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].
Lennar(LEN_B) - 2025 Q4 - Annual Results