Every material Form 8-K Lennar has filed with the SEC since September 19, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Lennar amended its unsecured revolving credit facility on October 26, 2026, raising aggregate lender commitments to $3.795 billion and extending most Class A commitments to November 2031. It also added $40 million to its term loan facility, which now totals $1.75 billion, giving the company more borrowing room for working capital, general corporate purposes and acquisitions.
Revolving credit facility potential borrowing capacity rose from $3.500 billion to $4.545 billion, including a $750 million accordion feature
Class A commitments of $3.545 billion extended from November 2029 to November 2031
Term loan facility outstanding increased from $1.71 billion to $1.75 billion, with terms maturing in May 2028 and an option to extend to May 2029
Lennar reported third-quarter 2026 results for the period ended August 31, with net earnings of $284 million, or $1.19 per diluted share, down from $591 million, or $2.29, a year earlier. Revenue fell to $8.0 billion from $8.8 billion, and the company lowered its full-year 2026 delivery target to 80,000-81,000 homes, which weighs on shareholders' expectations for the year.
Q3 net earnings of $284 million, or $1.19 per diluted share, versus $591 million, or $2.29, in Q3 2025; excluding mark-to-market losses and one-time items, EPS was $1.23
Total revenues of $8.0 billion versus $8.8 billion; deliveries of 20,840 homes, down 3%; new orders of 20,879 homes, down 9%
Full-year 2026 delivery target cut to approximately 80,000-81,000 homes from 82,000-83,000 homes
Q4 2026 guidance: 22,000-23,000 deliveries, gross margin of 15.5%-16.0%, and new orders of 19,500-20,500 homes
Lennar reported second-quarter 2026 net earnings of $305 million, or $1.24 per diluted share, down from $477 million, or $1.81 per share, a year earlier. The company also moderated its full-year 2026 delivery target to approximately 82,000 to 83,000 homes, citing pressure on interest rates and geopolitical uncertainty.
Q2 2026 total revenues were $7.9 billion, compared with $8.4 billion in Q2 2025
Deliveries rose 2% year over year to 20,519 homes, while new orders fell 4% to 21,749 homes
Full-year 2026 delivery target moderated to approximately 82,000 to 83,000 homes
Third-quarter 2026 guidance: 20,500 to 21,500 deliveries and gross margin of approximately 16%
Lennar appointed Jim Parker as Chief Operating Officer and David Grove as Executive Vice President, Homebuilding, both effective June 5, 2026. Both previously served as Area Presidents, leading the company's East and West operations, and will continue to report to Executive Chairman, CEO and President Stuart Miller.
Jim Parker, 56, named Chief Operating Officer effective June 5, 2026; his annual cash incentive target was raised to $5,750,000.
David Grove named Executive Vice President, Homebuilding effective June 5, 2026, after serving as Area President for the West since December 2025.
Parker led the East operations as Area President from December 2025; both executives have about 30 years of homebuilding experience.
Lennar reported first-quarter 2026 results for the period ended February 28, 2026, with net earnings attributable to Lennar of $229 million, or $0.93 per diluted share, down from $520 million, or $1.96 per diluted share, a year earlier. Total revenues were $6.6 billion, compared with $7.6 billion, as home deliveries fell 5% and the average sales price dropped to $374,000 from $408,000. The company also gave second-quarter 2026 delivery and margin guidance.
Net earnings $229 million, or $0.93 per diluted share, versus $520 million, or $1.96, in Q1 2025
Total revenues $6.6 billion versus $7.6 billion; gross margin on home sales 15.2% versus 18.7%
Q2 2026 guidance: 20,000 to 21,000 deliveries and gross margin of 15.5% to 16.0%
Repurchased 2 million shares for $237 million during the quarter
Lennar reported fourth-quarter 2025 net earnings of $490 million, or $1.93 per diluted share, down from $1.1 billion, or $4.06 per share, a year earlier. Revenue fell to $9.4 billion from $9.9 billion, even though home deliveries rose 4%, and the company gave first-quarter fiscal 2026 guidance with lower expected margins.
Q4 net earnings attributable to Lennar were $490 million, or $1.93 per diluted share, versus $1.1 billion, or $4.06 per share, in Q4 2024.
Excluding a $156 million one-time loss on the Millrose exchange offer and $123 million of technology investment gains, Q4 EPS was $2.03.
Total revenues were $9.4 billion versus $9.9 billion; deliveries rose 4% to 23,034 homes, but gross margin on home sales was 17.0% versus 22.1%.
Guidance for Q1 fiscal 2026 calls for 17,000 to 18,000 deliveries and a 15.0% to 16.0% gross margin; full-year deliveries are expected to be about 85,000 homes.
Lennar co-Chief Executive Officer and President Jonathan Jaffe will retire and resign from the board effective December 31, 2025, after notifying the board on November 12, 2025. The company does not plan to replace his role, and Stuart Miller will continue as Executive Chairman and Chief Executive Officer. The filing does not include financial results, but the change removes a senior leadership position and reduces the board from ten to nine members.
Jaffe, who joined Lennar in 1983 and has been co-CEO and president since September 2023, retires effective December 31, 2025
Lennar does not intend to seek a replacement for Jaffe's position at this time
Board plans to reduce its size from ten members to nine, effective December 31, 2025
Miller remains Executive Chairman and becomes sole Chief Executive Officer; the company said the timing reflects the need to remake its organizational and cost structure
Lennar reported third-quarter results for the period ended August 31, 2025, with net earnings of $591 million, or $2.29 per diluted share, down from $1.2 billion, or $4.26 per share, a year earlier. Lower average sales prices and a gross margin of 17.5% versus 22.5% a year earlier drove the decline, while deliveries were flat at 21,584 homes. Management said it will moderate volume in the fourth quarter, guiding to 20,000 to 21,000 new orders, which signals slower sales volume for shareholders while the company works to rebuild margin.
Total revenues were $8.8 billion, compared with $9.4 billion in the third quarter of 2024; deliveries were 21,584 homes, consistent with the prior year.
Average sales price of homes delivered was $383,000, down from $422,000, and gross margin on home sales was 17.5%, down from 22.5%.
Fourth-quarter 2025 guidance: 20,000 to 21,000 new orders, 22,000 to 23,000 deliveries, and gross margin of approximately 17.5%, depending on market conditions.
Lennar repurchased 4.1 million shares for $507 million in the third quarter at an average price of $122.97.
Lennar's Chief Operating Officer Fred Rothman and General Counsel Mark Sustana will both retire effective September 2, 2025. Katherine Lee Martin, formerly General Counsel at Hertz, will become Chief Legal Officer on that date, and Lennar does not plan to replace Mr. Rothman. The filing contains no financial results, so the change is a leadership transition with no stated effect on earnings.
Fred Rothman, COO since January 2019, retires effective September 2, 2025 and will continue as a consultant; Lennar does not plan to replace him
Mark Sustana, Vice President and General Counsel, retires effective September 2, 2025 and will consult for an initial two-year term starting September 3, 2025
Sustana's consulting fee is $110,000 per month during the term and $50,000 per month during any additional term
Katherine Lee Martin becomes Chief Legal Officer and Corporate Secretary on September 2, 2025
Lennar reported second-quarter results for the period ended May 31, 2025, with net earnings of $477 million, or $1.81 per diluted share, down from $954 million, or $3.45 per share, a year earlier. Total revenues were $8.4 billion, down from $8.8 billion, as the average sales price of homes delivered fell to $389,000 from $426,000, while new orders and deliveries both rose. The company also gave third-quarter guidance for new orders and deliveries of 22,000 to 23,000 homes each.
Net earnings attributable to Lennar were $477 million, or $1.81 per diluted share, versus $954 million, or $3.45 per share, in the second quarter of 2024.
New orders rose 6% to 22,601 homes and deliveries rose 2% to 20,131 homes, while the average sales price fell to $389,000 from $426,000.
Third-quarter guidance: new orders and deliveries of 22,000 to 23,000 homes each, average sales price of $380,000 to $385,000, and gross margin of approximately 18%.
The company repurchased 4.7 million shares for $517 million and ended the quarter with $5.4 billion in total liquidity.
Lennar entered a delayed draw term loan credit agreement on May 14, 2025, allowing up to $1.61 billion in borrowings, with an accordion feature for an additional $500 million. On May 19, 2025, it also settled a $700 million offering of 5.200% Senior Notes due 2030 that proceeds will fund general corporate purposes, including debt repayment; the filing contains no operating results.
Delayed draw term loans of up to $1,610,000,000 under a credit agreement dated May 14, 2025, with JPMorgan Chase Bank, N.A. as administrative agent
Accordion feature allows an additional $500,000,000; borrowed amounts cannot be redrawn once repaid
$700 million of 5.200% Senior Notes due 2030 settled on May 19, 2025, guaranteed by certain homebuilding subsidiaries
Net proceeds intended for general corporate purposes, including repayment of debt
Lennar reported first quarter results for the period ended February 28, 2025, with net earnings attributable to Lennar of $520 million, or $1.96 per diluted share, down from $719 million, or $2.57 per share, a year earlier. Total revenues rose to $7.6 billion from $7.3 billion, but homebuilding gross margin on home sales fell to 18.7% from 21.8%, and the company cited a mark-to-market loss on technology investments. The company also guided to 19,500 to 20,500 deliveries and a gross margin of approximately 18% for the second quarter of 2025.
Net earnings attributable to Lennar were $520 million, or $1.96 per diluted share, versus $719 million, or $2.57 per share, in the first quarter of 2024; excluding mark-to-market losses on technology investments, earnings were $567 million,
Total revenues were $7.6 billion, up from $7.3 billion, on 17,834 home deliveries, a 6% increase.
Gross margin on home sales was 18.7% compared with 21.8% a year earlier, and the average sales price fell to $408,000 from $413,000.
Second quarter 2025 guidance calls for 19,500 to 20,500 deliveries, average sales prices of $390,000 to $400,000, and a gross margin of approximately 18%. The earnings call is set for 11:00 a.m. Eastern Time on March 21, 2025.
Lennar director Sidney Lapidus, a longtime board member and Chair of the Independent Directors Transactions Committee, told the board on January 13, 2025 that he will not seek re-election at the 2025 Annual Meeting. He will remain on the board and in his committee role until then, and the company said the decision is not related to any disagreement over operations, policies or practices. The board will also shrink from eleven to ten members when his term ends.
Lapidus notified the board on January 13, 2025 of his decision not to stand for re-election at the 2025 Annual Meeting of Stockholders.
He will continue as Chair of the Independent Directors Transactions Committee until his term expires.
Board size will be reduced from eleven members to ten, effective when his term expires.
Lapidus joined the board in 1997 and served as Lead Director from 2005 to April 10, 2024; Armando Olivera became Lead Director after that date.
Lennar reported fourth-quarter 2024 net earnings of $1.1 billion, or $4.06 per diluted share, down from $1.4 billion, or $4.82 per share, a year earlier, on total revenues of $9.9 billion versus $11.0 billion. The company said higher mortgage rates limited affordability and that new orders fell short of its guidance, while it gave first-quarter 2025 delivery and gross margin guidance.
Q4 2024 net earnings per diluted share of $4.06 versus $4.82 in Q4 2023; full-year 2024 EPS of $14.31 versus $13.73
Q4 deliveries of 22,206 homes, down 7%; new orders of 16,895 homes, below the low end of guidance of 19,000
Q1 2025 guidance: 17,000 to 17,500 deliveries and a 19.0% to 19.25% gross margin on home sales; no full-year gross margin guidance
Repurchased 3 million shares for $521 million in Q4 and had $7.6 billion of available liquidity at November 30, 2024
Lennar amended and restated its unsecured revolving credit facility on November 25, 2024, increasing lender commitments to $2.875 billion until May 2027, when they step down to $2.650 billion until final maturity in November 2029. A $625 million accordion feature could lift maximum borrowing capacity to $3.5 billion, subject to additional commitments. The change expands the company's available borrowing capacity under the facility.
Lender commitments increased to $2.875 billion until May 2027, then reduced to $2.650 billion until final maturity in November 2029
$625 million accordion feature could raise maximum potential borrowing capacity to $3.5 billion, subject to additional commitments
Proceeds may be used for working capital and general corporate purposes
Certain primarily homebuilding subsidiaries guarantee the company's obligations under the Ninth Amended and Restated Credit Agreement
Lennar reported third-quarter 2024 results for the quarter ended August 31, 2024, with net earnings of $1.2 billion, or $4.26 per diluted share, up from $3.87 a year earlier. The results include a $179 million one-time gain from asset sales in LMV Fund I and a $90 million write-down; excluding mark-to-market gains and one-time items, earnings were $3.90 per diluted share. Gross margin on home sales fell to 22.5% from 24.4%, and the company expects fourth-quarter deliveries of 22,500 to 23,000 homes.
Net earnings per diluted share of $4.26, up from $3.87 a year earlier; $3.90 excluding mark-to-market gains and one-time items
Deliveries rose 16% to 21,516 homes, and total revenues were $9.4 billion
Gross margin on home sales was 22.5%, down from 24.4% in the prior-year quarter
Fourth-quarter 2024 guidance: 22,500 to 23,000 deliveries and gross margin flat with the third quarter
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