Lennar Corporation earnings report

Source: Dukascopy Bank SA
Lennar Corporation reported higher homebuilding volumes in Q4 and full-year 2025 despite weaker profitability. Q4 net earnings were $490 million, or $1.93 per share, and $514 million, or $2.03 per share, adjusted for a $123 million gain on technology investments and a $156 million one-time Millrose loss. Full-year net earnings were $2.1 billion, or $7.98 per share, and $8.06 per share adjusted. The Q4 tax rate rose to 27.4 percent due to the non-deductible Millrose loss.

Home deliveries and new orders increased, with Q4 deliveries at 23,034 homes and new orders at 20,018. Full-year deliveries were 82,583 homes and new orders 83,978. Average sales price fell 10 percent to $386,000 due to market weakness and incentives. Gross margin dropped to 17 percent, net margin was 9.1 percent, and SG&A rose to 7.9 percent. Construction cycles averaged 127 days, and active communities reached 1,708.



Homebuilding operating earnings were $718 million, Financial Services $134 million, Multifamily lost $44 million, and Lennar Other earned $61 million. The company completed the Millrose exchange, spun off Millrose, and acquired Rausch Coleman Homes. Cash totaled $3.4 billion, with low debt levels.

For 2026, Lennar expects full-year deliveries around 85,000 homes, Q1 deliveries of 17,000 to 18,000 homes, average sales prices of $365,000 to $375,000, and gross margins of 15 to 16 percent.
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