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Lennar (LEN) investor relations material
Lennar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary17 Dec, 2025
Executive summary
Delivered 23,034 homes and sold just over 20,000 in Q4, exceeding delivery goals and meeting low-end sales guidance despite a challenging housing market.
New orders rose 18% year-over-year in Q4 to 20,018 homes; full-year new orders up 9% to 83,978 homes.
Maintained volume and grew market share over the past three years, re-engineering the operating platform for efficiency.
Transitioned to an asset-light model, with less than 5% of land on the balance sheet and inventory reduced from $20B to $12B year-over-year.
Leadership transition as Co-CEO Jon Jaffe retires, with internal promotions and no external replacement planned.
Financial highlights
Q4 gross margin declined to 17% due to increased incentives and affordability pressures; SG&A at 7.9%, net margin at 9.1%.
Q4 total revenues were $9.4B; full-year revenues were $34.2B.
Q4 net earnings were $490M ($1.93 per diluted share), or $514M ($2.03 per share) excluding adjustments.
Financial services operating earnings were $133M in Q4 and $610M for the year.
Repurchased 22M shares valued at $2.7B during the year.
Outlook and guidance
Q1 2026 guidance: 18,000–19,000 new orders, 17,000–18,000 deliveries, average sales price $365K–$375K.
Q1 gross margin expected at 15%–16%, SG&A at 9.5%, EPS range $0.80–$1.10.
Full-year 2026 delivery target of approximately 85,000 homes.
Financial services earnings expected at $105M–$110M in Q1.
Homebuilding debt to capital ratio increase drivers
Gross margin decline: impact of land costs vs revenue
Inventory turn improvement and cash efficiency
What drives Q1 margin pressure despite cost cuts?
When do you expect federal housing programs to emerge?
How does tech enable new operational structure efficiency?
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Q1 202620 Mar, 2026
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Frequently asked questions
Building and Selling Homes
Lennar Corporation is an American homebuilding company. Lennar's primary business involves constructing and selling residential homes, catering to various market segments, including first-time, move-up, and active adult buyers. Lennar's portfolio includes a diverse range of home types, from single-family residences to townhomes and condominiums, addressing the varying needs of the modern American homeowner. The company also offers financial services, such as mortgage financing, title insurance, and closing services, primarily to its homebuyers. Lennar is headquartered in Miami, and its shares are listed on the NYSE.
F&R Builders to Lennar Corporation
Lennar Corporation, founded in 1954 by Leonard Miller and Arnold Rosen as F&R Builders, has evolved significantly in the U.S. homebuilding sector. Initially a small homebuilder in Miami, Florida, the company rebranded as Lennar in 1971, deriving its name from a combination of the founders' first names. Lennar grew by acquiring smaller homebuilders, expanding its geographical footprint. This approach propelled Lennar into becoming one of the nation's leading homebuilders. The company's growth was further bolstered by diversifying into various aspects of home construction and real estate, including financial services.
The Homes
Lennar Corporation's portfolio includes a variety of home types to cater to different customer segments. They build single-family homes, which are standalone structures typically designed for family living. These homes usually offer more space and may come with personal yards. Lennar also constructs townhomes and condominiums. Both townhomes and condominiums usually require less maintenance than single-family homes and can be more affordable. Additionally, Lennar offers what they call Next Gen homes, designed to provide an additional, separate living space within the home, accommodating multi-generational living or other flexible living arrangements. Companies operating on a similar business model include D.R. Horton, PulteGroup, and KB Home, to name a few.
The Financial Services
Lennar Financial Services, a division of the company, offers mortgage financing, title insurance, and closing services primarily to buyers of Lennar's homes. It is structured to streamline the home buying process, providing a more integrated experience for customers. It offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, as well as government-backed loans like FHA and VA loans.
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