Lennar Q1 net earnings fall to $520 million as revenue rises to $7.6 billion
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.
Key points
- 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.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:42 AM ET, from the text of the filing and its press-release exhibits 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 March 20, 2025.
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