Lennar Reports Third Quarter 2025 Results
Rhea-AI Summary
Lennar Corporation (NYSE:LEN) reported its Q3 2025 results with net earnings of $591 million, or $2.29 per diluted share ($2.00 excluding mark-to-market gains). The company delivered 21,584 homes and recorded 23,004 new orders, a 12% increase year-over-year. However, challenging market conditions led to reduced average sales prices of $383,000 and lower gross margins of 17.5%.
Key metrics include total revenues of $8.8 billion, homebuilding operating earnings of $760 million, and Financial Services operating earnings of $178 million. The company maintained strong liquidity with $1.4 billion in homebuilding cash and achieved its shortest-ever cycle time of 126 days. During Q3, Lennar repurchased 4.1 million shares for $507 million and maintained a low homebuilding debt to total capital ratio of 13.5%.
Positive
- New orders increased 12% to 23,004 homes
- Achieved shortest-ever cycle time of 126 days
- Strong liquidity with $1.4 billion in homebuilding cash
- Low homebuilding debt to total capital ratio of 13.5%
- Financial Services operating earnings increased to $178 million
- Improved inventory turns to 1.9 times
- 98% of homesites are controlled rather than owned
Negative
- Net earnings declined 51% YoY from $1.2B to $591M
- Gross margin decreased to 17.5% from 22.5% YoY
- Average sales price decreased 9% to $383,000
- SG&A expenses increased to 8.2% from 6.7% of revenues
- Multifamily segment reported $16M operating loss
- Required additional incentives and price adjustments to maintain sales
News Market Reaction
On the day this news was published, LEN declined 0.08%, reflecting a mild negative market reaction. Our momentum scanner triggered 9 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $28M from the company's valuation, bringing the market cap to $34.41B at that time. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Third Quarter 2025 Highlights - comparisons to the prior year quarter
- Net earnings per diluted share of
$2.29 $2.00 - Net earnings of
$591 million - New orders increased
12% to 23,004 homes - Backlog of 16,953 homes with a dollar value of
$6.6 billion - Deliveries of 21,584 homes - consistent with prior year
- Total revenues of
$8.8 billion - Homebuilding operating earnings of
$760 million - Gross margin on home sales of
17.5% - SG&A expenses as a % of revenues from home sales of
8.2% - Net margin on home sales of
9.2%
- Gross margin on home sales of
- Financial Services operating earnings of
$178 million - Multifamily operating loss of
$16 million - Lennar Other operating earnings of
$62 million - Years supply of owned homesites of 0.1 years
- Controlled homesites of
98% - Homebuilding cash and cash equivalents of
$1.4 billion - Outstanding borrowings of
$1.1 billion $3.1 billion - Homebuilding debt to total capital of
13.5% - Repurchased 4.1 million shares of Lennar common stock for
$507 million
Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "Our third quarter results reflect both the continued pressures of today's housing market and the consistency of Lennar's operating strategy. This quarter, we delivered 21,584 homes and recorded 23,004 new orders. Achieving these results required additional incentives, resulting in a reduced average sales price of
Mr. Miller continued, "While our current results reflect incentives and price adjustments to match market conditions, our scale and technology investments are building the foundation for structural cost efficiencies. Backed by a strong balance sheet and disciplined execution, we remain confident in our ability to build margin as conditions stabilize and to create sustained value."
Jon Jaffe, Lennar's Co-Chief Executive Officer and President, added, "During the quarter, we achieved a starts pace and sales pace of 4.4 homes and 4.7 homes per community per month, respectively, as we used targeted incentives, including mortgage rate buydowns, to sustain momentum. Additionally, we carefully managed our inventory levels, ending the quarter with fewer than two completed, unsold homes per active community, which is within our historical range. Inventory turns improved to 1.9 times, and cycle time improved to 126 days, the shortest cycle time we've ever experienced. This reflects the impact of our production-first approach and continued successful negotiations with our trade partners. These efficiency gains, together with our digital marketing and land-management initiatives, position us to deliver consistent volume, support affordability, and drive further improvements in our cost structure."
Mr. Miller concluded, "Interest rates remained elevated throughout the third quarter, but then declined towards the quarter's end. This downward trend, paired with the Fed's recent rate cut, gives us optimism as we head into the fourth quarter. Therefore, we believe that now is a good time to moderate our volume and allow the market to catch up. Accordingly, for the fourth quarter of 2025, we expect new orders of 20,000 - 21,000 homes, deliveries of 22,000 - 23,000 homes, and gross margin of approximately
"Looking ahead, the long-term need for housing remains, and we are committed to meeting affordability, sustaining even-flow production, and lowering costs through efficiency and scale."
RESULTS OF OPERATIONS
THREE MONTHS ENDED AUGUST 31, 2025 COMPARED TO
THREE MONTHS ENDED AUGUST 31, 2024
As previously announced on February 10, 2025, Lennar Corporation completed its acquisition of Rausch Coleman Homes. Prior year information includes only stand-alone data for Lennar Corporation for the three months ended August 31, 2024.
Homebuilding
Revenues from home sales decreased
Gross margins on home sales were
Selling, general and administrative expenses were
Financial Services
Operating earnings for the Financial Services segment were
Ancillary Businesses
Operating loss for the Multifamily segment was
Tax Rate
In the third quarter of 2025 and 2024, the Company had tax provisions of
Share Repurchases
In the third quarter of 2025, the Company repurchased 4.1 million shares of its common stock for
Guidance
The following are the Company's expected results of its homebuilding and financial services activities for the fourth quarter of 2025:
New Orders | 20,000 - 21,000 |
Deliveries | 22,000 - 23,000 |
Average Sales Price | |
Gross Margin % on Home Sales | Approximately |
SG&A as a % of Home Sales | |
Financial Services Operating Earnings |
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
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
A conference call to discuss the Company's third quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, September 19, 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 | Nine Months Ended | ||||||
August 31, | August 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Revenues: | |||||||
Homebuilding | $ 8,253,675 | 9,045,692 | 23,381,407 | 24,357,742 | |||
Financial Services | 314,195 | 273,270 | 889,370 | 804,713 | |||
Multifamily | 228,465 | 93,443 | 521,966 | 322,620 | |||
Lennar Other | 13,943 | 3,637 | 26,582 | 9,489 | |||
Total revenues | $ 8,810,278 | 9,416,042 | 24,819,325 | 25,494,564 | |||
Homebuilding operating earnings | $ 759,785 | 1,477,918 | 2,297,292 | 3,846,869 | |||
Financial Services operating earnings | 177,872 | 144,400 | 478,635 | 422,708 | |||
Multifamily operating earnings (loss) | (16,471) | 78,908 | (31,248) | 42,795 | |||
Lennar Other operating earnings (loss) | 62,498 | 20,095 | (79,680) | (48,417) | |||
Corporate general and administrative expenses | (171,397) | (164,672) | (474,628) | (478,975) | |||
Charitable foundation contribution | (21,584) | (21,516) | (59,549) | (58,004) | |||
Earnings before income taxes | 790,703 | 1,535,133 | 2,130,822 | 3,726,976 | |||
Provision for income taxes | (190,892) | (347,859) | (520,478) | (859,195) | |||
Net earnings (including net earnings attributable to | 599,811 | 1,187,274 | 1,610,344 | 2,867,781 | |||
Less: Net earnings attributable to noncontrolling interests | 8,844 | 24,600 | 22,402 | 31,462 | |||
Net earnings attributable to Lennar | $ 590,967 | 1,162,674 | 1,587,942 | 2,836,319 | |||
Basic and diluted average shares outstanding | 255,601 | 270,164 | 259,540 | 273,604 | |||
Basic and diluted earnings per share | $ 2.29 | 4.26 | 6.06 | 10.26 | |||
Supplemental information: | |||||||
Interest incurred (1) | $ 54,868 | 29,781 | 128,203 | 100,056 | |||
EBIT (2): | |||||||
Net earnings attributable to Lennar | $ 590,967 | 1,162,674 | 1,587,942 | 2,836,319 | |||
Provision for income taxes | 190,892 | 347,859 | 520,478 | 859,195 | |||
Interest expense included in: | |||||||
Costs of homes sold | 45,591 | 39,021 | 106,954 | 121,335 | |||
Costs of land sold | — | 59 | 412 | 345 | |||
Homebuilding other income (expense), net | 3,707 | 4,704 | 10,758 | 14,298 | |||
Total interest expense | 49,298 | 43,784 | 118,124 | 135,978 | |||
EBIT | $ 831,157 | 1,554,317 | 2,226,544 | 3,831,492 | |||
(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 | Nine Months Ended | ||||||
August 31, | August 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Homebuilding revenues: | |||||||
Sales of homes | $ 8,213,580 | 9,017,627 | 23,242,401 | 24,277,158 | |||
Sales of land | 30,521 | 19,466 | 109,042 | 53,816 | |||
Other homebuilding | 9,574 | 8,599 | 29,964 | 26,768 | |||
Total homebuilding revenues | 8,253,675 | 9,045,692 | 23,381,407 | 24,357,742 | |||
Homebuilding costs and expenses: | |||||||
Costs of homes sold | 6,779,563 | 6,989,603 | 19,070,239 | 18,855,087 | |||
Costs of land sold | 41,065 | 22,720 | 133,315 | 43,640 | |||
Selling, general and administrative | 676,491 | 600,719 | 1,981,077 | 1,798,306 | |||
Total homebuilding costs and expenses | 7,497,119 | 7,613,042 | 21,184,631 | 20,697,033 | |||
Homebuilding net margins | 756,556 | 1,432,650 | 2,196,776 | 3,660,709 | |||
Homebuilding equity in earnings from unconsolidated | 10,190 | 25,220 | 62,910 | 54,038 | |||
Homebuilding other income (expense), net | (6,961) | 20,048 | 37,606 | 132,122 | |||
Homebuilding operating earnings | $ 759,785 | 1,477,918 | 2,297,292 | 3,846,869 | |||
Financial Services revenues | $ 314,195 | 273,270 | 889,370 | 804,713 | |||
Financial Services costs and expenses | 136,323 | 128,870 | 410,735 | 382,005 | |||
Financial Services operating earnings | $ 177,872 | 144,400 | 478,635 | 422,708 | |||
Multifamily revenues | $ 228,465 | 93,443 | 521,966 | 322,620 | |||
Multifamily costs and expenses | 238,791 | 184,708 | 566,844 | 419,580 | |||
Multifamily equity in earnings (loss) from unconsolidated | (6,145) | 170,173 | 13,630 | 139,755 | |||
Multifamily operating earnings (loss) | $ (16,471) | 78,908 | (31,248) | 42,795 | |||
Lennar Other revenues | $ 13,943 | 3,637 | 26,582 | 9,489 | |||
Lennar Other costs and expenses | 45,450 | 17,176 | 99,039 | 53,105 | |||
Lennar Other equity in loss from unconsolidated entities and | (5,218) | (5,489) | (14,503) | (17,273) | |||
Lennar Other realized and unrealized gains from technology | 99,223 | 39,123 | 7,280 | 12,472 | |||
Lennar Other operating earnings (loss) | $ 62,498 | 20,095 | (79,680) | (48,417) | |||
(1) | The following is a detail of Lennar Other realized and unrealized gains from mark-to-market adjustments on technology investments: |
Three Months Ended | Nine Months Ended | ||||||
August 31, | August 31, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Blend Labs (BLND) | $ — | 2,270 | (3,737) | 5,921 | |||
Hippo (HIPO) | 27,754 | 6,609 | (598) | 33,795 | |||
Opendoor (OPEN) | 71,345 | (564) | 39,638 | (16,156) | |||
SmartRent (SMRT) | — | (5,634) | (4,483) | (12,206) | |||
Sonder (SOND) | — | 71 | (19) | 82 | |||
Sunnova (NOVA) | 124 | 36,371 | (23,521) | 1,036 | |||
$ 99,223 | 39,123 | 7,280 | 12,472 | ||||
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, |
Central: Alabama, |
South Central: |
West: Arizona, |
Other: Urban divisions |
Three Months Ended August 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
Deliveries: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 4,770 | 5,270 | $ 1,744,875 | 2,108,031 | $ 366,000 | 400,000 | |||||
Central | 5,469 | 5,510 | 2,072,731 | 2,202,207 | 379,000 | 400,000 | |||||
South Central | 6,413 | 5,067 | 1,507,314 | 1,283,781 | 235,000 | 253,000 | |||||
West | 4,926 | 5,663 | 2,950,118 | 3,470,255 | 599,000 | 613,000 | |||||
Other | 6 | 6 | 3,622 | 3,225 | 604,000 | 538,000 | |||||
Total | 21,584 | 21,516 | $ 8,278,660 | 9,067,499 | $ 383,000 | 422,000 | |||||
Of the total homes delivered listed above, 146 homes with a dollar value of |
At August 31, | Three Months Ended August 31, | ||||||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||
New Orders: | Active Communities | Homes | Dollar Value | Average Sales Price | |||||||||||
East | 348 | 293 | 5,665 | 4,641 | $ 2,034,232 | 1,891,226 | $ 359,000 | 408,000 | |||||||
Central | 464 | 365 | 5,555 | 5,405 | 2,005,407 | 2,106,128 | 361,000 | 390,000 | |||||||
South Central | 411 | 245 | 7,055 | 5,217 | 1,582,753 | 1,307,688 | 224,000 | 251,000 | |||||||
West | 440 | 378 | 4,725 | 5,317 | 2,814,895 | 3,254,573 | 596,000 | 612,000 | |||||||
Other | 1 | 2 | 4 | 7 | 2,445 | 2,444 | 611,000 | 349,000 | |||||||
Total | 1,664 | 1,283 | 23,004 | 20,587 | $ 8,439,732 | 8,562,059 | $ 367,000 | 416,000 | |||||||
Of the total new orders listed above, 104 homes with a dollar value of |
Nine Months Ended August 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
Deliveries: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 13,757 | 15,177 | $ 5,153,936 | 6,172,193 | $ 375,000 | 407,000 | |||||
Central | 14,102 | 13,604 | 5,399,868 | 5,412,479 | 383,000 | 398,000 | |||||
South Central | 17,317 | 13,999 | 4,173,587 | 3,548,464 | 241,000 | 253,000 | |||||
West | 14,351 | 15,193 | 8,657,783 | 9,255,650 | 603,000 | 609,000 | |||||
Other | 22 | 31 | 14,341 | 16,385 | 652,000 | 529,000 | |||||
Total | 59,549 | 58,004 | $ 23,399,515 | 24,405,171 | $ 393,000 | 421,000 | |||||
Of the total homes delivered listed above, 339 homes with a dollar value of |
Nine Months Ended August 31, | |||||||||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
New Orders: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 15,141 | 13,782 | $ 5,498,162 | 5,701,708 | $ 363,000 | 414,000 | |||||
Central | 15,562 | 15,396 | 5,869,567 | 6,089,912 | 377,000 | 396,000 | |||||
South Central | 18,602 | 14,861 | 4,362,932 | 3,760,078 | 235,000 | 253,000 | |||||
West | 14,634 | 15,979 | 8,701,073 | 9,929,956 | 595,000 | 621,000 | |||||
Other | 21 | 38 | 13,993 | 17,663 | 666,000 | 465,000 | |||||
Total | 63,960 | 60,056 | $ 24,445,727 | 25,499,317 | $ 382,000 | 425,000 | |||||
Of the total new orders listed above, 346 homes with a dollar value of |
At August 31, | |||||||||||
2025 (1) | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||
Backlog: | Homes | Dollar Value | Average Sales Price | ||||||||
East | 4,720 | 5,115 | $ 1,821,044 | 2,222,250 | $ 386,000 | 434,000 | |||||
Central | 4,862 | 5,025 | 1,868,613 | 2,075,185 | 384,000 | 413,000 | |||||
South Central | 4,072 | 2,757 | 892,312 | 694,104 | 219,000 | 252,000 | |||||
West | 3,299 | 4,037 | 2,066,021 | 2,753,198 | 626,000 | 682,000 | |||||
Other | — | 10 | — | 2,805 | — | 280,000 | |||||
Total | 16,953 | 16,944 | $ 6,647,990 | 7,747,542 | $ 392,000 | 457,000 | |||||
Of the total homes in backlog listed above, 86 homes with a backlog dollar value of | |
(1) | During the nine months ended August 31, 2025, backlog includes 909 acquired homes of which 181, 717 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) | |||
August 31, 2025 | November 30, 2024 | ||
ASSETS | |||
Homebuilding: | |||
Cash and cash equivalents | $ 1,406,215 | 4,662,643 | |
Restricted cash | 29,928 | 11,799 | |
Receivables, net | 948,295 | 1,053,211 | |
Inventories: | |||
Finished homes and construction in progress | 10,049,466 | 10,884,861 | |
Land and land under development | 1,069,620 | 4,750,025 | |
Inventory owned | 11,119,086 | 15,634,886 | |
Consolidated inventory not owned | 2,258,568 | 4,084,665 | |
Inventory owned and consolidated inventory not owned | 13,377,654 | 19,719,551 | |
Deposits and pre-acquisition costs on real estate | 6,012,493 | 3,625,372 | |
Investments in unconsolidated entities | 2,648,329 | 1,344,836 | |
Goodwill | 3,442,359 | 3,442,359 | |
Other assets | 1,798,459 | 1,734,698 | |
29,663,732 | 35,594,469 | ||
Financial Services | 3,368,588 | 3,516,550 | |
Multifamily | 1,001,478 | 1,306,818 | |
Lennar Other | 844,603 | 894,944 | |
Total assets | $ 34,878,401 | 41,312,781 | |
LIABILITIES AND EQUITY | |||
Homebuilding: | |||
Accounts payable | $ 1,521,244 | 1,839,440 | |
Liabilities related to consolidated inventory not owned | 1,987,263 | 3,563,934 | |
Senior notes and other debts payable, net | 3,523,766 | 2,258,283 | |
Other liabilities | 2,809,923 | 3,201,552 | |
9,842,196 | 10,863,209 | ||
Financial Services | 2,070,051 | 2,140,708 | |
Multifamily | 116,014 | 181,883 | |
Lennar Other | 98,585 | 105,756 | |
Total liabilities | 12,126,846 | 13,291,556 | |
Stockholders' equity: | |||
Preferred stock | — | — | |
Class A common stock of | 26,153 | 25,998 | |
Class B common stock of | 3,660 | 3,660 | |
Additional paid-in capital | 5,884,528 | 5,729,434 | |
Retained earnings | 22,107,836 | 25,753,078 | |
Treasury stock | (5,457,876) | (3,649,564) | |
Accumulated other comprehensive income | 6,019 | 7,529 | |
Total stockholders' equity | 22,570,320 | 27,870,135 | |
Noncontrolling interests | 181,235 | 151,090 | |
Total equity | 22,751,555 | 28,021,225 | |
Total liabilities and equity | $ 34,878,401 | 41,312,781 | |
LENNAR CORPORATION AND SUBSIDIARIES | |||||
Supplemental Data | |||||
(Dollars in thousands) | |||||
(unaudited) | |||||
August 31, 2025 | November 30, 2024 | August 31, 2024 | |||
Homebuilding debt | $ 3,523,766 | 2,258,283 | 2,263,256 | ||
Stockholders' equity | 22,570,320 | 27,870,135 | 27,412,520 | ||
Total capital | $ 26,094,086 | 30,128,418 | 29,675,776 | ||
Homebuilding debt to total capital | 13.5 % | 7.5 % | 7.6 % | ||
Homebuilding debt | $ 3,523,766 | 2,258,283 | 2,263,256 | ||
Less: Homebuilding cash and cash equivalents | 1,406,215 | 4,662,643 | 4,037,405 | ||
Net homebuilding debt | $ 2,117,551 | (2,404,360) | (1,774,149) | ||
Net homebuilding debt to total capital (1) | 8.6 % | (9.4) % | (6.9) % | ||
(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-third-quarter-2025-results-302561077.html
SOURCE Lennar Corporation
FAQ
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