Lennar Corporation (LEN) is a leading U.S. home-builder and diversified real-estate company, operating across the home-building, multifamily rental, mortgage and title/closing services sectors. The company is headquartered in Miami, Florida. Lennar’s market capitalization is around $32.7 billion, reflecting its status as a large-cap player in residential construction. The company is slated to announce its fiscal Q4 2025 earnings results soon. Ahead of this event, analysts project this company to report a ...

D.R. Horton (NYSE:DHI) Q4 2025 Earnings Call October 28, 2025 08:30 AM ET Company ParticipantsMichael Rehaut - Executive DirectorStephen Kim - Senior Managing DirectorAlan Ratner - Managing Director of Equity ResearchJessica Hansen - SVP of CommunicationsTrevor Allinson - DirectorMike Murray - COOJade Rahmani - Managing DirectorRafe Jadrosich - Managing DirectorMike Dahl - Managing Director of Equity ResearchSam Reid - Executive Director Equity Research of Home Builders & Building ProductsAlex Rygiel - Mana ...

Financial Data and Key Metrics Changes - For the fourth quarter, consolidated pre-tax income was $1.2 billion on revenues of $9.7 billion, resulting in a pre-tax profit margin of 12.4% [5] - For the full year, consolidated pre-tax income was $4.7 billion with a pre-tax profit margin of 13.8% [5] - Net income for the quarter was $905.3 million or $3.04 per diluted share, while for the year, net income was $3.6 billion or $11.57 per diluted share on revenues of $34.3 billion [7] - The average closing sales price for the quarter was $365,600, down 1% sequentially and down 3% year over year [7] - The company generated $3.4 billion of cash from operations after making home building investments totaling $8.5 billion [6] Business Line Data and Key Metrics Changes - Home sales revenues for the fourth quarter were $8.5 billion on 23,368 homes closed [7] - Net sales orders in the fourth quarter increased 5% year over year to 20,078 homes, with order value increasing 3% to $7.3 billion [8] - The average price of net sales orders in the fourth quarter was $364,900, flat sequentially and down 3% from the prior year [8] - Rental operations generated $81 million of pre-tax income on $805 million of revenues from the sale of 1,565 single-family rental homes and 1,815 multifamily rental units [14] Market Data and Key Metrics Changes - The average number of active selling communities was up 1% sequentially and up 13% from the prior year [8] - The company’s home building lot position at year-end consisted of approximately 592,000 lots, with 25% owned and 75% controlled through purchase contracts [13] - In the Southeast region, particularly Florida, some markets like Jacksonville and Southwest Florida faced excess inventory issues [68] Company Strategy and Development Direction - The company remains focused on capital efficiency to generate strong operating cash flows and deliver compelling returns to shareholders [6] - The strategy includes tailoring product offerings and sales incentives based on demand in each market to maximize returns [6] - The company plans to purchase approximately $2.5 billion of its common stock during fiscal 2026, in addition to paying dividends of around $500 million [19] Management's Comments on Operating Environment and Future Outlook - Management expects new home demand to reflect ongoing affordability constraints and cautious consumer sentiment [19] - For fiscal 2026, the company anticipates generating consolidated revenues of approximately $33.5 to $35 billion and homes closed to be in the range of 86,000 to 88,000 [19] - Management expressed a positive outlook for the housing market over the medium to long term despite current volatility and uncertainty in the economy [21] Other Important Information - The company’s return on equity was 14.6%, and return on assets was 10% [5] - The company repurchased 4.6 million shares of common stock for $689 million in the fourth quarter, totaling 30.7 million shares for $4.3 billion for the full year [17] - The company’s book value per share increased by 5% from a year ago to $82.15 [18] Q&A Session Summary Question: How to think about the walk from the 20% gross margin in Q4 to 20-20.5% in Q1? - Management indicated that the unusual impact from litigation is not expected to persist into Q1, and the guide reflects the current environment and level of incentives [24][26] Question: How quickly can the company ramp starts to meet demand? - Management acknowledged that starts were intentionally lower to align inventory and expressed confidence in their ability to respond to market demand [25][26] Question: Is the outlook for Q1 anticipating seasonal lightness in profitability? - Management expects rental operations to be softer in Q1, impacting consolidated operating margin due to lower closings volume [29][30] Question: Can you provide additional color on the Southeast region's performance? - Management noted that while some markets in Florida are struggling with inventory balance, there are still bright spots throughout the state [68] Question: What are the expectations for lot costs and stick and brick costs? - Management expects lot costs to remain sticky, but anticipates reductions in stick and brick costs as they renegotiate terms [50][51]

Core Points - Toll Brothers, Inc. has been recognized with six awards at the Colorado Springs Parade of Homes, including Best Overall Home for the Ridgway Contemporary design priced between $790,000 and $850,000 [1][5] - The Parade of Homes featured 32 homes from 16 builders, showcasing various price ranges and categories [2][3] Company Achievements - Toll Brothers received six awards for its homes in Colorado Springs, highlighting its excellence in home building [5][3] - The awards included Best Architectural Exterior for the Grace Elite Farmhouse, Best Primary Suite for both the Blodgett Farmhouse and Ridgway Contemporary, Best Interior Design for the Blodgett Farmhouse, and Best Kitchen for the Ridgway Contemporary [7] Home Features - The Grace Elite Farmhouse offers 1,842 square feet with 2 to 3 bedrooms and 2 to 3 bathrooms, located in a luxury townhome community with modern architecture and access to Cottonwood Creek Park [6] - The Blodgett Farmhouse features 1,953 square feet with 3 to 4 bedrooms and 2 bathrooms, situated in a private, gated community [7] - The Ridgway Contemporary model provides 2,154 square feet of luxury living with 3 to 4 bedrooms and 2 to 3 bathrooms, located in a community with access to outdoor recreation and downtown [9] Company Background - Toll Brothers, Inc. is a Fortune 500 Company and the leading builder of luxury homes in the United States, founded in 1967 and publicly traded since 1986 [11] - The company operates in over 60 markets across 24 states and offers a range of services including architectural, engineering, and mortgage operations [11]

Let's get to Diane King Hall with the very latest beginning with GE Aerospace. Diane, >> be hitting a record this morning. So, as you mentioned, the broader market may not reflect the momentum of some of these individual names, but these individual names, you'll have the standouts and the laggers.One of the standouts this morning, that is GE Aerospace. The stock jumping in this morning off the back of its latest quarterly results climbing above 308 bucks a share this morning. So, that puts it at a new recor ...

Core Viewpoint - A pullback in the 10-year Treasury yield has positively impacted home builder stocks, providing relief to the sector [1] Group 1: Impact on Home Builder Stocks - The decline in the 10-year Treasury yield has led to an increase in home builder stock prices, indicating a favorable market environment for the industry [1]

The iShares U.S. Home Construction exchange-traded fund dropped below $100 for the first time since early August on Friday. The fund, which was 1.1% lower in midday trading, was on track for its worst week since June 2022, according to Dow Jones Market Data. Concerns about buyer demand and housing supply are weighing on home-building stocks. The group is on track for its worst week since 2022. The group's tough week comes as investors worry about weak demand and higher-than-usual new supply. An Evercore ana ...

Core Insights - Toll Brothers, Inc. is launching a new luxury home community named Vista Oaks in Rocklin, California, on October 11, 2025, featuring 46 new construction homes in a prime location [1][4] Group 1: Community Features - Vista Oaks consists of one- and two-story luxury home designs with 4 to 5 bedrooms, 3.5 to 5.5 bathrooms, and up to 4,375 square feet of living space, with prices starting from $1.1 million [2][4] - The community is bordered by open space and mature trees, offering sophisticated architectural details and modern open floor plans [2] Group 2: Location and Accessibility - The community is situated near top-rated schools in the Rocklin Unified School District and is close to premium shopping and dining options, including Westfield Galleria at Roseville [5] - Vista Oaks has convenient access to Interstate 80, enhancing its appeal for commuters [5] Group 3: Company Background - Toll Brothers, Inc. is a Fortune 500 Company and the leading builder of luxury homes in the United States, operating in over 60 markets across 24 states [7] - The company has received multiple accolades, including being named one of Fortune magazine's World's Most Admired Companies for over 10 years and Builder of the Year by Builder magazine [8]

Core Insights - Toll Brothers, Inc. is launching a new luxury home community named Santa Rosa Valley Estates in Southern California, opening for pre-model pricing on October 4, 2025 [1][4] - The community features 18 luxury homes on equestrian home sites up to five acres, with prices starting from $2.9 million [2][1] - Homes in this community offer modern designs with sizes up to 6,000 square feet, including options for multigenerational living suites and detached casitas [2][4] Company Overview - Toll Brothers is recognized as the nation's leading builder of luxury homes, founded in 1967 and publicly traded since 1986 [9] - The company operates in over 60 markets across 24 states and the District of Columbia, serving various buyer segments including first-time and second-home buyers [9][10] - Toll Brothers has received multiple accolades, including being named one of Fortune magazine's World's Most Admired Companies for over 10 years [11]

Core Insights - Builders are sensitive to lumber pricing but are expected to manage the impact of new tariffs according to an analyst [1] Group 1: Lumber Pricing Sensitivity - The construction industry is notably affected by fluctuations in lumber prices, which can influence overall project costs and timelines [1] - Analysts suggest that despite the sensitivity, builders are likely to adapt to the new tariff environment without significant disruptions [1]