Lennar said net earnings attributable to Lennar in Q1 2025 were $519.5 million, or $1.96 per diluted share, compared to $719.3 million, or $2.57 per diluted share, in Q1 2024.

1. 01

   Lennar said net earnings attributable to Lennar in Q1 2025 were $519.5 million, or $1.96 per diluted share, compared to $719.3 million, or $2.57 per diluted share, in Q1 2024.

2. 02

   The company said revenues from home sales in Q1 2025 were $7.2 billion, with 17,834 home deliveries at an average sales price of $408,000, and gross margins on home sales were 18.7%, compared to 21.8% in Q1 2024.

3. 03

   Lennar said it completed the taxable spin-off of Millrose on February 7, 2025, distributing approximately 80% of Millrose's stock to stockholders and contributing land assets of $5.6 billion and cash of $1.0 billion to Millrose, and completed the acquisition of Rausch Coleman Homes on February 10.

4. 04

   The company said it expects to sell between 22,500 and 23,500 homes and deliver between 19,500 and 20,500 homes in Q2 2025, with margins of approximately 18%. As of February 28, 2025, the remaining authorization to repurchase Class A or B common stock was $2.7 billion.

Key figures

Quarter ended February 28, 2025

Revenue

$7.6B

Net income

$520M

EPS

$1.96

Operating cash flow

−$289M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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