Short answer
Lennar (LEN) filed its fiscal 2025 10-K annual report with the SEC on Jan 28, 2026. It reported revenue of $34.2B (−3.5% year over year) and net income of $2.1B.
- Top risk flagged: Key-person risk from interim CTO appointed May 2025 after prior CTO retirement, responsible for cybersecurity risk management
FY2025 key financial metrics · XBRL
- Revenue
- $34.2B
- −3.5% YoY
- Net income
- $2.1B
- −47.2% YoY
- EPS (diluted)
- $7.98
- −44.2% YoY
- ROE
- 9.5%
- −4.6 pp YoY
- Operating cash flow
- $217M
- −91.0% YoY
Source: XBRL data from the Lennar (LEN) FY2025 10-K on SEC EDGAR. USD.
Lennar FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: U.S.-based homebuilding, mortgage origination, title services, multifamily rental development, fund sponsorship and technology investments
- New emphasis on multifamily and single-family rental property fund sponsorship and management
- Strategic focus on urban divisions and homebuilding investments in California, including FivePoint Holdings, LLC
- Homebuilding revenue $32 billion in fiscal 2025, comprising approximately 94% of consolidated revenues
- Geographic expansion across four major U.S. regions with divisions in 24 states
Management Discussion & Analysis
- Revenue $34.2B in 2025, down 3.6% YoY from $35.4B in 2024; home sales revenue down 5% to $32.1B from $33.8B
- Homebuilding gross margin 17.7% in 2025 vs 22.3% in 2024; operating earnings $3.0B vs $5.3B prior year
- Best performing segment Financial Services: operating earnings $609.9M up from $574.2M; Worst Multifamily: loss of $75.0M vs $43.0M earnings in 2024
- Net earnings $2.1B or $7.98/share in 2025 vs $3.9B or $14.31/share in 2024; tax rate rose to 25.3% from 23.6%
- Q1 2026 margin guidance 15-16%; expected home deliveries 18k-19k at average price $365k-$375k; full year 2026 deliveries approx. 85k homes
- Cost reductions and technology initiatives highlighted to improve margins and returns when market normalizes
- Increased sales incentives to buyers: average $62.7k/home in 2025 vs $48.8k in 2024 (13.8% vs 10.3% of revenue)
- Capital allocation details limited; referenced reduction in inventory and cycle times, plus One Big Beautiful Bill Act tax evaluation ongoing
Risk Factors
- Key-person risk from interim CTO appointed May 2025 after prior CTO retirement, responsible for cybersecurity risk management
- Cybersecurity risk oversight by Audit Committee, with CTO reports at least quarterly including incident response plans
- Established cross-functional Cyber Steering Committee involving CTO, CISO, General Counsel, and business leaders to manage cyber threats
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.