Lennar Reports Fourth Quarter and Fiscal 2025 Results

Rhea-AI Summary

Lennar (NYSE: LEN) reported Q4 2025 net earnings of $490M ($1.93/sh) and FY2025 net earnings of $2.1B ($7.98/sh), with adjusted EPS of $2.03 in Q4 and $8.06 for the year excluding certain items. Q4 highlights included 20,018 new orders (+18% YoY), 23,034 deliveries (+4% YoY), backlog of 13,936 homes worth $5.2B, and total revenues of $9.4B. Gross margin on home sales was 17.0% in Q4 (FY 17.7%). The company completed a non-cash Millrose exchange, repurchased 22.1M shares, and ended Q4 with $3.4B cash.

Positive

• New orders +18% year-over-year to 20,018 homes
• Backlog valued at $5.2 billion (13,936 homes)
• Deliveries up 4% quarter-over-quarter to 23,034 homes
• Completed repurchase of 22.1 million shares in 2025
• Homebuilding cash and equivalents of $3.4 billion
• Inventory turn improved to 2.2 times (127-day cycle)

Negative

• Q4 net earnings declined from $1.1B to $490M
• FY net earnings declined from $3.9B to $2.1B
• Gross margin on home sales fell 22.1% to 17.0% (410 bps)
• Average sales price down 10% in Q4 to $386,000
• Multifamily operating loss of $44 million in Q4

Key Figures

Q4 EPS (diluted) $1.93 per share Fourth quarter 2025 GAAP vs $4.06 in Q4 2024

Q4 revenue $9.4 billion Total revenues fourth quarter 2025 vs $9.5 billion 2024

Q4 new orders 20,018 homes Fourth quarter 2025, up 18% year over year

Q4 deliveries 23,034 homes Fourth quarter 2025, up 4% year over year

FY 2025 EPS (diluted) $7.98 per share Year ended Nov 30, 2025 vs $14.31 in 2024

Q4 gross margin 17.0% Gross margin on home sales Q4 2025 vs 22.1% in Q4 2024

Backlog value $5.2 billion Backlog of 13,936 homes at Nov 30, 2025

Homebuilding cash $3.4 billion Homebuilding cash and cash equivalents at quarter end

Market Reality Check

$104.90 Last Close

Volume Volume 4,344,351 is below the 20-day average of 10,119,425 (about 0.43x typical activity). low

Technical Shares at 117.57 are trading slightly below the 200-day MA of 118.57 and about 22.86% under the 52-week high.

Peers on Argus

Before the results, LEN was up 0.3% while key homebuilder peers PHM, DHI, NVR, TOL, and MTH were down between about 1.1% and 2.5%, pointing to stock-specific positioning rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Earnings call notice	Neutral	-4.8%	Scheduled timing of fourth‑quarter earnings release and conference call.
Dec 01	Exchange offer comment	Neutral	-0.8%	Millrose comments on oversubscribed completion of Lennar share exchange offer.
Nov 26	Exchange results final	Neutral	+0.1%	Final results of exchange offer including <b>8,049,594</b> Lennar shares accepted.
Nov 24	Exchange results prelim	Neutral	-0.2%	Preliminary exchange metrics and indication of oversubscription and proration.
Nov 20	Exchange ratio set	Neutral	+0.9%	Announcement of final exchange ratio of <b>4.1367</b> Millrose shares per Lennar share.

Pattern Detected

Recent exchange-offer communications have produced relatively small price moves (within about 1%), while the earnings-call scheduling headline on Dec 3 coincided with a larger -4.79% move.

Recent Company History

Over the last month, Lennar’s news flow centered on its Millrose exchange offer and upcoming earnings. Multiple releases in mid‑ to late‑November detailed the final exchange ratio of 4.1367, oversubscription, and the acceptance of about 8.0M Lennar shares, with price reactions generally within ±1%. A leadership 8‑K on Nov 14 and the Dec 3 earnings‑call announcement saw a larger -4.79% move. Today’s detailed Q4 and FY 2025 results add fundamental context to these prior capital-structure updates.

Market Pulse Summary

This announcement details Lennar’s Q4 and FY 2025 performance, highlighting mixed fundamentals. New orders grew 18% to 20,018 homes and deliveries reached 23,034, but Q4 EPS declined to $1.93 and gross margin on home sales compressed to 17.0%. FY EPS was $7.98 on revenues of $34.2B. Guidance calls for 17,000–18,000 Q1 deliveries, an average sales price of $365,000–$375,000, and margin of 15–16%. Investors may monitor margins, incentives, and order trends closely.

Key Terms

mark-to-market financial

"excluding adjustments of:$123 million mark-to-market gains on technology investments"

"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.

sg&a financial

"our gross margin was 17%, with SG&A at 7.9%, resulting in a net margin"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

mortgage rate buydowns financial

"We continued to utilize incentives, including mortgage rate buydowns, to sustain sales"

A mortgage rate buydown is an arrangement where an upfront payment is made—by the borrower, seller, or lender—to lower a home loan’s interest rate for a set period or the life of the loan, producing smaller monthly payments early on. Think of it like buying a temporary discount on your mortgage payment. Investors care because buydowns change loan cash flows, borrower affordability and prepayment behavior, which affect housing demand and the value and yield of mortgage-backed investments.

inventory turn financial

"As a result, our inventory turn improved to 2.2 times, supporting both operational"

Inventory turn measures how many times a company sells and replaces its stock of goods over a given period; think of it as how often a pantry is emptied and restocked. For investors, a higher inventory turn usually signals strong sales, efficient use of capital and lower storage costs, while a low turn can indicate slow demand, tied-up cash or potential obsolescence—factors that affect profitability and cash flow.

effective income tax rate financial

"which resulted in an overall effective income tax rate of 27.4% and 24.6%"

The effective income tax rate is the share of a company’s pre-tax profit that it actually pays in income taxes, calculated by dividing total tax expense by pre-tax income. For investors, it shows how much tax reduces a company’s earnings — like knowing the difference between a car’s sticker price and what you actually pay after fees and discounts — and helps compare profitability and cash available for growth or dividends.

AI-generated analysis. Not financial advice.

2025 Fourth Quarter Highlights

• Net earnings per diluted share of $1.93; $2.03 excluding adjustments of:
  • $123 million mark-to-market gains on technology investments, and
  • $156 million one-time loss on previously announced Millrose Properties, Inc. ("Millrose") exchange offer
• Net earnings of $490 million
• New orders increased 18% year over year to 20,018 homes
• Backlog of 13,936 homes with a dollar value of $5.2 billion
• Deliveries increased 4% year over year to 23,034 homes
• Total revenues of $9.4 billion
• Homebuilding operating earnings of $718 million
  • Gross margin on home sales of 17.0%; net margin of 9.1%
• Financial Services operating earnings of $134 million
• Multifamily operating loss of $44 million
• Lennar Other operating earnings of $61 million
• Homebuilding cash and cash equivalents of $3.4 billion
• No outstanding borrowings under the Company's $3.1 billion revolving credit facility
• $1.7 billion outstanding under the Company's term loan facility
• Homebuilding debt to total capital of 15.7%
• Completed non-cash repurchase of 8.0 million Lennar shares through Millrose exchange offer

2025 Fiscal Year Highlights

• Net earnings per diluted share of $7.98; $8.06 excluding adjustments of:
  • $130 million mark-to-market gains on technology investments, and
  • $156 million one-time loss on Millrose exchange offer
• Net earnings of $2.1 billion
• New orders increased 9% year over year to 83,978 homes
• Deliveries increased 3% year over year to 82,583 homes
• Total revenues of $34.2 billion
• Gross margin on home sales of 17.7%; net margin of 9.3%
• Completed spin-off of Millrose and acquisition of Rausch Coleman Homes' homebuilding operations in February
• Repurchased 22.1 million shares; 14.1 million shares of Lennar common stock for $1.7 billion in cash and 8.0 million shares through Millrose exchange offer

MIAMI, Dec. 16, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2025. Fourth quarter net earnings attributable to Lennar in 2025 were $490 million, or $1.93 per diluted share, compared to $1.1 billion, or $4.06 per diluted share in the fourth quarter of 2024. Excluding mark-to-market gains on technology investments of $123 million and one-time loss of $156 million on the previously announced Millrose Properties, Inc. ("Millrose") exchange offer, fourth quarter net earnings attributable to Lennar in 2025 were $514 million, or $2.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2024 of $1.1 billion, or $4.03 per diluted share, excluding mark-to-market gains on technology investments of $13 million. Net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $7.98 per diluted share, compared to $3.9 billion, or $14.31 per diluted share for the year ended November 30, 2024. Excluding mark-to-market gains on technology investments of $130 million and one-time loss of $156 million on the Millrose exchange offer, net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $8.06 per diluted share, compared to $3.8 billion, or $13.86 per diluted share for the year ended November 30, 2024, excluding $25 million mark-to-market gains on technology investments and other one-time items.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged. Accordingly, our fourth quarter and full year 2025 results reflect a disciplined commitment to increasing housing supply in a market constrained by affordability challenges, as well as weak consumer confidence. Despite the added pressure of a six-week government shutdown, we continued to build and sell homes, adapting as needed to changing market conditions."

"During the quarter, we delivered 23,034 homes and achieved 20,018 new orders. Our average sales price was $386,000, while our gross margin was 17%, with SG&A at 7.9%, resulting in a net margin of 9.1%."

"To address continued market declines, we maintained approximately 14% in incentives and price adjustments, while continuing to focus on volume. Deliveries for 2025 exceeded those of 2024 by more than 2,300 homes or approximately 3%, for a total of 82,583."

"Even as market conditions softened, we prioritized providing supply for a healthier housing market, while driving down costs to support affordability. Our strategy remains consistent and clear: maintain volume, adapt to evolving conditions, reduce costs, and support housing affordability."

Jon Jaffe, Lennar's Co-Chief Executive Officer and President, added, "During the fourth quarter, we strategically reduced our starts and sales pace to 3.7 and 4.0 homes per community per month, respectively. We continued to utilize incentives, including mortgage rate buydowns, to sustain sales momentum. Our community count increased to 1,708, allowing for a slower pace per community while maintaining overall volume."

"Construction cycle times moderated to an average of 127 days, enabling more efficient production. As a result, our inventory turn improved to 2.2 times, supporting both operational efficiency and affordability, with less cash required to produce volume."

Mr. Miller concluded, "While affordability and consumer confidence have remained challenging as interest rates moderated, we have focused on adapting to a new normal as the market finds its footing. Against the backdrop of uncertainty, we will give limited guidance on the first quarter and the year ahead. In the first quarter, we expect to deliver between 17,000 and 18,000 homes. We expect our average sales price will be between $365,000 and $375,000, and expect our margin to be lower, as is typical with lower first quarter volume, between 15% to 16% depending on market conditions, with SG&A of approximately 9.5%. We expect that deliveries for the full year will be approximately 85,000 homes."

"Although the current market presents short-term challenges, we are highly confident that our strong market position and disciplined operating strategy will set us up for long-term success."

RESULTS OF OPERATIONS
THREE MONTHS ENDED NOVEMBER 30, 2025 COMPARED TO 
THREE MONTHS ENDED NOVEMBER 30, 2024

As previously announced, Lennar Corporation completed its acquisition of Rausch Coleman Homes on February 10, 2025. Prior year information includes only stand-alone data for Lennar Corporation for the three months ended November 30, 2024.

Homebuilding

Revenues from home sales decreased 7% in the fourth quarter of 2025 to $8.9 billion from $9.5 billion in the fourth quarter of 2024. Revenues were lower primarily due to a 10% decrease in the average sales price of homes delivered, partially offset by a 4% increase in the number of home deliveries. New home deliveries increased to 23,034 homes in the fourth quarter of 2025 from 22,206 homes in the fourth quarter of 2024. The average sales price of homes delivered was $386,000 in the fourth quarter of 2025, compared to $430,000 in the fourth quarter of 2024. The decrease in average sales price of homes delivered in the fourth quarter of 2025 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers.

Gross margins on home sales were $1.5 billion, or 17.0%, in the fourth quarter of 2025, compared to $2.1 billion, or 22.1%, in the fourth quarter of 2024. During the fourth quarter of 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting the Company's continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $697 million in the fourth quarter of 2025, compared to $682 million in the fourth quarter of 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 7.9% in the fourth quarter of 2025, from 7.2% in the fourth quarter of 2024, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.

Financial Services

Operating earnings for the Financial Services segment were $133 million in the fourth quarter of 2025, compared to $154 million in the fourth quarter of 2024. The decrease in operating earnings was primarily due to lower volume and profit per loan in the mortgage business as well as lower profit per closed order in the title business as a result of lower average sales price.

Other Ancillary Businesses

Operating loss for the Multifamily segment was $44 million in the fourth quarter of 2025, compared to operating loss of $0.1 million in the fourth quarter of 2024. Operating earnings for Lennar Other segment were $61 million in the fourth quarter of 2025, compared to $0.5 million in the fourth quarter of 2024. Lennar Other operating earnings for the fourth quarter of 2025 were primarily related to mark-to-market gains of $123 million on the Company's technology investments, partially offset by other operating losses. Lennar Other operating earnings for the fourth quarter of 2024 were primarily due to mark-to-market gains on technology investments of $13 million, which was partially offset by other operating losses.

Millrose Exchange/Shares Repurchase

In November, the Company completed the Millrose exchange offer in a non-cash transaction, accepting 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock, which represented 20% of Millrose's outstanding shares. The exchange resulted in a $1.1 billion reduction in investments in unconsolidated entities and stockholders' equity as of November 30, 2025 and a one-time loss of $156 million in Homebuilding other income (expense), net, in the Company's consolidated statements of operations and comprehensive income.

Tax Rate

For the quarters ended November 30, 2025 and 2024, the Company had a tax provision of $185 million and $358 million, which resulted in an overall effective income tax rate of 27.4% and 24.6%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the fourth quarter of 2025 compared to the prior period was primarily due to the loss related to the Millrose exchange offer not being recognized for tax purposes. On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted, introducing various changes to U.S. Federal tax law. The Act did not have a material impact on the Company's consolidated financial statements for the fiscal year ended November 30, 2025, and the Company is still evaluating the potential impact of the Act on future periods.

Guidance

The following are the Company's expected results of its homebuilding and financial services activities for the first quarter of fiscal 2026:

New Orders	18,000 - 19,000
Deliveries	17,000 - 18,000
Average Sales Price	$365,000 - $375,000
Gross Margin % on Home Sales	15.0% - 16.0%
S,G&A as a % of Home Sales	About 9.5%
Financial Services Operating Earnings	$105 million - $110 million

About Lennar

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LEN^X drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties; changes in U.S and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings or the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including being able to maintain our land light strategy following the completion of the Millrose spin-off and the Millrose exchange offer; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable results in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business; and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 23, 2025 and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

A conference call to discuss the Company's fourth quarter earnings will be held at 11:00 a.m. Eastern Time on Wednesday, December 17, 2025. The call will be broadcast live on the internet and can be accessed through the Company's website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-0176 and entering 5723593 as the confirmation number.

###

LENNAR CORPORATION AND SUBSIDIARIES Selected Revenues and Operating Information (In thousands, except per share amounts) (unaudited)
	Three Months Ended				Years Ended
	November 30,				November 30,
	2025		2024		2025		2024
Revenues:
Homebuilding	$  8,885,273		9,548,684		32,266,680		33,906,426
Financial Services	308,827		304,550		1,198,197		1,109,263
Multifamily	158,661		88,917		680,627		411,537
Lennar Other	14,848		4,737		41,430		14,226
Total revenues	$  9,367,609		9,946,888		34,186,934		35,441,452
Homebuilding operating earnings	$     717,960		1,495,383		3,015,252		5,342,252
Financial Services operating earnings	133,831		154,476		612,466		577,184
Multifamily operating earnings (loss)	(44,207)		(160)		(75,455)		42,635
Lennar Other operating earnings (loss)	60,581		450		(19,099)		(47,967)
Corporate general and administrative expenses	(162,090)		(170,011)		(636,718)		(648,986)
Charitable foundation contribution	(23,034)		(22,206)		(82,583)		(80,210)
Earnings before income taxes	683,041		1,457,932		2,813,863		5,184,908
Provision for income taxes	(185,085)		(358,058)		(705,563)		(1,217,253)
Net earnings (including net earnings attributable to noncontrolling interests)	497,956		1,099,874		2,108,300		3,967,655
Less: Net earnings attributable to noncontrolling interests	7,719		3,660		30,121		35,122
Net earnings attributable to Lennar	$     490,237		1,096,214		2,078,179		3,932,533
Basic and diluted average shares outstanding	252,363		267,262		257,746		272,019
Basic and diluted earnings per share	$            1.93		4.06		7.98		14.31
Supplemental information:
Interest incurred (1)	$       56,386		29,254		184,589		129,310
EBIT (2):
Net earnings attributable to Lennar	$     490,237		1,096,214		2,078,179		3,932,533
Provision for income taxes	185,085		358,058		705,563		1,217,253
Interest expense included in:
Costs of homes and land sold	53,578		39,542		160,944		161,221
Homebuilding other income (expense), net	3,116		4,472		13,874		18,771
Total interest expense	56,694		44,014		174,818		179,992
EBIT	$     732,016		1,498,286		2,958,560		5,329,778

(1)

Amount represents interest incurred related to Homebuilding debt.

(2)

EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.

 

LENNAR CORPORATION AND SUBSIDIARIES Segment Information (In thousands) (unaudited)
	Three Months Ended				Years Ended
	November 30,				November 30,
	2025		2024		2025		2024
Homebuilding revenues:
Sales of homes	$  8,854,844		9,500,991		32,097,245		33,778,149
Sales of land	21,190		39,568		130,232		93,384
Other homebuilding	9,239		8,125		39,203		34,893
Total revenues	8,885,273		9,548,684		32,266,680		33,906,426
Homebuilding costs and expenses:
Costs of homes sold	7,353,366		7,400,266		26,423,605		26,255,353
Costs of land sold	49,365		30,162		182,680		73,802
Selling, general and administrative	697,260		682,003		2,678,337		2,480,309
Total costs and expenses	8,099,991		8,112,431		29,284,622		28,809,464
Homebuilding net margins	785,282		1,436,253		2,982,058		5,096,962
Homebuilding equity in earnings from unconsolidated entities	20,742		12,410		83,652		66,448
Homebuilding other income (expense), net (1)	(88,064)		46,720		(50,458)		178,842
Homebuilding operating earnings	$     717,960		1,495,383		3,015,252		5,342,252
Financial Services revenues	$     308,827		304,550		1,198,197		1,109,263
Financial Services costs and expenses	174,996		150,074		585,731		532,079
Financial Services operating earnings	$     133,831		154,476		612,466		577,184
Multifamily revenues	$     158,661		88,917		680,627		411,537
Multifamily costs and expenses	183,167		101,875		750,011		521,455
Multifamily equity in earnings (loss) from unconsolidated entities and  other income (expense), net	(19,701)		12,798		(6,071)		152,553
Multifamily operating earnings (loss)	$      (44,207)		(160)		(75,455)		42,635
Lennar Other revenues	$       14,848		4,737		41,430		14,226
Lennar Other costs and expenses	80,406		26,390		179,445		79,495
Lennar Other equity in earnings (loss) from unconsolidated entities and other	3,253		9,395		(11,250)		(7,878)
Lennar Other gains from technology investments	122,886		12,708		130,166		25,180
Lennar Other operating earnings (loss)	$       60,581		450		(19,099)		(47,967)

(1)	A one-time loss of $156 million on the Millrose exchange offer is included in both the three months and year ended November 30, 2025.

 

LENNAR CORPORATION AND SUBSIDIARIES Summary of Deliveries, New Orders and Backlog (Dollars in thousands, except average sales price) (unaudited)
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:   East: Florida, New Jersey and Pennsylvania Central: Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee and Virginia South Central: Arkansas, Kansas, Missouri, Oklahoma and Texas West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington Other: Urban divisions
	For the Three Months Ended November 30,
	2025		2024		2025		2024		2025		2024
Deliveries:	Homes				Dollar Value				Average Sales Price
East	5,181		5,376		$  1,953,711		2,213,237		$     377,000		412,000
Central	6,390		6,252		2,348,045		2,443,130		367,000		391,000
South Central	6,099		4,845		1,405,448		1,215,228		230,000		251,000
West	5,362		5,721		3,200,070		3,682,454		597,000		644,000
Other	2		12		1,202		5,354		601,000		446,000
Total	23,034		22,206		$  8,908,476		9,559,403		$     386,000		430,000

Of the total homes delivered listed above, 103 homes with a dollar value of $54 million and an average sales price of $521,000 represent homes from unconsolidated entities for the three months ended November 30, 2025, compared to 112 homes with a dollar value of $58 million and an average sales price of $522,000 for the three months ended November 30, 2024.

	At November 30,				For the Three Months Ended November 30,
	2025		2024		2025		2024		2025		2024		2025		2024
New Orders:	Active Communities				Homes				Dollar Value				Average Sales Price
East	380		321		5,244		3,597		$  1,885,786		1,463,781		$     360,000		407,000
Central	469		430		5,039		4,448		1,767,887		1,723,790		351,000		388,000
South Central	417		285		5,073		4,158		1,168,726		1,044,596		230,000		251,000
West	441		409		4,660		4,689		2,681,493		2,944,098		575,000		628,000
Other	1		2		2		3		1,202		2,898		601,000		966,000
Total	1,708		1,447		20,018		16,895		$  7,505,094		7,179,163		$     375,000		425,000

Of the total new orders listed above, 96 homes with a dollar value of $47 million and an average sales price of $485,000 represent homes in nine active communities from unconsolidated entities for the three months ended November 30, 2025, compared to 81 homes with a dollar value of $41 million and an average sales price of $512,000 in 11 active communities for the three months ended November 30, 2024.

	For the Years Ended November 30,
	2025		2024		2025		2024		2025		2024
Deliveries:	Homes				Dollar Value				Average Sales Price
East	18,938		20,553		$  7,107,647		8,385,431		$     375,000		408,000
Central	20,492		19,856		7,747,913		7,855,609		378,000		396,000
South Central	23,416		18,844		5,579,035		4,763,692		238,000		253,000
West	19,713		20,914		11,857,853		12,938,104		602,000		619,000
Other	24		43		15,543		21,739		648,000		506,000
Total	82,583		80,210		$  32,307,991		33,964,575		$     391,000		423,000

Of the total homes delivered listed above, 442 homes with a dollar value of $211 million and an average sales price of $477,000 represent homes from unconsolidated entities for the year ended November 30, 2025, compared to 383 homes with a dollar value of $186 million and an average sales price of $487,000 for the year ended November 30, 2024.

	For the Years Ended November 30,
	2025		2024		2025		2024		2025		2024
New Orders:	Homes				Dollar Value				Average Sales Price
East	20,385		17,379		$  7,383,948		7,165,489		$     362,000		412,000
Central	20,601		19,844		7,637,454		7,813,702		371,000		394,000
South Central	23,675		19,019		5,531,658		4,804,674		234,000		253,000
West	19,294		20,668		11,382,566		12,874,054		590,000		623,000
Other	23		41		15,195		20,562		661,000		502,000
Total	83,978		76,951		$  31,950,821		32,678,481		$     380,000		425,000

Of the total new orders listed above, 442 homes with a dollar value of $233 million and an average sales price of $527,000 represent homes from unconsolidated entities for the year ended November 30, 2025, compared to 315 homes with a dollar value of $176 million and an average sales price of $558,000 for the year ended November 30, 2024.

	At November 30,
	2025 (1)		2024		2025		2024		2025		2024
Backlog:	Homes				Dollar Value				Average Sales Price
East	4,783		3,336		$     1,753,119		1,474,622		$     367,000		442,000
Central	3,511		3,221		1,288,455		1,355,845		367,000		421,000
South Central	3,045		2,070		655,388		525,299		215,000		254,000
West	2,597		3,005		1,547,444		2,016,669		596,000		671,000
Other	—		1		—		349		—		349,000
Total	13,936		11,633		$     5,244,406		5,372,784		$     376,000		462,000

Of the total homes in backlog listed above, 79 homes with a backlog dollar value of $86 million and an average sales price of $1,089,000 represent the backlog from unconsolidated entities at November 30, 2025, compared to 79 homes with a backlog dollar value of $64 million and an average sales price of $807,000 at November 30, 2024.

(1)	During the year ended November 30, 2025, backlog includes 908 acquired homes of which 181, 716 and 11 homes were in the Central, South Central and West homebuilding segments, respectively.

 

LENNAR CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (unaudited)
	November 30,
	2025		2024
ASSETS
Homebuilding:
Cash and cash equivalents	$             3,441,324		4,662,643
Restricted cash	25,930		11,799
Receivables, net	1,002,629		1,053,211
Inventories:
Finished homes and construction in progress	8,822,271		10,884,861
Land and land under development	1,098,961		4,750,025
Inventory owned	9,921,232		15,634,886
Consolidated inventory not owned	1,696,401		4,084,665
Inventory owned and consolidated inventory not owned	11,617,633		19,719,551
Deposits and pre-acquisition costs on real estate	6,383,633		3,625,372
Investments in unconsolidated entities	1,545,370		1,344,836
Goodwill	3,442,359		3,442,359
Other assets	1,794,378		1,734,698
	29,253,256		35,594,469
Financial Services	3,377,413		3,516,550
Multifamily	902,136		1,306,818
Lennar Other	897,632		894,944
Total assets	$           34,430,437		41,312,781
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$             1,812,484		1,839,440
Liabilities related to consolidated inventory not owned	1,476,376		3,563,934
Senior notes and other debts payable, net	4,084,686		2,258,283
Other liabilities	2,691,876		3,201,552
	10,065,422		10,863,209
Financial Services	2,010,598		2,140,708
Multifamily	113,361		181,883
Lennar Other	100,447		105,756
Total liabilities	12,289,828		13,291,556
Stockholders' equity:
Preferred stock	—		—
Class A common stock of $0.10 par value	26,158		25,998
Class B common stock of $0.10 par value	3,660		3,660
Additional paid-in capital	5,909,726		5,729,434
Retained earnings	22,471,471		25,753,078
Treasury stock	(6,457,609)		(3,649,564)
Accumulated other comprehensive income	6,011		7,529
Total stockholders' equity	21,959,417		27,870,135
Noncontrolling interests	181,192		151,090
Total equity	22,140,609		28,021,225
Total liabilities and equity	$          34,430,437		41,312,781

 

LENNAR CORPORATION AND SUBSIDIARIES Supplemental Data (Dollars in thousands) (unaudited)
	November 30,
	2025		2024
Homebuilding debt	$     4,084,686		2,258,283
Stockholders' equity	21,959,417		27,870,135
Total capital	$   26,044,103		30,128,418
Homebuilding debt to total capital	15.7 %		7.5 %
Homebuilding debt	$     4,084,686		2,258,283
Less: Homebuilding cash and cash equivalents	3,441,324		4,662,643
Net homebuilding debt	$        643,362		(2,404,360)
Net homebuilding debt to total capital (1)	2.8 %		(9.4) %

(1)

Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129

View original content:https://www.prnewswire.com/news-releases/lennar-reports-fourth-quarter-and-fiscal-2025-results-302643946.html

SOURCE Lennar Corporation

FAQ

What were Lennar (LEN) Q4 2025 earnings per share?

Lennar reported Q4 2025 net EPS of $1.93 and adjusted EPS of $2.03.

How many new orders did Lennar (LEN) report in Q4 2025?

Lennar reported 20,018 new orders in Q4 2025, an 18% increase year-over-year.

What guidance did Lennar (LEN) give for Q1 2026 deliveries and margin?

Guidance for Q1 2026: 17,000–18,000 deliveries and gross margin of 15%–16%.

How did Lennar's (LEN) average sales price change in Q4 2025?

Average sales price declined to $386,000 in Q4 2025, down about 10% year-over-year.

What was Lennar's (LEN) total revenue and backlog value in FY2025?

Total revenue for FY2025 was $34.2B; backlog value was $5.2B for 13,936 homes.

Did Lennar (LEN) complete any major corporate actions in 2025?

Yes; Lennar completed the Millrose exchange offer and repurchased 22.1M shares in 2025.