Lennar said net earnings attributable to Lennar in Q3 2025 were $591.0 million, or $2.29 per diluted share, compared to $1.2 billion, or $4.26 per diluted share, in Q3 2024. Excluding mark-to-market gains of $99.2 million on technology investments, net earnings attributable to Lennar were $516.0 million, or $2.00 per diluted share.

1. 01

   Lennar said net earnings attributable to Lennar in Q3 2025 were $591.0 million, or $2.29 per diluted share, compared to $1.2 billion, or $4.26 per diluted share, in Q3 2024. Excluding mark-to-market gains of $99.2 million on technology investments, net earnings attributable to Lennar were $516.0 million, or $2.00 per diluted share.

2. 02

   The company said revenues from home sales in Q3 decreased 9% to $8.2 billion from $9.0 billion. New home deliveries were 21,584 homes, the average sales price was $383,000 compared to $422,000 in the prior year, and gross margins on home sales were 17.5% compared to 22.5% in the prior year.

3. 03

   The company cited lower revenue per square foot and higher land costs year over year as factors in the gross margin decline in Q3, which was partially offset by a decrease in construction costs. Selling, general and administrative expenses increased to 8.2% as a percentage of revenues from home sales from 6.7% in the prior year.

4. 04

   For Q4 of fiscal 2025, the company said it anticipated selling between 20,000 and 21,000 homes and delivering between 22,000 and 23,000 homes. It expected the average sales price to be between $380,000 and $390,000, and its margin to come in at approximately 17.5%, depending on market conditions.

Key figures

Quarter ended August 31, 2025

Revenue

$8.8B

Net income

$591M

EPS

$2.29

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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