LENNAR CORP /NEW/ (LEN) Company Report

Lennar and Taylor Morrison are developing a privately funded "Trump Homes" program to rent entry-level houses, allowing tenants to apply rent credits toward a down payment after roughly three years.
The plan targets 1 million homes (about $250 billion in housing) backed by private capital, though key details and federal mortgage roles remain unresolved and the administration isn't actively considering it.
Lennar's existing financial-services segment, multifamily and single-family for-rent construction, and investments in housing tech startups could support its participation in the program.
Following the report, Lennar shares rose 5–6% and the iShares US Home Construction ETF jumped 4.9%, despite some retail investor sentiment turning bearish on Stocktwits.

3 days ago

Bloomberg

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.

Dec 17, 2025, 4:00 PM

Transcript

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.

Dec 17, 2025, 4:00 PM

Transcript

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.

Dec 17, 2025, 4:00 PM

Transcript

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

Press Release

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

Transcript

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

8-K

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

Press Release

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

8-K WSJ Press Release

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.