---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-057408"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2025-12-16T23:59:59+00:00"
generated_at: "2026-05-16T13:09:18.187408+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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%.

## SEC filing metadata
- accession: 0001628280-25-057408
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2025-12-16T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920760/000162828025057408/0001628280-25-057408-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000162828025057408/len-20251216.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-057408
- JSON: https://secwatch.observer/filing/0001628280-25-057408.json
- Plain text: https://secwatch.observer/filing/0001628280-25-057408.txt

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