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Lennar (LEN) investor relations material
Lennar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Sep, 2025
Executive summary
Third quarter results reflected a softening housing market and affordability challenges, with sales volume maintained through increased incentives, leading to margin deterioration.
Deliveries were slightly below target but more homes were sold than expected, with new orders up 12% year-over-year; margins declined.
The company is pausing to let the market catch up, reducing delivery expectations for Q4 and the full year to stabilize margins.
Optimism persists for future demand if mortgage rates fall toward 6%, with early signs of increased customer interest.
Backlog stood at 16,953 homes valued at $6.6 billion.
Financial highlights
Q3 2025 net earnings were $591 million ($2.29 per diluted share), with revenues from home sales at $8.2 billion and total revenues at $8.8 billion, both down year-over-year.
Delivered 21,584 homes, started 21,500, and sold just over 23,000 in Q3; average sales price declined to $383,000.
Gross margin on home sales fell to 17.5% from 22.5% year-over-year, with sales incentives averaging 14.3% of revenue.
SG&A expenses increased to 8.2% of home sales revenue from 6.7% year-over-year; net margin was 9.2%.
Financial Services segment operating earnings rose to $178 million, while Multifamily posted a $16 million loss.
Outlook and guidance
Q4 2025 guidance: new orders of 20,000–21,000 homes, deliveries of 22,000–23,000, average sales price $380,000–$390,000, gross margin ~17.5%, SG&A 7.8%–8.0%.
Q4 EPS guidance is $2.10–$2.30 per share; Financial Services earnings expected at $130M–$135M.
Multifamily business expected to post a $30M loss in Q4 as assets are monetized.
Management aims to build margin as market conditions improve.
Explain the homebuilding net debt shift.
What factors impacted gross margin on home sales?
Explain the rationale for Q4 volume moderation.
How does the delivery adjustment impact market share?
What is the expected ROI from tech investments?
How do land partnerships lower overall land costs?
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Q4 202518 Dec, 2025
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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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