Earnings summaries and quarterly performance for LENNAR CORP /NEW/.
Executive leadership at LENNAR CORP /NEW/.
Jonathan M. Jaffe
Detailed
Co-Chief Executive Officer and President
CEO
Stuart Miller
Detailed
Executive Chairman and Co-Chief Executive Officer
CEO
DC
David Collins
Detailed
Vice President and Controller
DB
Diane Bessette
Detailed
Vice President and Chief Financial Officer
KL
Katherine Lee Martin
Detailed
Chief Legal Officer and Corporate Secretary
Board of directors at LENNAR CORP /NEW/.
Research analysts who have asked questions during LENNAR CORP /NEW/ earnings calls.
JL
John Lovallo
UBS Group AG
10 questions for LEN
Also covers: AWI, AZEK, BLDR +14 more
SK
Stephen Kim
Evercore ISI
10 questions for LEN
Also covers: AWI, BLD, DHI +11 more
Alan Ratner
Zelman & Associates
9 questions for LEN
Also covers: BZH, CCS, DHI +9 more
SM
Susan Maklari
Goldman Sachs Group Inc.
9 questions for LEN
Also covers: ALH, AOS, AWI +24 more
MR
Michael Rehaut
JPMorgan Chase & Co.
8 questions for LEN
Also covers: AZEK, BECN, BLD +17 more
Trevor Allinson
Wolfe Research, LLC
4 questions for LEN
Also covers: AMWD, AZEK, BECN +18 more
Matthew Bouley
Barclays
3 questions for LEN
Also covers: CNM, DHI, FERG +5 more
JR
Jade Rahmani
Keefe, Bruyette & Woods
2 questions for LEN
Also covers: ABR, ACRE, AMH +22 more
MR
Mike Rehaut
JPMorgan Chase & Co.
2 questions for LEN
JR
Jade Rahmani
Keefe, Bruyette & Woods (KBW)
1 question for LEN
Also covers: ARI, NREF
Kenneth Zener
Seaport Research Partners
1 question for LEN
Also covers: BLD, CCS, DHI +7 more
Recent press releases and 8-K filings for LEN.
Lennar reports Q4 2025 results
LEN
Earnings
Guidance Update
Share Buyback
- In Q4, Lennar started 18,443 homes, delivered 23,034 and sold just over 20,000, growing its community count 18% year-over-year to 1,708 communities.
- Q4 gross margin was 17% (with 14% incentives), SG&A 7.9%, net margin 9.1%; Q1 2026 guidance: gross margin 15–16%, sell 18–19k homes, deliver 17–18k homes, average sales price $365k–$375k, and 85,000 home deliveries for full-year 2026.
- Asset-light inventory structure: land on balance sheet <5%, total inventory down from <$20 B to <$12 B, vertical construction costs reduced ~10% since 2023, cycle time for detached homes cut from 138 to 127 days, and inventory turns improved to 2.2×.
- Ended Q4 with $3.4 B cash, $6.5 B liquidity, 506 k home sites (10k owned, 496k controlled), 38 k homes in inventory (2.2× churn), 15.7% home-building debt-to-capital, and repurchased 22 M shares ($2.7 B) in FY2025.
8 days ago
Lennar announces Q4 and FY 2025 results and Co-CEO retirement
LEN
Earnings
Guidance Update
Management Change
- Lennar’s Q4 gross margin declined to 17% amid increased incentives, with an average sales price of $386,000, SG&A at 7.9%, and net margin of 9.1%; Q1 2026 guidance calls for gross margins of 15%–16%, 18,000–19,000 home orders, 17,000–18,000 deliveries, and an ASP of $365,000–$375,000.
- The company reduced total inventory from ~$20 billion a year ago to under $12 billion, and now holds less than 5% of its land on the balance sheet; ended Q4 with $3.4 billion cash and $6.5 billion total liquidity.
- Operational efficiencies drove direct construction costs down 2% sequentially and 5% year-over-year, cut cycle times to 127 days (from 138 days), improved inventory turns to 2.2× (from 1.6×), and reduced warranty spend by 45%.
- Fiscal 2025 shareholder returns included repurchasing 22 million shares for $2.7 billion (including an 8 million-share cashless Millrose exchange) and paying $521 million in dividends, totaling ~$3.2 billion returned.
- Co-CEO Jon Jaffe will retire effective January 1, 2026, after over 40 years with the company, marking a key leadership transition.
8 days ago
Lennar reports Q4 and FY 2025 results
LEN
Earnings
Guidance Update
CEO Change
- Co-CEO transition: Jon Jaffe will retire and step down as Co-CEO effective January 1, 2026.
- Q4 2025 margins: Sales incentives at 14% drove gross margin to 17%, SG&A of 7.9%, and net margin of 9.1% on an average sales price of $386,000.
- Q1 2026 guidance: Forecasting gross margin of 15–16%, new orders of 18,000–19,000 homes, deliveries of 17,000–18,000 homes, and an average sales price of $365,000–$375,000; full-year deliveries estimated at 85,000 homes.
- Operational efficiencies: Adopted an asset-light model, reducing inventory from $20 billion to $12 billion, with land on balance sheet under 5%; cycle time cut to 127 days (from 138), boosting inventory turn to 2.2× (from 1.6×).
- Strong balance sheet & returns: Ended Q4 with $3.4 billion cash and $6.5 billion liquidity; repurchased 22 million shares for $2.7 billion and paid $521 million in dividends, returning $3.2 billion to shareholders in FY 2025.
8 days ago
Lennar launches exchange offer for Millrose shares
LEN
M&A
- 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.
Oct 10, 2025, 11:00 AM
Lennar reports softer Q3 2025 results and lowers delivery guidance
LEN
Earnings
Guidance Update
Demand Weakening
- 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.
Sep 19, 2025, 3:00 PM
Lennar reports Q3 2025 results
LEN
Earnings
Guidance Update
Share Buyback
- 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%.
Sep 18, 2025, 9:52 PM
Lennar reports Q3 2025 results
LEN
Earnings
Share Buyback
Guidance Update
- 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.
Sep 18, 2025, 9:48 PM
Lennar Q2 2025 Earnings and Q3 Guidance Update
LEN
Earnings
Debt Issuance
Share Buyback
Demand Weakening
Guidance Update
- 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% .
Jun 17, 2025, 12:00 AM
Lennar Corp Announces Credit Facility and Senior Notes Issuance
LEN
Debt Issuance
- 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.
May 19, 2025, 12:00 AM
Lennar Corporation 8-K Filing Overview
LEN
Proxy Vote Outcomes
Board Change
Auditor Change
- 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.
Apr 11, 2025, 12:00 AM
Quarterly earnings call transcripts for LENNAR CORP /NEW/.
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