---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-007870"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2023-03-14T23:59:59+00:00"
generated_at: "2026-06-18T04:08:50.249828+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Lennar Q1 GAAP EPS $2.06 (+22% YoY); deliveries up 9% to 13,659; gross margin 21.2%

## Summary
- GAAP net earnings $597M ($2.06 diluted EPS); adjusted net earnings $615M ($2.12), down 23% YoY.
- Deliveries 13,659 homes (+9% YoY); new orders 14,194 (-10%); backlog 19,403 (-29%).
- Homebuilding gross margin 21.2% (down 570 bps); S,G&A improved 10 bps to 7.4% of home sales.
- Homebuilding debt-to-capital 14.2%; cash $4.1B; no revolver borrowings; repurchased 2M shares for $189M.
- Q2 guidance: deliveries 15,000-16,000; gross margin 21.0%-21.5%. FY deliveries 62,000-66,000.

## SEC filing metadata
- accession: 0001628280-23-007870
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2023-03-14T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/920760/000162828023007870/0001628280-23-007870-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000162828023007870/len-20230314.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-007870
- JSON: https://secwatch.observer/filing/0001628280-23-007870.json
- Plain text: https://secwatch.observer/filing/0001628280-23-007870.txt

## Key facts
- Earnings Releases
  LENNAR CORP /NEW/ reported first quarter ended February 28, 2023 results: revenue $6.5 billion, net income $597 million, EPS $2.06 per diluted share.
  - Period: first quarter ended February 28, 2023
  - Revenue: $6.5 billion
  - Net income: $597 million
  - EPS: $2.06 per diluted share
  - Result: reported results
  source text: orders dollar value decreased 18% to $6.4 billion • Backlog decreased 29% to 19,403 homes; backlog dollar value decreased 33% to $9.0 billion • Total revenues increased 5% to $6.5 billion • Homebuilding operating earnings decreased to $907 million, compared to operating earnings of $1.1 billion ◦ Gross margin on home sales decreased 570 basis points ("bps") to
  evidence_url: https://www.sec.gov/Archives/edgar/data/920760/000162828023007870/0001628280-23-007870-index.htm

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