Lennar Corporation is one of the largest homebuilders in the United States, primarily engaged in the construction and sale of single-family attached and detached homes. The company's operations are centered around homebuilding, which is the most substantial part of their business, generating the majority of their revenues in fiscal 2023 . Lennar offers a range of homes targeted at various buyers, including first-time, move-up, active adult, and luxury homebuyers, with an average sales price of $446,000 in fiscal 2023 . In addition to homebuilding, Lennar has diversified operations in financial services, multifamily rental properties, and strategic investments .
- Homebuilding - Constructs and sells single-family attached and detached homes, catering to first-time, move-up, active adult, and luxury homebuyers.
- Financial Services - Provides mortgage financing, title, and closing services to support homebuyers.
- Multifamily - Develops multifamily rental properties, expanding the company's presence in the rental market.
- Lennar Other - Engages in strategic investments, including technology investments and fund interests.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jonathan M. Jaffe ExecutiveBoard | Co-CEO and President | None | Joined Lennar in 1994, held various leadership roles, including COO and President. Became Co-CEO in September 2023. Extensive homebuilding and operational expertise. | |
Stuart Miller ExecutiveBoard | Executive Chairman and Co-CEO | Non-employee Executive Chairman of Five Point Holdings, LLC | Longtime Lennar leader, CEO from 1997 to 2018, now Executive Chairman and Co-CEO since September 2023. Key in defining Lennar's strategy and growth. | |
David Collins Executive | Vice President and Controller | None | Joined Lennar in 1998, became Controller in 2008 and Vice President in 2021. | |
Diane J. Bessette Executive | Vice President and CFO | Board Member of the Miami Branch of the Federal Reserve Bank of Atlanta | Joined Lennar in 1995, became CFO in 2018. Oversees financial operations and strategy. | |
Jeff McCall Executive | Executive Vice President | None | Joined Lennar in 2018. Currently EVP, transitioning to a non-executive role in June 2024. Former COO of Quarterra Group. | |
Mark Sustana Executive | Vice President, General Counsel, and Secretary | None | Joined Lennar in 2005. Oversees legal and corporate governance matters. | |
Amy Banse Board | Director | Board Member at Adobe, Inc., On Holding AG, and The Clorox Company | Independent director since 2021. Former Comcast executive with expertise in digital media and technology. | |
Armando Olivera Board | Lead Director | Board Member at Consolidated Edison, Inc. and Fluor Corporation; Trustee Emeritus at Cornell University | Director since 2015. Former CEO of Florida Power & Light Company, with expertise in engineering and operations. | |
Dacona Smith Board | Director | None | Director since September 2023. Former Walmart EVP and COO with over 30 years of operational leadership experience. | |
Jeffrey Sonnenfeld Board | Director | Board Member at IEX Group Investors Exchange and Atlas Merchant Capital | Director since 2005. Yale professor and leadership expert, recognized for his influence in corporate governance. | |
Serena Wolfe Board | Director | Board Member at Doma Holdings, Inc. | Director since September 2023. CFO of Annaly Capital Management, with extensive accounting and financial expertise. | |
Sherrill W. Hudson Board | Director | Board Member at American Coastal Insurance Corporation, CBIZ, Inc., and United Insurance Holdings Corp. | Director since 2008. Former Chairman and CEO of TECO Energy, with extensive accounting and management expertise. | |
Teri P. McClure Board | Director | Board Member at Fluor Corporation, GMS Inc., and JetBlue Airways Corporation | Director since 2013. Former UPS executive with expertise in legal, compliance, and HR. | |
Theron (Tig) Gilliam Board | Director | CEO of NES Fircroft; Board Member at GMS, Inc. | Director since 2010. CEO of NES Fircroft, with extensive leadership experience in talent solutions. |
- Can you provide more specific details on how the $4 billion of cash on your balance sheet will be utilized, especially in relation to the evolving configuration of Millrose and any potential impact on your capital allocation strategy?
- With your significant shift to an asset-light, land-light model, what risks do you foresee in relying heavily on third-party land banking partnerships, and how do you plan to mitigate those risks, particularly during market downturns?
- Considering that only half of your delivery system has transitioned to the asset-light model so far, what challenges are you encountering in implementing this strategy across all divisions, and what steps are you taking to address them?
- As you reduce reliance on realtors to lower SG&A costs, how are you ensuring that this doesn't adversely affect your sales volumes or customer acquisition, especially when competitors may still leverage realtor networks extensively?
- Could you elaborate on how the Millrose spin-off will impact your SG&A expenses and overall cost structure, given that you've indicated limited personnel movement but have not provided specific details on the financial implications?
Research analysts who have asked questions during LENNAR CORP /NEW/ earnings calls.
John Lovallo
UBS Group AG
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Michael Rehaut
JPMorgan Chase & Co.
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Stephen Kim
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Alan Ratner
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Susan Maklari
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Trevor Allinson
Wolfe Research, LLC
4 questions for LEN
Matthew Bouley
Barclays
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Jade Rahmani
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Jade Rahmani
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1 question for LEN
Kenneth Zener
Seaport Research Partners
1 question for LEN
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Rausch Coleman Homes | 2025 | Lennar Corporation completed the acquisition on February 10, 2025, acquiring Rausch Coleman’s homebuilding operations (which delivered about 5,300 homes at an average sales price of $230,000 in 2024) while transferring the land assets to its subsidiary, Millrose Properties. This deal strategically expands Lennar into new markets and supports its asset-light strategy aimed at generating outsized returns and addressing the housing shortage. |
Recent press releases and 8-K filings for LEN.
- Lennar is offering to exchange its ~20% stake in Millrose for shares of Lennar Class A common stock at a 6% discount, subject to an upper limit of 4.1367 Millrose shares per Lennar share tendered.
- The Exchange Offer opens immediately and is set to expire on November 7, 2025, unless extended or terminated; the final exchange ratio will be based on the volume-weighted average prices of both stocks over the three trading days ending two days before expiration.
- As of October 7, 2025, Lennar owns 33,298,764 shares of Millrose Class A (approximately 20% of outstanding shares) and is offering to exchange up to all these shares; any unexchanged shares may be divested via spin-off, public or private sale.
- Completion of the Exchange Offer is contingent on the SEC declaring the Form S-4 Registration Statement effective; an ongoing U.S. government shutdown could delay effectiveness and lead to an extension or withdrawal of the offer.
- Lennar delivered ~21,500 homes in Q3 2025 on sales of just over 23,000 homes, with sales incentives rising to 14.3% and gross margin declining to 17.5% on an average sales price of $383,000.
- The company will reduce Q4 delivery guidance to 22,000–23,000 homes and full-year deliveries to 81,500–82,500 homes, maintaining expected Q4 gross margins around 17.5% and SGA of 7.8–8.0%.
- Balance sheet strength with $1.4 billion in cash, $5.1 billion total liquidity, and an asset-light land strategy controlling 523,000 home sites (98% controlled), while inventory turns rose to 1.9×.
- Operational efficiencies drove 3% YoY construction cost reductions and a record 126-day average cycle time (10% YoY decline), the lowest since Q3 2021.
- Lennar posted net earnings of $591 million, or $2.29 per diluted share in Q3 2025.
- Total revenues were $8.8 billion; new orders rose 12% year-over-year to 23,004 homes, and backlog stood at 16,953 homes valued at $6.6 billion.
- Repurchased 4.1 million shares of common stock for $507 million at an average price of $122.97.
- For Q4 2025, Lennar expects new orders of 20,000-21,000 homes, deliveries of 22,000-23,000 homes, and gross margin of approximately 17.5%.
- Lennar delivered $591 million in net earnings, or $2.29 per diluted share in Q3 2025 (excluding $99 million of mark-to-market gains, EPS was $2.00).
- Total revenues were $8.8 billion, driven by 21,584 home deliveries and 23,004 new orders (+12% YoY); gross margin on home sales was 17.5%.
- Backlog stood at 16,953 homes valued at $6.6 billion as of August 31, 2025.
- Homebuilding operating earnings were $760 million; Financial Services earnings were $178 million; Multifamily incurred a $16 million loss.
- Repurchased 4.1 million shares for $507 million and issued Q4 2025 guidance of 20,000–21,000 new orders and 22,000–23,000 home deliveries.
- Lennar reported Q2 net earnings of $477 million ($1.81 per share, or $1.90 excluding tech investment losses), down from $954 million a year ago .
- Total revenues reached $8.4 billion, with homebuilding revenues at $7.8 billion amid a 9% drop in average sales price to $389,000 .
- New orders rose 6% to 22,601 homes, with a backlog of 15,538 homes valued at $6.5 billion as of May 31, 2025 .
- Reported homebuilding operating earnings of $728 million and maintained a home sales gross margin of 17.8% (18.0% ex purchase accounting) .
- The company repurchased 4.7 million shares for $517 million and issued $700 million of 5.20% senior notes due 2030, with homebuilding debt at 11% of total capital .
- Q3 guidance calls for 22,000–23,000 new orders and deliveries, an average sales price between $380,000–$385,000, and a gross margin around 18% .
- On May 14, 2025, Lennar entered into an unsecured delayed draw term loan credit agreement with a maximum principal of $1.61 billion, which can be increased by an additional $500 million via an accordion feature, intended for working capital and general corporate purposes.
- The company also settled an offering of $700 million 5.200% Senior Notes due 2030 on May 19, 2025, with net proceeds targeted for debt repayment and general corporate uses.
- Filing Date: The Form 8-K was filed on April 9, 2025, detailing significant corporate events including the 2025 Annual Meeting of Stockholders.
- Proxy Vote Results: The filing covers the outcomes of six proposals, including the election of directors, advisory approval of executive compensation, auditor ratification, and rejections of proposals on an independent board chairman and disclosure initiatives.
- Exhibit and Signatory Details: It includes exhibit information regarding the required interactive data and was signed by Vice President and CFO Diane Bessette, attesting to the document's correctness.
- Lennar Corp delivered solid Q1 2025 results amid a challenging housing market, highlighted by 17,651 homes started, 17,834 delivered, and 18,355 sold, alongside its strategic shift to an asset-light, just-in-time homesite delivery model following the Millrose spin-off and the Rausch Coleman acquisition.
- The company maintained a strong balance sheet, ending the quarter with $2.3 billion in cash and an 8.9% debt-to-total capital ratio, while repurchasing 5.2 million shares for $703 million and paying dividends.
- High sales incentives (approximately 13%) impacted gross margins, reducing them to 18.7% with a resulting net margin of 10.2%, reflecting efforts to stimulate volume and address affordability issues in a subdued demand environment.
- For Q2, Lennar provided guidance expecting 22,500–23,500 new orders and 19,500–20,500 deliveries, with an anticipated average sales price in the range of $390,000 to $400,000 and a target gross margin near 18%.
- Lennar reported first quarter 2025 net earnings of $520 million and earnings per diluted share of $1.96, driven by strong home deliveries (17,834 homes) and total revenues of $7.6 billion, despite a slightly lower average sales price compared to last year.
- The company completed its asset-light strategy by spinning off Millrose Properties on February 7 and acquiring Rausch Coleman Homes on February 10, expanding its market presence in new regions.
- Additional highlights include a robust balance sheet with $2.3 billion in cash, a share repurchase program worth $703 million, and operational improvements through enhanced production efficiency and controlled inventory levels.
- Net earnings of $520 million and diluted earnings per share of $1.96 were reported for Q1 2025, reflecting a decrease from the prior year.
- The company delivered 17,834 homes and recorded new orders for 18,355 homes, indicating steady operational performance.
- Lennar maintained a strong balance sheet with $2.3 billion in cash and no outstanding borrowings on its $3.0 billion revolving credit facility, while also repurchasing 5.2 million shares for $703 million.
- Strategic initiatives were executed with the tax-efficient spin-off of Millrose Properties and the acquisition of Rausch Coleman Homes, expanding Lennar’s market footprint.