LEN
Lennar Corporation117.57
-2.16-1.8%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
29.04BP/E (TTM)
14.73Basic EPS (TTM)
7.98Dividend Yield
0.02%Recent Filings
8-K
10-Q
Q3 FY2025 results
Lennar delivered 21,584 homes in Q3 FY2025 ended August 31, 2025, flat year-over-year but with revenue down 9% to $8.3B on a 9% drop in average sales price to $383,000, as affordability pressures forced deeper incentives. Gross margins slipped to 17.5% from 22.5%, hit by lower revenue per square foot and higher land costs, though construction efficiencies provided some offset; operating earnings fell 49% to $760M. Financial Services chipped in with $178M earnings, up 23% on better mortgage margins, while Multifamily swung to a $16M loss amid asset sales and impairments. Cash dipped to $1.4B after the February Millrose spin-off of $5.6B land and $1B cash, plus $254M Rausch acquisition for market expansion; debt rose to $3.5B with $700M new notes, yet liquidity holds at $5.1B. Homebuilding debt to total capital climbed to 13.5%. Backlog steady at 16,953 homes. Supply shortages persist amid rising rates.
8-K
Lennar Q3 earnings drop on market softness
Lennar Corporation reported third-quarter 2025 net earnings of $591 million, or $2.29 per diluted share, down from $1.2 billion last year amid softer housing markets. Deliveries held steady at 21,584 homes, while new orders rose 12% to 23,004, but average sales price fell 9% to $383,000, squeezing gross margins to 17.5% from 22.5%. Incentives propped up demand, yet efficiency gains shortened cycle times to 126 days. For Q4, Lennar guides 20,000-21,000 new orders and similar margins, but elevated rates pose ongoing risks.
8-K
Lennar executives retire, new CLO joins
Lennar Corporation announced the retirements of Chief Operating Officer Fred Rothman and General Counsel Mark Sustana, both effective September 2, 2025, after long tenures driving operational efficiency and legal strategy. Katherine Lee Martin, ex-Hertz general counsel with DOJ and Twitter experience, steps in as Chief Legal Officer that day, while Sustana consults for two years at $110,000 monthly to ease transition. No COO replacement planned. Smooth handoffs bolster continuity amid homebuilding shifts.
10-Q
Q2 FY2025 results
Lennar delivered 20,131 homes in Q2 FY2025 ended May 31, 2025, up 2% y/y from 19,690, but revenues fell 7% y/y to $7.8B on a 9% drop in average sales price to $389,000, reflecting affordability pressures. Homebuilding gross margins contracted to 17.8% from 22.6% y/y, driven by higher land costs and lower revenue per square foot, though construction costs eased; operating earnings slid to $728M from $1.3B y/y. Financial Services earnings rose 7% y/y to $157M on better mortgage margins, while Multifamily and Lennar Other posted losses of $15M and $53M, respectively, the latter hit by $29M in technology investment writedowns. The $254M Rausch acquisition in February expanded South Central footprint into new markets like Arkansas and Oklahoma, with options on acquired land via Millrose spin-off. Cash dipped to $1.2B amid $1.4B operating outflow from inventory builds, offset by $183M investing inflows; total debt stood at $2.8B with $3.5B revolver capacity. Free cash flow not disclosed in the 10-Q. Yet competition sharpens in softening markets.
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