Lennar Studies Fourth Quarter and Fiscal 2025 Effects

2025 Fourth Quarter Highlights

• Web income in line with diluted proportion of $1.93; $2.03 apart from changes of:
  • $123 million mark-to-market features on era investments, and
  • $156 million one-time loss on up to now introduced Millrose Houses, Inc. (“Millrose”) change trade in
• Web income of $490 million
• Pristine orders higher 18% past over past to twenty,018 properties
• Backlog of 13,936 properties with a buck price of $5.2 billion
• Deliveries higher 4% past over past to 23,034 properties
• General revenues of $9.4 billion
• Homebuilding running income of $718 million
  • Improper margin on house gross sales of 17.0%; internet margin of 9.1%
• Monetary Services and products running income of $134 million
• Multifamily running lack of $44 million
• Lennar Alternative running income of $61 million
• Homebuilding coins and coins equivalents of $3.4 billion
• Incorrect exceptional borrowings underneath the Corporate’s $3.1 billion revolving credit score facility
• $1.7 billion exceptional underneath the Corporate’s time period mortgage facility
• Homebuilding debt to overall capital of 15.7%
• Finished non-cash repurchase of 8.0 million Lennar stocks thru Millrose change trade in

2025 Fiscal Day Highlights

• Web income in line with diluted proportion of $7.98; $8.06 apart from changes of:
  • $130 million mark-to-market features on era investments, and
  • $156 million one-time loss on Millrose change trade in
• Web income of $2.1 billion
• Pristine orders higher 9% past over past to 83,978 properties
• Deliveries higher 3% past over past to 82,583 properties
• General revenues of $34.2 billion
• Improper margin on house gross sales of 17.7%; internet margin of 9.3%
• Finished spin-off of Millrose and acquisition of Rausch Coleman Houses’ homebuilding operations in February
• Repurchased 22.1 million stocks; 14.1 million stocks of Lennar habitual book for $1.7 billion in coins and eight.0 million stocks thru Millrose change trade in

MIAMI, Dec. 16, 2025 /PRNewswire/ — Lennar Company (NYSE: LEN and LEN.B), certainly one of the community’s greatest homebuilders, lately reported effects for its fourth quarter and financial past ended November 30, 2025. Fourth quarter internet income as a consequence of Lennar in 2025 have been $490 million, or $1.93 in line with diluted proportion, in comparison to $1.1 billion, or $4.06 in line with diluted proportion within the fourth quarter of 2024. Aside from mark-to-market features on era investments of $123 million and one-time lack of $156 million at the up to now introduced Millrose Houses, Inc. (“Millrose”) change trade in, fourth quarter internet income as a consequence of Lennar in 2025 have been $514 million, or $2.03 in line with diluted proportion, in comparison to fourth quarter internet income as a consequence of Lennar in 2024 of $1.1 billion, or $4.03 in line with diluted proportion, apart from mark-to-market features on era investments of $13 million. Web income as a consequence of Lennar for the past ended November 30, 2025 have been $2.1 billion, or $7.98 in line with diluted proportion, in comparison to $3.9 billion, or $14.31 in line with diluted proportion for the past ended November 30, 2024. Aside from mark-to-market features on era investments of $130 million and one-time lack of $156 million at the Millrose change trade in, internet income as a consequence of Lennar for the past ended November 30, 2025 have been $2.1 billion, or $8.06 in line with diluted proportion, in comparison to $3.8 billion, or $13.86 in line with diluted proportion for the past ended November 30, 2024, apart from $25 million mark-to-market features on era investments and alternative one-time pieces.

Stuart Miller, Government Chairman and Co-Prominent Government Officer of Lennar, stated, “Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged. Accordingly, our fourth quarter and full year 2025 results reflect a disciplined commitment to increasing housing supply in a market constrained by affordability challenges, as well as weak consumer confidence. Despite the added pressure of a six-week government shutdown, we continued to build and sell homes, adapting as needed to changing market conditions.”

“During the quarter, we delivered 23,034 homes and achieved 20,018 new orders. Our average sales price was $386,000, while our gross margin was 17%, with SG&A at 7.9%, resulting in a net margin of 9.1%.”

“To address continued market declines, we maintained approximately 14% in incentives and price adjustments, while continuing to focus on volume. Deliveries for 2025 exceeded those of 2024 by more than 2,300 homes or approximately 3%, for a total of 82,583.”

“Even as market conditions softened, we prioritized providing supply for a healthier housing market, while driving down costs to support affordability. Our strategy remains consistent and clear: maintain volume, adapt to evolving conditions, reduce costs, and support housing affordability.”

Jon Jaffe, Lennar’s Co-Prominent Government Officer and President, added, “During the fourth quarter, we strategically reduced our starts and sales pace to 3.7 and 4.0 homes per community per month, respectively. We continued to utilize incentives, including mortgage rate buydowns, to sustain sales momentum. Our community count increased to 1,708, allowing for a slower pace per community while maintaining overall volume.”

“Construction cycle times moderated to an average of 127 days, enabling more efficient production. As a result, our inventory turn improved to 2.2 times, supporting both operational efficiency and affordability, with less cash required to produce volume.”

Mr. Miller concluded, “While affordability and consumer confidence have remained challenging as interest rates moderated, we have focused on adapting to a new normal as the market finds its footing. Against the backdrop of uncertainty, we will give limited guidance on the first quarter and the year ahead. In the first quarter, we expect to deliver between 17,000 and 18,000 homes. We expect our average sales price will be between $365,000 and $375,000, and expect our margin to be lower, as is typical with lower first quarter volume, between 15% to 16% depending on market conditions, with SG&A of approximately 9.5%. We expect that deliveries for the full year will be approximately 85,000 homes.”

“Although the current market presents short–term challenges, we are highly confident that our strong market position and disciplined operating strategy will set us up for long-term success.”

RESULTS OF OPERATIONS
THREE MONTHS ENDED NOVEMBER 30, 2025 COMPARED TO 
THREE MONTHS ENDED NOVEMBER 30, 2024

As up to now introduced, Lennar Company finished its acquisition of Rausch Coleman Houses on February 10, 2025. Prior past knowledge contains most effective stand-alone knowledge for Lennar Company for the 3 months ended November 30, 2024.

Homebuilding

Revenues from house gross sales diminished 7% within the fourth quarter of 2025 to $8.9 billion from $9.5 billion within the fourth quarter of 2024. Revenues have been decrease essentially because of a ten% snip within the reasonable gross sales value of houses delivered, partly offset by way of a 4% build up within the choice of house deliveries. Pristine house deliveries higher to 23,034 properties within the fourth quarter of 2025 from 22,206 properties within the fourth quarter of 2024. The common gross sales value of houses delivered used to be $386,000 within the fourth quarter of 2025, in comparison to $430,000 within the fourth quarter of 2024. The snip in reasonable gross sales value of houses delivered within the fourth quarter of 2025 in comparison to the similar duration utmost past used to be essentially because of endured problem available in the market and an higher worth of gross sales incentives introduced to homebuyers.

Improper margins on house gross sales have been $1.5 billion, or 17.0%, within the fourth quarter of 2025, in comparison to $2.1 billion, or 22.1%, within the fourth quarter of 2024. All the way through the fourth quarter of 2025, improper margins diminished essentially because of a decrease earnings in line with sq. substructure and better land prices past over past, which have been partly offset by way of a snip in building prices, reflecting the Corporate’s endured focal point on cost-saving projects.

Promoting, normal and administrative bills have been $697 million within the fourth quarter of 2025, in comparison to $682 million within the fourth quarter of 2024. As a proportion of revenues from house gross sales, promoting, normal and administrative bills higher to 7.9% within the fourth quarter of 2025, from 7.2% within the fourth quarter of 2024, essentially because of much less leverage because of decrease revenues and an build up in advertising and promoting bills.

Monetary Services and products

Working income for the Monetary Services and products section have been $133 million within the fourth quarter of 2025, in comparison to $154 million within the fourth quarter of 2024. The snip in running income used to be essentially because of decrease quantity and benefit in line with mortgage within the loan trade in addition to decrease benefit in line with closed series within the identify trade because of decrease reasonable gross sales value.

Alternative Ancillary Companies

Working loss for the Multifamily section used to be $44 million within the fourth quarter of 2025, in comparison to running lack of $0.1 million within the fourth quarter of 2024. Working income for Lennar Alternative section have been $61 million within the fourth quarter of 2025, in comparison to $0.5 million within the fourth quarter of 2024. Lennar Alternative running income for the fourth quarter of 2025 have been essentially alike to mark-to-market features of $123 million at the Corporate’s era investments, partly offset by way of alternative running losses. Lennar Alternative running income for the fourth quarter of 2024 have been essentially because of mark-to-market features on era investments of $13 million, which used to be partly offset by way of alternative running losses.

Millrose Alternate/Stocks Repurchase

In November, the Corporate finished the Millrose change trade in in a non-cash transaction, accepting 8,049,594 stocks of Lennar Magnificence A habitual book in change for 33,298,754 stocks of Millrose Magnificence A habitual book, which represented 20% of Millrose’s exceptional stocks. The change led to a $1.1 billion relief in investments in unconsolidated entities and stockholders’ fairness as of November 30, 2025 and a one-time lack of $156 million in Homebuilding alternative source of revenue (expense), internet, within the Corporate’s consolidated statements of operations and complete source of revenue.

Tax Charge

For the quarters ended November 30, 2025 and 2024, the Corporate had a tax provision of $185 million and $358 million, which led to an total efficient source of revenue tax fee of 27.4% and 24.6%, respectively. For each sessions, the Corporate’s efficient source of revenue tax fee incorporated order source of revenue tax expense and non-deductible government reimbursement, partly offset by way of tax credit. The rise within the efficient tax fee for the fourth quarter of 2025 in comparison to the prior duration used to be essentially because of the loss alike to the Millrose change trade in now not being known for tax functions. On July 4, 2025, the One Weighty Gorgeous Invoice Office (the “Act”) used to be enacted, introducing numerous adjustments to U.S. Federal tax legislation. The Office didn’t have a subject material have an effect on at the Corporate’s consolidated monetary statements for the fiscal past ended November 30, 2025, and the Corporate continues to be comparing the prospective have an effect on of the Office on era sessions.

Steerage

Refer to are the Corporate’s anticipated result of its homebuilding and fiscal products and services actions for the primary quarter of fiscal 2026:

About Lennar

Lennar Company, based in 1954, is without doubt one of the community’s eminent developers of property properties for all generations. Lennar builds inexpensive, move-up and energetic grownup properties essentially underneath the Lennar logo identify. Lennar’s Monetary Services and products section supplies loan financing, identify and last products and services essentially for patrons of Lennar’s properties and, thru LMF Business, originates loan loans tie essentially by way of industrial actual property houses right through the US. Lennar’s Multifamily section is a national developer of top of the range multifamily condominium houses. LEN^X drives Lennar’s era, innovation and strategic investments. For more info about Lennar, please discuss with www.lennar.com.

Word Referring to Ahead-Having a look Statements: Probably the most statements on this press let go are “forward-looking statements,” as that time period is outlined within the Personal Securities Litigation Reform Office of 1995, together with, however now not restricted to, statements when it comes to the homebuilding marketplace and alternative markets wherein we take part, in addition to our anticipated effects and steerage. You’ll be able to establish forward-looking statements by way of the truth that those statements don’t relate strictly to historic or wave issues. Instead, forward-looking statements relate to expected or anticipated occasions, actions, tendencies or effects. Accordingly, those forward-looking statements must be evaluated with attention given to the numerous dangers and uncertainties inherent in our trade that would motive original effects and occasions to fluctuate materially from the ones expected by way of the forward-looking statements. We need to warning readers to not playground undue reliance on any forward-looking statements, that are expressly certified of their entirety by way of this cautionary observation and discuss most effective as of the future made. Notable components that would motive variations between expected and original effects come with slowdowns in actual property markets in areas the place we now have important Homebuilding or Multifamily building actions or personal a considerable choice of single-family properties for hire; diminished call for for our houses, both on the market or for hire, or Multifamily condominium flats; the prospective have an effect on of inflation; the have an effect on of higher charge of loan financing for homebuyers, higher rates of interest or higher festival within the loan business; provide shortages and higher prices alike to building fabrics, together with lumber, and hard work; adjustments in business coverage affecting our trade, together with brandnew or higher price lists, in addition to the prospective have an effect on of retaliatory price lists and alternative consequences; adjustments in U.S and international governmental regulations, rules and insurance policies, together with retaliatory insurance policies towards the US, that can have an effect on our trade operations; charge will increase alike to actual property taxes and insurance coverage; the impact of higher rates of interest with reference to our budget’ borrowings or the willingness of the budget to put money into brandnew tasks; discounts available in the market price of our investments in family corporations; herbal failures or terrible occasions for which our insurance coverage would possibly not serve ample protection; our incapacity to effectively explode our methods, together with having the ability to uphold our land bright technique following the of completion of the Millrose spin-off and the Millrose change trade in; a decrease within the price of the land and residential inventories we uphold and ensuing conceivable era writedowns of the wearing price of our actual property property; the forfeiture of deposits alike to land acquire choices we come to a decision to not workout; the results of family condition problems similar to a significant epidemic or pandemic that will have a detrimental have an effect on at the financial system and on our companies; hard work shortages and/or a snip within the choice of attainable homebuyers because of higher enforcement of restrictions on immigration; conceivable adverse leads to felony complaints; statuses within the capital, credit score and fiscal markets; adjustments in regulations, rules or the regulatory circumstance affecting our trade; and the alternative dangers and uncertainties described in our filings from while to while with the Securities and Alternate Fee, together with the ones incorporated underneath the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most up-to-date Annual Record on Method 10-Ok filed on January 23, 2025 and Quarterly Studies on Method 10-Q. We adopt refuse legal responsibility to replace or revise any forward-looking statements, whether or not because of brandnew knowledge, era occasions, or another way.

A convention name to talk about the Corporate’s fourth quarter income will likely be held at 11:00 a.m. Jap Pace on Wednesday, December 17, 2025. The decision will likely be broadcast live to tell the tale the web and will also be accessed in the course of the Corporate’s website online at buyers.lennar.com. In case you are not able to take part within the convention name, the decision will likely be archived at buyers.lennar.com for 90 days. A replay of the convention name can also be to be had then that age by way of calling 203-369-0176 and getting into 5723593 because the affirmation quantity.

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Touch:
Ian Frazer
Investor Members of the family
Lennar Company
(305) 485-4129

SOURCE Lennar Company