LENNAR CORP /NEW/ (LEN) Company Report

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.

May 19, 2025, 12:00 AM

8-K

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

8-K

Lennar Corp Reports Q1 2025 Earnings Results

LEN

Earnings

Guidance Update

M&A

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%.

Mar 21, 2025, 3:01 PM

Transcript

Lennar Corp Reports First Quarter 2025 Results

LEN

Earnings

Share Buyback

M&A

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.

Mar 20, 2025, 9:00 PM

Press Release

Lennar Reports Q1 2025 Results

LEN

Earnings

Share Buyback

M&A

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.

Mar 20, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for LENNAR CORP /NEW/.