---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-031665"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2025-06-17T23:59:59+00:00"
generated_at: "2026-05-19T05:49:51.730332+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-031665
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2025-06-17T23:59:59+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/920760/000162828025031665/0001628280-25-031665-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000162828025031665/len-20250616.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-031665
- JSON: https://secwatch.observer/filing/0001628280-25-031665.json
- Plain text: https://secwatch.observer/filing/0001628280-25-031665.txt

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