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].
Lennar(LEN_B) - 2025 Q3 - Quarterly Results