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Nov 30, 2025
Lennar Q4 2025 Earnings Report
Lennar reported Q4 results that reflected lower revenue and profit but strong operational execution in a challenging housing market.
Key Takeaways
Lennar delivered 23,034 homes and reported $9.4B in revenue in Q4, with adjusted EPS of $2.03. Despite pressure from affordability concerns and a six-week government shutdown, the company increased new orders and maintained margins through cost discipline.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lennar expects lower Q1 volume with 17,000–18,000 deliveries and margin compression, but is confident in long-term positioning and maintaining affordability.
Positive Outlook
- Q1 deliveries expected between 17,000 and 18,000 homes
- Average sales price projected between $365,000 and $375,000
- SG&A expected at approximately 9.5%
- Community count increased to 1,708
- Improved inventory turn to 2.2x driven by shorter cycle times
Challenges Ahead
- Gross margin expected to decline to 15%–16% in Q1
- Affordability remains a major headwind
- Consumer confidence continues to be weak
- Market conditions remain soft despite lower rates
- Limited guidance provided for full year due to uncertainty
Historical Earnings Impact
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Avg. Return Before/After Earnings
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