Homebuilding Operations - Homebuilding operations generated $32 billion in revenues, accounting for approximately 94% of consolidated revenues in fiscal 2025[11]. - New home deliveries reached 82,583 in fiscal 2025, an increase from 80,210 in fiscal 2024 and 73,087 in fiscal 2023[14]. - The average sales price of a Lennar home in fiscal 2025 was $391,000, down from $423,000 in fiscal 2024 and $445,000 in fiscal 2023[15]. - As of November 30, 2025, 98% of total homesites were controlled through options, up from 82% in the previous year[17]. - The backlog dollar value, including unconsolidated entities, was $5.2 billion at November 30, 2025, compared to $5.4 billion at the same time in 2024[29]. - The company experienced a cancellation rate of 14% in both 2025 and 2024 for homes under sales contracts[28]. - The company was actively building and marketing homes in 1,708 communities as of November 30, 2025, an increase from 1,447 communities in 2024[20]. - The company aims to maintain operating margins by deferring home sale price commitments until construction costs are finalized[13]. - The company is focused on a land-light operating model, enhancing flexibility and reducing capital intensity in its homebuilding operations[13]. Financial Services - In fiscal year 2025, the company originated approximately 55,900 residential mortgage loans totaling $20.0 billion, an increase from 54,600 loans totaling $19.8 billion in fiscal year 2024[34]. - The financial services subsidiaries provided loans to 84% of homebuyers who obtained mortgage financing in areas where the company offered services[33]. - As of November 30, 2025, the company had a total maximum borrowing capacity of $3.3 billion under its financial services warehouse facilities[35]. - The company utilizes derivative financial instruments to hedge interest rate exposure, particularly for loans held-for-sale, to mitigate risks associated with fluctuations in mortgage-related interest rates[315]. - The company’s Financial Services operations employ mortgage-backed securities forward commitments and option contracts to protect against interest rate fluctuations[314]. - Financial services fixed rate notes and other debts payable are valued at $123.1 million, with an average interest rate of 3.4%[320]. - Financial services variable rate debts total $1,667.2 million, with an average interest rate of 5.3%[320]. Multifamily Business - The Multifamily business has capitalized and developed 128 multifamily residential communities with approximately 39,300 rental units across 20 states[42]. - As of November 30, 2025, the Multifamily segment had a pipeline of 32 potential future developments totaling approximately $2.8 billion in anticipated development costs[43]. Strategic Investments - In February 2025, the company completed the spin-off of Millrose Properties, contributing $5.6 billion in land assets and $1.0 billion in cash[31]. - The company retained a minority interest after selling a majority interest in Quarterra Group, Inc for a strategic commitment of $1.0 billion[46]. - The book value of the company's investment in strategic technology investments was $581.8 million as of November 30, 2025[39]. Technology and Innovation - The company has been using new technology to automate portions of the mortgage loan origination process, improving customer experience and increasing digital closings[36]. Environmental Sustainability - The company is focused on creating environmentally sustainable products, incorporating features like Low-VOC paint, WaterSense® faucets, Low-E windows, and Energy Star® appliances in new homes[67][74]. - The company believes in the value of clean energy and actively seeks to integrate solar power into its home designs[68]. Regulatory and Market Risks - The company is subject to various local, state, and federal regulations that can increase construction costs and impact homebuilding activities, including requirements for energy-efficient materials and infrastructure commitments[60][61]. - The company’s primary market risk exposure relates to fluctuations in interest rates on investments, loans held-for-sale, and outstanding variable rate debt[312]. - The company’s compliance with the Dodd-Frank Act includes minimum standards for lender practices and limitations on certain fees in mortgage lending[64]. - The company’s operations are impacted by potential "slow growth" initiatives in various cities that could affect land availability for residential development[62]. Employment and Workforce - The company employed 12,532 individuals as of November 30, 2025, a decrease from 13,265 individuals in the previous year, with 10,182 in Homebuilding operations[73]. Health and Safety - The company is committed to health and safety, having hired a Chief Medical Officer to oversee safety protocols during the COVID-19 pandemic[71]. Financial Performance - Fixed rate investments held-to-maturity are valued at $132.9 million with an average interest rate of 3.6%[320]. - Homebuilding fixed rate senior notes and other debts payable total $2,380.5 million, with an average interest rate of 5.0%[320]. - Variable rate debts in homebuilding amount to $1,710.0 million, with an average interest rate of 5.2%[320].

Financial Performance - Net earnings for Q4 2025 were $490 million, or $1.93 per diluted share, down from $1.1 billion, or $4.06 per diluted share in Q4 2024[5]. - Total revenues for the three months ended November 30, 2025, were $9,367,609, a decrease of 5.8% compared to $9,946,888 for the same period in 2024[22]. - Homebuilding revenues decreased to $8,885,273 for the three months ended November 30, 2025, down from $9,548,684 in 2024, reflecting a decline of 6.9%[25]. - Homebuilding operating earnings for the three months ended November 30, 2025, were $717,960, a significant drop of 52.0% from $1,495,383 in 2024[25]. - Net earnings attributable to Lennar for the three months ended November 30, 2025, were $490,237, down 55.3% from $1,096,214 in 2024[22]. - Operating earnings for the Financial Services segment were $134 million in Q4 2025, down from $154 million in Q4 2024[13]. Home Deliveries and Orders - New orders increased by 18% year over year to 20,018 homes in Q4 2025, while total revenues reached $9.4 billion[4]. - Total home deliveries for the three months ended November 30, 2025, were 23,034, an increase of 3.7% compared to 22,206 in 2024[26]. - New orders for homes increased to 20,018 for the three months ended November 30, 2025, compared to 16,895 in 2024, representing a growth of 12.5%[27]. - Total new orders for homes increased to 83,978 in 2025, up from 76,951 in 2024, representing a growth of approximately 9.5%[29]. Financial Outlook - For Q1 2026, the company expects to deliver between 17,000 and 18,000 homes, with an average sales price between $365,000 and $375,000[7]. - The gross margin for Q1 2026 is anticipated to be between 15% and 16%, with SG&A expenses projected at approximately 9.5%[18]. Backlog and Valuation - The company reported a backlog of 13,936 homes valued at $5.2 billion[4]. - The backlog of homes increased to 13,936 in 2025, up from 11,633 in 2024, representing a growth of about 19.8%[30]. - The total backlog dollar value decreased to $5.24 billion in 2025 from $5.37 billion in 2024, a decline of approximately 2.5%[30]. Sales Price Trends - Deliveries for the full year 2025 totaled 82,583 homes, a 3% increase from 2024, with an average sales price of $386,000[6]. - Average sales price for homes delivered decreased to $386,000 in the three months ended November 30, 2025, down from $430,000 in 2024, a decline of 10.2%[26]. - The average sales price of homes decreased to $380,000 in 2025 from $425,000 in 2024, reflecting a decline of approximately 10.6%[29]. - The average sales price of homes in the East region fell to $362,000 in 2025 from $412,000 in 2024, a decrease of about 12.1%[29]. Debt and Equity - Homebuilding cash and cash equivalents stood at $3.4 billion, with no outstanding borrowings under the $3.1 billion revolving credit facility[4]. - Homebuilding debt increased significantly to $4.08 billion in 2025 from $2.26 billion in 2024, marking an increase of approximately 80.8%[35]. - The ratio of homebuilding debt to total capital rose to 15.7% in 2025, compared to 7.5% in 2024, indicating increased leverage[35]. - Stockholders' equity decreased to $21.96 billion in 2025 from $27.87 billion in 2024, a decline of approximately 21.2%[35]. Multifamily Operations - Multifamily operating earnings reported a loss of $44,207 for the three months ended November 30, 2025, compared to a minimal loss of $160 in 2024[25]. Interest Expense - Total interest expense for the three months ended November 30, 2025, was $56,694, an increase of 29.0% from $44,014 in 2024[25].

Financial Performance - Total revenues for the three months ended August 31, 2025, were $8.81 billion, a decrease of 6.4% compared to $9.42 billion for the same period in 2024[17]. - Homebuilding revenues for the nine months ended August 31, 2025, were $23.38 billion, down 4.0% from $24.36 billion in the prior year[17]. - Net earnings attributable to Lennar for the three months ended August 31, 2025, were $590.97 million, down 49.1% from $1.16 billion in the same period last year[17]. - The company reported a total comprehensive income attributable to Lennar of $590.97 million for the three months ended August 31, 2025, compared to $1.16 billion in 2024, reflecting a decrease of 49.1%[17]. - Basic and diluted earnings per share for the three months ended August 31, 2025, were $2.29, compared to $4.26 for the same period in 2024, a decline of 46.4%[17]. - Net earnings for the nine months ended August 31, 2025, were $1,610,344, a decrease of 43.8% compared to $2,867,781 for the same period in 2024[21]. - Total comprehensive income attributable to Lennar for the nine months ended August 31, 2025, was $1,586,432, down from $2,838,480 in 2024, a decrease of 44.1%[17]. Assets and Liabilities - Total assets decreased to $34.88 billion as of August 31, 2025, from $41.31 billion as of November 30, 2024, representing a decline of 15.6%[12]. - Total liabilities decreased to $12.13 billion as of August 31, 2025, from $13.29 billion as of November 30, 2024, a reduction of 8.7%[12]. - The company’s inventory owned and consolidated inventory not owned totaled $13.38 billion as of August 31, 2025, down from $19.72 billion as of November 30, 2024, a decrease of 32.0%[7]. - Stockholders' equity fell from $28.02 billion in November 2024 to $22.75 billion in August 2025, representing a decline of about 18.6%[12]. - Senior notes and other debts payable increased from $2.26 billion in November 2024 to $3.52 billion in August 2025, an increase of about 55.7%[12]. Cash Flow and Investments - Cash and cash equivalents dropped significantly to $1.41 billion from $4.66 billion, a decrease of 69.9%[7]. - Cash flows from operating activities resulted in a net cash used of $1,542,675 for the nine months ended August 31, 2025, compared to a net cash provided of $1,428,874 in 2024[21]. - The company reported a net decrease in cash and cash equivalents of $3,233,213 for the nine months ended August 31, 2025, compared to a decrease of $2,259,794 in 2024[23]. - The company completed the spin-off of Millrose Properties, Inc., contributing $5.6 billion in land assets and $1.0 billion in cash, which included $584.0 million in cash deposits related to option contracts[33]. - The company reported a net cash provided by investing activities of $175,634 for the nine months ended August 31, 2025, contrasting with a net cash used of $176,824 in 2024[23]. Segment Performance - Homebuilding revenues for the three months ended August 31, 2025, were $8.25 billion, down 8.7% from $9.05 billion in the same period of 2024[40]. - Financial Services segment revenues increased to $314.2 million for the three months ended August 31, 2025, compared to $273.3 million in 2024, reflecting a growth of 15.0%[40]. - The Homebuilding segment reported operating earnings of $759.8 million for the three months ended August 31, 2025, a decline of 48.5% from $1.48 billion in 2024[40]. - The Financial Services segment's operating earnings for the three months ended August 31, 2025, were $177.9 million, up 23.2% from $144.4 million in the same period of 2024[40]. Inventory and Construction - The company experienced an increase in inventories of $1,314,933 for the nine months ended August 31, 2025, compared to an increase of $707,702 in 2024[21]. - The company reported a significant decrease in finished homes and construction in progress from $10.88 billion in November 2024 to $10.05 billion in August 2025, a decline of approximately 7.6%[7]. - The total carrying amount of homebuilding senior notes and other debt payable increased to $3,523,766 as of August 31, 2025, compared to $2,258,283 at November 30, 2024[83]. Debt and Financing - The Company issued $700 million in 5.20% senior notes due 2030, with proceeds totaling $695.6 million after expenses[84]. - The Company entered into a new unsecured delayed draw term loan facility with an initial borrowing capacity of approximately $1.6 billion, increased to $1.7 billion in July 2025[86]. - The Company’s total maximum borrowing capacity under the Credit Facility is $3,500,000 as of August 31, 2025[88]. - The effective tax rate for the three months ended August 31, 2025, was 24.4%, an increase from 23.0% in the same period of 2024, primarily due to a decrease in tax credits[77]. Market and Strategic Developments - The acquisition of Rausch Coleman Homes on February 10, 2025, involved $312.6 million in assets and $73.0 million in assumed liabilities, expanding the company's market presence in several states[34]. - The company has options on land assets acquired from Rausch Coleman Homes, enhancing its strategic position in the housing market[34]. - The company renamed its Texas reportable Homebuilding segment to South Central to streamline operations following the Rausch acquisition[43].

Financial Performance - Net earnings for Q3 2025 were $591 million, or $2.29 per diluted share, down from $1.2 billion, or $4.26 per diluted share in Q3 2024[4]. - Total revenues for Q3 2025 were $8.8 billion, with homebuilding revenues decreasing by 9% from $9.0 billion in Q3 2024[9]. - Net earnings attributable to Lennar for the three months ended August 31, 2025, were $590,967, a decline of 49% compared to $1,162,674 in 2024[20]. - Basic and diluted earnings per share for the three months ended August 31, 2025, were $2.29, down from $4.26 in the same period of 2024[20]. - Homebuilding operating earnings for the three months ended August 31, 2025, were $759,785, a decrease of 48.6% from $1,477,918 in 2024[20]. - Total revenues for the three months ended August 31, 2025, were $8,810,278, a decrease of 6.4% from $9,416,042 in the same period of 2024[20]. Sales and Orders - New orders increased by 12% to 23,004 homes, while backlog stood at 16,953 homes valued at $6.6 billion[3]. - New orders for homes increased to 23,004 for the three months ended August 31, 2025, compared to 20,587 in 2024, representing a growth of 11.7%[25]. - Total new orders for homes increased to 63,960 in 2025 from 60,056 in 2024, with a total dollar value of $24.45 billion compared to $25.50 billion in the previous year[28]. - For Q4 2025, the company expects new orders between 20,000 and 21,000 homes and deliveries between 22,000 and 23,000 homes[16]. Home Sales and Pricing - Average sales price of homes delivered was $383,000 in Q3 2025, down from $422,000 in Q3 2024, reflecting market weakness[9]. - Average sales price of homes delivered decreased to $383,000 for the three months ended August 31, 2025, down from $422,000 in 2024[24]. - Average sales price for homes decreased to $382,000 in 2025 from $425,000 in 2024[28]. - The average sales price of homes in the East region decreased to $363,000 in 2025 from $414,000 in 2024[28]. Costs and Expenses - Gross margin on home sales was 17.5% in Q3 2025, compared to 22.5% in Q3 2024, primarily due to lower revenue per square foot and higher land costs[10]. - Selling, general and administrative expenses increased to 8.2% of home sales revenues in Q3 2025, up from 6.7% in Q3 2024[11]. - Total homebuilding costs and expenses for the three months ended August 31, 2025, were $7,497,119, a slight decrease from $7,613,042 in 2024[23]. Financial Services - Financial Services operating earnings rose to $177 million in Q3 2025, compared to $144 million in Q3 2024, driven by higher profit per locked loan[12]. - Financial Services operating earnings increased to $177,872 for the three months ended August 31, 2025, up from $144,400 in 2024, reflecting a growth of 23.2%[23]. Assets and Equity - Cash and cash equivalents decreased significantly to $1.41 billion in August 2025 from $4.66 billion in November 2024[33]. - Total assets decreased to $34.88 billion in August 2025 from $41.31 billion in November 2024[33]. - Stockholders' equity decreased to $22.57 billion in August 2025 from $27.87 billion in November 2024[35]. Debt - Homebuilding debt increased to $3.52 billion in August 2025 from $2.26 billion in November 2024, resulting in a homebuilding debt to total capital ratio of 13.5%[35]. Acquisitions and Backlog - The company acquired 909 homes during the nine months ended August 31, 2025, with significant contributions from the Central and South Central segments[31]. - The backlog from unconsolidated entities included 86 homes valued at $93 million with an average sales price of $1.1 million as of August 31, 2025[30]. - Backlog of homes remained stable at 16,953 in 2025, with a total backlog dollar value of $6.65 billion, down from $7.75 billion in 2024[30].

Financial Performance - In Q2 2025, net earnings attributable to the company were $477.4 million, or $1.81 per diluted share, down from $954.3 million, or $3.45 per diluted share in Q2 2024[150]. - Total revenues for Q2 2025 were $8.38 billion, compared to $8.77 billion in Q2 2024, reflecting a decrease of approximately 4.4%[151][153]. - The company's operating earnings for Q2 2025 were $817.9 million, a decrease from $1.44 billion in Q2 2024[150][153]. - Revenues from home sales decreased by 7% in Q2 2025 to $7.8 billion from $8.4 billion in Q2 2024, primarily due to a 9% decrease in average sales price[155]. - Gross margins on home sales were $1.4 billion, or 17.8%, in Q2 2025, compared to $1.9 billion, or 22.6%, in Q2 2024, driven by increased land costs[156]. - Selling, general and administrative expenses rose to $688.8 million in Q2 2025, up from $629.6 million in Q2 2024, increasing as a percentage of revenues from 7.5% to 8.8%[157]. - Gross margins for the six months ended May 31, 2025, were $2.7 billion, or 18.2%, compared to $3.4 billion, or 22.2%, in the same period of 2024[164]. - Operating loss for the Lennar Other segment was $142.2 million in the six months ended May 31, 2025, compared to a loss of $67.4 million in the same period of 2024, primarily due to technology investment losses[168]. Home Deliveries and Sales - The company anticipates selling and delivering between 22,000 and 23,000 homes in Q3 2025, with an expected average sales price between $380,000 and $385,000[147]. - For the full year 2025, the company expects to deliver at the low end of the previously stated range of 86,000 to 88,000 homes[147]. - New home deliveries increased to 20,131 homes in Q2 2025 from 19,690 homes in Q2 2024, indicating a 2% growth in delivery volume[155]. - Total home deliveries for the three months ended May 31, 2025, were 20,131 homes, a 2.2% increase from 19,690 homes in the same period of 2024, with a total dollar value of $7,839,327 thousand[172]. - The company experienced a total of 37,965 home deliveries for the six months ended May 31, 2025, compared to 36,488 homes in the same period of 2024, with a dollar value of $15,120,856 thousand[173]. - New orders for homes totaled 22,601 for the three months ended May 31, 2025, a 6.1% increase from 21,293 homes in the same period of 2024, with a total dollar value of $8,575,263 thousand[176]. - The cancellation rate for new orders was 14% for Q2 2025, slightly up from 13% in Q2 2024[177]. - The backlog of homes at May 31, 2025, was 15,538 homes, with a total dollar value of $6,484,490 thousand, down from 17,873 homes valued at $8,233,335 thousand in 2024[178]. Market Conditions and Strategy - The company is focusing on a land-light balance sheet strategy to improve capital efficiency and predictability in land banking[145]. - Construction costs have decreased over the past two and a half years, contributing to expectations of margin stabilization[144]. - The company is investing in technology-enabled solutions to enhance productivity and efficiencies across its operations[146]. - The company reported a margin expectation of approximately 18% for Q3 2025, depending on market conditions[147]. - The company noted that the increase in home deliveries in the South Central segment was primarily due to the Rausch acquisition, which expanded the number of active communities[183]. Acquisitions and Investments - The company completed the acquisition of Rausch Coleman Homes on February 10, 2025, enhancing its market presence[154]. - The acquisition of Rausch, a residential homebuilder, on February 10, 2025, expanded the company's market presence into Arkansas, Oklahoma, Alabama, and Kansas/Missouri[207]. - The company completed a spin-off of Millrose on February 7, 2025, distributing approximately 80% of Millrose's stock to stockholders and contributing $5.6 billion in land assets and $1.0 billion in cash[206]. Financial Services and Debt - The Financial Services segment originated $4.877 billion in mortgages in Q2 2025, a slight decrease from $4.998 billion in Q2 2024, with a consistent mortgage capture rate of 85%[191]. - Cash and cash equivalents decreased to $1.5 billion at May 31, 2025, down from $5.0 billion at November 30, 2024, and $3.9 billion at May 31, 2024[194]. - Cash used in operating activities totaled ($1.4) billion for the six months ended May 31, 2025, compared to $610 million provided in the same period of 2024, impacted by increased inventories and decreased accounts payable[196]. - Cash provided by investing activities was $183 million for the six months ended May 31, 2025, compared to cash used of ($275) million in the same period of 2024[198]. - Cash used in financing activities totaled $2.3 billion for the six months ended May 31, 2025, down from $3.0 billion in the same period of 2024, primarily due to stock repurchases and debt repayments[201]. - As of May 31, 2025, Homebuilding debt to total capital increased to 11.0% from 7.5% on November 30, 2024, primarily due to a decrease in stockholders' equity and outstanding borrowings[204]. - The average debt outstanding for Homebuilding was $2,528,378 thousand with an average interest rate of 4.9% for the six months ended May 31, 2025[208]. - The company issued $700 million in 5.20% senior notes due 2030, with proceeds used to pay off $500 million of 4.75% senior notes due May 2025[209]. - As of May 31, 2025, the company had total commitments of $3,025,000 thousand under its Credit Facility, with a maximum borrowing capacity of $3,500,000 thousand[211]. - The company maintained a minimum consolidated tangible net worth of $16,545,782 thousand, exceeding the covenant requirement of $10,000,000 thousand as of May 31, 2025[212]. Shareholder Returns and Equity - The company declared a quarterly cash dividend of $0.50 per share on both Class A and Class B common stock, payable on July 18, 2025[217]. - During the six months ended May 31, 2025, treasury shares increased by 10.6 million shares due to the repurchase of 9.9 million shares of Class A and Class B common stock[215]. - As of May 31, 2025, the company had equity investments in 54 active Homebuilding and land unconsolidated entities, an increase from 51 entities at November 30, 2024[222]. Joint Ventures and Strategic Investments - Total JV debt as of May 31, 2025, is $1,419,805,000, with principal maturities of $224,027,000 in 2025, $168,836,000 in 2026, $420,179,000 in 2027, and $612,922,000 thereafter[224]. - Multifamily segment total JV debt is $2,428,055,000, with principal maturities of $221,597,000 in 2025, $1,134,528,000 in 2026, $777,565,000 in 2027, and $315,555,000 thereafter[229]. - The company has a 40% interest in FivePoint Holdings, LLC, which manages three large multi-use properties in California[224]. - As of May 31, 2025, the company had strategic technology investments in unconsolidated entities totaling $235.1 million, down from $239.3 million as of November 30, 2024[231]. - The company controlled 520,065 homesites as of May 31, 2025, representing 98% of total homesites, compared to 339,556 homesites (79%) in the previous year[233]. - Borrowings under Financial Services' warehouse repurchase facilities totaled $1.2 billion under residential facilities and $80.4 million under LMF Commercial facilities as of May 31, 2025[239]. - The company retained the right to receive a portion of payments related to carried interests from the Rialto investment, with an investment totaling $132.9 million as of May 31, 2025[230]. - There was a decrease of $515 million in borrowings under Financial Services' warehouse repurchase facilities and a decrease of $449 million in land purchase contract obligations[235]. - The average interest rate for fixed-rate senior notes and other debt payable is 5.0%, with variable-rate borrowings at an average interest rate of 2.8%[241].

Financial Performance - Net earnings for Q2 2025 were $477 million, or $1.81 per diluted share, down from $954 million, or $3.45 per diluted share in Q2 2024[3]. - Total revenues for Q2 2025 were $8.4 billion, with homebuilding operating earnings of $728 million and a gross margin on home sales of 17.8%[2]. - Total revenues for the three months ended May 31, 2025, were $8,377,502, a decrease of 4.4% from $8,765,592 in the same period of 2024[21]. - Homebuilding revenues decreased to $7,843,862 for the three months ended May 31, 2025, down from $8,381,059 in 2024, reflecting a decline of 6.4%[24]. - Net earnings attributable to Lennar for the three months ended May 31, 2025, were $477,449, a decrease of 50.0% compared to $954,311 in the same period of 2024[21]. - Homebuilding operating earnings for the three months ended May 31, 2025, were $728,234, down 45.6% from $1,340,155 in 2024[24]. - Total interest expense for the three months ended May 31, 2025, was $37,180, down from $48,065 in 2024, a decrease of 22.7%[24]. Sales and Orders - New orders increased by 6% to 22,601 homes, while backlog stood at 15,538 homes valued at $6.5 billion[2]. - New orders for homes increased to 22,601 for the three months ended May 31, 2025, compared to 21,293 in 2024, representing a growth of 6.1%[26]. - For the six months ended May 31, 2025, total new orders for homes increased to 40,956 from 39,469 in the same period of 2024, with a dollar value of $16,005,995 million compared to $16,937,258 million, reflecting a decrease in average sales price from $429,000 to $391,000[32]. Average Sales Price - Average sales price of homes delivered decreased to $389,000, a 9% decline from $426,000 in Q2 2024[8]. - Average sales price for homes delivered decreased to $389,000 in the three months ended May 31, 2025, down from $426,000 in 2024, a decline of 8.7%[25]. - The average sales price for homes in the East region decreased from $417,000 in 2024 to $366,000 in 2025, despite an increase in new orders from 9,141 to 9,476 homes[29]. - The average sales price for homes in the West region decreased from $626,000 in 2024 to $594,000 in 2025, despite a dollar value of new orders remaining high at $5,886,178 million[29]. Expenses and Costs - Selling, general and administrative expenses rose to $689 million, representing 8.8% of revenues from home sales, up from 7.5% in the prior year[10]. - Homebuilding costs and expenses for the three months ended May 31, 2025, were $7,147,552, slightly up from $7,106,455 in 2024, an increase of 0.6%[24]. Liquidity and Debt - The company ended the quarter with total liquidity of $5.4 billion and a homebuilding debt to total capital ratio of 11.0%[2]. - Homebuilding debt increased to $2,791,987 million as of May 31, 2025, compared to $2,258,283 million in November 2024, resulting in a homebuilding debt to total capital ratio of 11.0%[36]. - As of May 31, 2025, the company’s total assets decreased to $34,374,546 million from $41,312,781 million in November 2024, primarily due to a reduction in cash and cash equivalents from $4,662,643 million to $1,168,143 million[34]. Shareholder Actions - The company repurchased 4.7 million shares of common stock for $517 million at an average price of $109.79 per share[16]. - The company’s stockholders' equity decreased to $22,579,080 million as of May 31, 2025, down from $27,870,135 million in November 2024, indicating a decline in retained earnings from $25,753,078 million to $21,645,991 million[34]. Acquisitions and Market Position - The company completed the acquisition of Rausch Coleman Homes, enhancing its market position[7]. - The company reported a multifamily operating loss of $14,754 for the three months ended May 31, 2025, an improvement from a loss of $20,474 in 2024[24]. - The backlog of homes as of May 31, 2025, totaled 15,538 homes with a dollar value of $6,484,490 million, down from 17,873 homes valued at $8,233,335 million in 2024, with the average sales price decreasing from $461,000 to $417,000[30].

Revenue and Earnings - Total revenues for the three months ended February 28, 2025, increased to $7.63 billion, up from $7.31 billion for the same period in 2024, representing a growth of approximately 4.4%[17] - Homebuilding revenues rose to $7.28 billion, compared to $6.93 billion in the prior year, reflecting an increase of about 5.0%[17] - Net earnings attributable to Lennar for the three months ended February 28, 2025, were $519.5 million, down from $719.3 million in the same period of 2024, a decrease of approximately 27.7%[17] - The company reported a basic and diluted earnings per share of $1.96 for the three months ended February 28, 2025, compared to $2.57 for the same period in 2024, a decline of approximately 23.7%[17] - Operating earnings for the Homebuilding segment were $809,273 for the three months ended February 28, 2025, down from $1,028,796 in the same period of 2024, a decline of about 21.3%[39] - The Financial Services segment reported operating earnings of $143,483 for the three months ended February 28, 2025, compared to $131,296 for the same period in 2024, an increase of approximately 9.2%[39] Assets and Liabilities - Total assets decreased to $34.99 billion as of February 28, 2025, from $41.31 billion as of November 30, 2024, a decline of about 15.3%[12] - Total liabilities decreased to $12.12 billion as of February 28, 2025, down from $13.29 billion as of November 30, 2024, a decrease of about 8.8%[12] - The company’s inventory owned and consolidated inventory not owned totaled $13.61 billion as of February 28, 2025, down from $19.72 billion as of November 30, 2024, a decrease of approximately 30.9%[7] - The company’s total homebuilding assets decreased to $29,885,928 as of February 28, 2025, from $35,594,469 as of November 30, 2024, reflecting a reduction of approximately 16.1%[44] Cash and Cash Equivalents - Cash and cash equivalents decreased significantly to $2.28 billion from $4.66 billion, a reduction of approximately 51.1%[7] - The company reported a net decrease in cash and cash equivalents and restricted cash of $2.40 billion, compared to a decrease of $1.31 billion in the prior year[23] - The cash and cash equivalents and restricted cash at the end of the period were $2.59 billion, down from $5.26 billion a year earlier[23] - Cash and cash equivalents decreased to $2,516,772 as of February 28, 2025, from $4,909,664 as of November 30, 2024, a decline of about 48.8%[38] Investments and Acquisitions - The company completed the spin-off of Millrose Properties, Inc., contributing $5.6 billion in land assets and $1.0 billion in cash, which included $584 million in cash deposits related to option contracts[33] - The acquisition of Rausch Coleman Homes involved $312.2 million in assets, expanding the company's footprint into new markets in Arkansas, Oklahoma, Alabama, and Kansas/Missouri[34] - The company’s investments in unconsolidated entities increased to $2.65 billion as of February 28, 2025, compared to $1.34 billion as of November 30, 2024, an increase of approximately 96.9%[7] - The Company has investments in unconsolidated entities totaling $2.646 billion as of February 28, 2025, an increase from $1.345 billion as of November 30, 2024[57] Stockholder Equity and Repurchases - Total stockholders' equity decreased to $22.87 billion as of February 28, 2025, from $28.02 billion as of November 30, 2024[71] - The company repurchased 4,770,000 shares of Class A common stock at an average price of $135.14, totaling $644.6 million, during the three months ended February 28, 2025[74] - The company has a remaining authorization to repurchase $2.7 billion in value of its Class A or B common stock as of February 28, 2025[72] Financial Services Performance - Financial Services segment revenues increased to $277,077 for the three months ended February 28, 2025, up from $249,720 in the same period last year, representing an increase of 11%[39] - The Financial Services segment originated $127.965 million in commercial loans for the three months ended February 28, 2025, compared to $140.825 million for the same period in 2024, representing a decrease of approximately 9.5%[50] - The Financial Services segment had outstanding debt of $124.651 million, net of debt issuance costs, as of February 28, 2025, compared to $126.164 million as of November 30, 2024[52] Market Conditions and Risks - The company continues to face risks including inflation, increased mortgage financing costs, and potential slowdowns in real estate markets[133] - The company expects continued variability in quarterly results, indicating that the results for the three months ended February 28, 2025, may not be indicative of the full year[25] Miscellaneous - The company granted 1.4 million nonvested shares to employees during the three months ended February 28, 2025, compared to 1.2 million shares in the same period of 2024[28] - The provision for income taxes for the three months ended February 28, 2025, was $169.5 million, with an effective tax rate of 24.6%, up from 22.7% in the prior year[75] - The Company recorded a total loss of $20,343 thousand on finished homes and construction in progress for the three months ended February 28, 2025[96] - The Company reported a delinquency rate of 14% as of February 28, 2025, compared to 12% on November 30, 2024[91]

Financial Performance - Net earnings for Q1 2025 were $520 million, or $1.96 per diluted share, down from $719 million, or $2.57 per diluted share in Q1 2024[4] - Total revenues for the first quarter of 2025 were $7,631,545, an increase of 4.4% compared to $7,312,930 in the first quarter of 2024[27] - Homebuilding revenues increased to $7,283,870, up 5.1% from $6,930,991 in the prior year[30] - Net earnings attributable to Lennar for the first quarter of 2025 were $519,526, a decrease of 27.7% from $719,334 in the same period last year[27] - Basic and diluted earnings per share for the first quarter of 2025 were $1.96, down from $2.57 in the first quarter of 2024[27] Orders and Deliveries - New orders increased by 1% to 18,355 homes, while the dollar value of new orders decreased by 4% to $7.4 billion[3] - Deliveries rose by 6% to 17,834 homes, contributing to total revenues of $7.6 billion, a 5% increase from $6.9 billion in Q1 2024[11] - Total home deliveries in the first quarter of 2025 were 17,834 homes, compared to 16,798 homes in the first quarter of 2024, representing an increase of 6.2%[32] - New orders for homes in the first quarter of 2025 totaled 18,355, an increase of 6.5% from 18,176 in the first quarter of 2024[33] - The backlog of homes as of February 28, 2025, was 13,145 homes, a decrease of 19.3% from 16,270 homes at the end of February 2024[34] Margins and Expenses - Gross margin on home sales was 18.7%, down from 21.8% in Q1 2024, primarily due to increased land costs and decreased revenue per square foot[12] - Selling, general and administrative expenses as a percentage of revenues from home sales increased to 8.5% from 8.2% year-over-year[14] - Homebuilding operating earnings for the first quarter of 2025 were $809,273, down 21.3% from $1,028,796 in the prior year[27] - Financial Services operating earnings increased to $143,483, up 9.2% from $131,296 in the first quarter of 2024[27] Cash and Debt Management - At the end of Q1 2025, the company had $2.3 billion in cash and cash equivalents and no outstanding borrowings under its $3.0 billion revolving credit facility[22] - Homebuilding debt reduced from $2.83 billion on February 29, 2024, to $2.21 billion on February 28, 2025, a decrease of about 22%[40] - Total liabilities decreased from $13.29 billion on November 30, 2024, to $12.12 billion on February 28, 2025, a reduction of approximately 8.8%[38] - Cash and cash equivalents dropped from $4.66 billion on November 30, 2024, to $2.28 billion on February 28, 2025, a decline of about 51%[38] - Net homebuilding debt improved from a negative $2.40 billion on November 30, 2024, to a negative $72.66 million on February 28, 2025, reflecting a significant reduction in net debt[40] Shareholder Actions and Corporate Changes - The company repurchased 5.2 million shares for $703 million at an average price of $134.40 per share[18] - The spin-off of Millrose Properties, Inc. was completed on February 7, 2025, distributing approximately 80% of Millrose's stock to shareholders[19] - The acquisition of Rausch Coleman Homes was completed on February 10, 2025, expanding the company's footprint into new markets[20] Asset Management - Total assets decreased from $41.31 billion on November 30, 2024, to $34.99 billion on February 28, 2025, representing a decline of approximately 15.4%[38] - Stockholders' equity fell from $27.87 billion on November 30, 2024, to $22.73 billion on February 28, 2025, a decline of approximately 18.5%[40] - The ratio of homebuilding debt to total capital increased from 7.5% to 8.9% during the same period, indicating a rise in leverage[40] - The inventory owned and consolidated inventory not owned decreased from $19.72 billion to $13.61 billion, a reduction of approximately 30.9%[38] - Deposits and pre-acquisition costs on real estate increased from $3.63 billion to $5.16 billion, an increase of about 42.5%[38] - The company reported a decrease in retained earnings from $25.75 billion to $21.30 billion, a decline of approximately 17.5%[38] Investment Losses - The company incurred $62,503 in realized and unrealized losses from technology investments in the first quarter of 2025, compared to $5,137 in the same period last year[30]

Homebuilding Operations - Homebuilding operations generated $34 billion in revenues, accounting for approximately 96% of consolidated revenues in fiscal 2024[11] - New home deliveries increased to 80,210 in fiscal 2024, up from 73,087 in fiscal 2023 and 66,399 in fiscal 2022[14] - The average sales price of a Lennar home decreased to $423,000 in fiscal 2024, compared to $446,000 in fiscal 2023 and $480,000 in fiscal 2022[14] - 82% of total homesites were controlled through options with land banks, land sellers, and joint ventures at November 30, 2024, up from 76% at November 30, 2023[16] - The backlog dollar value including unconsolidated entities was $5.4 billion at November 30, 2024, down from $6.6 billion at November 30, 2023[25] - The cancellation rate was 14% in 2024, compared to 16% in 2023[24] - The company was actively building and marketing homes in 1,447 communities at November 30, 2024, up from 1,260 communities at November 30, 2023[17] - The company had about 2,900 completed unsold homes at November 30, 2024, compared to 1,200 at November 30, 2023[17] - The company's maximum recourse debt exposure related to Homebuilding unconsolidated joint ventures was $44.2 million at November 30, 2024, up from $42.1 million at November 30, 2023[26] - Homebuilding segment's cash and cash equivalents decreased to $4.66 billion in 2024 from $6.27 billion in 2023[334] - Homebuilding revenues grew to $33.91 billion in 2024, a 3.8% increase from $32.66 billion in 2023[343] - The company had 1,436 active communities as of November 30, 2024, up from 1,255 in 2023[364] - Homebuilding cash and cash equivalents included $265.6 million held in escrow for approximately two days as of November 30, 2024, down from $594.8 million in 2023[359] - Total assets for the Homebuilding segment were $35,594,469 thousand as of November 30, 2024[439] Financial Performance - Total revenues for 2024 increased to $35.44 billion, up 3.5% from $34.23 billion in 2023[343] - Net earnings attributable to Lennar remained stable at $3.93 billion in 2024 compared to $3.94 billion in 2023[343] - Total liabilities increased to $13.29 billion in 2024 from $12.53 billion in 2023, driven by higher accounts payable and liabilities related to consolidated inventory[339] - Retained earnings grew significantly to $25.75 billion in 2024, up 15.1% from $22.37 billion in 2023[346] - Total stockholders' equity increased to $27.87 billion in 2024, a 4.9% rise from $26.58 billion in 2023[346] - Basic earnings per share increased to $14.31 in 2024 from $13.73 in 2023[343] - Total comprehensive income attributable to Lennar was $3.94 billion in 2024, slightly down from $3.94 billion in 2023[343] - Cash dividends for Class A common stock increased to $2.00 per share in 2024 from $1.50 per share in 2023[346] - Total equity rose to $28.02 billion in 2024, up 4.9% from $26.70 billion in 2023[346] - Net earnings for 2024 were $3.97 billion, slightly higher than 2023's $3.96 billion but lower than 2022's $4.65 billion[348] - Net cash provided by operating activities in 2024 was $2.40 billion, a significant decrease from 2023's $5.18 billion and 2022's $3.27 billion[348] - Cash and cash equivalents and restricted cash at the end of 2024 were $4.99 billion, down from $6.57 billion in 2023 and $4.82 billion in 2022[350] - Net cash used in financing activities increased to $3.68 billion in 2024, compared to $3.25 billion in 2023 and $1.28 billion in 2022[350] - Accounts receivable increased to $901.3 million in 2024 from $640.3 million in 2023[362] - Net additions to operating properties and equipment were $171.5 million in 2024, higher than $99.8 million in 2023 and $57.2 million in 2022[348] - The company's net deferred tax assets were $272.4 million in 2024, down from $326.5 million in 2023, with a valuation allowance of $2.6 million and $2.3 million, respectively[405] - Warranty reserves increased to $446.2 million in 2024 from $414.8 million in 2023, with adjustments to pre-existing warranties primarily related to specific claims in certain homebuilding communities[407] - The company's self-insurance reserve, net of expected recoveries, increased to $277.4 million in 2024 from $245.8 million in 2023[408] - The company repurchased 11.9 million Class A shares and 1.6 million Class B shares in 2024, with a total purchase price of $1.9 billion and $243.9 million, respectively[417] - The company's 401(k) Plan contributions increased to $69.7 million in 2024 from $53.4 million in 2023[419] - Compensation expense related to the company's share-based awards was $176.7 million in 2024, up from $160.7 million in 2023[420] Financial Services - Lennar originated approximately 54,600 residential mortgage loans totaling $19.8 billion in fiscal year 2024, up from 47,000 loans totaling $17.4 billion in fiscal year 2023[32] - Lennar locked interest rates on approximately 54,200 residential mortgage loans totaling $19.5 billion in fiscal year 2024, compared to 46,600 loans totaling $17.2 billion in fiscal year 2023[32] - Residential financial services compete with national, regional, and local mortgage lenders, focusing on interest rates and loan product features[54] - The company uses mortgage-backed securities, option contracts, and investor commitments to hedge against interest rate fluctuations in its Financial Services operations[315] - The company employs derivative financial instruments, including interest rate swap futures, to mitigate interest rate risk associated with loans held-for-sale[317] - As of November 30, 2024, the company's fixed-rate loans held-for-investment total $58.6 million with an average interest rate of 4.5%[321] - The company's variable-rate loans held-for-investment amount to $2.3 million with an average interest rate of 4.8%[321] - Financial Services' notes and other debts payable include $1.8 billion in variable-rate debt with an average interest rate of 6.2%[321] - Loans held-for-sale are carried at fair value with changes reflected in earnings[424] - Fair value of servicing rights is recognized as revenue upon entering into an interest rate lock loan commitment[425] - Loan origination liabilities at the end of 2024 were $16,714 thousand, compared to $17,598 thousand in 2023[426] - Loans held-for-investment are carried at principal amounts outstanding, net of unamortized discounts and allowance for credit losses[427] - Derivative financial instruments are used to hedge against fluctuations in mortgage-related interest rates[429] - Loans held-for-sale by LMF Commercial are recorded at fair value, with changes reflected in Financial Services revenues[431] - Total liabilities for the Financial Services segment were $2,140,708 thousand as of November 30, 2024[439] - Financial Services segment revenues grew to $1.11 billion in 2024, a 13.6% increase from $976.86 million in 2023[443] - Financial Services operating earnings for 2022 included a $35.5 million one-time charge related to a litigation accrual increase[444] Multifamily Operations - Lennar's Multifamily business has developed 123 multifamily residential communities with approximately 37,100 rental units across 20 states as of November 30, 2024[41] - Lennar's Multifamily business has a pipeline of 57 potential future developments totaling approximately $6.5 billion in anticipated development costs[42] - Lennar recognized a net gain of $211.5 million from the sale of 33 LMV I rental operation projects in fiscal year 2024[44] - Multifamily property development faces competition for residents and capital raising, with additional competition for developable land[56] - Multifamily segment revenues decreased to $411.54 million in 2024, down 28.2% from $573.49 million in 2023[443] - Multifamily segment revenues for 2022 included $237.5 million from land sales to unconsolidated entities[443] Single-Family Rental Operations - Upward America, Lennar's single-family rental venture, purchased 4,697 homes for a total of $1.2 billion and disposed of 92 homes for $26.0 million as of November 30, 2024[48] - Single-family rental funds compete for residents, investors, and property acquisitions against other rental property holders and homebuyers[57] Strategic Investments and Spin-Offs - Lennar plans to spin off Millrose Properties Inc. with an expected total aggregate value of land assets between $5.0 billion and $6.0 billion, along with $1.0 billion in cash[27] - Lennar will distribute approximately 80% of Millrose common stock to its stockholders on February 7, 2025, as part of the spin-off[27] - Lennar expects to complete the acquisition of Rausch Coleman Homes in Q1 2025, expanding its footprint into new markets in Arkansas, Oklahoma, Alabama, Kansas, and Missouri[30] - Lennar's investment in strategic technology companies had a book value of $587.1 million as of November 30, 2024[38] - Lennar Other segment operating loss for 2024 included $25.2 million in mark-to-market unrealized gains and a $46.5 million one-time gain on technology investment sales[445] - Lennar Other segment operating loss for 2023 included $50.2 million in mark-to-market unrealized losses and a $65.0 million write-off of a non-public technology investment[447] - Lennar Other segment operating loss for 2022 included $655.1 million in mark-to-market unrealized losses on publicly traded technology investments[447] Environmental and Regulatory Factors - California Energy Commission mandates rooftop solar panels for most new homes, increasing construction costs[59] - Environmental laws may delay property development, incur compliance costs, and restrict building in sensitive areas[60] - Lennar integrates green features in homes, including low-VOC paint, WaterSense faucets, low-E windows, and Energy Star appliances[65] Debt and Interest Rates - Lennar's variable rate debt, such as unsecured revolving credit facilities, is affected by interest rate changes, impacting earnings and cash flows[314] - Lennar's fixed rate debt, like senior notes, is impacted by interest rate changes in terms of fair value but not earnings or cash flows[314] - Senior notes and other debts payable for the Homebuilding segment total $2.26 billion with an average interest rate of 4.8%[321] - Interest incurred by the company's homebuilding operations related to homebuilding debt decreased to $129.3 million in 2024 from $187.6 million in 2023[401] Inventory and Land Management - Consolidated inventory not owned increased to $4.08 billion in 2024 from $2.99 billion in 2023[334] - Investments in unconsolidated entities grew to $1.34 billion in 2024 from $1.14 billion in 2023[334] - The company estimates the fair value of its communities using a discounted cash flow model, with projected cash flows impacted by market supply and demand, sales pace, prices, and construction costs[366] - The company's homebuilding markets are unique, with cash flow assumptions including absorption pace, sales prices, and construction costs on a community basis[367] - The company analyzes historical absorption pace and sales prices, considering internal and external market studies to develop assumptions for its cash flow model[368] - The company adjusts historical information if it notices a variation from historical results over two fiscal quarters, considering it a trend[370] - The company's valuation adjustments for finished homes and construction in progress were $18.6 million in 2024 and $37.5 million in 2023[375] - The company's average selling price for communities with valuation adjustments ranged from $178,000 to $702,000 in 2024 and $179,000 to $850,000 in 2023[375] - The company's absorption rate per quarter for communities with valuation adjustments ranged from 6 to 15 homes in 2024 and 3 to 26 homes in 2023[375] - The company's consolidated inventory not owned increased by $1.1 billion in 2024 due to land bank option contracts and reclassifications[376] - The company had $3.5 billion of non-refundable option deposits and pre-acquisition costs related to homesites as of November 30, 2024[380] - The company wrote off $5.1 million and $19.9 million of deposit and pre-acquisition costs in 2024 and 2023, respectively[382] Operating Properties and Equipment - Operating properties and equipment increased to $516.2 million in 2024 from $404.8 million in 2023, with operating properties primarily including solar systems, rental operations, and commercial properties[394] - The Financial Services segment held investment securities classified as held-to-maturity totaling $135.6 million in 2024, down from $140.7 million in 2023, mainly consisting of CMBS, corporate debt, and U.S. government securities[397] - The Lennar Other segment had investments in equity securities recorded at fair value of $347.8 million in 2024, up from $297.2 million in 2023[398] Corporate and Unallocated Expenses - Corporate and unallocated expenses increased to $729.20 million in 2024, up 27.0% from $574.43 million in 2023[443] Advertising and Sales Incentives - Advertising costs increased to $190.9 million in 2024, up from $146.0 million in 2023 and $102.1 million in 2022[356] - Sales incentives offered to homebuyers averaged $48,800 per home in 2024, representing 10.3% of home sales revenues, up from $42,900 (8.8%) in 2023 and $17,300 (3.5%) in 2022[355] Employee and Compensation Data - Lennar employs 13,265 individuals as of November 30, 2024, with 10,653 in Homebuilding, 2,066 in Financial Services, and 546 in Multifamily operations[70] Revenue Recognition - Premiums on title policies are recognized as revenue on the effective date of the title policies[423] - Escrow fees and loan origination revenues are recognized upon the close of escrow[423]

Financial Performance - Net earnings for Q4 2024 were $1.1 billion, or $4.06 per diluted share, compared to $1.4 billion, or $4.82 per diluted share in Q4 2023[4]. - Total revenues for Q4 2024 were $9.9 billion, down from $10.4 billion in Q4 2023, primarily due to a 7% decrease in home deliveries[8]. - Net earnings attributable to Lennar for the three months ended November 2024 were $1,096,214, down 19.4% from $1,361,287 in the same period of 2023[23]. - Basic and diluted earnings per share for the three months ended November 2024 were $4.06, compared to $4.82 in the same period of 2023, reflecting a decrease of 15.8%[23]. - Financial Services operating earnings for the year ended November 2024 were $577,184, an increase of 13.3% from $509,461 in 2023[23]. - Homebuilding operating earnings for the year ended November 2024 were $5,342,252, a decrease of 3.4% from $5,527,707 in 2023[23]. - Total revenues for the year ended November 2024 reached $35,441,452, up 3.5% from $34,233,366 in 2023[23]. Home Deliveries and Orders - New orders decreased 3% to 16,895 homes in Q4 2024, with a dollar value decrease of 1% to $7.2 billion[3]. - Home deliveries decreased 7% to 22,206 homes in Q4 2024, with an average sales price of $430,000, slightly down from $441,000 in Q4 2023[8]. - New orders for the three months ended November 30, 2024, totaled 16,895 homes, a decrease of 2.7% from 17,366 homes in the same period of 2023[26]. - Total new orders for homes increased to 76,951 in 2024, up from 69,111 in 2023, with a dollar value of $32.68 billion compared to $30.51 billion[27]. - Total home deliveries for the year ended November 30, 2024, were 80,210 homes, an increase of 9.2% from 73,087 homes in 2023[26]. Financial Position - The company repurchased 3 million shares for $521 million during Q4 2024, with cash and cash equivalents of $4.7 billion[17][18]. - Homebuilding debt to total capital ratio was 7.5% at the end of Q4 2024, with no outstanding borrowings under the $2.9 billion revolving credit facility[3][18]. - Cash and cash equivalents decreased to $4.66 billion in November 2024 from $6.27 billion in November 2023[28]. - Total assets increased to $41.31 billion in November 2024 from $39.23 billion in November 2023[28]. - Homebuilding debt decreased to $2.26 billion in November 2024 from $2.82 billion in November 2023, resulting in a homebuilding debt to total capital ratio of 7.5% compared to 9.6%[30]. - Stockholders' equity increased to $27.87 billion in November 2024 from $26.58 billion in November 2023[30]. - Net homebuilding debt improved to $(2.40 billion) in November 2024 from $(3.46 billion) in November 2023, indicating a stronger financial position[30]. Margins and Costs - Homebuilding gross margin for Q4 2024 was 22.1%, down from 24.2% in Q4 2023, attributed to increased land costs[9]. - Homebuilding net margins for the three months ended November 30, 2024, were $1,436,253, down 23.1% from $1,869,139 in the same period of 2023[24]. - Homebuilding costs and expenses for the three months ended November 30, 2024, were $8,112,431, a decrease of 6.2% from $8,646,911 in the same period of 2023[24]. Future Outlook - For Q1 2025, the company expects to deliver between 17,000 and 17,500 homes, with a gross margin of 19.0% to 19.25%[19]. - The company entered into a definitive agreement to acquire Rausch Coleman Homes, expected to close in Q1 2025[3]. Other Financial Metrics - Corporate general and administrative expenses for the three months ended November 2024 were $170,011, an increase of 24.7% from $136,336 in the same period of 2023[23]. - The company reported a total interest expense of $44,014 for the three months ended November 2024, down 41.0% from $74,540 in the same period of 2023[23]. - Multifamily segment revenue for the three months ended November 2024 was $88,917, a decline of 36.9% from $140,824 in the same period of 2023[23]. - Multifamily revenues for the three months ended November 30, 2024, were $88,917, down 36.8% from $140,824 in the same period of 2023[24]. - Homebuilding equity in earnings from unconsolidated entities for the year ended November 30, 2024, was $66,448, compared to a loss of $(3,886) in 2023[24]. Conference Call - The company plans to hold a conference call on December 19, 2024, to discuss fourth quarter earnings[22].