Lennar Q3 net earnings fall to $591 million, or $2.29 a share, from $4.26 a year ago
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.
Key points
- 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.
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 18, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.