,963,100,000	1,701,689,000
total liabilities	11,367,900,000	10,084,200,000	10,729,000,000	11,802,900,000	10,831,300,000	9,566,800,000	10,279,900,000	10,000,700,000	10,101,800,000	9,778,100,000	9,444,500,000	10,240,800,000	10,049,000,000	9,712,100,000	10,565,500,000	10,434,400,000	9,567,500,000	8,986,000,000	6,157,400,000	7,668,500,000	7,807,800,000	7,010,100,000	6,790,800,000	6,646,800,000	6,395,200,000	5,820,000,000	5,311,500,000	5,409,300,000	5,473,000,000	5,237,600,000	4,955,700,000	4,823,500,000	4,846,200,000	4,901,900,000	4,437,000,000	4,540,400,000	4,701,000,000	4,730,300,000	4,765,900,000	4,820,400,000	5,051,200,000	5,119,000,000	5,255,600,000	5,232,500,000	5,292,100,000	5,074,900,000	5,082,800,000	4,746,700,000	5,023,200,000	4,727,300,000	4,795,000,000	4,379,500,000	4,488,800,000	3,734,200,000	3,653,500,000	3,165,400,000	2,711,100,000	2,734,900,000	2,911,200,000	3,010,900,000	3,136,100,000	3,315,700,000	3,574,600,000	3,865,400,000	4,102,900,000
commitments and contingencies
equity
preferred stock, .10 par value, 30,000,000 shares authorized, no shares issued
common stock, .01 par value...	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000	4,000,000		4,000,000	4,000,000	4,000,000		3,900,000	3,900,000	3,900,000		3,900,000	3,900,000	3,900,000	3,900,000	3,900,000	3,900,000	3,900,000	3,800,000	3,800,000	3,800,000	3,800,000	3,800,000	3,800,000	3,800,000	3,800,000	3,800,000	3,700,000	3,700,000	3,700,000	3,700,000	3,700,000	3,300,000	3,300,000	3,300,000	3,300,000	3,300,000	3,300,000	3,300,000	3,300,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,200,000	3,100,000	2,400,000	2,400,000	2,358,000	2,357,000			769,000
additional paid-in capital	3,603,300,000	3,587,600,000	3,576,100,000	3,536,700,000	3,509,600,000	3,508,200,000	3,490,700,000	3,458,900,000	3,431,600,000	3,440,200,000	3,432,200,000	3,394,700,000	3,358,000,000	3,352,000,000	3,349,500,000	3,317,700,000	3,288,700,000	3,282,700,000		3,246,000,000	3,208,400,000	3,236,900,000		3,214,200,000	3,191,300,000	3,182,000,000		3,146,000,000	3,123,400,000	3,107,600,000	3,085,000,000	3,064,400,000	3,045,700,000	3,010,200,000	2,992,200,000	2,957,200,000	2,931,500,000	2,885,000,000	2,865,800,000	2,839,300,000	2,795,600,000	2,769,600,000	2,733,800,000	2,684,300,000	2,671,300,000	2,639,100,000	2,613,700,000	2,607,600,000	2,087,500,000	2,057,200,000	2,042,000,000	2,027,700,000	2,011,900,000	1,992,200,000	1,979,800,000	1,964,700,000	1,929,900,000	1,917,000,000	1,911,600,000	1,906,900,000	1,902,900,000	1,894,800,000	1,888,100,000	1,884,400,000	1,880,000,000
retained earnings	32,022,900,000	31,504,700,000	31,041,400,000	30,254,500,000	29,352,300,000	28,667,400,000	27,951,000,000	26,765,300,000	25,510,200,000	24,437,300,000	23,589,800,000	22,164,400,000	20,914,500,000	20,057,900,000	19,185,300,000	17,631,600,000	16,063,000,000	14,705,800,000		12,376,900,000	11,333,500,000	10,476,700,000		8,992,500,000	8,425,400,000	8,006,800,000		7,190,400,000	6,771,600,000	6,476,200,000	6,217,900,000	5,798,800,000	5,392,100,000	5,088,200,000	4,946,000,000	4,670,100,000	4,418,600,000	4,226,800,000	4,057,200,000	3,803,400,000	3,583,300,000	3,417,700,000	3,289,600,000	3,073,700,000	2,875,200,000	2,750,200,000	2,630,500,000	2,487,000,000	2,387,600,000	2,268,700,000	2,145,600,000	2,006,100,000	1,860,100,000	1,749,200,000	1,743,100,000	1,655,000,000	850,400,000	834,600,000	810,700,000	794,000,000	778,200,000	810,600,000	831,300,000	792,800,000	793,300,000	617,700,000	861,500,000	1,015,600,000	1,136,000,000	1,210,500,000	2,034,100,000	2,457,100,000	3,810,000,000	3,986,100,000	4,083,500,000	4,954,300,000	4,949,700,000	4,887,000,000	4,656,300,000	4,394,800,000	4,073,200,000	3,791,300,000	3,255,700,000	2,912,100,000	2,639,600,000	2,417,300,000	2,086,322,000	1,853,670,000	1,683,858,000		544,636,000
treasury stock	-12,004,400,000	-11,100,800,000	-10,431,100,000	-9,742,300,000	-8,538,800,000	-7,235,700,000	-6,132,900,000	-5,571,700,000	-5,130,300,000	-4,728,100,000	-4,329,800,000	-3,906,700,000	-3,563,800,000	-3,260,600,000	-3,142,500,000	-2,890,800,000	-2,580,800,000	-2,314,800,000		-1,824,000,000	-1,582,800,000	-1,232,400,000		-1,162,600,000	-1,162,600,000	-965,300,000		-697,900,000	-538,600,000	-463,000,000	-322,400,000	-269,800,000	-242,800,000	-220,300,000	-194,900,000	-194,900,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-134,300,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-95,700,000	-58,900,000	-58,900,000	-58,900,000	-58,900,000	-58,900,000	-58,859,000	-58,859,000	-58,859,000
stockholders’ equity	23,625,800,000	23,995,500,000	24,190,400,000	24,052,900,000	24,327,100,000	24,943,900,000	25,312,800,000	24,656,500,000	23,815,500,000	23,153,400,000	22,696,200,000	21,656,400,000	20,712,700,000	20,153,300,000	19,396,300,000	18,062,500,000	16,774,900,000	15,677,700,000	13,567,500,000	13,802,900,000	12,963,100,000	12,485,200,000	11,840,000,000	11,048,000,000	10,458,000,000	10,227,400,000	10,020,900,000	9,642,400,000	9,360,300,000	9,124,700,000	8,984,400,000	8,597,300,000	8,198,900,000	7,882,000,000	7,747,100,000	7,436,200,000	7,219,600,000	6,981,300,000	6,792,500,000	6,512,200,000	6,248,400,000	6,059,400,000																																																3,031,300,000
noncontrolling interests	573,200,000	559,900,000	551,800,000	540,100,000	531,600,000	519,000,000	511,600,000	494,200,000	480,900,000	450,100,000	441,700,000	425,900,000	409,100,000	399,100,000	389,300,000	373,000,000	342,900,000	335,700,000		322,100,000	312,900,000	285,100,000		279,100,000	276,800,000	275,500,000		172,300,000	173,700,000	173,500,000	174,500,000	172,600,000	173,000,000	173,400,000	500,000	500,000	500,000	500,000	500,000	600,000	600,000	1,100,000	1,100,000	1,400,000	2,900,000	2,900,000	3,900,000	3,700,000	3,300,000	3,100,000	2,900,000	2,800,000	2,700,000	2,700,000	2,600,000	2,900,000	2,900,000	2,900,000	2,100,000	2,000,000	2,000,000	9,700,000	9,800,000	9,400,000	8,400,000
total equity	24,199,000,000	24,555,400,000	24,742,200,000	24,593,000,000	24,858,700,000	25,462,900,000	25,824,400,000	25,150,700,000	24,296,400,000	23,603,500,000	23,137,900,000	22,082,300,000	21,121,800,000	20,552,400,000	19,785,600,000	18,435,500,000	17,117,800,000	16,013,400,000		14,125,000,000	13,276,000,000	12,770,300,000	12,121,500,000	11,327,100,000	10,734,800,000	10,502,900,000	10,295,100,000	9,814,700,000	9,534,000,000	9,298,200,000	9,158,900,000	8,769,900,000	8,371,900,000	8,055,400,000	7,747,600,000	7,436,700,000	7,220,100,000	6,981,800,000	6,793,000,000	6,512,800,000	6,249,000,000	6,060,500,000	5,895,400,000	5,631,000,000	5,421,000,000	5,263,800,000	5,119,700,000	4,969,900,000	4,349,600,000	4,199,900,000	4,061,400,000	3,907,500,000	3,743,700,000	3,613,100,000	3,594,700,000	3,491,600,000	2,652,300,000	2,623,500,000	2,593,600,000	2,610,400,000	2,590,600,000	2,622,900,000	2,636,800,000	2,593,900,000	2,589,200,000
total liabilities and equity	35,566,900,000	34,639,600,000	35,471,200,000	36,395,900,000	35,690,000,000	35,029,700,000	36,104,300,000	35,151,400,000	34,398,200,000	33,381,600,000	32,582,400,000	32,323,100,000	31,170,800,000	30,264,500,000	30,351,100,000	28,869,900,000	26,685,300,000	24,999,400,000		21,793,500,000	21,083,800,000	19,780,400,000		17,973,900,000	17,130,000,000	16,322,900,000		15,224,000,000	15,007,000,000	14,535,800,000	14,114,600,000	13,593,400,000	13,218,100,000	12,957,300,000	12,184,600,000	11,977,100,000	11,921,100,000	11,712,100,000	11,558,900,000	11,333,200,000	11,300,200,000	11,179,500,000	11,151,000,000	10,863,500,000	10,713,100,000	10,338,700,000	10,202,500,000	9,716,600,000	9,372,800,000	8,927,200,000	8,856,400,000	8,287,000,000	8,232,500,000	7,347,300,000	7,248,200,000	6,657,000,000	5,363,400,000	5,358,400,000	5,504,800,000	5,621,300,000	5,726,700,000	5,938,600,000	6,211,400,000	6,459,300,000	6,692,100,000
see accompanying notes to consolidated financial statements.
deferred income taxes, net of valuation allowance of 14.6 millionat december 31, 2025 and september 30, 2025		25,000,000
deferred income taxes, net of valuation allowance of 14.6 million and 14.9 million at september 30, 2025 and 2024, respectively			44,500,000
deferred income taxes, net of valuation allowance of 14.8 million and 14.9 millionat june 30, 2025 and september 30, 2024, respectively				66,500,000
deferred income taxes, net of valuation allowance of 14.9 millionat march 31, 2025 and september 30, 2024					74,600,000
deferred income taxes, net of valuation allowance of 14.9 million at december 31, 2024 and september 30, 2024						127,400,000
deferred income taxes, net of valuation allowance of 14.9 million and 14.8 million at september 30, 2024 and 2023, respectively							167,500,000
deferred income taxes, net of valuation allowance of 14.7 million and 14.8 millionat june 30, 2024 and september 30, 2023, respectively								156,600,000
deferred income taxes, net of valuation allowance of 14.7 million and 14.8 millionat march 31, 2024 and september 30, 2023, respectively									166,500,000
deferred income taxes, net of valuation allowance of 14.8 million at december 31, 2023 and september 30, 2023										175,900,000
deferred income taxes, net of valuation allowance of 14.8 million and 17.9 million at september 30, 2023 and 2022, respectively											187,200,000
deferred income taxes, net of valuation allowance of 17.8 million and 17.9 million at june 30, 2023 and september 30, 2022, respectively												121,800,000
deferred income taxes, net of valuation allowance of 17.8 million and 17.9 million at march 31, 2023 and september 30, 2022, respectively													112,300,000
deferred income taxes, net of valuation allowance of 17.9 millionat december 31, 2022 and september 30, 2022														137,900,000
deferred income taxes, net of valuation allowance of 17.9 million and 4.2 million at september 30, 2022 and 2021, respectively															141,100,000
deferred income taxes, net of valuation allowance of 20.3 million and 4.2 millionat june 30, 2022 and september 30, 2021, respectively																157,400,000
deferred income taxes, net of valuation allowance of 4.0 million and 4.2 millionat march 31, 2022 and september 30, 2021, respectively																	131,700,000
deferred income taxes, net of valuation allowance of 4.1 million and 4.2 millionat december 31, 2021 and september 30, 2021, respectively																		137,600,000
cash																			2,893,300,000																																																																								232,305,000
inventories																			14,203,200,000				12,237,400,000				11,282,000,000																																																															5,082,300,000
amount due from non-guarantor subsidiaries																			592,400,000
liabilities & stockholders’ equity
summarized statement of operations data
revenues																			26,566,800,000																																																														61,300,000	235,100,000	60,700,000	49,800,000	46,000,000	182,800,000	48,709,000	42,040,000	38,241,000		49,522,000
cost of sales																			19,824,100,000
selling, general and administrative expense																			1,889,400,000																																																														325,700,000	1,226,600,000	302,000,000	267,000,000	257,700,000	959,000,000	244,293,000	222,679,000	179,181,000		360,404,000
income before income taxes																			4,825,600,000																																																														500,100,000	2,378,600,000	604,400,000	478,000,000	391,800,000	1,582,900,000	408,611,000	306,596,000	178,925,000
net income																			3,786,500,000																																																														310,100,000	1,470,500,000	371,700,000	294,000,000	241,000,000	975,100,000	251,296,000	188,557,000	111,828,000		2,550
deferred income taxes, net of valuation allowance of 7.3 million and 7.5 millionat june 30, 2021 and september 30, 2020, respectively																				147,100,000
deferred income taxes, net of valuation allowance of 7.4 million and 7.5 millionat march 31, 2021 and september 30, 2020, respectively																					142,800,000
deferred income taxes, net of valuation allowance of 7.5 millionat december 31, 2020 and september 30, 2020																						142,000,000
consolidated balance sheet data:
deferred income taxes, net of valuation allowance of 13.6 million and 18.7 millionat june 30, 2020 and september 30, 2019, respectively																								158,600,000
deferred income taxes, net of valuation allowance of 17.8 million and 18.7 million at march 31, 2020 and september 30, 2019, respectively																									149,500,000
deferred income taxes, net of valuation allowance of 18.3 million and 18.7 millionat december 31, 2019 and september 30, 2019, respectively																										154,100,000
deferred income taxes, net of valuation allowance of 16.6 million and 17.7 millionat june 30, 2019 and september 30, 2018, respectively																												173,900,000
deferred income taxes, net of valuation allowance of 17.0 million and 17.7 millionat march 31, 2019 and september 30, 2018, respectively																													171,900,000
deferred income taxes, net of valuation allowance of 17.1 million and 17.7 millionat december 31, 2018 and september 30, 2018, respectively																														181,400,000
investment in unconsolidated entities																															11,000,000	32,200,000	32,100,000	86,100,000
deferred income taxes, net of valuation allowance of 17.7 million and 11.2 million at september 30, 2018 and 2017, respectively																															194,000,000
deferred income taxes, net of valuation allowance of 29.3 million and 11.2 millionat june 30, 2018 and september 30, 2017, respectively																																204,600,000
deferred income taxes, net of valuation allowance of 25.9 million and 11.2 millionat march 31, 2018 and september 30, 2017, respectively																																	219,900,000
deferred income taxes, net of valuation allowance of 21.7 million and 11.2 millionat december 31, 2017 and september 30, 2017, respectively																																		239,100,000
homebuilding:
deferred income taxes, net of valuation allowance of 11.2 million and 10.3 million at september 30, 2017 and 2016, respectively																																			365,000,000
financial services and other:
accounts payable and other liabilities																																			56,700,000	53,700,000	50,600,000	39,200,000	40,500,000	41,100,000	41,700,000	33,800,000	41,900,000	40,100,000	47,000,000	44,200,000	44,700,000	46,400,000	39,600,000	39,000,000	53,600,000	46,200,000	45,900,000	42,100,000	50,400,000	41,500,000	38,900,000	46,500,000	36,700,000	31,900,000	41,200,000	51,600,000	57,500,000	54,100,000	56,100,000	62,100,000	46,800,000	43,200,000	28,300,000	27,500,000	17,200,000	19,200,000	16,100,000	24,700,000	24,800,000	29,200,000	21,100,000	58,800,000	24,400,000	21,800,000	20,300,000	24,000,000	16,800,000	13,400,000	13,200,000	16,800,000	1,176,747,000	1,045,023,000	1,066,114,000		498,576,000
mortgage repurchase facility																																			420,000,000	473,400,000	419,000,000	419,000,000	473,000,000	504,200,000	495,400,000	397,100,000	477,900,000	448,000,000	397,500,000	323,700,000	359,200,000	302,900,000	223,800,000	185,800,000	238,600,000	219,700,000	245,800,000	169,400,000	187,800,000	146,700,000	146,000,000	116,500,000	116,300,000	44,900,000	21,700,000	86,500,000	152,500,000	77,700,000	6,200,000	68,700,000	77,400,000	44,400,000
deferred income taxes, net of valuation allowance of 10.4 million and 10.3 million at june 30, 2017 and september 30, 2016, respectively																																				383,700,000
deferred income taxes, net of valuation allowance of 10.3 million at march 31, 2017 and september 30, 2016																																					451,600,000
deferred income taxes, net of valuation allowance of 10.3 million at december 31, 2016 and september 30, 2016																																						467,800,000
deferred income taxes, net of valuation allowance of 10.3 million and 10.1 million at september 30, 2016 and 2015, respectively																																							476,300,000
accumulated other comprehensive income																																										2,600,000	1,400,000	2,200,000	2,200,000	2,200,000	2,200,000	2,200,000	2,200,000	1,900,000	1,900,000	1,900,000			200,000		200,000	100,000	300,000			300,000	100,000
deferred income taxes, net of valuation allowance of 9.2 million and 10.1 million at june 30, 2016 and september 30, 2015, respectively																																								505,100,000
financial services:
deferred income taxes, net of valuation allowance of 10.1 million at march 31, 2016 and september 30, 2015																																									526,600,000
deferred income taxes, net of valuation allowance of 10.1 million at december 31, 2015 and september 30, 2015																																										542,200,000
deferred income taxes, net of valuation allowance of 10.1 million and 31.1 million at september 30, 2015 and 2014, respectively																																											558,100,000
total stockholders’ equity																																											5,894,300,000	5,629,600,000	5,418,100,000	5,260,900,000	5,115,800,000	4,966,200,000	4,346,300,000	4,196,800,000	4,058,500,000	3,904,700,000	3,741,000,000	3,610,400,000	3,592,100,000	3,488,700,000	2,649,400,000	2,620,600,000	2,591,500,000	2,608,400,000	2,588,600,000	2,613,200,000	2,627,000,000	2,584,500,000	2,580,800,000
deferred income taxes, net of valuation allowance of 30.1 million and 31.1 million at june 30, 2015 and september 30, 2014, respectively																																												544,300,000
deferred income taxes, net of valuation allowance of 30.9 million and 31.1 million at march 31, 2015 and september 30, 2014, respectively																																													547,700,000
deferred income taxes, net of valuation allowance of 31.0 million and 31.1 million at december 31, 2014 and september 30, 2014, respectively																																														552,700,000
deferred income taxes, net of valuation allowance of 31.1 million and 31.0 million at september 30, 2014 and 2013, respectively																																															565,000,000
deferred income taxes, net of valuation allowance of 33.7 million and 31.0 million at june 30, 2014 and september 30, 2013, respectively																																																582,600,000
deferred income taxes, net of valuation allowance of 31.3 million and 31.0 million at march 31, 2014 and september 30, 2013, respectively																																																	569,800,000
deferred income taxes, net of valuation allowance of 31.1 million and 31.0 million at december 31, 2013 and september 30, 2013, respectively																																																		578,500,000
marketable securities, available-for-sale																																																						96,700,000	298,000,000	283,700,000	298,700,000	297,600,000	297,100,000	292,100,000	296,600,000	297,700,000	298,200,000	198,700,000
income taxes receivable																																																							14,400,000	12,900,000	12,400,000	12,400,000	14,000,000	14,000,000	14,300,000	16,000,000	32,600,000	29,400,000	381,700,000	293,100,000	124,900,000	54,500,000	54,500,000	676,200,000
deferred income taxes, net of valuation allowance of 31.0 million and 41.9 million at september 30, 2013 and 2012, respectively																																																			586,600,000
deferred income taxes, net of valuation allowance of 22.6 million and 41.9 million at june 30, 2013 and september 30, 2012, respectively																																																				638,000,000
deferred income taxes, net of valuation allowance of 23.2 million and 41.9 million at march 31, 2013 and september 30, 2012, respectively																																																					680,000,000
deferred income taxes, net of valuation allowance of 41.9 million at december 31, 2012 and september 30, 2012																																																						683,500,000
deferred income taxes, net of valuation allowance of 41.9 millionand 848.5 million at september 30, 2012 and 2011, respectively																																																							709,500,000
deferred income taxes, net of valuation allowance of 78.4 million and 848.5 million at june 30, 2012 and september 30, 2011, respectively																																																								716,700,000
deferred income taxes, net of valuation allowance of 837.1 million and 848.5 million at december 31, 2011 and september 30, 2011, respectively
land inventory not owned																																																														7,600,000	7,600,000	7,100,000	9,500,000	14,300,000	22,700,000	28,200,000	36,600,000	60,300,000	91,900,000	94,000,000	88,600,000	121,900,000	150,900,000
deferred income taxes, net of valuation allowance of 848.5 million and 902.6 million at september 30, 2011 and 2010, respectively
deferred income taxes, net of valuation allowance of 849.0 million and 902.6 million at june 30, 2011 and september 30, 2010, respectively
deferred income taxes, net of valuation allowance of 856.4 million and 902.6 million at march 31, 2011 and september 30, 2010, respectively
deferred income taxes, net of valuation allowance of 905.6 million and 902.6 million at december 31, 2010 and september 30, 2010, respectively
deferred income taxes, net of valuation allowance of 902.6 million and 1,073.9 million at september 30, 2010 and 2009, respectively
deferred income taxes, net of valuation allowance of 879.2 million and 1,073.9 million at june 30, 2010 and september 30, 2009, respectively
deferred income taxes, net of valuation allowance of 894.1 million and 1,073.9 million at march 31, 2010 and september 30, 2009, respectively
accumulated other comprehensive loss																																																																-200,000
deferred income taxes, net of valuation allowance of 915.2 million and 1,073.9 million at december 31, 2009 and september 30, 2009, respectively
deferred income taxes, net of valuation allowance of 1,124.4 million and 961.3 million at september 30, 2009 and 2008, respectively
minority interests																																																																		8,800,000	20,900,000	14,800,000	29,300,000	30,500,000	32,500,000	34,300,000	38,100,000	68,400,000	85,100,000	103,300,000	110,500,000	105,100,000	145,600,000	178,000,000	176,000,000	203,200,000	192,400,000	213,300,000	207,700,000	166,400,000	68,479,000	48,169,000	145,726,000		8,864,000
additional capital																																																																		1,734,400,000	1,728,700,000	1,724,200,000	1,719,400,000	1,716,300,000	1,716,200,000	1,708,200,000	1,696,600,000	1,693,300,000	1,686,700,000	1,677,700,000	1,667,600,000	1,658,400,000	1,650,300,000	1,641,700,000	1,632,200,000	1,624,800,000	1,620,300,000	1,613,100,000	1,607,000,000	1,599,900,000	1,595,763,000	1,594,114,000	1,585,957,000		704,842,000
total liabilities and stockholders’ equity																																																																		6,756,600,000	6,779,500,000	6,477,700,000	7,174,900,000	7,709,600,000	8,464,500,000	8,955,200,000	10,401,000,000	11,556,300,000	12,494,000,000	13,510,500,000	13,668,700,000	14,820,700,000	14,559,700,000	13,511,000,000
deferred income taxes, net of valuation allowance of 1,068.5 million and 961.3 million at june 30, 2009 and september 30, 2008, respectively																																																																			165,400,000
earnest money deposits and other assets																																																																			198,500,000	201,100,000	217,800,000	247,500,000	230,800,000	238,900,000	258,800,000	291,200,000	315,300,000	760,800,000	777,900,000	816,400,000	760,800,000	847,300,000	812,100,000	756,000,000	706,700,000	690,600,000	612,800,000	576,600,000	470,201,000	464,124,000	429,095,000		181,659,000
deferred income taxes, net of valuation allowance of 1,019.2 million and 961.3 million at march 31, 2009 and september 30, 2008, respectively																																																																				213,500,000
deferred income taxes, net of valuation allowance of 984.4 million and 961.3 million at december 31, 2008 and september 30, 2008, respectively																																																																					213,500,000
repurchase agreement																																																																					55,900,000
deferred income taxes, net of valuation allowance of 961.3 million
and 4.7 million at september 30, 2008 and 2007, respectively																																																																						213,500,000
repurchase agreement and notes payable to financial institutions																																																																						203,500,000	86,500,000	164,000,000
deferred income taxes, net of valuation allowance of 887.7 million and 4.7 million at june 30, 2008 and september 30, 2007, respectively																																																																							518,700,000
deferred income taxes, net of valuation allowance of 719.0 million and 4.7 million at march 31, 2008 and september 30, 2007, respectively																																																																								545,500,000
deferred income taxes																																																																									940,000,000	863,800,000	735,900,000
notes payable to financial institutions																																																																									105,900,000	387,800,000	318,800,000	508,100,000	504,000,000	1,191,700,000	724,300,000	675,000,000	814,700,000	1,249,500,000	708,400,000	517,000,000	400,500,000	492,700,000	313,415,000	366,864,000	186,693,000		182,641,000
consolidated land inventory not owned																																																																												96,900,000	104,600,000	100,400,000	142,400,000	175,800,000	173,900,000	200,400,000	185,200,000	214,700,000	234,200,000	153,700,000	54,919,000	24,674,000
revenues:
home sales																																																																																	2,789,100,000	13,376,600,000	3,277,100,000	2,706,800,000	2,449,100,000	10,491,100,000	2,695,531,000	2,250,531,000	1,666,449,000		3,496,091,000
land/lot sales																																																																																	52,700,000	252,000,000	32,400,000	120,100,000	25,000,000	166,900,000	46,156,000	42,692,000	40,244,000		108,082,000
cost of sales:
gross profit:
interest expense																																																																																	4,500,000	4,400,000				3,400,000	11,000	3,064,000	347,000		10,227,000
other																																																																																	-4,900,000	-34,900,000	-500,000	-6,300,000	-4,900,000	-18,800,000	-4,780,000	-3,444,000	-205,000		-6,257,000
general and administrative expense																																																																																	47,300,000	147,600,000	38,500,000	33,900,000	32,700,000	121,000,000	32,142,000	26,211,000	22,007,000		35,470,000
benefit from income taxes																																																																																	190,000,000	908,100,000	232,700,000	184,000,000	150,800,000	607,800,000	157,315,000	118,039,000	67,097,000		117,505,000
net income per common share:
basic																																																																																	990,000				1,030,000		1,080	810	510
diluted																																																																																	980,000				1,010,000		1,060	800	500
weighted-average number of common shares outstanding:
cash dividends declared per common share																																																																																	90,000	307,500	90,000	67,500
other income																																																																																		-15,700,000		-5,900,000		-9,900,000	-7,357,000	2,834,000			-2,098,000
basic net income per common share																																																																																		4,710,000	1,190,000	940,000		4,190,000
net income per common share assuming dilution																																																																																		4,620,000	1,170,000	920,000		4,110,000
residential lots — developed and under development																																																																																			4,485,600,000	4,121,200,000	4,110,700,000	3,529,000,000	3,186,411,000	3,034,251,000
liabilities associated with consolidated land inventory not owned																																																																																				10,400,000	37,300,000
accrued and other liabilities																																																																																					917,500,000	888,200,000
net income per share
weighted-average number of shares of stock outstanding:
cash dividends declared per share																																																																																					80,000	290,000
unearned compensation																																																																																							-539,000	-1,079,000	-1,620,000
finished homes and construction in progress																																																																																							3,135,611,000	2,770,409,000			1,424,101,000
excess of cost over net assets acquired																																																																																							578,900,000	578,900,000	578,900,000		136,223,000
cash dividends per share																																																																																							80	80	60		150
earnings per share:
balance sheet data:
see note c to the audited financial statements for details concerning acquisitions by the company.
residential lots—developed and under development																																																																																											1,377,452,000
gross profit
income before cumulative effect of change in accounting principle																																																																																											191,719,000
cumulative effect of change in accounting principle, net of income taxes of 1,282
basic earnings per common share:
cumulative effect of change in accounting principle, net of income taxes
earnings per common share assuming dilution:

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2008-09-30	2007-09-30	2006-09-30	2005-12-31	2005-09-30	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31

operating activities
net income	658,000,000	601,400,000	916,800,000	1,033,100,000	819,100,000	851,900,000	1,299,800,000	1,366,800,000	1,183,700,000	955,700,000	1,525,500,000	1,351,800,000	949,600,000	968,300,000	1,648,200,000	1,659,300,000	1,442,300,000	1,145,800,000	1,345,500,000	1,116,600,000	933,900,000	795,200,000	831,200,000	632,900,000	483,900,000	432,500,000	503,900,000	473,600,000	354,400,000	286,700,000	468,900,000	453,700,000	350,900,000	188,800,000	313,300,000	289,000,000	229,200,000	206,900,000	283,700,000	249,800,000	195,100,000	157,700,000	238,900,000	221,400,000	147,900,000	142,500,000	166,200,000	113,200,000	130,900,000	123,200,000	139,500,000	145,900,000	111,000,000	66,300,000	100,100,000	787,900,000	40,600,000	27,700,000	35,800,000	28,600,000	27,800,000	-20,400,000	-8,800,000	50,500,000	11,400,000	192,000,000	-231,900,000	-799,800,000	-50,200,000	277,700,000	310,100,000	563,800,000	241,000,000	349,633,000	251,296,000	188,557,000	185,614,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	28,100,000	27,700,000	27,400,000	25,200,000	24,600,000	24,100,000	23,600,000	22,400,000	21,100,000	20,000,000	21,400,000	23,700,000	26,700,000	19,800,000	21,200,000	20,900,000	19,900,000	19,400,000	17,200,000	17,400,000	18,900,000	20,400,000	23,000,000	18,600,000	19,800,000	19,000,000	19,600,000	18,300,000	17,200,000	16,900,000	15,800,000	13,500,000	16,900,000	16,200,000	14,300,000	13,100,000	12,900,000	14,400,000	19,600,000	13,800,000	14,000,000	13,600,000	14,400,000	14,300,000	13,100,000	12,300,000	11,800,000	9,900,000	8,900,000	7,800,000	6,700,000	5,900,000	5,300,000	4,800,000												4,900,000	5,000,000	11,100,000	16,100,000	15,800,000	12,700,000	13,600,000	14,000,000	15,216,000	12,506,000	10,402,000	11,476,000
stock-based compensation expense	34,600,000	41,400,000	29,900,000	25,900,000	32,200,000	43,000,000	25,400,000	26,800,000	25,000,000	40,900,000	30,600,000	29,300,000	28,400,000	22,900,000	25,700,000	24,800,000	30,900,000	23,700,000	21,700,000	22,600,000	25,400,000	21,700,000	18,600,000	21,300,000	21,300,000	16,600,000	19,300,000	18,000,000	17,800,000	18,100,000
deferred income taxes	33,600,000	19,500,000	22,000,000	8,100,000	53,000,000	40,100,000	-10,900,000	10,000,000	8,600,000	11,300,000	-65,200,000	-9,400,000	25,500,000	3,200,000	14,800,000	-9,300,000	5,900,000	17,700,000	-7,900,000	-4,700,000	-300,000	2,900,000	13,100,000	-9,000,000	2,800,000	7,200,000	8,400,000	-900,000	8,700,000	3,900,000	10,600,000	15,300,000	18,700,000	126,300,000	18,800,000	67,900,000	15,800,000	8,300,000	28,600,000	17,100,000	16,200,000	13,400,000	-17,600,000	3,300,000	5,100,000	12,300,000	13,600,000	-12,900,000	8,600,000	8,100,000	51,400,000	40,800,000	3,500,000	35,200,000	7,200,000												165,400,000	305,200,000	-127,100,000
inventory and land option charges	32,200,000	11,200,000	57,300,000	54,200,000	30,000,000	16,600,000	44,400,000	14,800,000	13,500,000	6,100,000	18,100,000	10,800,000	23,900,000	27,500,000	39,800,000	10,600,000	15,200,000	4,800,000	11,000,000	5,500,000	3,800,000	8,300,000	6,000,000	5,000,000	9,000,000	3,800,000	13,000,000	19,200,000	13,800,000	8,000,000	7,600,000	9,000,000	30,100,000	3,700,000	20,300,000	5,400,000	12,200,000	2,300,000	15,400,000	8,100,000	5,900,000	2,000,000	26,300,000	15,400,000	12,600,000	6,000,000	21,300,000	56,800,000	4,500,000	2,600,000	27,100,000
changes in operating assets and liabilities:
decrease in construction in progress and finished homes	-1,283,100,000	398,800,000			48,100,000	181,700,000	1,004,300,000	-153,900,000	-242,700,000	-466,400,000	285,600,000	38,900,000	216,600,000	320,700,000																																												9,700,000				66,900,000	129,400,000	217,700,000	-256,300,000	65,200,000	-50,600,000
decrease in residential land and lots –developed, under development, held for development and held for sale
increase in rental properties	-116,900,000	-180,600,000		-14,800,000	-129,500,000	-86,500,000	161,100,000	11,200,000	-130,400,000	-256,500,000	625,500,000	-88,100,000	-332,200,000	-357,000,000	-593,600,000	-473,700,000	-336,400,000	-319,500,000	-107,600,000
increase in other assets															-334,200,000	-160,600,000	-394,900,000	-221,800,000	-72,500,000	-72,000,000			-88,500,000	90,900,000			-23,500,000				-76,000,000				-34,200,000																				-33,500,000	-6,900,000										-10,100,000
decrease in mortgage loans held for sale	-772,000,000	657,700,000			-660,600,000	683,100,000			-628,300,000	475,800,000			-341,300,000	603,300,000				194,000,000												174,200,000	-116,400,000	-21,700,000	-119,800,000	49,100,000	41,400,000	-49,300,000	-30,200,000	105,700,000			-91,700,000	106,600,000			-63,800,000	23,100,000				95,300,000				37,400,000				18,200,000				65,300,000			-72,400,000	56,100,000	1,900,000	-105,700,000			451,600,000		89,700,000
increase in accounts payable, accrued expenses and other liabilities	335,300,000	-254,100,000	-69,000,000			71,000,000				127,500,000	236,700,000	64,900,000	68,900,000	-472,300,000	-900,000	442,700,000	287,500,000	306,200,000	109,400,000	-82,400,000	563,500,000	254,600,000	152,600,000	260,900,000	58,100,000	94,600,000	-22,400,000	88,900,000	-29,100,000	88,800,000	23,500,000			24,800,000	-40,500,000			22,800,000	-35,600,000				38,900,000				117,500,000	118,100,000			-3,100,000	80,100,000			70,700,000					31,000,000				-28,600,000
net cash from operating activities	-412,500,000	854,000,000	2,471,800,000	738,600,000	-436,200,000	646,700,000	1,961,600,000	698,300,000	-316,700,000	-153,400,000	2,043,000,000	787,500,000	644,500,000	829,100,000	1,124,600,000	271,800,000	-660,500,000	-174,100,000	568,900,000	120,400,000	97,200,000	-252,100,000	832,700,000	984,000,000	-281,300,000	-113,800,000	811,400,000	542,400,000	-88,600,000	-373,100,000	238,700,000	405,300,000	-23,800,000	-75,000,000	625,900,000	-50,000,000	-107,500,000	-33,300,000	529,400,000	61,700,000	28,400,000	-1,500,000	511,800,000	357,400,000	-39,800,000	-129,000,000	-86,300,000	-308,200,000	-259,400,000	-7,500,000	-94,800,000	-296,000,000	-183,800,000	-656,500,000	-120,900,000	-94,600,000	-79,300,000	-3,300,000	90,200,000	-54,200,000	-70,600,000	49,500,000	122,300,000	159,300,000	207,800,000	220,000,000	39,200,000	479,500,000	808,300,000	873,300,000	-1,012,600,000	480,200,000	-559,100,000	140,508,000	-103,409,000	-307,439,000	-152,160,000
capital expenditures	-37,200,000	-27,400,000	-43,800,000	-46,000,000	-34,300,000	-13,300,000	-32,000,000	-62,000,000	-23,700,000	-47,600,000	-40,300,000	-29,100,000	-31,700,000	-47,500,000	-40,200,000	-35,500,000	-41,600,000	-30,900,000	-47,500,000	-15,500,000	-11,100,000	5,500,000	-29,700,000	-17,200,000	-25,100,000	-13,900,000	-21,900,000	-35,500,000	-49,600,000	-20,200,000	42,000,000	-31,100,000	-34,600,000	-44,400,000	0	-46,000,000	-35,300,000	-22,200,000	-20,900,000	-24,800,000	-20,300,000	-20,100,000	-12,800,000	-19,300,000	-12,700,000	-11,300,000	-50,300,000	-17,100,000	-14,500,000	-18,300,000	-17,400,000	-15,300,000	-11,300,000	-14,000,000	-9,800,000	-18,300,000	-3,100,000	-2,400,000	-3,500,000	-4,600,000	-4,500,000	-3,700,000	-3,600,000	-7,900,000	-5,200,000	-2,500,000	0	2,500,000	-7,100,000	0	-18,400,000	-23,500,000	-14,100,000	-15,943,000	-14,642,000	-13,400,000	-11,215,000
free cash flows	-449,700,000	826,600,000	2,428,000,000	692,600,000	-470,500,000	633,400,000	1,929,600,000	636,300,000	-340,400,000	-201,000,000	2,002,700,000	758,400,000	612,800,000	781,600,000	1,084,400,000	236,300,000	-702,100,000	-205,000,000	521,400,000	104,900,000	86,100,000	-246,600,000	803,000,000	966,800,000	-306,400,000	-127,700,000	789,500,000	506,900,000	-138,200,000	-393,300,000	280,700,000	374,200,000	-58,400,000	-119,400,000	625,900,000	-96,000,000	-142,800,000	-55,500,000	508,500,000	36,900,000	8,100,000	-21,600,000	499,000,000	338,100,000	-52,500,000	-140,300,000	-136,600,000	-325,300,000	-273,900,000	-25,800,000	-112,200,000	-311,300,000	-195,100,000	-670,500,000	-130,700,000	-112,900,000	-82,400,000	-5,700,000	86,700,000	-58,800,000	-75,100,000	45,800,000	118,700,000	151,400,000	202,600,000	217,500,000	39,200,000	482,000,000	801,200,000	873,300,000	-1,031,000,000	456,700,000	-573,200,000	124,565,000	-118,051,000	-320,839,000	-163,375,000
investing activities
expenditures for property and equipment	-37,200,000	-27,400,000	-43,800,000	-46,000,000	-34,300,000	-13,300,000	-32,000,000	-62,000,000	-23,700,000	-47,600,000	-40,300,000	-29,100,000	-31,700,000	-47,500,000	-40,200,000	-35,500,000	-41,600,000	-30,900,000	-47,500,000	-15,500,000	-14,200,000	-16,300,000	-29,700,000	-19,200,000	-26,000,000	-21,600,000	-21,900,000	-35,500,000	-49,600,000	-20,200,000	42,000,000	-31,100,000	-34,600,000	-44,400,000
payments related to business acquisitions, net of cash acquired	-5,800,000	-82,100,000	0	0	-2,100,000	-51,000,000	-2,500,000	-36,900,000	0	-1,000,000	-10,900,000			-97,100,000	0												-4,900,000	-1,300,000	-16,600,000	-293,000,000	-1,100,000	0
other investing activities	-1,200,000	-6,700,000	-5,900,000	-1,400,000	-1,000,000	7,200,000	500,000	-1,200,000	-3,000,000	-600,000	-2,500,000	-300,000	400,000	1,700,000	-1,800,000	2,800,000	-600,000	4,400,000
net cash from investing activities	-44,200,000	-116,200,000	-45,200,000	-29,000,000	-37,400,000	-57,100,000	-29,500,000	-95,100,000	-26,700,000	-39,300,000	-1,700,000	-127,900,000	-37,700,000	-142,900,000	-42,000,000	-304,200,000	-42,200,000	-26,500,000	-45,300,000	-10,800,000	-104,700,000	-91,400,000	-65,700,000	-65,800,000	-16,800,000	-17,800,000	-67,700,000	-5,200,000	-10,700,000	-310,400,000	37,300,000	-27,200,000	190,700,000	-198,200,000	-50,000,000	-47,600,000	-42,100,000	-31,300,000	-85,400,000	-20,500,000	15,500,000	-22,200,000	39,400,000	-105,500,000	-15,400,000	-13,900,000	-64,400,000	-146,700,000	-13,700,000	-57,300,000	-28,100,000	-29,000,000	85,800,000	152,200,000	-130,200,000	-5,700,000	-1,600,000	-800,000	-4,800,000	-16,800,000	-500,000	2,800,000	600,000	-116,700,000	-201,500,000	-400,000				-17,100,000	-18,400,000	-23,500,000	-14,100,000	-15,943,000	-14,642,000	-13,400,000	-11,215,000
financing activities
proceeds from notes payable	1,090,000,000	305,000,000	260,000,000	790,000,000	1,562,000,000	660,000,000	816,300,000	285,000,000	265,000,000	720,000,000	136,000,000	0	275,000,000	300,000,000	1,625,000,000	1,875,000,000			627,500,000	420,000,000	0	494,100,000	-200,000	755,000,000	1,095,600,000	495,700,000	0	713,200,000	1,236,700,000	578,300,000	-800,000	250,700,000	799,700,000	1,113,900,000	134,600,000					8,700,000			29,900,000	210,500,000	860,300,000	490,000,000	741,300,000	189,300,000			415,900,000	-26,000,000	818,000,000	100,000,000	388,300,000	330,300,000	17,800,000	29,500,000	200,000				-66,000,000				0		420,000,000	995,000,000	958,900,000	1,716,200,000	108,000,000	765,052,000	907,787,000	901,326,000	305,335,000
repayment of notes payable	-736,900,000	-154,900,000	-1,251,700,000	-325,000,000	-810,700,000	-755,400,000	-415,400,000	-240,400,000	-230,000,000	-170,000,000	-1,148,500,000	-25,400,000	-350,000,000	-300,000,000	-1,750,000,000	-1,300,400,000	-750,200,000	-600,000	-33,500,000	-392,700,000	0	-400,100,000	-3,400,000	-760,600,000			-150,000,000	-1,005,100,000	-1,254,900,000	-276,100,000	-2,200,000	-427,000,000	-926,700,000	-825,800,000	-193,900,000	-996,900,000	-200,000	-54,300,000	-5,800,000	-373,300,000	-89,600,000	-81,000,000	-22,700,000	-335,200,000	-647,400,000	-450,900,000	-523,000,000	-110,300,000	-107,800,000	-55,800,000	-3,000,000	-171,700,000	-152,000,000	-18,400,000	-3,000,000	-1,600,000	-300,000	-12,600,000	-182,800,000	-149,900,000	-57,600,000	-129,000,000	-131,100,000	-353,200,000	-301,900,000	-233,700,000	-81,200,000	-36,800,000	-950,900,000	-1,133,500,000	-795,200,000	-1,170,000,000	-229,000,000	-1,042,063,000	-750,826,000	-711,874,000	-555,037,000
borrowings (repayment) on mortgage repurchase facilities
proceeds from stock associated with certain employee benefit plans			10,000,000	0			8,400,000	0	10,600,000	1,600,000	6,800,000	5,800,000	7,400,000	5,500,000	6,300,000	4,700,000	5,000,000	17,200,000	7,200,000	9,900,000	4,700,000	900,000	8,400,000	2,100,000	8,800,000	4,100,000	15,900,000	4,500,000	13,700,000	8,600,000	11,200,000	3,500,000	18,100,000	14,600,000	12,400,000	9,600,000	21,900,000	2,800,000	10,600,000	33,400,000	11,400,000	17,000,000	37,800,000	3,000,000	16,400,000	4,600,000	2,100,000	13,500,000	26,300,000	3,300,000	1,800,000	10,200,000	15,600,000	2,100,000	20,600,000	8,700,000	17,000,000	4,600,000	700,000	1,500,000	700,000	500,000	3,000,000	600,000	2,000,000	2,000,000	2,400,000	300,000	2,700,000	3,900,000	4,900,000	3,300,000	6,200,000	3,874,000	1,134,000	5,225,000	5,167,000
cash paid for shares withheld for taxes	-24,700,000	-29,700,000	0	-800,000	-35,800,000	-27,600,000	-1,000,000	-1,300,000	-44,100,000	-37,500,000	-200,000	-100,000	-30,100,000	-25,700,000	-200,000	-100,000	-28,700,000	-33,000,000	0	4,400,000	-56,600,000	-26,300,000	0	-100,000	-20,800,000	-17,300,000	-200,000	0	-15,400,000	-4,100,000	0	0	0	-10,300,000
cash dividends paid	-129,700,000	-131,500,000	-118,400,000	-122,400,000	-125,500,000	-128,500,000	-97,700,000	-98,400,000	-99,200,000	-99,900,000	-84,300,000	-85,200,000	-85,600,000	-86,100,000	-78,100,000	-79,200,000	-79,100,000	-80,100,000	-71,600,000	-72,100,000	-72,700,000	-72,900,000	-63,700,000	-63,600,000	-64,100,000	-64,600,000	-55,500,000	-56,000,000	-55,900,000	-56,000,000	-47,100,000	-47,200,000	-47,100,000	-47,000,000	-37,400,000	-37,500,000	-37,400,000	-37,300,000	-29,800,000	-29,700,000	-29,600,000	-29,600,000	-23,000,000	-22,900,000	-22,900,000	-22,800,000	-22,800,000	-13,700,000			0	0	0	-60,200,000	-12,000,000	-12,000,000	-11,900,000	-11,900,000	-11,900,000	-11,900,000	-12,000,000	-12,000,000	-11,900,000	-12,000,000	-11,900,000	-11,900,000	-11,900,000	-23,800,000	-47,200,000	-47,000,000	-28,200,000	-28,200,000	-18,700,000
repurchases of common stock	-950,600,000	-649,200,000	-705,300,000	-1,168,400,000	-1,352,200,000	-1,055,700,000	-557,200,000	-435,800,000	-417,600,000	-376,900,000	-418,900,000	-339,800,000	-301,700,000	-118,100,000	-271,800,000	-289,900,000	-266,000,000	-303,800,000	-187,000,000	-241,200,000	-366,400,000	-53,800,000	0	0	-197,300,000	-163,100,000	-118,300,000	-145,300,000	-75,600,000	-140,600,000	-52,600,000	-27,000,000	-22,500,000	-25,400,000	0
net other financing activities	-28,300,000	21,500,000	43,100,000	7,000,000	15,900,000	-10,500,000	-3,900,000	6,900,000	-16,500,000	-10,200,000	-24,100,000	-12,200,000	-700,000	-17,800,000	62,200,000	-9,300,000
net cash from financing activities	-122,100,000	-1,218,100,000	-2,058,200,000	-562,800,000	-77,300,000	-2,064,600,000	-408,100,000	-676,600,000	92,200,000	-362,800,000	-1,549,200,000	-326,200,000	-144,700,000	-646,600,000	-194,000,000	27,600,000	-72,800,000	-572,000,000	744,500,000	-372,400,000	-235,500,000	-221,700,000	-99,600,000	-82,800,000	239,500,000	213,500,000	-115,000,000	-383,100,000	62,200,000	-54,200,000	18,900,000	-210,700,000	-76,400,000	185,700,000	-80,500,000	-383,200,000	-7,500,000	-88,300,000	-47,600,000	-358,500,000	-88,500,000	-91,400,000	27,000,000	-144,000,000	211,900,000	22,100,000	196,600,000	78,500,000	404,400,000	-51,600,000	421,400,000	-187,500,000	681,600,000	23,500,000	393,900,000	325,400,000	22,600,000	9,600,000	-193,800,000	-169,100,000	-68,900,000	-140,500,000	-206,100,000	-289,700,000	-302,900,000	-240,700,000	-91,000,000	54,100,000	-592,400,000	-428,700,000	106,400,000	521,300,000	412,200,000	153,347,000	139,451,000	375,372,000	-255,370,000
net decrease in cash, cash equivalents and restricted cash	-578,800,000	-480,300,000		146,800,000	-550,900,000	-1,475,000,000										-4,800,000	-775,500,000	-772,600,000
cash, cash equivalents and restricted cash at beginning of period	0	3,033,300,000		0	0	4,544,000,000		0	0	3,900,100,000		0	0	2,572,900,000		0	0	3,237,200,000		0	0	3,040,100,000		0	0	1,514,000,000		0	0	1,506,000,000
cash, cash equivalents and restricted cash at end of period	-578,800,000	2,553,000,000		146,800,000	-550,900,000	3,069,000,000		-73,400,000	-251,200,000	3,344,600,000		333,400,000	462,100,000	2,612,500,000		-4,800,000	-775,500,000	2,464,600,000		-262,800,000	-243,000,000	2,474,900,000		835,400,000	-58,600,000	1,595,900,000		154,100,000	-37,100,000	768,300,000
supplemental disclosures of non-cash activities:
stock issued under employee incentive plans	46,800,000	64,300,000		3,700,000	72,200,000	71,300,000		21,900,000	84,800,000	66,500,000		3,400,000	60,500,000	46,900,000		5,600,000	58,200,000	66,200,000			69,800,000	44,700,000		100,000	52,500,000	31,800,000		100,000	39,600,000	9,400,000		300,000	49,500,000	13,900,000	100,000	100,000	24,600,000	7,100,000	200,000	200,000	11,600,000	8,100,000	0	0	0	8,300,000	0	0	0	5,500,000	0	0	0	3,900,000
see accompanying notes to consolidated financial statements.
increase in residential land and lots –developed, under development, held for development and held for sale		-489,100,000		107,800,000	-345,400,000	-1,243,500,000		-641,000,000	-433,300,000	-937,800,000		-246,300,000	-31,200,000	-637,500,000		-476,700,000	-187,700,000	-340,700,000		-374,600,000	-258,400,000	-716,800,000		-37,700,000
decrease in other assets		20,100,000			-188,100,000	65,200,000	-177,000,000	-182,000,000	157,600,000	-130,000,000	-218,300,000	-97,700,000	9,600,000	330,200,000								-124,900,000				2,000,000			-5,900,000	-34,000,000			100,000	4,300,000			-25,000,000	-4,900,000			6,400,000	30,200,000	-26,600,000	7,900,000	-8,200,000	-2,900,000	-26,000,000	-4,300,000	13,000,000	26,100,000			3,000,000	22,800,000				4,500,000	-10,600,000	-7,700,000				-4,800,000
repayment on mortgage repurchase facilities		-579,300,000				-746,900,000
repurchases of common stock not settled		14,500,000				45,500,000				18,300,000
increase in residential land and lots — developed, under development, held for development and held for sale
decrease in rental properties
proceeds from sale of assets			4,500,000				4,500,000	5,000,000	0	9,900,000									0	5,800,000	0	31,800,000	0	0	67,000,000	62,800,000	0	60,000,000	73,400,000	10,400,000	31,800,000	7,700,000
(repayment) borrowings on mortgage repurchase facilities
net proceeds from issuance of forestar common stock							0	0							0	0	1,600,000	100,000	900,000	9,300,000
net increase in cash, cash equivalents and restricted cash							1,524,000,000	-73,400,000	-251,200,000	-555,500,000	492,100,000	333,400,000	462,100,000	39,600,000					1,268,100,000	-262,800,000	-243,000,000	-565,200,000	667,400,000	835,400,000	-58,600,000	81,900,000	628,700,000	154,100,000
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
increase in construction in progress and finished homes															1,004,900,000	-926,500,000	-1,133,700,000	-1,003,700,000		-443,900,000	-704,600,000	-591,200,000		122,100,000	-389,600,000	-334,800,000		362,200,000	-254,900,000	-500,300,000	107,800,000	-76,100,000	-212,200,000	-302,300,000		-267,400,000	-357,200,000	-246,300,000		-226,300,000	-362,500,000	-290,300,000		123,500,000	-196,100,000	-179,500,000	-158,800,000	-423,000,000	-142,400,000	-194,000,000	-123,200,000	-258,600,000	-206,700,000	-226,800,000	-70,600,000	-132,600,000			56,800,000	-99,900,000										931,000,000	-458,900,000
increase in mortgage loans held for sale											-105,500,000				-303,600,000	160,300,000																							-8,900,000				-62,600,000				-57,700,000				-36,900,000	36,100,000			-50,200,000	2,200,000			-7,900,000				62,300,000									-530,000,000
borrowings on mortgage repurchase facilities
notes payable issued for inventory								24,500,000	-3,000,000	21,900,000		23,300,000	0	31,200,000		0	0	64,300,000			0	12,500,000						2,800,000							0	0			0	1,300,000	0	2,900,000	1,600,000	0	2,600,000	5,500,000					0	0	0	11,400,000															-600,000	0	35,300,000		3,800,000		18,576,000
reduction of notes payable upon deconsolidation of variable interest entity
decrease in accounts payable, accrued expenses and other liabilities								129,600,000																																	8,400,000	-52,700,000			3,100,000	-43,500,000				-14,100,000				-12,800,000			42,400,000	-44,400,000				-54,400,000				-16,100,000	62,600,000
borrowings (payments) on mortgage repurchase facilities
payments on mortgage repurchase facilities										-389,900,000
gain on sale of assets																			0	0	0	-14,000,000	0	0	-28,400,000	-31,100,000	0	-22,600,000	-29,300,000	-2,000,000	-4,300,000	0
loss on extinguishment of debt																			0
expenditures related to rental properties																			0	0	-87,700,000	-86,200,000	-36,700,000	-40,600,000	-53,400,000	-59,600,000
borrowings on mortgage repurchase facility
borrowings (payments) on mortgage repurchase facility
payments related to business acquisitions																				-200,000	-1,200,000	-23,000,000		-2,900,000	-4,900,000	-700,000
(payments) borrowings on mortgage repurchase facility
payments on mortgage repurchase facility														-404,400,000				-234,600,000				-163,500,000				-38,600,000				-163,800,000				-32,600,000
advances on mortgage repurchase facility																							-40,300,000	-13,600,000				105,800,000
repurchase of common stock not settled																						16,000,000
other financing activities																		62,800,000	0	-100,000			-400,000	-1,700,000	0	-2,300,000
amortization of discounts and fees																			1,300,000	2,100,000	2,300,000	2,500,000	2,400,000	2,000,000	2,700,000	3,100,000	2,800,000	3,000,000	2,500,000	2,600,000	3,600,000	3,900,000	1,200,000	1,200,000	1,100,000	1,300,000	1,300,000	1,300,000	1,300,000	1,300,000	1,400,000	1,400,000	1,500,000	1,400,000	1,400,000	1,300,000	2,000,000	4,600,000	10,500,000	10,300,000	10,000,000	9,800,000	9,500,000	10,400,000	10,500,000	10,200,000	9,900,000	9,800,000	9,600,000	9,500,000	9,100,000	9,000,000	8,600,000	8,100,000
equity in earnings of unconsolidated entities																			0	0	-100,000	-900,000	-100,000	300,000	-400,000	-500,000	0	0	100,000	-600,000	300,000	-400,000	-400,000	-2,300,000
distributions to noncontrolling interests																			0	0	0	-100,000	0	-300,000	0	-400,000	0	-200,000	-3,200,000	-500,000	-1,000,000	-200,000	-300,000	-1,700,000
net increase in mortgage loans held for sale																				111,700,000			-26,300,000	-123,300,000
return of investment in unconsolidated entities																				0	100,000	2,100,000	1,900,000	0	500,000	1,900,000	0	0	0	4,400,000	2,000,000	300,000	200,000	15,000,000
net principal increase of other mortgage loans and real estate owned																				-900,000			0	-3,100,000	0	-600,000		-400,000													1,700,000	-2,100,000	-2,600,000	-1,400,000	-1,900,000	-3,000,000	-2,800,000	-1,100,000	-500,000	-1,200,000	-1,500,000			-200,000
(payments) advances on mortgage repurchase facility
accrued expenditures for property and equipment																					3,100,000	21,800,000		2,000,000	900,000	7,700,000
accrual for holdback payments related to acquisitions																					-1,200,000	2,600,000
net decrease in mortgage loans held for sale																						90,100,000				46,900,000
net principal decrease of other mortgage loans and real estate owned																						200,000								-600,000	-400,000			100,000	900,000	4,300,000	0	1,000,000	15,400,000
distributions of earnings of unconsolidated entities																											0	0	0	500,000	1,800,000	0	0	200,000
proceeds from debt securities collateralized by residential real estate
accrual for holdback payment related to acquisition																								-2,000,000	-5,600,000	9,500,000		-1,300,000	-11,400,000	27,700,000
increase in residential land and lots – developed, under development, held for development and held for sale																										-373,100,000		-160,600,000	-9,700,000	-435,900,000		-88,300,000	-86,300,000	-185,200,000										-49,500,000	39,600,000	-110,800,000
excess income tax benefit from employee stock awards																																			-3,800,000	-1,800,000	-8,200,000	-500,000	-3,700,000	-2,400,000	-1,700,000	-2,200,000	-5,000,000	-600,000	-5,500,000	-1,200,000	1,000,000	300,000
proceeds from (purchases of) debt securities collateralized by residential real estate
advances (payments) on mortgage repurchase facility
expenditures related to multi-family rental properties																												-28,000,000	-16,900,000	-11,400,000
decrease in cash, cash equivalents and restricted cash																														-737,700,000
goodwill impairment																																																																					48,500,000
decrease in restricted cash																																											1,000,000			400,000	10,100,000					-14,100,000				-800,000	3,900,000	4,500,000			1,200,000	7,500,000			2,800,000	2,100,000
increase in cash and cash equivalents																															294,900,000	167,400,000							396,400,000	-317,300,000			578,200,000	107,900,000							298,500,000	-512,500,000	583,600,000	-480,800,000	142,800,000			5,500,000					-83,200,000	-247,100,000	-296,600,000	-21,100,000	-45,000,000	536,100,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
stock based compensation expense																																15,300,000	17,400,000	13,600,000		14,300,000	16,800,000	9,300,000		12,500,000	13,900,000	10,400,000	10,500,000	9,300,000	11,000,000	11,400,000	8,600,000	6,800,000	5,400,000	5,400,000	5,900,000	5,500,000	4,100,000	3,500,000	3,800,000	4,200,000	5,100,000	5,000,000	4,300,000	3,300,000	3,200,000	3,400,000
increase in restricted cash																																-3,300,000	-1,700,000	-37,200,000		-1,000,000	-2,900,000	-6,000,000		-400,000									1,300,000	-3,300,000				-5,500,000													6,800,000
investment in unconsolidated entities																																0	0	-100,000
purchases of debt securities collateralized by residential real estate																																											0									0	0	-18,600,000
cash and cash equivalents at beginning of period																																0	0	1,007,800,000		0	0	1,303,200,000		0	0	1,383,800,000		0	0	661,800,000		0	0	936,500,000		0	0	1,047,700,000		0	0	732,600,000		0	0	1,309,300,000		0	0	1,957,300,000
cash and cash equivalents at end of period																																167,400,000	90,500,000	920,300,000		-480,800,000	-157,100,000	1,150,300,000		-317,300,000	-44,600,000	1,268,700,000		107,900,000	156,700,000	541,000,000		-376,400,000	131,300,000	820,100,000		-512,500,000	583,600,000	566,900,000		225,100,000	-58,300,000	738,100,000		-240,100,000	-140,000,000	1,221,100,000		-247,100,000	-296,600,000	1,936,200,000
gain on sale of rental properties																																		-13,400,000
proceeds from sale of rental properties																																		24,800,000
payments related to acquisition of a business, net of cash acquired																																		-156,400,000
decrease in cash and cash equivalents																																		-87,500,000		-480,800,000	-157,100,000	-152,900,000				-115,100,000				-120,800,000				-116,400,000										-240,100,000	-140,000,000	-88,200,000
gain on sale of debt securities collateralized by residential real estate																																							0	0
proceeds from the sale of property and equipment to a related party
(purchases of) proceeds from debt securities collateralized by residential real estate																																			0	-4,900,000
payments related to acquisition of a business																																			0	0	0	-4,100,000					-2,200,000				-21,400,000	-188,200,000	0	-34,500,000
supplemental cash flow information:
income taxes paid
decrease in residential land and lots – developed, under development, held for development and held for sale																																				-255,900,000	56,300,000	-152,600,000		-84,600,000	227,500,000	8,400,000
purchases of property and equipment																																				-46,000,000	-35,300,000	-22,200,000	-20,900,000	-24,800,000	-20,300,000	-20,100,000	-12,800,000	-19,300,000	-12,700,000	-11,300,000	-50,300,000	-17,100,000	-14,500,000	-18,300,000	-17,400,000	-15,300,000	-11,300,000	-14,000,000	-9,800,000	-18,300,000	-3,100,000	-2,400,000	-3,500,000	-4,600,000	-4,500,000	-3,700,000	-3,600,000	-7,900,000	-5,200,000	-2,500,000	0	2,500,000	-7,100,000
proceeds from sale (purchases) of debt securities collateralized by residential real estate																																							0
conversion of 2% convertible senior notes into equity																																															0
notes payable assumed to purchase land investment
note receivable related to sale of land																																															0
proceeds from sale of debt securities collateralized by residential real estate
gain on sale of marketable securities																																																			0	0	0	-200,000	0	0			0	0	0	-100,000
decrease in income taxes receivable																																																				0	0	14,400,000					1,600,000	0				-3,200,000
purchases of marketable securities																																																			0	0	-2,100,000	-26,800,000	-52,100,000	-25,900,000	-138,400,000	-24,400,000	-40,400,000	-73,800,000	-62,600,000	-123,300,000
proceeds from the sale or maturity of marketable securities																																																			0	0	98,700,000	226,700,000	36,000,000	39,300,000	136,000,000	21,500,000	37,800,000	67,000,000	65,400,000	122,300,000
principal payments received on debt securities collateralized by residential real estate																																																			0
interest paid, net of amounts capitalized
gain on early retirement of debt																																																													2,700,000	1,500,000	-1,800,000	8,300,000	0	-1,600,000
purchase of debt securities collateralized by residential real estate
notes payable assumed to purchase long-term land investment
increase in residential land and lots – developed, under development, and held for development																																																-101,000,000	-149,500,000	-77,300,000		-329,400,000	-104,300,000	-612,800,000		-94,900,000	-72,700,000	-40,100,000			40,900,000	-45,500,000
decrease (increase) in mortgage loans held for sale																																																																						-176,800,000
income tax benefit from employee stock awards																																																		-900,000
(gain) loss on early retirement of debt																																																							0	0	0	-100,000									500,000
increase in residential land and lots — developed, under development, and held for development
decrease (increase) in other assets																																																														8,800,000
decrease (increase) in income taxes receivable																																																														1,700,000
purchase of treasury stock																																																											0											0	-36,800,000
income taxes paid (refunded)
payment related to acquisition of a business																																																				0	0	-9,400,000
inventory impairments and land option cost write-offs																																																					1,900,000	1,300,000	1,500,000	2,500,000	800,000	1,400,000	12,800,000	9,900,000	14,300,000	8,400,000	30,800,000	30,300,000	2,400,000	1,200,000	192,500,000	1,074,500,000	318,700,000
adjustments to reconcile net income to net cashprovided by operating activities:
depreciation																																																							4,400,000	4,600,000	4,800,000	5,000,000	5,000,000	5,000,000	5,000,000	4,900,000	4,500,000	4,000,000
income tax benefit from stock option exercises																																																															100,000	0	0	-2,900,000			-1,900,000	-1,200,000
increase in residential land and lots —developed, under development, and held for development
increase in income taxes receivable																																																							-1,500,000	0										-88,600,000
acquisition of a business
stock issued under performance unit plan
decrease (increase) in residential land and lots — developed, under development, and held for development
decrease (increase) in restricted cash																																																											1,300,000
income taxes refunded
loss on early retirement of debt																																																																				0
decrease in residential land and lots – developed, under development, and held for development																																																																-47,200,000
stock option compensation expense																																																															3,600,000	3,200,000	3,300,000	3,200,000	3,700,000	3,900,000	3,300,000	3,700,000	2,500,000
proceeds from the sale of marketable securities
income taxes (refunded) paid
purchases of marketable securities, available-for-sale																																																																-100,300,000
net proceeds from mortgage repurchase facility
amortization of debt discounts and fees																																																																		6,900,000	1,400,000
decrease in residential land and lots — developed, under development, and held for development																																																																		9,800,000	71,700,000
decrease in earnest money deposits and other assets
cash from investing activities																																																																				2,500,000
amortization of debt premiums, discounts and fees																																																																						1,600,000	1,100,000	1,200,000	1,000,000		909,000	3,799,000	258,000
decrease (increase) in construction in progress and finished homes																																																																				313,400,000
increase in earnest money deposits and other assets																																																																							-67,400,000	-13,600,000	-40,000,000	-55,755,000	-11,290,000
decrease (increase) in residential land and lots – developed, under development, and held for development
proceeds from notes payable and repurchase agreement
increase in book overdraft
supplemental disclosures of noncash activities:
loss on redemption of senior and senior subordinated notes																																																																					0
decrease (increase) in earnest money deposits and other assets																																																																					-6,100,000
loss on redemption of 9.375% senior notes
income tax benefit from exercise of stock options																																																																						1,200,000	-2,800,000
increase in residential land and lots — developed, under development and held for development
increase in accounts payable and other liabilities																																																																								296,600,000		117,201,000
net purchases of property and equipment																																																																							-18,400,000	-23,500,000	-14,100,000	-15,943,000	-14,642,000	-13,400,000	-11,215,000
increase in residential land and lots – developed, under development and held for development																																																																							-1,119,600,000
decrease in accounts payable and other liabilities																																																																							-141,900,000		-23,200,000
decrease in cash																																																																							-924,600,000		-161,000,000
cash at beginning of period																																																																							1,149,800,000		518,000,000		0
cash at end of period																																																																							225,200,000		357,000,000		21,400,000
denominator for basic earnings per share— weighted-average shares																																																																							312,900,000		233,500,000
effect of dilutive securities:
employee stock options																																																																							4,700,000		4,300,000		-252,000
denominator for diluted earnings per share— adjusted weighted-average shares																																																																							317,600,000		237,800,000
increase in cash																																																																										277,912,000	21,400,000	54,533,000	-418,745,000
cash at beginning of year
cash at end of year
basis of presentation
increase in inventories																																																																									-841,600,000	-77,050,000	-498,786,000
issuance of senior notes payable																																																																									545,700,000		0
increase in consolidated land inventory not owned																																																																									80,500,000
net cash paid for acquisitions
issuance of senior and senior subordinated notes payable
repurchase of treasury stock
payment of cash dividends																																																																											-18,644,000	-18,745,000	-10,835,000
numerator:
interest expense and amortization of issuance costs associated with zero coupon convertible senior notes, net of applicable income taxes
numerator for diluted earnings per share after assumed conversion
denominator:
denominator for basic earnings per share- weighted-average shares
zero coupon convertible senior notes
denominator for diluted earnings per share- adjusted weighted-average shares
decrease in consolidated land inventory not owned
adjustments to reconcile net income to net cash provided by operating activities:
net (investments in) distributions from venture capital entities
amortization of debt premiums and fees
notes payable assumed related to acquisitions
issuance of common stock related to acquisitions
adjustments to reconcile net income to net cash provided by operating activities:
increase in earnest money deposits and other assets
net investments in venture capital entities
issuance of senior and senior subordinated notes payable
proceeds from stock associated with certain employee benefit plans
proceeds from exercise of stock options
capitalized interest, beginning of year
interest incurred— homebuilding
interest expensed
directly— homebuilding
amortized to cost of sales
capitalized interest, end of year

D.R. Horton, Inc(NYSE:DHI)

D.R. Horton, Inc
(NYSE:DHI)