The company said Lennar net earnings attributable to Lennar for Q4 2025 were $490 million, or $1.93 per diluted share, down from $1.1 billion, or $4.06 per share, a year earlier. Excluding adjustments, net earnings were $514 million, or $2.03 per diluted share.

1. 01

   The company said Lennar net earnings attributable to Lennar for Q4 2025 were $490 million, or $1.93 per diluted share, down from $1.1 billion, or $4.06 per share, a year earlier. Excluding adjustments, net earnings were $514 million, or $2.03 per diluted share.

2. 02

   Lennar said homebuilding revenues from home sales fell 7% to $8.9 billion in Q4, and gross margin on home sales was 17.0% (22.1% a year earlier). It cited weak market conditions and higher sales incentives as the reasons for the lower average sales price.

3. 03

   The company said it completed the Millrose exchange offer in November without a cash payment, receiving 8,049,594 shares of Lennar Class A common stock, and recognized a one-time loss of $156 million in Homebuilding other income (expense), net.

4. 04

   The company said it expects to deliver 17,000 to 18,000 homes in Q1 2026, with an average sales price of $365,000 to $375,000 and a gross margin on home sales of 15.0% to 16.0%. It said it expects full-year deliveries of about 85,000 homes.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

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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