Lennar delivered 21,584 homes in Q3 2025 and generated $8.8B in revenue, with EPS of $2.29. Net income fell by nearly half compared to Q3 2024, but new orders rose and operational cycle time improved to an all-time low.
Net income dropped to $591M from $1.16B a year ago.
New orders increased to 23,004 homes, a 12% gain YoY.
Average sales price dropped to $383,000 amid use of incentives.
Cycle time improved to a record low of 126 days.
Lennar expects flat gross margins and slightly lower new orders in Q4, while maintaining discipline in inventory and costs.
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