earnings
confidence high
sentiment negative
materiality 0.80
Lennar Q3 EPS $2.29; orders up 12% but margins compress; guides Q4 deliveries 22K-23K
LENNAR CORP /NEW/
2025-Q3 EPS reported
$6.06
revenue$24,819,325,000
- Net earnings $591M, diluted EPS $2.29; adjusted EPS $2.00 excluding $99M mark-to-market gains.
- Deliveries flat at 21,584 homes; new orders rose 12% to 23,004. ASP fell 9% to $383K.
- Homebuilding revenue $8.2B (-9% YoY); gross margin 17.5% vs 22.5% a year ago due to higher incentives and land costs.
- SG&A as % of home sales 8.2% (up from 6.7%) on lower leverage and higher marketing. Homebuilding operating earnings $760M.
- Q4 guidance: deliveries 22K-23K, new orders 20K-21K, gross margin ~17.5%. Repurchased 4.1M shares for $507M.
item 2.02item 9.01