Lennar Corporation (LEN) Financial Results Summary

Lennar Corporation (LEN) Q4 2025 Financial Results Summary

Miami, December 16, 2025 – Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s largest homebuilders, reported its financial results for the fourth quarter and fiscal year, ending November 30, 2025. Below is a summary of the key metrics and highlights from the report.

Q4 2025 Financial Highlights

• Net earnings per diluted share:
• With adjustments: $1.93

• Excluding adjustments: $2.03 (down from $4.03 in Q4 2024, a decrease of 49.9%)

• Net earnings:

• $490 million (down from $1.1 billion in Q4 2024, a decrease of 55.5%)

• New orders:

• Increased by 18% year-over-year to 20,018 homes (from 16,895 homes in Q4 2024)

• Backlog:

• 13,936 homes, valued at $5.2 billion (compared to 11,633 homes in Q4 2024, an increase in backlog of 19.8%)

• Deliveries:

• Increased by 4% year-over-year to 23,034 homes (up from 22,206 homes in Q4 2024)

• Total revenues:

• $9.4 billion (down from $9.9 billion in Q4 2024, a decrease of 5.8%)

• Homebuilding operating earnings:

• $718 million (compared to $1.5 billion in Q4 2024, a decrease of 52%)

• Gross margin on home sales:

• 17.0% (down from 22.1% in Q4 2024)

• Net margin:

• 9.1% (down from 13.8% in Q4 2024)

• Financial Services operating earnings:

• $134 million (down from $154 million in Q4 2024, a decrease of 12.9%)

• Multifamily operating loss:

• $44 million (worsened from a loss of $0.1 million in Q4 2024)

• Homebuilding cash and cash equivalents:

• $3.4 billion

• Outstanding borrowings:

• No borrowings under the $3.1 billion revolving credit facility

• $1.7 billion outstanding under the term loan facility

• Homebuilding debt to total capital:

• 15.7% (up from 7.5% in Q4 2024)

• Share Repurchase:

• Completed a non-cash repurchase of 8.0 million Lennar shares through the Millrose exchange offer.

Fiscal Year 2025 Highlights

• Net earnings per diluted share:
• With adjustments: $7.98

• Excluding adjustments: $8.06 (down from $14.31 in FY 2024, a decrease of 44.9%)

• Net earnings:

• $2.1 billion (down from $3.9 billion in FY 2024, a decrease of 46.2%)

• New orders:

• Increased by 9% year-over-year to 83,978 homes (up from 76,951 homes in FY 2024)

• Deliveries:

• Increased by 3% year-over-year to 82,583 homes (up from 80,210 homes in FY 2024)

• Total revenues:

• $34.2 billion (down from $35.4 billion in FY 2024, a decrease of 3.4%)

• Gross margin on home sales:

• 17.7% (down from 18.4% in FY 2024)

• Homebuilding operating earnings:

• $3.02 billion (down from $5.34 billion in FY 2024, a decrease of 43.3%)

• Share Repurchases for the year:

• Total of 22.1 million shares repurchased, including 14.1 million shares for $1.7 billion in cash and 8.0 million through the Millrose exchange offer.

Market Context and Guidance

• The company noted that interest rates moving slightly lower in Q4 did not significantly change the challenging market conditions, affecting both affordability and consumer confidence.
• For Q1 2026, Lennar anticipates delivering 17,000 to 18,000 homes and expects its gross margin to be between 15% to 16%, with an average sales price anticipated between $365,000 and $375,000.

This summary captures Lennar Corporation’s performance amidst a difficult market landscape, illustrating both the results of ongoing operational adaptations and the impact of reduced consumer demand.

Here are the extracted tables from the press release in Markdown format:

Condensed Consolidated Statements of Income (In thousands, except per share amounts)

Condensed Consolidated Balance Sheets (In thousands, except per share amounts)