Inferra AI / Company / LEN
Lennar
LEN · Consumer Discretionary
Last earnings Sep 16, 2026
Key results
Net incomequarter
$591 million
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
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Total revenuequarter
$8.8 billion
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% Financial Services operating earnings of $178 million Multifamily operating loss of $16 million Lennar Other operat
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Revenuequarter
17.5%
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% Financial Services operating earnings of $178 million Multifamily operating loss of $16 million Lennar Other operat
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Third quarter net earnings attributable to Lennar in 2025 were $591 million, or $2.29 per diluted share, compared to third quarter net earnings attributable to Lennar in 2024 of $1.2 billion, or $4.26 per diluted share.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Excluding mark-to-market gains of $99 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were $516 million, or $2.00 per diluted share.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Excluding mark-to-market gains of $39 million on technology investments and one-time items of $89 million in the Company's Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Gross marginquarter
17.5%
Achieving these results required additional incentives, resulting in a reduced average sales price of $383,000, and our gross margin drifted down to 17.5%, while our SG A expenses came in at 8.2%, reflecting the soft market conditions.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Homebuilding Revenues from home sales decreased 9% in the third quarter of 2025 to $8.2 billion from $9.0 billion in the third quarter of 2024.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
AI analysis
Q3 2025 · reported Sep 19, 2025
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Headline figures
| Metric | Q3 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Net income | $591 million | — | — |
| Total revenue | $8.8 billion | — | — |
| Revenue | 17.5% | — | — |
| Gross margin | 17.5% | — | — |
Guidance · company-stated
No guidance located in the held release
Margin
Capital allocation
Share Repurchases In the third quarter of 2025, the Company repurchased 4.1 million shares of its common stock for $507 million at an average share price of $122.97.
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.
Event summary
Third quarter net earnings attributable to Lennar in 2025 were $591 million, or $2.29 per diluted share, compared to third quarter net earnings attributable to Lennar in 2024 of $1.2 billion, or $4.26 per diluted share
Based on: Earnings release + parent 8-K + 10-Q — transcript not held
Guidance & outlook
No guidance located in the held release
Capital allocation
Share Repurchases In the third quarter of 2025, the Company repurchased 4.1 million shares of its common stock for $507 million at an average share price of $122.97.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
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.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
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.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
These accruals are based upon, among other things, an analysis of repurchase requests received, an estimate of potential repurchase claims not yet received and actual past repurchases and losses through the disposition of affected loans as well as previous settlements.
SEC original ↗Lennar — 10-Q Quarterly report10-QOct 2, 2026
While the Company believes it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company s expectations, additional recourse expense 13 Lennar Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued) may be incurred.
SEC original ↗Lennar — 10-Q Quarterly report10-QOct 2, 2026
As of August 31, 2026 and November 30, 2025, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $ 299.0 million and $ 511.9 million, respectively.
SEC original ↗Lennar — 10-Q Quarterly report10-QOct 2, 2026
Strategy & priorities
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.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
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.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
During the third 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.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
LEN X drives Lennar's technology, innovation and strategic investments.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
The Multifamily segment focuses on developing a geographically diversified portfolio of institutional quality multifamily rental properties in select U.
SEC original ↗Lennar — 10-Q Quarterly report10-QOct 2, 2026
Risks & headwinds
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.
SEC original ↗Lennar — Earnings release (8-K exhibit)EX-99Sep 19, 2025
Legal Proceedings 48 Item 1A.
SEC original ↗Lennar — 10-Q Quarterly report10-QOct 2, 2026
While the Company believes it has adequately reserved for known losses and projected repurchase requests, given the volatility in the mortgage market and the uncertainty regarding the ultimate resolution of these claims, if either actual repurchases or the losses incurred resolving purchase claims exceed the Company s expectations, additional recourse expense 13 Lennar Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) (Continued) may be incurred.
SEC original ↗Lennar — 10-Q Quarterly report10-QOct 2, 2026
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
26 documents- Q3 2026
- 8-KLEN
Oct 15, 2026
- 10-QLEN
Oct 2, 2026
- Q2 2026
- 8-KLEN
Sep 16, 2026
- Q1 2026
- 10-QLEN
Jun 29, 2026
- 8-KLEN
Jun 12, 2026
- 8-KLEN
Jun 11, 2026
- 8-KLEN
Jun 8, 2026
- 8-KLEN
Apr 13, 2026
- 10-QLEN
Apr 9, 2026
- Q4 2025
- 8-KLEN
Mar 12, 2026
- 10-KLEN
Jan 28, 2026
- Q3 2025
- 8-KLEN
Dec 16, 2025
- 8-KLEN
Nov 14, 2025
- EX-99LEN
Nov 14, 2025
- 10-QLEN
Oct 3, 2025
- Q2 2025
- 8-KLEN
Sep 19, 2025
- 8-KLEN
Aug 4, 2025
- 10-QLEN
Jul 1, 2025
- Q1 2025
- 8-KLEN
Jun 17, 2025
- 8-KLEN
May 19, 2025
- 8-KLEN
Apr 11, 2025
- 10-QLEN
Apr 4, 2025
- Q4 2024
- 8-KLEN
Mar 20, 2025
- 8-KLEN
Feb 7, 2025
- 10-KLEN
Jan 23, 2025
- 8-KLEN
Jan 21, 2025
Earnings releases
9 documentsPresentations
0 documentsNo presentations for Lennar are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Lennar are held in this edition of the library.
Mentioned by
4 companiesOther tracked companies whose held documents mention Lennar by name or ticker. A mention is counted once per document, from the document text the library holds.
Millrose Properties, Inc. (MRP)
“illrose Business, and, land inventory assets and liabilities included in the Spin-Off, at Lennar’s historical basis. The financial statements…”
“t to exercise; the potential negative… …8,844 8,946 22,402 Net earnings attributable to Lennar $ 283,876 590,967 818,031 1,587,942 Basic and diluted average shares outstanding 237,756 255,601 240,990 259,540 Basic and diluted earnings”
“xercise; the potential negative… …3,357 4,371 7,335 13,558 Net earnings attributable to Lennar $ 304,772 477,449 534,155 996,975 Basic and diluted average shares outstanding 240,776 260,286 242,607 261,510 Basic and diluted earnings… ”
“…of homebuilding industry experience. Mr. Parker joined Lennar as Regional President through its 2018 merger with CalAtlantic Homes, where he had served as Region President following the merger of Ryland Homes…”
See also the earnings calendar for every tracked company’s next earnings date.