---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-014148"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2025-03-20T23:59:59+00:00"
generated_at: "2026-05-24T11:21:39.494064+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lennar Q1 EPS $1.96 ($2.14 adj); deliveries up 6% but gross margin down to 18.7%

## Summary
- Net earnings $520M ($1.96 diluted); adjusted EPS $2.14 excluding mark-to-market tech losses.
- Home deliveries 17,834 (+6% YoY) above guidance; new orders 18,355 (+1%) also above guidance.
- Gross margin on home sales 18.7% vs 21.8% YoY; average sales price $408K (-1%).
- Completed spin-off of Millrose Properties and acquisition of Rausch Coleman Homes.
- Repurchased 5.2M shares for $703M; Q2 guidance: 19,500-20,500 deliveries, gross margin ~18%.

## SEC filing metadata
- accession: 0001628280-25-014148
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2025-03-20T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920760/000162828025014148/0001628280-25-014148-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000162828025014148/len-20250320.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-014148
- JSON: https://secwatch.observer/filing/0001628280-25-014148.json
- Plain text: https://secwatch.observer/filing/0001628280-25-014148.txt

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