Did Lennar meet its Q4 earnings expectations?

No, Lennar's fourth-quarter adjusted earnings per share of $2.03 missed the analyst consensus of $2.21.

What were Lennar's key Q4 financial highlights?

Lennar reported $9.4 billion in revenue, a 4% increase in home deliveries, and an 18% rise in new orders, though average sales prices and gross margins declined.

What are Lennar's fiscal year 2025 and Q1 2026 outlooks?

For fiscal year 2025, Lennar delivered 82,583 homes with $34.2 billion revenue. For Q1 2026, they expect 17,000-18,000 deliveries and 15-16% gross margins.

Home / Business and Economy / Lennar Earnings Miss: Revenue Strong, Profits Struggle

Lennar Earnings Miss: Revenue Strong, Profits Struggle

17 Dec, 2025

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Summary

Lennar's Q4 earnings missed analyst expectations, despite strong revenue.
Home deliveries increased 4% year-over-year, with new orders up 18%.
Gross margins significantly contracted due to lower prices and higher costs.

Lennar Earnings Miss: Revenue Strong, Profits Struggle

Lennar Corporation's fourth-quarter financial results revealed a miss on earnings per share, despite exceeding revenue forecasts. The company reported adjusted earnings per share of $2.03, falling below the anticipated $2.21, while revenue reached $9.4 billion against an expected $9.01 billion. This performance occurred within a market challenged by affordability issues and higher interest rates.

The homebuilder observed a 4% year-over-year increase in home deliveries to 23,034 units and an 18% surge in new orders, totaling 20,018 homes. However, a 10% decline in the average sales price to $386,000 highlighted the impact of incentives aimed at attracting buyers. Gross margins on home sales saw a substantial contraction, dropping to 17.0% from 22.1% in the prior year, attributed to reduced revenue per square foot and elevated land costs.