---
schema_version: "secwatch.filing_event.v1"
accession: "0000920760-25-000003"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2025-09-19T23:59:59+00:00"
generated_at: "2026-05-17T06:10:57.685436+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Lennar Q3 EPS $2.29; orders up 12% but margins compress; guides Q4 deliveries 22K-23K

## Summary
- 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.

## SEC filing metadata
- accession: 0000920760-25-000003
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2025-09-19T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920760/000092076025000003/0000920760-25-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000092076025000003/len-20250918.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000920760-25-000003
- JSON: https://secwatch.observer/filing/0000920760-25-000003.json
- Plain text: https://secwatch.observer/filing/0000920760-25-000003.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.