UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...

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 4.5%[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, due to increased land costs and decreased revenue per square foot[156]. - Selling, general and administrative expenses increased to $688.8 million in Q2 2025, representing 8.8% of revenues, up from 7.5% in Q2 2024[157]. - Gross margins for the six months ended May 31, 2025, were $2.7 billion, or 18.2%, down from $3.4 billion, or 22.2%, in the same period of 2024[164]. 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[155]. - Total home deliveries for the three months ended May 31, 2025, were 20,131, a 2.2% increase from 19,690 in the same period of 2024, with a total dollar value of $7,839,327 thousand[172]. - Revenues from home sales for the six months ended May 31, 2025, were $15.0 billion, flat compared to $15.3 billion in the same period of 2024, with a 4% increase in home deliveries offset by a 5% decrease in average sales price[163]. - Average sales price of homes delivered was $389,000 in Q2 2025, down from $426,000 in Q2 2024, reflecting continued market weakness[155]. - Average sales price for homes delivered decreased to $389,000 in the three months ended May 31, 2025, down from $426,000 in the same period of 2024, reflecting a decrease of 8.7%[172]. - Sales incentives per home delivered increased to $59,500 in the three months ended May 31, 2025, compared to $44,200 in the same period of 2024, representing a rise of 34.5%[174]. - Cancellation rates for the total segment remained stable at 14% for the three months ended May 31, 2025, compared to 13% in the same period of 2024[177]. - Backlog of homes at May 31, 2025, was 15,538, a decrease of 13.1% from 17,873 homes at May 31, 2024, with a total backlog dollar value of $6,484,490 thousand[178]. - The average sales price of homes in backlog decreased to $417,000 at May 31, 2025, down from $461,000 at May 31, 2024, indicating a decline of 9.5%[178]. Market Strategy and Operations - The operational strategy focuses on maintaining volume over margin to avoid losing market momentum[144]. - The company is investing in technology-enabled solutions to enhance productivity and efficiencies across its operations[146]. - Homebuilding costs for the six months ended May 31, 2025, totaled $12.29 billion, compared to $11.87 billion for the same period in 2024[154]. - The overall gross margin percentage of homes delivered decreased year over year across all segments, influenced by increased land costs and pricing adjustments[181][182][183]. - The company experienced a decrease in the average sales price of homes delivered due to market pricing strategies and increased use of sales incentives[181][182][183]. Acquisitions and Investments - The company completed the acquisition of Rausch Coleman Homes on February 10, 2025, enhancing its market position[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]. - Homebuilding revenues in the South Central segment increased due to the Rausch acquisition, contributing to a rise in the number of homes delivered[183]. Financial Services - Operating earnings for the Financial Services segment rose to $156.6 million in Q2 2025, compared to $146.3 million in Q2 2024, driven by higher profit per locked loan[159]. - 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 Flow and Debt Management - Cash and cash equivalents at May 31, 2025, totaled $1.5 billion, down from $5.0 billion at November 30, 2024, and $3.9 billion at May 31, 2024[194]. - Cash used in operating activities for the six months ended May 31, 2025, was ($1.4) billion, significantly impacted by an increase in inventories and a decrease in accounts payable[196]. - Cash provided by investing activities for the six months ended May 31, 2025, was $183 million, primarily due to proceeds from the sale of investments and distributions from unconsolidated entities[198]. - Cash used in financing activities for the six months ended May 31, 2025, totaled $2.3 billion, including $1.3 billion for common stock repurchases and $500 million for senior notes redemption[201]. - Homebuilding debt to total capital increased to 11.0% as of May 31, 2025, up from 7.5% on November 30, 2024, primarily due to a decrease in stockholders' equity[204]. - The company issued $700 million in 5.20% senior notes due 2030, with proceeds totaling $695.6 million after expenses, primarily used to pay off $500 million of 4.75% senior notes[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 net worth of $16,545,782 thousand, exceeding the covenant requirement of $10,000,000 thousand as of May 31, 2025[212]. - Treasury shares increased by 10.6 million shares during the six months ended May 31, 2025, primarily due to the repurchase of 9.9 million shares[215]. - The company experienced 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 totaling $400 million at an average interest rate of 2.8%[241].

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