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May 31
Lennar Q2 2025 Earnings Report
Lennar reported solid Q2 2025 results with strong home delivery volumes despite pricing pressure and a weaker housing market.
Key Takeaways
Lennar posted $8.4B in revenue and $477M in net income for Q2 2025, driven by consistent home deliveries and operational discipline, while managing through softer market conditions and declining average home prices.
Delivered 20,131 homes during Q2 2025, slightly up from the previous year.
New orders reached 22,601 homes with a total value of $8.58B.
Gross margin on home sales was 17.8%, affected by higher land costs.
Repurchased 4.7M shares for $517M and ended with $1.17B in homebuilding cash.
Lennar
Lennar
Lennar Revenue by Segment
Lennar Revenue by Geographic Location
Revenue by Segment
Homebuilding Revenue
CapyFin.comFinancial Services Revenue
CapyFin.comMultifamily Revenue
CapyFin.comLennar Other Revenue
CapyFin.comSales of Homes Revenue
CapyFin.comTotal Sales of Land Revenue
CapyFin.comRevenue by Geographic Location
East Revenue
CapyFin.comCentral Revenue
CapyFin.comTexas Revenue
CapyFin.comWest Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Lennar expects Q3 2025 deliveries and new orders to remain stable, supported by efficient production and moderate pricing strategy.
Positive Outlook
- New orders expected between 22,000 and 23,000 homes.
- Deliveries expected between 22,000 and 23,000 homes.
- Gross margin expected to remain approximately 18%.
- Financial Services earnings forecasted between $175M and $180M.
- Focus on consistent volume and operational efficiencies continues.
Challenges Ahead
- Market softness due to affordability challenges.
- Average selling prices are expected to continue declining.
- Higher mortgage rates may reduce consumer demand.
- SG&A guidance remains elevated at 8.0%-8.2%.
- Limited inventory may constrain upside in closings.
Revenue & Expenses
Visualization of income flow from segment revenue to net income