Lennar Q4 EPS $1.93 ($2.03 adj.) vs $4.06 prior; guides Q1 deliveries 17k-18k, gross margin 15-16%

LENNAR CORP /NEW/

Q4 net earnings $490M ($1.93/sh); adjusted $514M ($2.03/sh) excluding $123M tech gains and $156M Millrose loss.
Q4 deliveries 23,034 (+4% YoY), new orders 20,018 (+18% YoY); avg sales price $386,000 (-10%).
Homebuilding gross margin 17.0% (vs 22.1% prior); SG&A 7.9%; net margin 9.1%.
FY2025 deliveries 82,583 (+3% YoY); net earnings $2.1B ($7.98/sh); adjusted $8.06/sh.
Q1 FY2026 guidance: deliveries 17k-18k, ASP $365k-$375k, gross margin 15-16%, SG&A ~9.5%.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.