Lennar Q4 net earnings drop 56% to USD 490 million as new orders rise 18%
Lennar Corporation reported its financial results for the fourth quarter (Q4) and full year (FY) ended November 30, 2025. In Q4 2025, the company posted net earnings of USD 490 million, or USD 1.93 per diluted share. Excluding adjustments, earnings per diluted share were USD 2.03. Total revenues for the quarter reached USD 9.4 billion. Homebuilding operating earnings amounted to USD 718 million, with a gross margin on home sales of 17.0 percent and a net margin of 9.1 percent. New orders increased 18 percent year over year to 20,018 homes, and deliveries totaled 23,034 homes. For the full year 2025, Lennar Corporation reported net earnings of USD 2.1 billion, or USD 7.98 per diluted share; excluding adjustments, earnings per diluted share were USD 8.06. Total revenues were USD 34.2 billion. Deliveries for the year reached 82,583 homes, with a gross margin on home sales of 17.7 percent and a net margin of 9.3 percent. New orders for the year rose 9 percent to 83,978 homes. Homebuilding cash and cash equivalents were USD 3.4 billion at the end of the period. Lennar Corporation reported homebuilding debt to total capital of 15.7 percent.
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