Lennar's earnings call highlighted strong sales volume and operational efficiencies but was tempered by margin pressures and market challenges. While the company is well-positioned with a strong balance sheet and innovative strategies, the need to adjust delivery expectations and increased sales incentives indicate a cautious approach in response to current market conditions.

Company Guidance

In Lennar's third-quarter earnings call for fiscal year 2025, the company provided guidance for the upcoming fourth quarter and full year. They anticipate delivering between 22,000 and 23,000 homes in the fourth quarter and reducing their full-year delivery expectation to between 81,500 and 82,500 homes. The gross margin for the third quarter was reported at 17.5%, with an expected continuation of this margin into the fourth quarter. Lennar's sales incentives increased to 14.3%, impacting the gross margin, while the average sales price was $383,000 in the third quarter and is expected to range between $380,000 and $390,000 in the fourth quarter. The company anticipates selling between 20,000 and 21,000 homes in the fourth quarter. Their SG&A expenses came in at 8.2%, with a net margin of 9.2%, and they expect SG&A to be between 7.8% and 8% in the next quarter. Lennar remains focused on maintaining strong volume, reducing construction costs, and managing inventory levels to ensure affordability and competitiveness despite challenging market conditions.

Strong Order Volume

Lennar exceeded sales expectations by selling over 23,000 homes in Q3, positioning themselves better for the remainder of the year.

Cycle Time Reduction

Achieved a 6-day sequential decrease from Q2, bringing average cycle time for single-family detached homes down to 126 days, the lowest in the company's history.

Financial Services Performance

Financial Services team had operating earnings of $177 million, driven by higher profit per loan due to increased secondary margins.

Improved Inventory Turn

Inventory turn increased to 1.9x, marking a 19% improvement from last year.

Low Debt Position

Homebuilding debt to total cap was 13.5%, with the next debt maturity of $400 million not due until June 2026.

Advancements in Technology

Continued investment in technology solutions to drive efficiencies, resulting in reduced cycle times and improved sales processes.

Lennar (LEN) Earnings, Revenues Date & History

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LEN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 10, 2025	2025 (Q4)	2.29 / -	3.901	―	―	―
Sep 18, 2025	2025 (Q3)	2.10 / 2.29	4.094	-44.06% (-1.80)	―
Jun 17, 2025	2025 (Q2)	1.94 / 1.81	3.315	-45.40% (-1.50)	―
Mar 20, 2025	2025 (Q1)	1.70 / 1.96	2.47	-20.65% (-0.51)	―
Dec 18, 2024	2024 (Q4)	3.98 / 3.90	4.632	-15.78% (-0.73)	―
Sep 19, 2024	2024 (Q3)	3.49 / 4.09	3.719	10.08% (+0.38)	―
Jun 17, 2024	2024 (Q2)	3.11 / 3.31	2.892	14.63% (+0.42)	―
Mar 13, 2024	2024 (Q1)	2.12 / 2.47	1.98	24.75% (+0.49)	―
Dec 14, 2023	2023 (Q4)	4.41 / 4.63	4.372	5.95% (+0.26)	―
Sep 14, 2023	2023 (Q3)	3.38 / 3.72	4.833	-23.05% (-1.11)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

LEN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Sep 18, 2025	$132.87	$127.32	-4.18%
Jun 17, 2025	$104.16	$102.96	-1.15%
Mar 20, 2025	$119.00	$114.19	-4.04%
Dec 18, 2024	$138.46	$131.32	-5.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.