secwatch.observer — SEC 8-K summary
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Issuer:     LENNAR CORP /NEW/ (LEN)
CIK:        0000920760
Form:       8-K
Filed at:   2025-12-16T23:59:59+00:00
Accession:  0001628280-25-057408
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920760/000162828025057408/0001628280-25-057408-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920760/000162828025057408/len-20251216.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-057408

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