KB HOME, 10-Q filed on 10/9/2025
Quarterly Report
v3.25.2
Cover
 9 Months Ended
Aug. 31, 2025
shares
Document Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Aug. 31, 2025
Document Transition Report false
Entity File Number 001-09195
Entity Registrant Name KB HOME
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 95-3666267
Entity Address, Address Line One 10990 Wilshire Boulevard
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90024
City Area Code 310
Local Phone Number 231-4000
Title of 12(b) Security Common Stock (par value $1.00 per share)
Trading Symbol KBH
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock Shares Outstanding 64,764,685
Entity Central Index Key 0000795266
Amendment Flag false
Current Fiscal Year End Date --11-30
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q3
v3.25.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Revenues $ 1,620,474 $ 1,752,608 $ 4,541,836 $ 4,930,187
Equity in income of unconsolidated joint ventures     18,447 22,654
Total pretax income 143,228 207,429 424,968 603,213
Income tax expense (33,400) (50,100) (97,700) (138,800)
Net income $ 109,828 $ 157,329 $ 327,268 $ 464,413
Earnings per share:        
Basic (in dollars per share) $ 1.64 $ 2.10 $ 4.69 $ 6.12
Diluted (in dollars per share) $ 1.61 $ 2.04 $ 4.60 $ 5.94
Weighted average shares outstanding:        
Basic (in shares) 66,368 74,476 69,279 75,339
Diluted (in shares) 67,737 76,630 70,643 77,565
Homebuilding        
Revenues $ 1,614,462 $ 1,745,979 $ 4,526,219 $ 4,909,189
Construction and land costs (1,321,147) (1,385,563) (3,658,616) (3,874,193)
Selling, general and administrative expenses (162,152) (171,466) (477,638) (500,187)
Operating income 131,163 188,950 389,965 534,809
Interest income and other 1,870 4,073 5,628 29,379
Equity in income of unconsolidated joint ventures 1,509 3,453 5,002 3,232
Total pretax income 134,542 196,476 400,595 567,420
Financial services        
Revenues 6,012 6,629 15,617 20,998
Selling, general and administrative expenses (1,580) (1,608) (4,689) (4,627)
Operating income 4,432 5,021 10,928 16,371
Equity in income of unconsolidated joint ventures 4,254 5,932 13,445 19,422
Total pretax income $ 8,686 $ 10,953 $ 24,373 $ 35,793
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Assets    
Inventories $ 5,838,816 $ 5,528,020
Total assets 6,985,572 6,936,169
Liabilities and stockholders’ equity    
Accrued expenses and other liabilities 770,450 796,261
Notes payable 1,943,582 1,691,679
Stockholders’ equity:    
Common stock — 74,451,477 and 74,409,977 shares issued at August 31, 2025 and November 30, 2024, respectively 74,451 74,410
Paid-in capital 848,909 862,049
Retained earnings 3,543,885 3,269,423
Accumulated other comprehensive loss (3,704) (3,704)
Treasury stock, at cost — 9,686,792 and 2,253,156 shares at August 31, 2025 and November 30, 2024, respectively (561,178) (141,562)
Total stockholders’ equity 3,902,363 4,060,616
Total liabilities and stockholders’ equity 6,985,572 6,936,169
Homebuilding    
Assets    
Cash and cash equivalents 330,586 597,973
Receivables 386,486 377,533
Inventories 5,838,816 5,528,020
Investments in unconsolidated joint ventures 67,075 67,020
Property and equipment, net 97,530 90,359
Deferred tax assets, net 102,421 102,421
Other assets 102,880 105,920
Total assets 6,925,794 6,869,246
Liabilities and stockholders’ equity    
Accounts payable 366,194 384,894
Accrued expenses and other liabilities 770,450 796,261
Notes payable 1,943,582 1,691,679
Total Homebuilding 3,080,226 2,872,834
Financial services    
Assets    
Cash and cash equivalents 1,712 1,220
Receivables 4,256 5,407
Investments in unconsolidated joint ventures 15,386 21,997
Other assets [1] 38,424 38,299
Total assets 59,778 66,923
Liabilities and stockholders’ equity    
Financial services $ 2,983 $ 2,719
[1] Other assets at August 31, 2025 and November 30, 2024 included $38.4 million and $38.2 million, respectively, of contract assets for estimated future renewal commissions.
v3.25.2
Consolidated Balance Sheets (Parenthetical) - shares
Aug. 31, 2025
Nov. 30, 2024
Statement of Financial Position [Abstract]    
Common stock, shares, issued (in shares) 74,451,477 74,409,977
Treasury stock (in shares) 9,686,792 2,253,156
v3.25.2
Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Grantor Stock Ownership Trust
Treasury Stock
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Number of shares, beginning balance (in shares) at Nov. 30, 2023   101,276,000 6,705,000        
Treasury stock, beginning balance (in shares) at Nov. 30, 2023       (18,704,000)      
Beginning balance at Nov. 30, 2023 $ 3,810,140 $ 101,276 $ (72,718) $ (737,364) $ 845,693 $ 3,676,924 $ (3,671)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 464,413         464,413  
Dividends on common stock (53,537)         (53,537)  
Employee stock options/other (in shares)   616,000          
Employee stock options/other 9,272 $ 616     8,656    
Stock awards (in shares)       571,000      
Stock awards 0     $ 22,998 (22,998)    
Stock-based compensation 25,252       25,252    
Stock repurchases, including excise tax (in shares)       (3,461,000)      
Stock repurchases, including excise tax (251,941)     $ (251,941)      
Tax payments associated with stock-based compensation awards (in shares)       (258,000)      
Tax payments associated with stock-based compensation awards (16,505)     $ (16,505)      
Number of shares, ending balance (in shares) at Aug. 31, 2024   101,892,000 6,705,000        
Treasury stock, ending balance (in shares) at Aug. 31, 2024       (21,852,000)      
Ending balance at Aug. 31, 2024 3,987,094 $ 101,892 $ (72,718) $ (982,812) 856,603 4,087,800 (3,671)
Number of shares, beginning balance (in shares) at May. 31, 2024   101,892,000 6,705,000        
Treasury stock, beginning balance (in shares) at May. 31, 2024       (19,983,000)      
Beginning balance at May. 31, 2024 3,991,704 $ 101,892 $ (72,718) $ (831,312) 848,635 3,948,878 (3,671)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 157,329         157,329  
Dividends on common stock (18,407)         (18,407)  
Stock-based compensation 7,968       7,968    
Stock repurchases, including excise tax (in shares)       (1,869,000)      
Stock repurchases, including excise tax (151,500)     $ (151,500)      
Number of shares, ending balance (in shares) at Aug. 31, 2024   101,892,000 6,705,000        
Treasury stock, ending balance (in shares) at Aug. 31, 2024       (21,852,000)      
Ending balance at Aug. 31, 2024 $ 3,987,094 $ 101,892 $ (72,718) $ (982,812) 856,603 4,087,800 (3,671)
Number of shares, beginning balance (in shares) at Nov. 30, 2024   74,410,000 0        
Treasury stock, beginning balance (in shares) at Nov. 30, 2024 (2,253,156)     (2,253,000)      
Beginning balance at Nov. 30, 2024 $ 4,060,616 $ 74,410 $ 0 $ (141,562) 862,049 3,269,423 (3,704)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 327,268         327,268  
Dividends on common stock $ (52,806)         (52,806)  
Employee stock options/other (in shares) 41,500 41,000          
Employee stock options/other $ 652 $ 41     611    
Stock awards (in shares)       612,000      
Stock awards 0     $ 38,882 (38,882)    
Stock-based compensation 25,131       25,131    
Stock repurchases, including excise tax (in shares)       (7,788,000)      
Stock repurchases, including excise tax (442,614)     $ (442,614)      
Tax payments associated with stock-based compensation awards (in shares)       (258,000)      
Tax payments associated with stock-based compensation awards $ (15,884)     $ (15,884)      
Number of shares, ending balance (in shares) at Aug. 31, 2025   74,451,000 0        
Treasury stock, ending balance (in shares) at Aug. 31, 2025 (9,686,792)     (9,687,000)      
Ending balance at Aug. 31, 2025 $ 3,902,363 $ 74,451 $ 0 $ (561,178) 848,909 3,543,885 (3,704)
Number of shares, beginning balance (in shares) at May. 31, 2025   74,437,000 0        
Treasury stock, beginning balance (in shares) at May. 31, 2025       (6,387,000)      
Beginning balance at May. 31, 2025 3,990,538 $ 74,437 $ 0 $ (370,841) 840,296 3,450,350 (3,704)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 109,828         109,828  
Dividends on common stock (16,293)         (16,293)  
Employee stock options/other (in shares)   14,000          
Employee stock options/other 207 $ 14     193    
Stock-based compensation 8,420       8,420    
Stock repurchases, including excise tax (in shares)       (3,300,000)      
Stock repurchases, including excise tax $ (190,337)     $ (190,337)      
Number of shares, ending balance (in shares) at Aug. 31, 2025   74,451,000 0        
Treasury stock, ending balance (in shares) at Aug. 31, 2025 (9,686,792)     (9,687,000)      
Ending balance at Aug. 31, 2025 $ 3,902,363 $ 74,451 $ 0 $ (561,178) $ 848,909 $ 3,543,885 $ (3,704)
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Cash flows from operating activities:    
Net income $ 327,268 $ 464,413
Adjustments to reconcile net income to net cash provided by operating activities:    
Equity in income of unconsolidated joint ventures (18,447) (22,654)
Distributions of earnings from unconsolidated joint ventures 27,741 21,275
Amortization of debt issuance costs 2,686 2,602
Depreciation and amortization 27,440 28,259
Deferred income taxes 0 5,700
Gain on sale of investment 0 (12,516)
Stock-based compensation 25,131 25,252
Inventory impairments and land option contract abandonments 18,351 3,685
Changes in assets and liabilities:    
Receivables 7,166 6,205
Inventories (330,019) (504,436)
Accounts payable, accrued expenses and other liabilities (63,835) (14,405)
Other, net 8,358 (3,299)
Net cash provided by operating activities 31,840 81
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (10,593) (12,611)
Return of investments in unconsolidated joint ventures 2,965 1,992
Proceeds from sale of investment 0 1,709
Purchases of property and equipment, net (34,609) (29,228)
Net cash used in investing activities (42,237) (38,138)
Cash flows from financing activities:    
Borrowings under revolving credit facility 555,000 0
Repayments under revolving credit facility (305,000) 0
Payments on mortgages and land contracts due to land sellers and other loans 0 (2,822)
Issuance of common stock under employee stock plans 652 9,272
Stock repurchases (438,460) (250,000)
Tax payments associated with stock-based compensation awards (15,884) (16,505)
Payments of cash dividends (52,806) (53,537)
Net cash used in financing activities (256,498) (313,592)
Net decrease in cash and cash equivalents (266,895) (351,649)
Cash and cash equivalents at beginning of period 599,193 727,342
Cash and cash equivalents at end of period $ 332,298 $ 375,693
v3.25.2
Basis of Presentation and Significant Accounting Policies
 9 Months Ended
Aug. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
Basis of Presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended November 30, 2024, which are contained in our Annual Report on Form 10-K for that period. The consolidated balance sheet at November 30, 2024 has been taken from the audited consolidated financial statements as of that date. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) considered necessary for the fair presentation of our results for the interim periods presented. The results of our consolidated operations for the three months and nine months ended August 31, 2025 are not necessarily indicative of the results to be expected for the full year due to seasonal variations in operating results and other factors.
Unless the context indicates otherwise, the terms “we,” “our,” and “us” used in this report refer to KB Home, a Delaware corporation, and its subsidiaries.
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents. We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents. Our cash equivalents totaled $164.7 million at August 31, 2025 and $385.1 million at November 30, 2024. At August 31, 2025 and November 30, 2024, our cash equivalents were mainly invested in interest-bearing bank deposit accounts and money market funds.
Comprehensive Income. Our comprehensive income was $109.8 million for the three months ended August 31, 2025 and $157.3 million for the three months ended August 31, 2024. For the nine months ended August 31, 2025 and 2024, our comprehensive income was $327.3 million and $464.4 million, respectively. Our comprehensive income for each of the three-month and nine-month periods ended August 31, 2025 and 2024 was equal to our net income for the respective periods.
Recent Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after
December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
v3.25.2
Segment Information
 9 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of August 31, 2025, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast:California, Idaho and Washington
Southwest:Arizona and Nevada
Central:Colorado and Texas
Southeast:Florida and North Carolina
Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land.
Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting segment earns revenues primarily from insurance commissions and from the provision of title services.
We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”), a subsidiary of Guaranteed Rate, Inc. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations.
Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.
The following tables present financial information relating to our homebuilding reporting segments (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues:
West Coast$664,880 $760,617 $1,926,722 $2,017,336 
Southwest335,505 312,812 962,486 954,602 
Central310,603 372,862 869,182 1,069,136 
Southeast303,474 299,688 767,829 868,115 
Total
$1,614,462 $1,745,979 $4,526,219 $4,909,189 
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Pretax income (loss):
West Coast$71,280 $99,222 $216,925 $252,099 
Southwest57,338 54,826 171,432 165,302 
Central18,211 43,304 64,387 128,446 
Southeast22,225 33,003 55,529 103,827 
Corporate and other (34,512)(33,879)(107,678)(82,254)
Total $134,542 $196,476 $400,595 $567,420 
Inventory impairment and land option contract abandonment charges:
West Coast$1,133 $496 $2,973 $2,441 
Southwest511 — 1,642 116 
Central7,240 469 9,372 725 
Southeast2,454 212 4,364 403 
Total$11,338 $1,177 $18,351 $3,685 
August 31,
2025		November 30,
2024
Assets:
West Coast$3,426,768 $3,178,188 
Southwest981,884 915,072 
Central1,008,330 1,001,393 
Southeast1,008,395 972,993 
Corporate and other500,417 801,600 
Total $6,925,794 $6,869,246 
v3.25.2
Financial Services
 9 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Financial Services Financial Services
The following tables present financial information relating to our financial services reporting segment (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues
Insurance commissions$3,331 $3,691 $8,268 $12,685 
Title services2,681 2,938 7,349 8,313 
Total6,012 6,629 15,617 20,998 
Expenses
General and administrative(1,580)(1,608)(4,689)(4,627)
Operating income4,432 5,021 10,928 16,371 
Equity in income of unconsolidated joint venture
4,254 5,932 13,445 19,422 
Pretax income$8,686 $10,953 $24,373 $35,793 
August 31,
2025		November 30,
2024
Assets
Cash and cash equivalents$1,712 $1,220 
Receivables 4,256 5,407 
Investment in unconsolidated joint venture
15,386 21,997 
Other assets (a)38,424 38,299 
Total assets$59,778 $66,923 
Liabilities
Accounts payable and accrued expenses$2,983 $2,719 
Total liabilities$2,983 $2,719 
(a)Other assets at August 31, 2025 and November 30, 2024 included $38.4 million and $38.2 million, respectively, of contract assets for estimated future renewal commissions.
v3.25.2
Earnings Per Share
 9 Months Ended
Aug. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):
Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Numerator:
Net income $109,828 $157,329 $327,268 $464,413 
Less: Distributed earnings allocated to participating securities
(113)(143)(339)(406)
Less: Undistributed earnings allocated to participating securities
(633)(1,062)(1,779)(3,137)
Numerator for basic earnings per share109,082 156,124 325,150 460,870 
Effect of dilutive securities:
Add: Undistributed earnings allocated to participating securities
633 1,062 1,779 3,137 
Less: Undistributed earnings reallocated to participating securities
(620)(1,032)(1,745)(3,047)
Numerator for diluted earnings per share$109,095 $156,154 $325,184 $460,960 
Denominator:
Weighted average shares outstanding — basic66,368 74,476 69,279 75,339 
Effect of dilutive securities:
Share-based payments1,369 2,154 1,364 2,226 
Weighted average shares outstanding — diluted67,737 76,630 70,643 77,565 
Basic earnings per share$1.64 $2.10 $4.69 $6.12 
Diluted earnings per share$1.61 $2.04 $4.60 $5.94 
We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 2025 and 2024.
For the three-month and nine-month periods ended August 31, 2025 and 2024, no outstanding stock options were excluded from the diluted earnings per share calculations. Contingently issuable shares associated with outstanding performance-based restricted stock units (each, a “PSU”) were not included in the basic earnings per share calculations for the periods presented, as the applicable vesting conditions had not been satisfied.
v3.25.2
Receivables
 9 Months Ended
Aug. 31, 2025
Receivables [Abstract]  
Receivables Receivables
Receivables consisted of the following (in thousands):
 August 31,
2025		November 30,
2024
Due from utility companies, improvement districts and municipalities $186,226 $173,733 
Recoveries related to self-insurance and other legal claims 151,918 136,949 
Refundable deposits and bonds9,217 10,667 
Income taxes receivable 5,674 10,543 
Other 38,102 49,887 
Subtotal
391,137 381,779 
Allowance for doubtful accounts(4,651)(4,246)
Total
$386,486 $377,533 
v3.25.2
Inventories
 9 Months Ended
Aug. 31, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Homes completed or under construction$2,047,954 $1,990,113 
Land under development3,790,862 3,537,907 
Total$5,838,816 $5,528,020 
Land under development at August 31, 2025 and November 30, 2024 included land held for future development of $37.8 million and $21.2 million, respectively.
Interest is capitalized to inventories while the related communities or land parcels are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). We do not capitalize interest on land held for future development and land held for sale.
Our interest costs were as follows (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Capitalized interest at beginning of period$128,676 $131,765 $122,387 $134,375 
Interest incurred 29,658 26,583 84,676 79,665 
Interest amortized to construction and land costs (a)
(27,026)(28,180)(75,755)(83,872)
Capitalized interest at end of period$131,308 $130,168 $131,308 $130,168 
(a)Interest amortized to construction and land costs for the three-month and nine-month periods ended August 31, 2025 and the nine months ended August 31, 2024 included nominal amounts related to land sales during the periods.
v3.25.2
Inventory Impairments and Land Option Contract Abandonments
 9 Months Ended
Aug. 31, 2025
Inventory Impairments and Land Option Contract Abandonments [Abstract]  
Inventory Impairments and Land Option Contract Abandonments Inventory Impairments and Land Option Contract Abandonments
Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge on a community or land parcel that is active or held
for future development when indicators of potential impairment exist and the carrying value of the real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques. We record an inventory impairment charge on land held for sale when the carrying value of a land parcel is greater than its fair value. These real estate assets are written down to fair value, less associated costs to sell. The estimated fair values of such assets are generally based on bona fide letters of intent from outside parties, executed sales contracts, broker quotes or similar information.
We evaluated 14 active communities or land parcels for recoverability as of August 31, 2025 with a carrying value of $168.7 million. As of November 30, 2024, we evaluated eight active communities or land parcels for recoverability with a carrying value of $139.5 million. In addition, we evaluated land held for future development for recoverability as of both August 31, 2025 and November 30, 2024.
Based on the results of our evaluations, we recognized inventory impairment charges of $7.3 million for the three-month and nine-month periods ended August 31, 2025 primarily related to one community. These charges were principally driven by both increased costs imposed by a municipality affecting the community, and our decision to make changes in our operational strategy aimed at more quickly monetizing our investment in this community, mainly by accelerating the overall pace for selling, building and delivering homes therein. For the three-month and nine-month periods ended August 31, 2024, we recognized no inventory impairment charges. If we change our strategy or if there are changes in market conditions for any given asset, we may recognize additional impairment charges.
The following table summarizes significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value:
Three Months Ended August 31,Nine Months Ended August 31,
Unobservable Input (a)2025202420252024
Average selling price
$394,500 - $578,900
n/a
$394,500 - $578,900
n/a
Deliveries per month
2 - 3
n/a
2 - 3
n/a
Discount rate
17% - 20%
n/a
17% - 20%
n/a
(a)Ranges of inputs presented primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market rates.
As of August 31, 2025, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $26.7 million, representing six communities and various other land parcels. As of November 30, 2024, the aggregate carrying value of our inventory that had been impacted by inventory impairment charges was $32.1 million, representing four communities and various other land parcels.
Our inventory controlled under land option contracts and other similar contracts is assessed on a quarterly basis to determine whether it continues to meet our investment return standards. When a decision is made not to exercise certain land option contracts and other similar contracts due to market conditions and/or changes in our marketing strategy, we write off the related inventory costs, including non-refundable deposits and unrecoverable pre-acquisition costs. Based on the results of our assessments, we recognized land option contract abandonment charges of $4.0 million and $11.0 million for the three-month and nine-month periods ended August 31, 2025, respectively. For the three-month and nine-month periods ended August 31, 2024, we recognized land option contract abandonment charges of $1.2 million and $3.7 million, respectively.
Due to the judgment and assumptions applied in our inventory impairment and land option contract abandonment assessment processes, and in our estimations of the remaining operating lives of our inventory assets and the realization of our inventory balances, particularly as to land held for future development, it is possible that actual results could differ substantially from those estimated.
v3.25.2
Variable Interest Entities
 9 Months Ended
Aug. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
Unconsolidated Joint Ventures. We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one
of our joint ventures at August 31, 2025 and November 30, 2024 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at August 31, 2025 and November 30, 2024 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest.
Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of August 31, 2025 and November 30, 2024, we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts.
The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands):
August 31, 2025November 30, 2024
Cash
Deposits		Aggregate
Purchase Price		Cash
Deposits		Aggregate
Purchase Price
Unconsolidated VIEs$46,642 $1,203,536 $50,469 $1,705,542 
Other land option contracts and other similar contracts
29,871 749,024 31,470 885,588 
Total
$76,513 $1,952,560 $81,939 $2,591,130 
In addition to the cash deposits presented in the table above, our exposure to loss related to our land option contracts and other similar contracts with third parties and unconsolidated entities consisted of pre-acquisition costs of $52.3 million at August 31, 2025 and $34.3 million at November 30, 2024. These pre-acquisition costs and cash deposits were included in inventories in our consolidated balance sheets.
For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option to purchase the land parcel(s). As a result of our evaluations of land option contracts and other similar contracts for financing arrangements, we recorded inventories in our consolidated balance sheets, with a corresponding increase to accrued expenses and other liabilities, of $20.2 million at August 31, 2025 and $26.0 million at November 30, 2024.
v3.25.2
Investments in Unconsolidated Joint Ventures
 9 Months Ended
Aug. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Joint Ventures Investments in Unconsolidated Joint Ventures
Homebuilding. We have investments in unconsolidated joint ventures that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. We and our unconsolidated joint venture partners make initial and/or ongoing capital contributions to these unconsolidated joint ventures, typically on a pro rata basis, according to our respective equity interests. The obligations to make capital contributions are governed by each such unconsolidated joint venture’s respective operating agreement and related governing documents.
We had investments in six homebuilding unconsolidated joint ventures as of August 31, 2025 and November 30, 2024. The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues$19,027 $32,241 $58,767 $37,539 
Construction and land costs(14,371)(23,580)(44,176)(27,404)
Other expense, net(1,567)(1,694)(4,474)(3,541)
Income
$3,089 $6,967 $10,117 $6,594 

The combined revenues and construction and land costs for the three-month and nine-month periods ended August 31, 2025 and 2024 related to homes delivered by an unconsolidated joint venture in California, which delivered its first homes in the 2024 second quarter.
The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands):
August 31,
2025		November 30,
2024
Assets
Cash $12,968 $18,869 
Receivables
5,512 2,918 
Inventories
154,112 158,322 
Other assets
749 1,052 
Total assets$173,341 $181,161 
Liabilities and equity
Accounts payable and other liabilities$12,076 $8,091 
Notes payable (a)41,825 47,300 
Equity119,440 125,770 
Total liabilities and equity$173,341 $181,161 
(a)    As of both August 31, 2025 and November 30, 2024, the unconsolidated joint venture in California that delivered homes in the three-month and nine-month periods ended August 31, 2025 and 2024 had borrowings outstanding under a term loan with a third-party lender to finance its land acquisition, development and construction activities. In January 2025, the loan agreement was amended, increasing the aggregate commitment to $60.0 million from $55.0 million, and providing an eight-month loan extension option to replace the two previous six-month extension options. Pursuant to the amendment, the aggregate commitment was reduced to $55.2 million on August 31, 2025, and will be reduced to $40.0 million on February 28, 2026. This term loan is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. If the term loan is extended, the aggregate commitment would be reduced to $28.0 million effective April 19, 2026. Borrowings under the term loan are secured by the underlying property and related project assets. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2025 or November 30, 2024.
We provide certain guarantees and indemnities to the lender in connection with the above-described term loan, including a guaranty of interest and carry costs; a guaranty to complete the construction of phases of the improvements for the project as such phases are commenced; a guaranty against losses suffered due to certain bad acts or failures to act by the unconsolidated joint venture or its partners; and an indemnity from environmental issues. Except to the extent related to the foregoing guarantees and indemnities, we do not have a guaranty or any other obligation to repay borrowings under term loan or to support the value of the underlying collateral. However, various financial and non-financial covenants apply under the term loan and with respect to the related guaranty and indemnity obligations, and a failure to comply with such covenants could result in a default and cause the lender to seek to enforce such guaranty and indemnity obligations. As of the date of this report, we were in compliance with the relevant covenants. We do not believe that our existing exposure under our guaranty and indemnity obligations related to outstanding borrowings under the term loan is material to our consolidated financial statements.
Financial Services. The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint venture (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues$26,362 $31,615 $79,326 $93,485 
Expenses(17,854)(19,751)(52,437)(54,641)
Income$8,508 $11,864 $26,889 $38,844 
Revenues are primarily generated from fees earned on mortgage loan originations, interest earned for the period loans are held by KBHS, and gains on the sales of mortgage loans held for sale. Gains on the sales of mortgage loans held for sale include the realized and unrealized gains and losses associated with changes in the fair value of such loans and any related derivative financial instruments.
The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands):
August 31,
2025		November 30,
2024
Assets
Cash and cash equivalents (a)
$23,496 $31,702 
Mortgage loans held for sale174,920 122,828 
Other assets13,503 22,815 
Total assets$211,919 $177,345 
Liabilities and equity
Accounts payable and other liabilities$13,686 $15,398 
Funding facilities167,461 117,953 
Equity30,772 43,994 
Total liabilities and equity$211,919 $177,345 
(a)Cash and cash equivalents included restricted cash of $.8 million at August 31, 2025 and $1.3 million at November 30, 2024.
Mortgage loans held for sale. Originated mortgage loans expected to be sold into the secondary market in the foreseeable future are reported as mortgage loans held for sale and carried in KBHS’ balance sheets at fair value, with changes in fair value recognized within revenues in KBHS’ statements of operations.
Interest Rate Lock Commitments (“IRLCs”). KBHS enters into IRLCs in connection with originating certain mortgage loans held for sale, at specified interest rates and within a specified period of time, with customers who have applied for a mortgage loan and meet certain credit and underwriting criteria. KBHS accounts for IRLCs as free-standing derivatives and does not designate any for hedge accounting. As a result, IRLCs are recognized in KBHS’ balance sheets at fair value, and gains or losses resulting from changes in fair value are recognized within revenues in KBHS’ statements of operations. The fair value of IRLCs is based on market prices, which includes an estimate of the fair value of the associated mortgage servicing rights, adjusted for estimated costs to originate the underlying mortgage loans as well as the probability that the mortgage loans will fund within the terms of the IRLCs. The fair value of IRLCs included in other assets in KBHS’ balance sheets was $9.4 million at August 31, 2025 and $16.0 million at November 30, 2024. The changes in the fair value of IRLCs, which were reported in revenues for the applicable periods, were losses of $3.0 million and $6.6 million for the three-month and nine-month periods ended August 31, 2025, respectively, and a loss of $.4 million and a gain of $3.8 million for the three-month and nine-month periods ended August 31, 2024, respectively.
KBHS manages the interest rate and price risk associated with its outstanding IRLCs by entering into best efforts forward sale commitments under which mortgage loans locked with a borrower are simultaneously committed to a secondary market investor at a fixed price, subject to the underlying mortgage loans being funded. These best efforts forward sale commitments do not meet the definition of derivative financial instruments and are therefore not recorded in KBHS’
balance sheets. If the mortgage loans underlying the IRLCs do not fund, KBHS has no obligation to fulfill the secondary market investor commitments.
Funding facilities. KBHS maintains warehouse lines of credit and master repurchase agreements with various financial institutions to fund its originated mortgage loans, with its mortgage loans held for sale pledged as collateral under these agreements. The agreements contain covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquid assets, maximum debt to net worth ratio and positive net income, as defined in the agreements. KBHS was in compliance with these covenants as of August 31, 2025. In addition to its compliance with these covenants, KBHS also depends on the ability and willingness of the applicable lenders and financial institutions to extend such credit facilities to KBHS to fund its originated mortgage loans. KBHS intends to renew these facilities when they expire at various dates in 2025 and 2026. The warehouse lines of credit and master repurchase agreements are not guaranteed by us or any of the subsidiaries that guarantee our senior notes, unsecured revolving credit facility with various banks (“Credit Facility”) and senior unsecured term loan agreement (“Term Loan”) (collectively, “Guarantor Subsidiaries”).
v3.25.2
Other Assets
 9 Months Ended
Aug. 31, 2025
Other Assets [Abstract]  
Other Assets Other Assets
Other assets consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Cash surrender value of corporate-owned life insurance contracts$50,333 $51,912 
Lease right-of-use assets18,250 18,704 
Prepaid expenses17,575 17,799 
Other (a)
16,722 17,505 
Total$102,880 $105,920 
(a)    On March 1, 2024, substantially all the assets of an investee company, in which we had an aggregate ownership interest of approximately 13.5%, held largely through a limited liability company we established to hold the investment, were sold to a privately held buyer through a merger. From the sale, we received cash plus certain preferred and common equity interests in the buyer. Other includes these investments in equity securities without readily determinable fair values of $15.2 million at August 31, 2025 and November 30, 2024. In connection with the sale, we recognized a gain of $12.5 million, which is included in interest income and other in our consolidated statements of operations for the nine months ended August 31, 2024.
v3.25.2
Accrued Expenses and Other Liabilities
 9 Months Ended
Aug. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Self-insurance and other legal liabilities$341,147 $315,851 
Employee compensation and related benefits145,957 182,460 
Warranty liability98,598 96,026 
Inventory-related obligations (a)41,769 44,408 
Customer deposits38,072 44,029 
Lease liabilities20,741 20,859 
Accrued interest payable17,353 28,806 
Real estate and business taxes16,356 17,056 
Federal and state taxes payable5,061 — 
Other45,396 46,766 
Total$770,450 $796,261 
(a)Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are
delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.
v3.25.2
Leases
 9 Months Ended
Aug. 31, 2025
Leases [Abstract]  
Leases Leases
We lease certain property and equipment for use in our operations. We recognize lease expense for these leases generally on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Lease right-of-use assets and lease liabilities are recorded in our consolidated balance sheets for leases with an expected term at the commencement date of more than 12 months. Lease expense is included in selling, general and administrative expenses in our consolidated statements of operations and includes costs for leases with terms of more than 12 months as well as short-term leases with terms of 12 months or less. Our total lease expense for the three months ended August 31, 2025 and 2024 was $5.5 million and $5.1 million, respectively, and included short-term lease costs of $2.1 million and $1.9 million, respectively. For both the nine months ended August 31, 2025 and 2024, our total lease expense was $15.4 million, and included short-term lease costs of $5.4 million and $5.6 million, respectively. Variable lease costs and external sublease income for the three-month and nine-month periods ended August 31, 2025 and 2024 were immaterial.
The following table presents our lease right-of-use assets and lease liabilities (in thousands):
August 31,
2025		November 30,
2024
Lease right-of-use assets
$18,278 $18,734 
Lease liabilities
20,772 20,887 
Lease right-of-use assets and lease liabilities are predominately within our homebuilding operations, with nominal amounts in our financial services operations.
v3.25.2
Income Taxes
 9 Months Ended
Aug. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Income tax expense $33,400 $50,100 $97,700 $138,800 
Effective tax rate
23.3 %24.2 %23.0 %23.0 %
Our income tax expense and effective tax rate for the three months ended August 31, 2025 included the favorable impact of $5.3 million of Internal Revenue Code Section 45L (“Section 45L”) tax credits we recognized primarily from building energy-efficient homes and $.2 million of excess tax benefits related to stock-based compensation, partly offset by $3.6 million of non-deductible executive compensation expense. Our income tax expense and effective tax rate for the three months ended August 31, 2024 reflected the favorable impact of $3.9 million of Section 45L tax credits, partly offset by $2.4 million of non-deductible executive compensation expense.
For the nine months ended August 31, 2025, our income tax expense and effective tax rate included the favorable impacts of $10.1 million of Section 45L tax credits and $5.6 million of excess tax benefits related to stock-based compensation and, partly offset by $8.8 million of non-deductible executive compensation expense. Our income tax expense and effective tax rate for the nine months ended August 31, 2024 reflected the favorable impacts of $12.8 million of Section 45L tax credits, $6.5 million of excess tax benefits related to stock-based compensation, partly offset by $7.9 million of non-deductible executive compensation expense.
The year-over-year increase in Section 45L tax credits for the three months ended August 31, 2025 was mainly due to additional tax credits recognized based on certifications verified during the quarter. For the nine months ended August 31, 2025, Section 45L tax credits decreased year over year, largely reflecting the impact of guidance the Internal Revenue Service (“IRS”) issued in 2023 that heightened the Section 45L energy-efficiency qualification standard for homes built in California relative to other states and our decision to build homes in many of our markets beginning in 2025 that are highly energy efficient and qualify for ENERGY STAR® certification but do not qualify for Section 45L tax credits. We believe the additional costs necessary to satisfy the higher standards for some of our homes outweigh the possible benefits of meeting those higher standards for both our business and our buyers.
On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”), was signed into law. Among its provisions is the repeal of Section 45L tax credits for new energy-efficient homes delivered after June 30, 2026. As a result, beginning in our 2026 third quarter, our income tax expense and effective tax rate will no longer reflect a benefit from such tax credits as to homes delivered after the effective date. We are currently evaluating other elements of the legislation, but do not expect it to have a material effect on our effective tax rate for the year ending November 30, 2025.
Deferred Tax Asset Valuation Allowance. We evaluate our deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of our deferred tax assets depends primarily on our ability to generate future taxable income during the periods in which the related deferred tax assets become deductible. The value of our deferred tax assets depends on applicable income tax rates.
As of both August 31, 2025 and November 30, 2024, we had deferred tax assets of $119.2 million that were partly offset by valuation allowances of $16.8 million. The deferred tax asset valuation allowances at August 31, 2025 and November 30, 2024 were primarily related to certain state net operating losses that had not met the “more likely than not” realization standard at those dates. Based on the evaluation of our deferred tax assets as of August 31, 2025, we determined that most of our deferred tax assets would be realized. Therefore, no adjustments to our deferred tax asset valuation allowance were needed for the nine months ended August 31, 2025.
We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. The accounting for deferred tax assets is based upon estimates of future results. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing federal and state tax laws and corporate income tax rates could also affect actual tax results and the realization of deferred tax assets over time.
v3.25.2
Notes Payable
 9 Months Ended
Aug. 31, 2025
Debt Disclosure [Abstract]  
Notes Payable Notes Payable
Notes payable consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Unsecured revolving credit facility$250,000 $— 
Senior unsecured term loan due August 25, 2026359,329 358,826 
6.875% Senior notes due June 15, 2027
298,959 298,560 
4.80% Senior notes due November 15, 2029
298,213 297,932 
7.25% Senior notes due July 15, 2030
346,953 346,574 
4.00% Senior notes due June 15, 2031
386,979 386,638 
Mortgages and land contracts due to land sellers and other loans3,149 3,149 
Total
$1,943,582 $1,691,679 
The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs, which totaled $9.6 million at August 31, 2025 and $11.5 million at November 30, 2024.
Unsecured Revolving Credit Facility. We have a $1.09 billion Credit Facility that will mature on February 18, 2027. The Credit Facility contains an uncommitted accordion feature under which its aggregate principal amount of available loans can be increased to a maximum of $1.29 billion under certain conditions, including obtaining additional bank commitments. The Credit Facility also contains a sublimit of $250.0 million for the issuance of letters of credit. Interest on amounts borrowed under the Credit Facility accrues at an adjusted term Secured Overnight Financing Rate (“SOFR”) or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Credit Facility. Interest is payable quarterly (base rate) or each month or three months (adjusted term SOFR). The Credit Facility also requires the payment of a commitment fee at a per annum rate ranging from .15% to .35% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. Our obligations to pay borrowings under the Credit Facility are guaranteed on a joint and several basis by
our Guarantor Subsidiaries. The amount of the Credit Facility available for cash borrowings and the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of August 31, 2025, we had $250.0 million of cash borrowings and $8.3 million of letters of credit outstanding under the Credit Facility. Therefore, as of August 31, 2025, we had $831.7 million available for cash borrowings under the Credit Facility, with up to $241.7 million of that amount available for the issuance of letters of credit. As of August 31, 2025, the weighted average annual interest rate on our outstanding borrowings under the Credit Facility was 5.7%.
Senior Unsecured Term Loan. We have a $360.0 million Term Loan with the lenders party thereto. The Term Loan will mature on August 25, 2026, or earlier if we secure borrowings under the Credit Facility without similarly securing the Term Loan (subject to certain exceptions). Interest under the Term Loan accrues at an adjusted term SOFR or a base rate, plus a spread that depends on our Leverage Ratio. Interest is payable quarterly (base rate) or each month or three months (adjusted term SOFR). The Term Loan contains various covenants that are substantially the same as those under the Credit Facility. The proceeds drawn under the Term Loan are guaranteed on a joint and several basis by our Guarantor Subsidiaries. As of August 31, 2025, the weighted average annual interest rate on our outstanding borrowings under the Term Loan was 5.8%.
Letter of Credit Facility. We maintain an unsecured letter of credit agreement with a financial institution (“LOC Facility”) to obtain letters of credit from time to time in the ordinary course of operating our business. Under the LOC Facility, which expires on February 13, 2028, we may issue up to $100.0 million of letters of credit. As of August 31, 2025 and November 30, 2024, we had letters of credit outstanding under the LOC Facility of $62.4 million and $73.3 million, respectively.
Senior Notes. All the senior notes outstanding at August 31, 2025 and November 30, 2024 represent senior unsecured obligations that are guaranteed by our Guarantor Subsidiaries and rank equally in right of payment with all of our and our Guarantor Subsidiaries’ existing unsecured and unsubordinated indebtedness. All of our senior notes were issued in underwritten public offerings. Interest on each of these senior notes is payable semi-annually.
The indenture governing our senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale and leaseback transactions involving property above a certain specified value. In addition, the indenture contains certain limitations related to mergers, consolidations, and sales of assets.
As of August 31, 2025, we were in compliance with the applicable terms of all of our covenants and other requirements under the Credit Facility, the Term Loan, the senior notes, the indenture, the LOC Facility, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. Our ability to access the Credit Facility’s full borrowing capacity, as well as the LOC Facility’s full issuance capacity, also depends on the ability and willingness of the applicable lenders and financial institutions, including any substitute or additional lenders and financial institutions, to meet their commitments to fund loans, extend credit or provide payment guarantees to or for us under those instruments.
Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of August 31, 2025, inventories having a carrying value of $24.4 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans.
As of August 31, 2025, principal payments on our senior notes, mortgages and land contracts due to land sellers and other loans are due during each year ending November 30 as follows: 2025 – $.1 million; 2026 – $360.7 million; 2027 – $300.9 million; 2028 – $.8 million; 2029 – $300.6 million and thereafter – $740.0 million.
v3.25.2
Fair Value Disclosures
 9 Months Ended
Aug. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures Fair Value Disclosures
Fair value measurements of assets and liabilities are categorized based on the following hierarchy:
Level 1Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.
Level 3Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the nine months ended August 31, 2025 and the year ended November 30, 2024 (in thousands): 
August 31, 2025November 30, 2024
DescriptionFair Value HierarchyPre-Impairment ValueInventory Impairment ChargesFair Value (a)Pre-Impairment ValueInventory Impairment ChargesFair Value (a)
InventoriesLevel 3$24,268 $(7,341)$16,927 $— $— $— 
(a)Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
The fair values for inventories that were determined using Level 3 inputs were based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset.
The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands):
  August 31, 2025November 30, 2024
 DescriptionFair Value
Hierarchy		Carrying
Value (a)		Estimated
Fair Value		Carrying
Value (a)		Estimated
Fair Value
Financial Liabilities:
Senior notes
Level 2$1,331,104 $1,320,913 $1,329,704 $1,309,700 
(a)The carrying value for the senior notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.
The fair values of our senior notes are generally estimated based on quoted market prices for these instruments. The carrying values reported for cash and cash equivalents, outstanding borrowings under the Credit Facility, if any, the Term Loan, and mortgages and land contracts due to land sellers and other loans approximate fair values. The carrying value of corporate-owned life insurance is based on the cash surrender value of the policies and, accordingly, approximates fair value.
v3.25.2
Commitments and Contingencies
 9 Months Ended
Aug. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments and contingencies include typical obligations of homebuilders for the completion of contracts and those incurred in the ordinary course of business.
Warranty. We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years, a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers the costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home.
We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience.
Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes a review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates.
The changes in our warranty liability were as follows (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Balance at beginning of period$97,658 $94,803 $96,026 $98,000 
Warranties issued10,642 9,731 29,643 27,596 
Payments(9,702)(10,864)(27,071)(31,926)
Balance at end of period$98,598 $93,670 $98,598 $93,670 
Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical experience, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements.
Self-Insurance. We maintain, and require the majority of our independent contractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-insured retentions, deductibles and other coverage limits. We also maintain certain other insurance policies. Costs associated with our self-insurance programs are included in selling, general and administrative expenses. In Arizona, California, Colorado and Nevada, our contractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible independent contractors are enrolled as insureds on each community. Enrolled contractors generally contribute toward the cost of the insurance and agree to pay a contractual amount in the future if there is a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled contractors’ general liability associated with the work performed on our homes within the applicable community as part of our overall general liability insurance and our self-insurance.
We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers the costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims:
•Construction defect: Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable.
•Bodily injury: Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations.
•Property damage: Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities.
Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not yet reported, and claim adjustment expenses. The amount of our self-insurance liability is based on an analysis performed by a third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a construction defect claim is made, and the ultimate resolution
of such claim; uncertainties regarding such claims relative to our markets and the types of products we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated self-insurance liability based on the actuarial analysis relates to claims incurred but not yet reported. Therefore, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs.
Our self-insurance liability is presented on a gross basis for all periods without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimated probable insurance and other recoveries of $22.0 million and $22.6 million are included in receivables in our consolidated balance sheets at August 31, 2025 and November 30, 2024, respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated.
The changes in our self-insurance liability were as follows (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Balance at beginning of period$187,277 $173,029 $185,428 $179,832 
Self-insurance provided5,334 5,604 13,907 14,867 
Payments(1,199)(3,206)(12,540)(14,686)
Adjustments (a)(2,663)(3,410)1,954 (7,996)
Balance at end of period$188,749 $172,017 $188,749 $172,017 
(a)Represents net changes in the portion of our self-insurance liability estimated to be recoverable from our insurers or other parties, and/or actual recoveries funded directly by our insurers or other parties, if any.
For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability.
The payments we make in connection with claims and related repair work may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under, and are within the scope of coverage provided by, our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of an independent contractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable.
In addition to the risk that is effectively self-insured through our captive insurance subsidiary, we often obtain project-specific insurance coverage for construction defect risk on attached projects (e.g., condominiums or townhomes) with policy deductibles generally ranging from $50,000 to $250,000. We record estimated liabilities and recoveries for projected losses related to these projects on a gross basis, including for known claims as well as estimates for claims incurred but not yet reported, to the extent such amounts are considered probable and estimable.
Florida Chapter 558 Actions. We and certain of our trade partners have received claims in prior quarters from attorneys on behalf of individual owners of our homes and/or homeowners’ associations that allege, pursuant to Chapter 558 of the Florida Statutes, various construction defects, with most relating to stucco and water-intrusion issues. The claims primarily
involve homes in our Jacksonville, Orlando, and Tampa operations. Under Chapter 558, homeowners must serve written notice of a construction defect(s) and provide the served construction and/or design contractor(s) with an opportunity to respond to the noticed issue(s) before they can file a lawsuit. Although we have resolved many of these claims without litigation, and a number of others have been resolved with applicable trade partners or their insurers covering the related costs, as of August 31, 2025, we had approximately 269 outstanding noticed claims, and some are scheduled for trial over the next few quarters and beyond. In addition, some of our trade partners’ insurers in some of these cases have informed us of their inability to continue to pay claims-related costs. At August 31, 2025, we had an accrual for our estimated probable loss for these matters and a receivable for estimated probable insurance recoveries, including an estimate for claims incurred but not reported. While it is reasonably possible that our losses could exceed the amounts accrued and our recoveries could be less than the amounts recorded, at this time, we are unable to estimate the total amount of the loss in excess of the accrued amount and/or associated with a shortfall in the recoveries that is reasonably possible as each of these is dependent on several factors, including the extent of additional claims to be reported in future periods; the nature of any specific claims; our evaluation of the particular facts surrounding each such claim; and actions of third parties over which we have no control.
Performance Bonds and Letters of Credit. We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At August 31, 2025, we had $1.39 billion of performance bonds and $70.7 million of letters of credit outstanding. At November 30, 2024, we had $1.33 billion of performance bonds and $81.6 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed.
Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At August 31, 2025, we had total cash deposits of $76.5 million to purchase land having an aggregate purchase price of $1.95 billion. Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.
Civil Subpoena. On October 2, 2023, we received a subpoena from the U.S. Department of Justice Civil Division, dated September 27, 2023, to produce certain documents and testimony with respect to the inspection, rating, marketing and advertising of our ENERGY STAR certified homes, including our contracts and/or communications with U.S. Environmental Protection Agency and third-party ENERGY STAR rating companies, real estate brokers, real estate appraisers, financial institutions and other parties, as well as inspection-related guidelines, instructions, methods, policies, processes and procedures. We are cooperating with the government, producing documents and information. As of the date of this report, we are unable to predict what actions the government will take, if any; the timing or nature of the ultimate outcome in this matter; or the impact, if any, such outcome may have on our business or consolidated financial statements. As a result, while a loss or penalty, if any, is reasonably possible in this matter, it is not considered to be probable or estimable.
v3.25.2
Legal Matters
 9 Months Ended
Aug. 31, 2025
Loss Contingency, Information about Litigation Matters [Abstract]  
Legal Matters Legal Matters
We are involved in litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of August 31, 2025, it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized or disclosed in our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly and, as appropriate, adjust them to reflect (a) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (b) the advice and analyses of counsel; and (c) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. Our accruals for litigation and regulatory proceedings are presented on a gross basis without consideration of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimates of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any, are recorded as receivables when such
recoveries are considered probable. Based on our experience, we believe the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if an accrual had not been made, could be material to our consolidated financial statements. Pursuant to SEC rules, we will disclose any proceeding in which a governmental authority is a party and that arises under any federal, state or local provisions enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment only where we believe that such proceeding will result in monetary sanctions on us, exclusive of interest and costs, above $1.0 million or is otherwise material to our consolidated financial statements.
v3.25.2
Stockholders' Equity
 9 Months Ended
Aug. 31, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
On February 21, 2025, the management development and compensation committee of our board of directors approved the payout of 530,015 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on October 7, 2021. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on cumulative earnings per share, average return on invested capital, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2021 through November 30, 2024. Of the shares of common stock paid out, 243,729 shares, or $14.9 million, were purchased by us in the 2025 first quarter to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below.
On April 18, 2024, our board of directors authorized us to repurchase up to $1.00 billion of our outstanding common stock. As of November 30, 2024, there was $700.0 million of remaining availability under this share repurchase authorization. In the nine months ended August 31, 2025, we repurchased 7,788,113 shares of our common stock at a total cost of $438.5 million. Repurchases under the authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of August 31, 2025, there was $261.5 million of remaining availability under this share repurchase authorization.
The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a non-deductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the three months and nine months ended August 31, 2025 and 2024, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on our consolidated balance sheet. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorization exclude such excise taxes, to the extent applicable, unless otherwise indicated.
In the 2025 and 2024 third quarters, our board of directors declared, and we paid, a quarterly cash dividend of $.25 per share. Quarterly dividends declared and paid during the nine months ended August 31, 2025 and 2024 totaled $.75 and $.70 per share, respectively.
v3.25.2
Stock-Based Compensation
 9 Months Ended
Aug. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options. At August 31, 2025 and November 30, 2024, we had 376,641 and 418,141 stock options outstanding with a weighted average exercise price of $16.21 and $16.17, respectively. We have not granted any stock option awards since 2016. During the nine months ended August 31, 2025, a total of 41,500 stock options with a weighted average exercise price of $15.77 were exercised. As of August 31, 2025, stock options outstanding and stock options exercisable each had a weighted average remaining contractual life of 1.2 years. As all outstanding stock options have been fully vested since 2019, there was no stock-based compensation expense associated with stock options for the three-month and nine-month periods ended August 31, 2025 and 2024. Stock options outstanding and stock options exercisable each had an aggregate intrinsic value of $17.8 million at August 31, 2025. (The intrinsic value of a stock option is the amount by which the market value of a share of the underlying common stock exceeds the exercise price of the stock option.)
Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized total compensation expense of $8.4 million and $8.0 million for the three months ended August 31, 2025 and 2024, respectively, related to restricted stock and PSUs. For the nine months ended August 31, 2025 and 2024, we recognized total compensation expense of $25.1 million and $25.3 million, respectively, related to restricted stock and PSUs.
v3.25.2
Supplemental Disclosure to Consolidated Statements of Cash Flows
 9 Months Ended
Aug. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Supplemental Disclosure to Consolidated Statements of Cash Flows Supplemental Disclosure to Consolidated Statements of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
 Nine Months Ended August 31,
 20252024
Summary of cash and cash equivalents at end of period:
Homebuilding$330,586 $374,911 
Financial services1,712 782 
Total$332,298 $375,693 
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized$1,453 $11,999 
Income taxes paid88,901 145,915 
Supplemental disclosures of non-cash activities:
Increase (decrease) in consolidated inventories not owned
(5,762)4,616 
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture4,890 7,753 
Inventories acquired through seller financing— 3,149 
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Aug. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Significant Accounting Policies (Policies)
 9 Months Ended
Aug. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents Cash and Cash Equivalents. We consider all highly liquid short-term investments purchased with an original maturity of three months or less to be cash equivalents.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted. In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after
December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance is to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the potential impact of adopting this new guidance on our consolidated financial statements and related disclosures.
Segment Reporting Segment Information
We have identified five operating reporting segments, comprised of four homebuilding reporting segments and one financial services reporting segment. As of August 31, 2025, our homebuilding reporting segments conducted ongoing operations in the following states:
West Coast:California, Idaho and Washington
Southwest:Arizona and Nevada
Central:Colorado and Texas
Southeast:Florida and North Carolina
Our homebuilding reporting segments are engaged in the acquisition and development of land primarily for residential purposes and offer a wide variety of homes that are designed to appeal to first-time, first move-up and active adult homebuyers. Our homebuilding operations generate most of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land.
Our financial services reporting segment offers property and casualty insurance and, in certain instances, earthquake, flood and personal property insurance to our homebuyers in the same markets as our homebuilding reporting segments, and provides title services in the majority of our markets located within our Southwest, Central and Southeast homebuilding reporting segments. Our financial services reporting segment earns revenues primarily from insurance commissions and from the provision of title services.
We offer mortgage banking services, including residential consumer mortgage loan (“mortgage loan”) originations, to our homebuyers indirectly through KBHS Home Loans, LLC (“KBHS”), our unconsolidated joint venture with GR Alliance Ventures, LLC (“GR Alliance”), a subsidiary of Guaranteed Rate, Inc. We and GR Alliance each have a 50.0% ownership interest, with GR Alliance providing management oversight of KBHS’ operations.
Our reporting segments follow the same accounting policies used for our consolidated financial statements. The results of each reporting segment are not necessarily indicative of the results that would have occurred had the segment been an independent, stand-alone entity during the periods presented, nor are they indicative of the results to be expected in future periods.
Earnings Per Share
We compute earnings per share using the two-class method, which is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding nonvested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at August 31, 2025 and 2024.
Interest Capitalization
Interest is capitalized to inventories while the related communities or land parcels are being actively developed and until homes are completed or the land is available for immediate sale. Capitalized interest is amortized to construction and land costs as the related inventories are delivered to homebuyers or land buyers (as applicable). We do not capitalize interest on land held for future development and land held for sale.
Inventory Impairment
Each community or land parcel in our owned inventory is assessed on a quarterly basis to determine if indicators of potential impairment exist. We record an inventory impairment charge on a community or land parcel that is active or held
for future development when indicators of potential impairment exist and the carrying value of the real estate asset is greater than the undiscounted future net cash flows the asset is expected to generate. These real estate assets are written down to fair value, which is primarily determined based on the estimated future net cash flows discounted for inherent risk associated with each such asset, or other valuation techniques. We record an inventory impairment charge on land held for sale when the carrying value of a land parcel is greater than its fair value. These real estate assets are written down to fair value, less associated costs to sell. The estimated fair values of such assets are generally based on bona fide letters of intent from outside parties, executed sales contracts, broker quotes or similar information.
Consolidation We participate in joint ventures from time to time that conduct land acquisition, land development and/or other homebuilding activities in various markets where our homebuilding operations are located. Our investments in these joint ventures may create a variable interest in a variable interest entity (“VIE”), depending on the contractual terms of the arrangement. We analyze our joint ventures under the variable interest model to determine whether they are VIEs and, if so, whether we are the primary beneficiary. Based on our analyses, we determined that one
of our joint ventures at August 31, 2025 and November 30, 2024 was a VIE, but we were not the primary beneficiary of the VIE. Therefore, all of our joint ventures at August 31, 2025 and November 30, 2024 were unconsolidated and accounted for under the equity method because we did not have a controlling financial interest.
Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts with third parties and unconsolidated entities to acquire rights to land for the construction of homes. Under these contracts, we typically make a specified option payment or earnest money deposit in consideration for the right to purchase land in the future, usually at a predetermined price. We analyze each of our land option contracts and other similar contracts under the variable interest model to determine whether the land seller is a VIE and, if so, whether we are the primary beneficiary. Although we do not have legal title to the underlying land, we are required to consolidate a VIE if we are the primary beneficiary. As a result of our analyses, we determined that as of August 31, 2025 and November 30, 2024, we were not the primary beneficiary of any VIEs from which we have acquired rights to land under land option contracts and other similar contracts.
Debt For land option contracts and other similar contracts where the land seller entity is not required to be consolidated under the variable interest model, we consider whether such contracts should be accounted for as financing arrangements. Land option contracts and other similar contracts that may be considered financing arrangements include those we enter into with third-party land financiers or developers in conjunction with such third parties acquiring a specific land parcel(s) on our behalf, at our direction, and those with other landowners where we or our designee make improvements to the optioned land parcel(s) during the applicable option period. For these land option contracts and other similar contracts, we record the remaining purchase price of the associated land parcel(s) in inventories in our consolidated balance sheets with a corresponding financing obligation if we determine that we are effectively compelled to exercise the option to purchase the land parcel(s). Funding facilities. KBHS maintains warehouse lines of credit and master repurchase agreements with various financial institutions to fund its originated mortgage loans, with its mortgage loans held for sale pledged as collateral under these agreements. The agreements contain covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquid assets, maximum debt to net worth ratio and positive net income, as defined in the agreements. KBHS was in compliance with these covenants as of August 31, 2025. In addition to its compliance with these covenants, KBHS also depends on the ability and willingness of the applicable lenders and financial institutions to extend such credit facilities to KBHS to fund its originated mortgage loans. KBHS intends to renew these facilities when they expire at various dates in 2025 and 2026. The warehouse lines of credit and master repurchase agreements are not guaranteed by us or any of the subsidiaries that guarantee our senior notes, unsecured revolving credit facility with various banks (“Credit Facility”) and senior unsecured term loan agreement (“Term Loan”) (collectively, “Guarantor Subsidiaries”).
Mortgage Loans Held for Sale
Mortgage loans held for sale. Originated mortgage loans expected to be sold into the secondary market in the foreseeable future are reported as mortgage loans held for sale and carried in KBHS’ balance sheets at fair value, with changes in fair value recognized within revenues in KBHS’ statements of operations.
Interest Rate Lock Commitments
Interest Rate Lock Commitments (“IRLCs”). KBHS enters into IRLCs in connection with originating certain mortgage loans held for sale, at specified interest rates and within a specified period of time, with customers who have applied for a mortgage loan and meet certain credit and underwriting criteria. KBHS accounts for IRLCs as free-standing derivatives and does not designate any for hedge accounting. As a result, IRLCs are recognized in KBHS’ balance sheets at fair value, and gains or losses resulting from changes in fair value are recognized within revenues in KBHS’ statements of operations. The fair value of IRLCs is based on market prices, which includes an estimate of the fair value of the associated mortgage servicing rights, adjusted for estimated costs to originate the underlying mortgage loans as well as the probability that the mortgage loans will fund within the terms of the IRLCs. The fair value of IRLCs included in other assets in KBHS’ balance sheets was $9.4 million at August 31, 2025 and $16.0 million at November 30, 2024. The changes in the fair value of IRLCs, which were reported in revenues for the applicable periods, were losses of $3.0 million and $6.6 million for the three-month and nine-month periods ended August 31, 2025, respectively, and a loss of $.4 million and a gain of $3.8 million for the three-month and nine-month periods ended August 31, 2024, respectively.
KBHS manages the interest rate and price risk associated with its outstanding IRLCs by entering into best efforts forward sale commitments under which mortgage loans locked with a borrower are simultaneously committed to a secondary market investor at a fixed price, subject to the underlying mortgage loans being funded. These best efforts forward sale commitments do not meet the definition of derivative financial instruments and are therefore not recorded in KBHS’
balance sheets. If the mortgage loans underlying the IRLCs do not fund, KBHS has no obligation to fulfill the secondary market investor commitments.
Leases We lease certain property and equipment for use in our operations. We recognize lease expense for these leases generally on a straight-line basis over the lease term and combine lease and non-lease components for all leases. Lease right-of-use assets and lease liabilities are recorded in our consolidated balance sheets for leases with an expected term at the commencement date of more than 12 months. Lease expense is included in selling, general and administrative expenses in our consolidated statements of operations and includes costs for leases with terms of more than 12 months as well as short-term leases with terms of 12 months or less.
Income Taxes We evaluate our deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of our deferred tax assets depends primarily on our ability to generate future taxable income during the periods in which the related deferred tax assets become deductible. The value of our deferred tax assets depends on applicable income tax rates.
Fair Value Measurements and Disclosures
Fair value measurements of assets and liabilities are categorized based on the following hierarchy:
Level 1Fair value determined based on quoted prices in active markets for identical assets or liabilities.
Level 2Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.
Level 3Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable.
Warranty
Warranty. We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years, a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers the costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home.
We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience.
Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes a review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates.
Guarantees
Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical experience, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements.
Self-Insurance
Self-Insurance. We maintain, and require the majority of our independent contractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-insured retentions, deductibles and other coverage limits. We also maintain certain other insurance policies. Costs associated with our self-insurance programs are included in selling, general and administrative expenses. In Arizona, California, Colorado and Nevada, our contractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible independent contractors are enrolled as insureds on each community. Enrolled contractors generally contribute toward the cost of the insurance and agree to pay a contractual amount in the future if there is a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled contractors’ general liability associated with the work performed on our homes within the applicable community as part of our overall general liability insurance and our self-insurance.
We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers the costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims:
•Construction defect: Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable.
•Bodily injury: Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations.
•Property damage: Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities.
Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not yet reported, and claim adjustment expenses. The amount of our self-insurance liability is based on an analysis performed by a third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time between the delivery of a home to a homebuyer and when a construction defect claim is made, and the ultimate resolution
of such claim; uncertainties regarding such claims relative to our markets and the types of products we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated self-insurance liability based on the actuarial analysis relates to claims incurred but not yet reported. Therefore, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs.
Our self-insurance liability is presented on a gross basis for all periods without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimated probable insurance and other recoveries of $22.0 million and $22.6 million are included in receivables in our consolidated balance sheets at August 31, 2025 and November 30, 2024, respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated.
v3.25.2
Segment Information (Tables)
 9 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information Relating to Company Reporting Segments
The following tables present financial information relating to our homebuilding reporting segments (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues:
West Coast$664,880 $760,617 $1,926,722 $2,017,336 
Southwest335,505 312,812 962,486 954,602 
Central310,603 372,862 869,182 1,069,136 
Southeast303,474 299,688 767,829 868,115 
Total
$1,614,462 $1,745,979 $4,526,219 $4,909,189 
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Pretax income (loss):
West Coast$71,280 $99,222 $216,925 $252,099 
Southwest57,338 54,826 171,432 165,302 
Central18,211 43,304 64,387 128,446 
Southeast22,225 33,003 55,529 103,827 
Corporate and other (34,512)(33,879)(107,678)(82,254)
Total $134,542 $196,476 $400,595 $567,420 
Inventory impairment and land option contract abandonment charges:
West Coast$1,133 $496 $2,973 $2,441 
Southwest511 — 1,642 116 
Central7,240 469 9,372 725 
Southeast2,454 212 4,364 403 
Total$11,338 $1,177 $18,351 $3,685 
August 31,
2025		November 30,
2024
Assets:
West Coast$3,426,768 $3,178,188 
Southwest981,884 915,072 
Central1,008,330 1,001,393 
Southeast1,008,395 972,993 
Corporate and other500,417 801,600 
Total $6,925,794 $6,869,246 
v3.25.2
Financial Services (Tables)
 9 Months Ended
Aug. 31, 2025
Segment Reporting Information [Line Items]  
Schedule of Financial Services Income (Loss)
The following tables present financial information relating to our financial services reporting segment (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues
Insurance commissions$3,331 $3,691 $8,268 $12,685 
Title services2,681 2,938 7,349 8,313 
Total6,012 6,629 15,617 20,998 
Expenses
General and administrative(1,580)(1,608)(4,689)(4,627)
Operating income4,432 5,021 10,928 16,371 
Equity in income of unconsolidated joint venture
4,254 5,932 13,445 19,422 
Pretax income$8,686 $10,953 $24,373 $35,793 
Financial services  
Segment Reporting Information [Line Items]  
Schedule of Financial Services Assets and Liabilities
August 31,
2025		November 30,
2024
Assets
Cash and cash equivalents$1,712 $1,220 
Receivables 4,256 5,407 
Investment in unconsolidated joint venture
15,386 21,997 
Other assets (a)38,424 38,299 
Total assets$59,778 $66,923 
Liabilities
Accounts payable and accrued expenses$2,983 $2,719 
Total liabilities$2,983 $2,719 
(a)Other assets at August 31, 2025 and November 30, 2024 included $38.4 million and $38.2 million, respectively, of contract assets for estimated future renewal commissions.
v3.25.2
Earnings Per Share (Tables)
 9 Months Ended
Aug. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Basic and diluted earnings per share were calculated as follows (in thousands, except per share amounts):
Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Numerator:
Net income $109,828 $157,329 $327,268 $464,413 
Less: Distributed earnings allocated to participating securities
(113)(143)(339)(406)
Less: Undistributed earnings allocated to participating securities
(633)(1,062)(1,779)(3,137)
Numerator for basic earnings per share109,082 156,124 325,150 460,870 
Effect of dilutive securities:
Add: Undistributed earnings allocated to participating securities
633 1,062 1,779 3,137 
Less: Undistributed earnings reallocated to participating securities
(620)(1,032)(1,745)(3,047)
Numerator for diluted earnings per share$109,095 $156,154 $325,184 $460,960 
Denominator:
Weighted average shares outstanding — basic66,368 74,476 69,279 75,339 
Effect of dilutive securities:
Share-based payments1,369 2,154 1,364 2,226 
Weighted average shares outstanding — diluted67,737 76,630 70,643 77,565 
Basic earnings per share$1.64 $2.10 $4.69 $6.12 
Diluted earnings per share$1.61 $2.04 $4.60 $5.94 
v3.25.2
Receivables (Tables)
 9 Months Ended
Aug. 31, 2025
Receivables [Abstract]  
Schedule of Receivables
Receivables consisted of the following (in thousands):
 August 31,
2025		November 30,
2024
Due from utility companies, improvement districts and municipalities $186,226 $173,733 
Recoveries related to self-insurance and other legal claims 151,918 136,949 
Refundable deposits and bonds9,217 10,667 
Income taxes receivable 5,674 10,543 
Other 38,102 49,887 
Subtotal
391,137 381,779 
Allowance for doubtful accounts(4,651)(4,246)
Total
$386,486 $377,533 
v3.25.2
Inventories (Tables)
 9 Months Ended
Aug. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Homes completed or under construction$2,047,954 $1,990,113 
Land under development3,790,862 3,537,907 
Total$5,838,816 $5,528,020 
Schedule of Capitalized Interest Costs
Our interest costs were as follows (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Capitalized interest at beginning of period$128,676 $131,765 $122,387 $134,375 
Interest incurred 29,658 26,583 84,676 79,665 
Interest amortized to construction and land costs (a)
(27,026)(28,180)(75,755)(83,872)
Capitalized interest at end of period$131,308 $130,168 $131,308 $130,168 
(a)Interest amortized to construction and land costs for the three-month and nine-month periods ended August 31, 2025 and the nine months ended August 31, 2024 included nominal amounts related to land sales during the periods.
v3.25.2
Inventory Impairments and Land Option Contract Abandonments (Tables)
 9 Months Ended
Aug. 31, 2025
Inventory Impairments and Land Option Contract Abandonments [Abstract]  
Schedule of Significant Unobservable Inputs
The following table summarizes significant quantitative unobservable inputs we utilized in our fair value measurements with respect to the impaired communities written down to fair value:
Three Months Ended August 31,Nine Months Ended August 31,
Unobservable Input (a)2025202420252024
Average selling price
$394,500 - $578,900
n/a
$394,500 - $578,900
n/a
Deliveries per month
2 - 3
n/a
2 - 3
n/a
Discount rate
17% - 20%
n/a
17% - 20%
n/a
(a)Ranges of inputs presented primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market rates.
v3.25.2
Variable Interest Entities (Tables)
 9 Months Ended
Aug. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table presents a summary of our interests in land option contracts and other similar contracts (in thousands):
August 31, 2025November 30, 2024
Cash
Deposits		Aggregate
Purchase Price		Cash
Deposits		Aggregate
Purchase Price
Unconsolidated VIEs$46,642 $1,203,536 $50,469 $1,705,542 
Other land option contracts and other similar contracts
29,871 749,024 31,470 885,588 
Total
$76,513 $1,952,560 $81,939 $2,591,130 
v3.25.2
Investments in Unconsolidated Joint Ventures (Tables)
 9 Months Ended
Aug. 31, 2025
Homebuilding  
Schedule of Equity Method Investments [Line Items]  
Schedule of Statements of operations of unconsolidated joint ventures The following table presents combined condensed information from the statements of operations for our homebuilding unconsolidated joint ventures (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues$19,027 $32,241 $58,767 $37,539 
Construction and land costs(14,371)(23,580)(44,176)(27,404)
Other expense, net(1,567)(1,694)(4,474)(3,541)
Income
$3,089 $6,967 $10,117 $6,594 
Schedule of Balance sheets of unconsolidated joint ventures
The following table presents combined condensed balance sheet information for our homebuilding unconsolidated joint ventures (in thousands):
August 31,
2025		November 30,
2024
Assets
Cash $12,968 $18,869 
Receivables
5,512 2,918 
Inventories
154,112 158,322 
Other assets
749 1,052 
Total assets$173,341 $181,161 
Liabilities and equity
Accounts payable and other liabilities$12,076 $8,091 
Notes payable (a)41,825 47,300 
Equity119,440 125,770 
Total liabilities and equity$173,341 $181,161 
(a)    As of both August 31, 2025 and November 30, 2024, the unconsolidated joint venture in California that delivered homes in the three-month and nine-month periods ended August 31, 2025 and 2024 had borrowings outstanding under a term loan with a third-party lender to finance its land acquisition, development and construction activities. In January 2025, the loan agreement was amended, increasing the aggregate commitment to $60.0 million from $55.0 million, and providing an eight-month loan extension option to replace the two previous six-month extension options. Pursuant to the amendment, the aggregate commitment was reduced to $55.2 million on August 31, 2025, and will be reduced to $40.0 million on February 28, 2026. This term loan is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. If the term loan is extended, the aggregate commitment would be reduced to $28.0 million effective April 19, 2026. Borrowings under the term loan are secured by the underlying property and related project assets. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2025 or November 30, 2024.
Financial services  
Schedule of Equity Method Investments [Line Items]  
Schedule of Statements of operations of unconsolidated joint ventures The following table presents combined condensed information from the statements of operations for our financial services unconsolidated joint venture (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Revenues$26,362 $31,615 $79,326 $93,485 
Expenses(17,854)(19,751)(52,437)(54,641)
Income$8,508 $11,864 $26,889 $38,844 
Schedule of Balance sheets of unconsolidated joint ventures
The following table presents combined condensed balance sheet information for our financial services unconsolidated joint venture (in thousands):
August 31,
2025		November 30,
2024
Assets
Cash and cash equivalents (a)
$23,496 $31,702 
Mortgage loans held for sale174,920 122,828 
Other assets13,503 22,815 
Total assets$211,919 $177,345 
Liabilities and equity
Accounts payable and other liabilities$13,686 $15,398 
Funding facilities167,461 117,953 
Equity30,772 43,994 
Total liabilities and equity$211,919 $177,345 
(a)Cash and cash equivalents included restricted cash of $.8 million at August 31, 2025 and $1.3 million at November 30, 2024.
v3.25.2
Other Assets (Tables)
 9 Months Ended
Aug. 31, 2025
Other Assets [Abstract]  
Schedule of Other Assets
Other assets consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Cash surrender value of corporate-owned life insurance contracts$50,333 $51,912 
Lease right-of-use assets18,250 18,704 
Prepaid expenses17,575 17,799 
Other (a)
16,722 17,505 
Total$102,880 $105,920 
(a)    On March 1, 2024, substantially all the assets of an investee company, in which we had an aggregate ownership interest of approximately 13.5%, held largely through a limited liability company we established to hold the investment, were sold to a privately held buyer through a merger. From the sale, we received cash plus certain preferred and common equity interests in the buyer. Other includes these investments in equity securities without readily determinable fair values of $15.2 million at August 31, 2025 and November 30, 2024. In connection with the sale, we recognized a gain of $12.5 million, which is included in interest income and other in our consolidated statements of operations for the nine months ended August 31, 2024.
v3.25.2
Accrued Expenses and Other Liabilities (Tables)
 9 Months Ended
Aug. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Self-insurance and other legal liabilities$341,147 $315,851 
Employee compensation and related benefits145,957 182,460 
Warranty liability98,598 96,026 
Inventory-related obligations (a)41,769 44,408 
Customer deposits38,072 44,029 
Lease liabilities20,741 20,859 
Accrued interest payable17,353 28,806 
Real estate and business taxes16,356 17,056 
Federal and state taxes payable5,061 — 
Other45,396 46,766 
Total$770,450 $796,261 
(a)Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are
delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.
v3.25.2
Leases (Tables)
 9 Months Ended
Aug. 31, 2025
Leases [Abstract]  
Schedule of Lease Information
The following table presents our lease right-of-use assets and lease liabilities (in thousands):
August 31,
2025		November 30,
2024
Lease right-of-use assets
$18,278 $18,734 
Lease liabilities
20,772 20,887 
v3.25.2
Income Taxes (Tables)
 9 Months Ended
Aug. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense and Effective Tax Rates Our income tax expense and effective tax rates were as follows (dollars in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Income tax expense $33,400 $50,100 $97,700 $138,800 
Effective tax rate
23.3 %24.2 %23.0 %23.0 %
v3.25.2
Notes Payable (Tables)
 9 Months Ended
Aug. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgages and Notes Payable
Notes payable consisted of the following (in thousands):
August 31,
2025		November 30,
2024
Unsecured revolving credit facility$250,000 $— 
Senior unsecured term loan due August 25, 2026359,329 358,826 
6.875% Senior notes due June 15, 2027
298,959 298,560 
4.80% Senior notes due November 15, 2029
298,213 297,932 
7.25% Senior notes due July 15, 2030
346,953 346,574 
4.00% Senior notes due June 15, 2031
386,979 386,638 
Mortgages and land contracts due to land sellers and other loans3,149 3,149 
Total
$1,943,582 $1,691,679 
v3.25.2
Fair Value Disclosures (Tables)
 9 Months Ended
Aug. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets Measured on Nonrecurring Basis The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the nine months ended August 31, 2025 and the year ended November 30, 2024 (in thousands): 
August 31, 2025November 30, 2024
DescriptionFair Value HierarchyPre-Impairment ValueInventory Impairment ChargesFair Value (a)Pre-Impairment ValueInventory Impairment ChargesFair Value (a)
InventoriesLevel 3$24,268 $(7,341)$16,927 $— $— $— 
(a)Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
Schedule of Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments
The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands):
  August 31, 2025November 30, 2024
 DescriptionFair Value
Hierarchy		Carrying
Value (a)		Estimated
Fair Value		Carrying
Value (a)		Estimated
Fair Value
Financial Liabilities:
Senior notes
Level 2$1,331,104 $1,320,913 $1,329,704 $1,309,700 
(a)The carrying value for the senior notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.
v3.25.2
Commitments and Contingencies (Tables)
 9 Months Ended
Aug. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability
The changes in our warranty liability were as follows (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Balance at beginning of period$97,658 $94,803 $96,026 $98,000 
Warranties issued10,642 9,731 29,643 27,596 
Payments(9,702)(10,864)(27,071)(31,926)
Balance at end of period$98,598 $93,670 $98,598 $93,670 
Schedule of Self-Insurance Liability
The changes in our self-insurance liability were as follows (in thousands):
 Three Months Ended August 31,Nine Months Ended August 31,
 2025202420252024
Balance at beginning of period$187,277 $173,029 $185,428 $179,832 
Self-insurance provided5,334 5,604 13,907 14,867 
Payments(1,199)(3,206)(12,540)(14,686)
Adjustments (a)(2,663)(3,410)1,954 (7,996)
Balance at end of period$188,749 $172,017 $188,749 $172,017 
(a)Represents net changes in the portion of our self-insurance liability estimated to be recoverable from our insurers or other parties, and/or actual recoveries funded directly by our insurers or other parties, if any.
v3.25.2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Tables)
 9 Months Ended
Aug. 31, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Supplemental Disclosures to the Consolidated Statements Of Cash Flows
The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):
 Nine Months Ended August 31,
 20252024
Summary of cash and cash equivalents at end of period:
Homebuilding$330,586 $374,911 
Financial services1,712 782 
Total$332,298 $375,693 
Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized$1,453 $11,999 
Income taxes paid88,901 145,915 
Supplemental disclosures of non-cash activities:
Increase (decrease) in consolidated inventories not owned
(5,762)4,616 
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture4,890 7,753 
Inventories acquired through seller financing— 3,149 
v3.25.2
Basis of Presentation and Significant Accounting Policies (Narratives) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Cash equivalents $ 164.7   $ 164.7   $ 385.1
Other comprehensive income (loss) $ 109.8 $ 157.3 $ 327.3 $ 464.4  
v3.25.2
Segment Information (Narratives) (Details)
 9 Months Ended
Aug. 31, 2025
segment
Schedule of Equity Method Investments [Line Items]  
Number of reportable segments 5
KBHS, LLC | Financial services  
Schedule of Equity Method Investments [Line Items]  
Ownership interest in joint venture 50.00%
KBHS, LLC | GR Alliance, LLC  
Schedule of Equity Method Investments [Line Items]  
Ownership interest in joint venture 50.00%
Homebuilding  
Schedule of Equity Method Investments [Line Items]  
Number of reportable segments 4
Financial services  
Schedule of Equity Method Investments [Line Items]  
Number of reportable segments 1
v3.25.2
Segment Information (Segment Financial Information) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Revenues:          
Revenues $ 1,620,474 $ 1,752,608 $ 4,541,836 $ 4,930,187  
Pretax income (loss):          
Pretax income (loss) 143,228 207,429 424,968 603,213  
Inventory impairments and land option contract abandonments     18,351 3,685  
Assets:          
Total assets 6,985,572   6,985,572   $ 6,936,169
Homebuilding          
Revenues:          
Revenues 1,614,462 1,745,979 4,526,219 4,909,189  
Pretax income (loss):          
Pretax income (loss) 134,542 196,476 400,595 567,420  
Inventory impairments and land option contract abandonments 11,338 1,177 18,351 3,685  
Assets:          
Total assets 6,925,794   6,925,794   6,869,246
Homebuilding | West Coast          
Revenues:          
Revenues 664,880 760,617 1,926,722 2,017,336  
Pretax income (loss):          
Pretax income (loss) 71,280 99,222 216,925 252,099  
Inventory impairments and land option contract abandonments 1,133 496 2,973 2,441  
Assets:          
Total assets 3,426,768   3,426,768   3,178,188
Homebuilding | Southwest          
Revenues:          
Revenues 335,505 312,812 962,486 954,602  
Pretax income (loss):          
Pretax income (loss) 57,338 54,826 171,432 165,302  
Inventory impairments and land option contract abandonments 511 0 1,642 116  
Assets:          
Total assets 981,884   981,884   915,072
Homebuilding | Central          
Revenues:          
Revenues 310,603 372,862 869,182 1,069,136  
Pretax income (loss):          
Pretax income (loss) 18,211 43,304 64,387 128,446  
Inventory impairments and land option contract abandonments 7,240 469 9,372 725  
Assets:          
Total assets 1,008,330   1,008,330   1,001,393
Homebuilding | Southeast          
Revenues:          
Revenues 303,474 299,688 767,829 868,115  
Pretax income (loss):          
Pretax income (loss) 22,225 33,003 55,529 103,827  
Inventory impairments and land option contract abandonments 2,454 212 4,364 403  
Assets:          
Total assets 1,008,395   1,008,395   972,993
Homebuilding | Corporate and other          
Pretax income (loss):          
Pretax income (loss) (34,512) $ (33,879) (107,678) $ (82,254)  
Assets:          
Total assets $ 500,417   $ 500,417   $ 801,600
v3.25.2
Financial Services (Schedule of Income (Loss)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Revenues        
Total $ 1,620,474 $ 1,752,608 $ 4,541,836 $ 4,930,187
Expenses        
Equity in income of unconsolidated joint venture     18,447 22,654
Total pretax income 143,228 207,429 424,968 603,213
Financial services        
Revenues        
Insurance commissions 3,331 3,691 8,268 12,685
Title services 2,681 2,938 7,349 8,313
Total 6,012 6,629 15,617 20,998
Expenses        
General and administrative (1,580) (1,608) (4,689) (4,627)
Operating income 4,432 5,021 10,928 16,371
Equity in income of unconsolidated joint venture 4,254 5,932 13,445 19,422
Total pretax income $ 8,686 $ 10,953 $ 24,373 $ 35,793
v3.25.2
Financial Services (Schedule of Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Assets    
Total assets $ 6,985,572 $ 6,936,169
Financial services    
Assets    
Cash and cash equivalents 1,712 1,220
Receivables 4,256 5,407
Investment in unconsolidated joint venture 15,386 21,997
Other assets [1] 38,424 38,299
Total assets 59,778 66,923
Liabilities    
Accounts payable and accrued expenses 2,983 2,719
Total liabilities 2,983 2,719
Contract assets for estimated future renewal commissions $ 38,400 $ 38,200
[1] Other assets at August 31, 2025 and November 30, 2024 included $38.4 million and $38.2 million, respectively, of contract assets for estimated future renewal commissions.
v3.25.2
Earnings Per Share (Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Numerator:        
Net income $ 109,828 $ 157,329 $ 327,268 $ 464,413
Less: Distributed earnings allocated to participating securities (113) (143) (339) (406)
Less: Undistributed earnings allocated to participating securities (633) (1,062) (1,779) (3,137)
Numerator for basic earnings per share 109,082 156,124 325,150 460,870
Add: Undistributed earnings allocated to participating securities 633 1,062 1,779 3,137
Less: Undistributed earnings reallocated to participating securities (620) (1,032) (1,745) (3,047)
Numerator for diluted earnings per share $ 109,095 $ 156,154 $ 325,184 $ 460,960
Denominator:        
Weighted average shares outstanding — basic (in shares) 66,368 74,476 69,279 75,339
Effect of dilutive securities: Share-based payments (in shares) 1,369 2,154 1,364 2,226
Weighted average shares outstanding — diluted (in shares) 67,737 76,630 70,643 77,565
Basic earnings per share (in dollars per share) $ 1.64 $ 2.10 $ 4.69 $ 6.12
Diluted earnings per share (in dollars per share) $ 1.61 $ 2.04 $ 4.60 $ 5.94
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 0 0
v3.25.2
Receivables (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Income taxes receivable $ 5,674 $ 10,543
Homebuilding    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Due from utility companies, improvement districts and municipalities 186,226 173,733
Recoveries related to self-insurance and other legal claims 151,918 136,949
Refundable deposits and bonds 9,217 10,667
Other 38,102 49,887
Subtotal 391,137 381,779
Allowance for doubtful accounts (4,651) (4,246)
Total $ 386,486 $ 377,533
v3.25.2
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Inventories    
Homes completed or under construction $ 2,047,954 $ 1,990,113
Land under development 3,790,862 3,537,907
Total 5,838,816 5,528,020
Land held for future development or sale $ 37,800 $ 21,200
v3.25.2
Inventories (Schedule of Capitalized Interest Costs) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Interest Costs        
Capitalized interest at beginning of period $ 128,676 $ 131,765 $ 122,387 $ 134,375
Interest incurred 29,658 26,583 84,676 79,665
Interest amortized to construction and land costs (27,026) (28,180) (75,755) (83,872)
Capitalized interest at end of period $ 131,308 $ 130,168 $ 131,308 $ 130,168
v3.25.2
Inventory Impairments and Land Option Contract Abandonments (Narratives) (Details)
 3 Months Ended 9 Months Ended
Aug. 31, 2025
USD ($)
community
Aug. 31, 2024
USD ($)
Aug. 31, 2025
USD ($)
community
Aug. 31, 2024
USD ($)
Nov. 30, 2024
USD ($)
community
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Number of land parcels or communities evaluated for recoverability | community 14   14   8
Carrying value of communities of land parcels evaluated for impairment $ 168,700,000   $ 168,700,000   $ 139,500,000
Inventory impairment charges $ 7,300,000 $ 0 $ 7,300,000 $ 0  
Number of communities with recognized Inventory impairment charges | community 1   1    
Aggregate carrying value of inventory impacted by pretax, noncash inventory impairment charges $ 26,700,000   $ 26,700,000   $ 32,100,000
Number of communities and various other land parcels impacted by pretax, noncash inventory impairment charges | community 6   6   4
Land Option Contract Abandonment          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Land option abandonments $ 4,000,000.0 $ 1,200,000 $ 11,000,000.0 $ 3,700,000  
v3.25.2
Inventory Impairments and Land Option Contract Abandonments (Valuation Inputs) (Details)
 3 Months Ended 9 Months Ended
Aug. 31, 2025
USD ($)
delivery
Rate
Aug. 31, 2025
USD ($)
delivery
Rate
Min    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Average Selling price | $ [1] $ 394,500 $ 394,500
Deliveries per month | delivery [1] 2 2
Min | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount rate | Rate [1] 17.00% 17.00%
Max    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Average Selling price | $ [1] $ 578,900 $ 578,900
Deliveries per month | delivery [1] 3 3
Max | Measurement Input, Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount rate | Rate [1] 20.00% 20.00%
[1] Ranges of inputs presented primarily reflect differences between the housing markets where each impacted community is located, rather than fluctuations in prevailing market rates.
v3.25.2
Variable Interest Entities (Details)
$ in Thousands
Aug. 31, 2025
USD ($)
joint_venture
Nov. 30, 2024
USD ($)
joint_venture
Variable Interest Entity [Line Items]    
Number of investments in unconsolidated joint ventures | joint_venture 6 6
Cash Deposits $ 76,513 $ 81,939
Aggregate Purchase Price 1,952,560 2,591,130
Pre-acquisition costs related to land option contracts and other similar contracts 52,300 34,300
Increase in inventories and accrued expenses and other liabilities $ 20,200 $ 26,000
Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Number of investments in unconsolidated joint ventures | joint_venture 1 1
Cash Deposits $ 46,642 $ 50,469
Aggregate Purchase Price 1,203,536 1,705,542
Other land option contracts and other similar contracts    
Variable Interest Entity [Line Items]    
Cash Deposits 29,871 31,470
Aggregate Purchase Price $ 749,024 $ 885,588
v3.25.2
Investments in Unconsolidated Joint Ventures (Financial Information for Unconsolidated Joint Ventures) (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2025
USD ($)
Oct. 31, 2024
USD ($)
loanExtensionOption
Aug. 31, 2025
USD ($)
joint_venture
Aug. 31, 2024
USD ($)
Aug. 31, 2025
USD ($)
joint_venture
Aug. 31, 2024
USD ($)
Apr. 19, 2026
USD ($)
Feb. 28, 2026
USD ($)
May 31, 2025
USD ($)
Nov. 30, 2024
USD ($)
joint_venture
May 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]                        
Number of investments in unconsolidated joint ventures | joint_venture     6   6         6    
Statements of operations of unconsolidated joint venture                        
Net income     $ 109,828 $ 157,329 $ 327,268 $ 464,413            
Assets                        
Total assets     6,985,572   6,985,572         $ 6,936,169    
Liabilities and equity                        
Equity     3,902,363 3,987,094 3,902,363 3,987,094     $ 3,990,538 4,060,616 $ 3,991,704 $ 3,810,140
Total liabilities and stockholders’ equity     $ 6,985,572   $ 6,985,572         $ 6,936,169    
Number of other unconsolidated joint ventures with outstanding debt | joint_venture     0   0         0    
Homebuilding                        
Assets                        
Cash and cash equivalents     $ 330,586   $ 330,586         $ 597,973    
Other assets     102,880   102,880         105,920    
Total assets     6,925,794   6,925,794         6,869,246    
Financial services                        
Assets                        
Cash and cash equivalents     1,712   1,712         1,220    
Other assets [1]     38,424   38,424         38,299    
Total assets     59,778   59,778         66,923    
Financial services | Interest Rate Lock Commitments                        
Liabilities and equity                        
Derivative asset, notional amount     9,400   9,400         16,000    
Change in fair value included in gain (loss) on sale of mortgage loans held for sale     (3,000) (400) $ (6,600) 3,800            
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility                        
Liabilities and equity                        
Unsecured revolving credit facility, expiration date         Apr. 19, 2026              
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility | Term Loan Commitment                        
Liabilities and equity                        
Debt instrument, face amount $ 60,000 $ 55,000 55,200   $ 55,200              
Debt instrument, loan extension period 8 months 6 months                    
Debt instrument, number of loan extension options | loanExtensionOption   2                    
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Unsecured revolving credit facility | Term Loan Commitment | Forecast                        
Liabilities and equity                        
Debt instrument, face amount             $ 28,000 $ 40,000        
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Homebuilding                        
Statements of operations of unconsolidated joint venture                        
Revenues     19,027 32,241 58,767 37,539            
Construction and land costs     (14,371) (23,580) (44,176) (27,404)            
Other expense, net     (1,567) (1,694) (4,474) (3,541)            
Net income     3,089 6,967 10,117 6,594            
Assets                        
Cash     12,968   12,968         18,869    
Receivables     5,512   5,512         2,918    
Inventories     154,112   154,112         158,322    
Other assets     749   749         1,052    
Total assets     173,341   173,341         181,161    
Liabilities and equity                        
Accounts payable and other liabilities     12,076   12,076         8,091    
Notes payable [2]     41,825   41,825         47,300    
Equity     119,440   119,440         125,770    
Total liabilities and stockholders’ equity     173,341   173,341         181,161    
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Financial services                        
Statements of operations of unconsolidated joint venture                        
Revenues     26,362 31,615 79,326 93,485            
Other expense, net     (17,854) (19,751) (52,437) (54,641)            
Net income     8,508 $ 11,864 26,889 $ 38,844            
Assets                        
Cash and cash equivalents [3]     23,496   23,496         31,702    
Mortgage loans held for sale     174,920   174,920         122,828    
Other assets     13,503   13,503         22,815    
Total assets     211,919   211,919         177,345    
Liabilities and equity                        
Accounts payable and other liabilities     13,686   13,686         15,398    
Funding facilities     167,461   167,461         117,953    
Equity     30,772   30,772         43,994    
Total liabilities and stockholders’ equity     211,919   211,919         177,345    
Restricted cash     $ 800   $ 800         $ 1,300    
[1] Other assets at August 31, 2025 and November 30, 2024 included $38.4 million and $38.2 million, respectively, of contract assets for estimated future renewal commissions.
[2] As of both August 31, 2025 and November 30, 2024, the unconsolidated joint venture in California that delivered homes in the three-month and nine-month periods ended August 31, 2025 and 2024 had borrowings outstanding under a term loan with a third-party lender to finance its land acquisition, development and construction activities. In January 2025, the loan agreement was amended, increasing the aggregate commitment to $60.0 million from $55.0 million, and providing an eight-month loan extension option to replace the two previous six-month extension options. Pursuant to the amendment, the aggregate commitment was reduced to $55.2 million on August 31, 2025, and will be reduced to $40.0 million on February 28, 2026. This term loan is scheduled to mature on April 19, 2026, unless extended or terminated pursuant to its applicable terms. If the term loan is extended, the aggregate commitment would be reduced to $28.0 million effective April 19, 2026. Borrowings under the term loan are secured by the underlying property and related project assets. None of our other unconsolidated joint ventures had outstanding debt at August 31, 2025 or November 30, 2024
[3] Cash and cash equivalents included restricted cash of $.8 million at August 31, 2025 and $1.3 million at November 30, 2024
v3.25.2
Other Assets (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Other Assets [Line Items]    
Lease right-of-use assets $ 18,278 $ 18,734
Homebuilding    
Other Assets [Line Items]    
Cash surrender value of corporate-owned life insurance contracts 50,333 51,912
Lease right-of-use assets 18,250 18,704
Prepaid expenses 17,575 17,799
Other Assets, Miscellaneous [1] 16,722 17,505
Total $ 102,880 $ 105,920
[1] Other includes these investments in equity securities without readily determinable fair values of $15.2 million at August 31, 2025 and November 30, 2024
v3.25.2
Other Assets - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Aug. 31, 2024
Aug. 31, 2025
Nov. 30, 2024
Mar. 01, 2024
Other Assets [Abstract]        
Ownership interest in investment sold (percent)       13.50%
Equity securities without readily determinable fair values   $ 15.2 $ 15.2  
Gain on sale of investments $ 12.5      
v3.25.2
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
May 31, 2025
Nov. 30, 2024
Aug. 31, 2024
May 31, 2024
Nov. 30, 2023
Lessee, Lease, Description [Line Items]            
Self-insurance and other legal liabilities $ 341,147   $ 315,851      
Employee compensation and related benefits 145,957   182,460      
Warranty liability 98,598 $ 97,658 96,026 $ 93,670 $ 94,803 $ 98,000
Customer deposits 38,072   44,029      
Lease liabilities 20,772   20,887      
Accrued interest payable 17,353   28,806      
Real estate and business taxes 16,356   17,056      
Federal and state taxes payable 5,061   0      
Other 45,396   46,766      
Total 770,450   796,261      
Homebuilding            
Lessee, Lease, Description [Line Items]            
Inventory-related obligations [1] 41,769   44,408      
Lease liabilities 20,741   20,859      
Total $ 770,450   $ 796,261      
[1] Represents liabilities for financing arrangements discussed in Note 8 – Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are
delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.
v3.25.2
Leases (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Leases [Abstract]        
Lease expense $ 5.5 $ 5.1 $ 15.4 $ 15.4
Short-term lease cost $ 2.1 $ 1.9 $ 5.4 $ 5.6
v3.25.2
Leases (Lease Information) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Leases [Abstract]    
Lease right-of-use assets $ 18,278 $ 18,734
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Lease liabilities $ 20,772 $ 20,887
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued Liabilities Accrued Liabilities
v3.25.2
Income Taxes (Income Tax Expense and Effective Tax Rates) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Income Tax Expense (Benefit), Continuing Operations [Abstract]        
Income tax expense $ 33,400 $ 50,100 $ 97,700 $ 138,800
Effective tax rate 23.30% 24.20% 23.00% 23.00%
v3.25.2
Income Taxes (Narrative) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Income Tax Disclosure [Abstract]          
Income tax credits and adjustments $ 5,300,000 $ 3,900,000 $ 10,100,000 $ 12,800,000  
Nondeductible expense 3,600,000 $ 2,400,000 8,800,000 7,900,000  
Tax benefits from share-based compensation 200,000   5,600,000 $ 6,500,000  
Deferred tax assets 119,200,000   119,200,000   $ 119,200,000
Deferred tax assets, valuation allowance $ 16,800,000   16,800,000   $ 16,800,000
Adjustments to deferred tax valuation allowance     $ 0    
v3.25.2
Notes Payable (Schedule Notes Payable) (Details) - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Debt Instrument [Line Items]    
Notes payable $ 1,943,582 $ 1,691,679
Unsecured revolving credit facility | Revolving Credit Facility    
Debt Instrument [Line Items]    
Notes payable 250,000 0
Senior unsecured term loan due August 25, 2026 | Senior unsecured term loan due August 25, 2026    
Debt Instrument [Line Items]    
Notes payable $ 359,329 358,826
Senior Notes | 6.875% Senior notes due June 15, 2027    
Debt Instrument [Line Items]    
Stated interest rate percentage 6.875%  
Notes payable $ 298,959 298,560
Senior Notes | 4.80% Senior notes due November 15, 2029    
Debt Instrument [Line Items]    
Stated interest rate percentage 4.80%  
Notes payable $ 298,213 297,932
Senior Notes | 7.25% Senior notes due July 15, 2030    
Debt Instrument [Line Items]    
Stated interest rate percentage 7.25%  
Notes payable $ 346,953 346,574
Senior Notes | 4.00% Senior notes due June 15, 2031    
Debt Instrument [Line Items]    
Stated interest rate percentage 4.00%  
Notes payable $ 386,979 386,638
Mortgages and land contracts due to land sellers and other loans    
Debt Instrument [Line Items]    
Notes payable $ 3,149 $ 3,149
v3.25.2
Notes Payable (Narratives) (Details) - USD ($)
 9 Months Ended
Aug. 31, 2025
Nov. 30, 2024
Debt Instrument [Line Items]    
Unamortized debt issuance costs, premiums and discounts $ 9,600,000 $ 11,500,000
Debt instrument, maturity date Aug. 25, 2026  
Letters of credit outstanding $ 70,700,000 81,600,000
Debt instrument, collateral amount 24,400,000  
Long-Term Debt, Fiscal Year Maturity [Abstract]    
Repayments of principal, 2025 100,000  
Repayments of principal, 2026 360,700,000  
Repayments of principal, 2027 300,900,000  
Repayments of principal, 2028 800,000  
Repayments of principal, 2029 300,600,000  
Repayments of principal, thereafter 740,000,000.0  
Senior unsecured term loan due August 25, 2026    
Debt Instrument [Line Items]    
Debt instrument, face amount $ 360,000,000  
Senior unsecured term loan due August 25, 2026 | Senior unsecured term loan due August 25, 2026    
Debt Instrument [Line Items]    
Weighted average interest rate (in percentage) 5.80%  
Revolving Credit Facility    
Debt Instrument [Line Items]    
Line of credit facility, current borrowing capacity $ 1,090,000,000.00  
Unsecured revolving credit facility, expiration date Feb. 18, 2027  
Unsecured revolving credit facility, maximum borrowing capacity $ 1,290,000,000  
Credit facility, letters of credit outstanding 250,000,000.0  
Unsecured revolving credit facility, remaining borrowing capacity $ 831,700,000  
Debt, weighted average interest rate (percent) 5.70%  
Revolving Credit Facility | Min    
Debt Instrument [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage 0.15%  
Revolving Credit Facility | Max    
Debt Instrument [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage 0.35%  
Letter of Credit    
Debt Instrument [Line Items]    
Line of credit facility, current borrowing capacity $ 250,000,000.0  
Credit facility, letters of credit outstanding 8,300,000  
Unsecured revolving credit facility, remaining borrowing capacity 241,700,000  
LOC Facilities    
Debt Instrument [Line Items]    
Line of credit facility, current borrowing capacity $ 100,000,000.0  
Unsecured revolving credit facility, expiration date Feb. 13, 2028  
Letters of credit outstanding $ 62,400,000 $ 73,300,000
v3.25.2
Fair Value Disclosures (Assets Measured at Fair Value on Nonrecurring Basis) (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Assets measured at fair value on a nonrecurring basis          
Inventory Impairment Charges $ (7,300,000) $ 0 $ (7,300,000) $ 0  
Fair Value, Nonrecurring | Level 3          
Assets measured at fair value on a nonrecurring basis          
Pre-Impairment Value 24,268,000   24,268,000   $ 0
Inventory Impairment Charges     (7,341,000)   0
Fair Value $ 16,927,000 [1]   $ 16,927,000 [1]   $ 0
[1] Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
v3.25.2
Fair Value Disclosures (Fair Value Hierarchy, Carrying Values, and Estimated Fair Values of Financial Instruments) (Details) - Level 2 - Senior Notes - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior notes [1] $ 1,331,104 $ 1,329,704
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Senior notes $ 1,320,913 $ 1,309,700
[1] The carrying value for the senior notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.
v3.25.2
Commitments and Contingencies (Narratives) (Details)
 9 Months Ended
Aug. 31, 2025
USD ($)
claim
home
Nov. 30, 2024
USD ($)
Loss Contingencies [Line Items]    
Structural warranty provided by company (in years) 10 years  
Warranty for other components of home (in years) 1 year  
Performance bonds $ 1,390,000,000 $ 1,330,000,000
Letters of credit outstanding 70,700,000 81,600,000
Cash deposits 76,513,000 81,939,000
Aggregate purchase price of land 1,952,560,000 2,591,130,000
LOC Facilities    
Loss Contingencies [Line Items]    
Letters of credit outstanding $ 62,400,000 73,300,000
Expiration period 1 year  
Damages from Product Defects    
Loss Contingencies [Line Items]    
Minimum number of affected homes for construction defect claims | home 2  
Warranty Obligations    
Loss Contingencies [Line Items]    
Structural warranty provided by company (in years) 10 years  
Self Insurance    
Loss Contingencies [Line Items]    
Reclassification of warranty recoveries to receivables $ 22,000,000.0 $ 22,600,000
Chapter 558 of the Florida Statutes    
Loss Contingencies [Line Items]    
Number of new claims filed | claim 269  
Minimum    
Loss Contingencies [Line Items]    
Warranty on electrical and other building systems (in years) 2 years  
Insurance coverage amount for construction $ 50,000  
Maximum    
Loss Contingencies [Line Items]    
Warranty on electrical and other building systems (in years) 5 years  
Insurance coverage amount for construction $ 250,000  
v3.25.2
Commitments and Contingencies (Changes in the Warranty and Self-Insurance Liability) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Changes in the Company's warranty liability        
Balance at beginning of period $ 97,658 $ 94,803 $ 96,026 $ 98,000
Warranties issued 10,642 9,731 29,643 27,596
Payments (9,702) (10,864) (27,071) (31,926)
Balance at end of period 98,598 93,670 98,598 93,670
Movement In Self Insurance Reserve [Roll Forward]        
Balance at beginning of period 187,277 173,029 185,428 179,832
Self-insurance provided 5,334 5,604 13,907 14,867
Payments (1,199) (3,206) (12,540) (14,686)
Balance at end of period 188,749 172,017 188,749 172,017
Self Insurance        
Movement In Self Insurance Reserve [Roll Forward]        
Adjustments [1] $ (2,663) $ (3,410) $ 1,954 $ (7,996)
[1] Represents net changes in the portion of our self-insurance liability estimated to be recoverable from our insurers or other parties, and/or actual recoveries funded directly by our insurers or other parties, if any.
v3.25.2
Legal Matters (Details)
 9 Months Ended
Aug. 31, 2025
Loss Contingency, Information about Litigation Matters [Abstract]  
Applicability and impact of environmental laws Pursuant to SEC rules, we will disclose any proceeding in which a governmental authority is a party and that arises under any federal, state or local provisions enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment only where we believe that such proceeding will result in monetary sanctions on us, exclusive of interest and costs, above $1.0 million or is otherwise material to our consolidated financial statements
v3.25.2
Stockholders' Equity (Narratives) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Feb. 21, 2025
Aug. 31, 2025
Feb. 28, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Apr. 18, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Payment, tax withholding, share-based payment arrangement         $ 15,884 $ 16,505    
Cash dividend declared per common share (in dollars per share)   $ 0.25   $ 0.25 $ 0.75 $ 0.70    
Dividend paid (in dollars per share)   $ 0.25   $ 0.25 $ 0.75 $ 0.70    
Shares Withheld to Pay Taxes                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Tax payments associated with stock-based compensation awards (in shares)     243,729          
Payment, tax withholding, share-based payment arrangement     $ 14,900          
April 2024 Stock Repurchase Program                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Stock repurchase program, remaining authorized repurchase amount   $ 261,500     $ 261,500   $ 700,000 $ 1,000,000
Stock repurchased (in shares)         7,788,113      
Stock repurchased, value         $ 438,500      
Performance Shares | PSU 2021                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares issued for PSUs that vested in the period (in shares) 530,015              
v3.25.2
Stock-Based Compensation (Narratives) (Details) - USD ($)
 3 Months Ended 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Options outstanding (in shares) 376,641   376,641   418,141
Options outstanding weighted average exercise price (in dollars per share) $ 16.21   $ 16.21   $ 16.17
Exercised (in shares)     41,500    
Exercised (in dollars per share)     $ 15.77    
Aggregate intrinsic value of stock options outstanding $ 17,800,000   $ 17,800,000    
Aggregate intrinsic value of stock options exercisable 17,800,000   $ 17,800,000    
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Weighted average remaining contractual life of stock options outstanding     1 year 2 months 12 days    
Weighted average remaining contractual life of stock options exercisable     1 year 2 months 12 days    
Stock-based compensation expense 0 $ 0 $ 0 $ 0  
Restricted Stock and Performance Unit Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation expense $ 8,400,000 $ 8,000,000.0 $ 25,100,000 $ 25,300,000  
v3.25.2
Supplemental Disclosure to Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 9 Months Ended
Aug. 31, 2025
Aug. 31, 2024
Nov. 30, 2024
Nov. 30, 2023
Summary of cash and cash equivalents at end of period:        
Cash and cash equivalents $ 332,298 $ 375,693 $ 599,193 $ 727,342
Supplemental disclosures of cash flow information:        
Interest paid, net of amounts capitalized 1,453 11,999    
Income taxes paid 88,901 145,915    
Supplemental disclosures of non-cash activities:        
Increase (decrease) in consolidated inventories not owned (5,762) 4,616    
Inventories acquired through seller financing 0 3,149    
Inspirada Builders LLC        
Supplemental disclosures of non-cash activities:        
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture 4,890 7,753    
Homebuilding        
Summary of cash and cash equivalents at end of period:        
Cash and cash equivalents 330,586 374,911    
Financial services        
Summary of cash and cash equivalents at end of period:        
Cash and cash equivalents $ 1,712 $ 782