Lennar Corporation (LEN) Financial Results Summary
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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)
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Backlog:
-
13,936 homes, valued at $5.2 billion (compared to 11,633 homes in Q4 2024, an increase in backlog of 19.8%)
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Deliveries:
-
Increased by 4% year-over-year to 23,034 homes (up from 22,206 homes in Q4 2024)
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Total revenues:
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$9.4 billion (down from $9.9 billion in Q4 2024, a decrease of 5.8%)
-
Homebuilding operating earnings:
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$718 million (compared to $1.5 billion in Q4 2024, a decrease of 52%)
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Gross margin on home sales:
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17.0% (down from 22.1% in Q4 2024)
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Net margin:
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9.1% (down from 13.8% in Q4 2024)
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Financial Services operating earnings:
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$134 million (down from $154 million in Q4 2024, a decrease of 12.9%)
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Multifamily operating loss:
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$44 million (worsened from a loss of $0.1 million in Q4 2024)
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Homebuilding cash and cash equivalents:
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$3.4 billion
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Outstanding borrowings:
- No borrowings under the $3.1 billion revolving credit facility
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$1.7 billion outstanding under the term loan facility
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Homebuilding debt to total capital:
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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:
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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)
| (unaudited) | Three Months Ended | Years Ended | November 30, | November 30, | Revenues: | 2025 | 2024 | 2025 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | -162,090 | -170,011 | -636,718 | -648,986 | |||||
| expenses | |||||||||
| 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 | 497,956 | 1,099,874 | 2,108,300 | 3,967,655 | |||||
| attributable to noncontrolling | |||||||||
| interests) | |||||||||
| Less: Net earnings attributable to | 7,719 | 3,660 | 30,121 | 35,122 | |||||
| noncontrolling interests | |||||||||
| Net earnings attributable to Lennar | $490,237 | 1,096,214 | 2,078,179 | 3,932,533 | |||||
| Basic and diluted average shares | 252,363 | 267,262 | 257,746 | 272,019 | |||||
| outstanding | |||||||||
| 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 |
Condensed Consolidated Balance Sheets (In thousands, except per share amounts)
| (unaudited) | ASSETS | November 30, | Homebuilding: | 2025 | 2024 |
|---|---|---|---|---|---|
| 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 | 8,822,271 | 10,884,861 | |||
| progress | |||||
| 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 | 11,617,633 | 19,719,551 | |||
| inventory not owned | |||||
| Deposits and pre-acquisition costs on | 6,383,633 | 3,625,372 | |||
| real estate | |||||
| 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 | 1,476,376 | 3,563,934 | |||
| inventory not owned | |||||
| Senior notes and other debts payable, | 4,084,686 | 2,258,283 | |||
| net | |||||
| 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 |