Lennar Q2 EPS $1.81, down 48% YoY; revenue $8.4B; guides Q3 deliveries 22k-23k

LENNAR CORP /NEW/

2025-Q2 EPS reported $3.77 vs consensus $1.96 ▲ beat (+92.2%)

Net earnings $477M ($1.81 diluted); adjusted EPS $1.90 excluding tech investment losses.
Revenue $8.4B, down 7% YoY; home deliveries up 2% to 20,131; avg sales price fell 9% to $389K.
Homebuilding gross margin 17.8% (18.0% ex purchase accounting); SG&A rose to 8.8% of home sales.
Issued $700M 5.20% notes due 2030, redeemed $500M 4.75% notes; repurchased 4.7M shares for $517M.
Q3 guidance: deliveries 22k-23k; avg sales price $380k-$385k; gross margin approx 18%; Fin Svcs op earnings $175-180M.

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