Short answer
Lennar (LEN) filed its Q3 2025 10-Q quarterly report on Oct 3, 2025 for the quarter ended Aug 31, 2025. Quarterly revenue was $8.8B (down 6.4% year over year) with net income of $591M.
Q3 2025 key financials · XBRL
- Revenue
- $8.8B
- −6.4% YoY · +5.2% QoQ
- Net income
- $591M
- −49.2% YoY · +23.8% QoQ
- EPS (diluted)
- $2.29
- −46.1% YoY · +26.5% QoQ
Source: XBRL data from the Lennar (LEN) Q3 2025 10-Q on SEC EDGAR. USD.
Lennar Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue from home sales $8.2B Q3 2025, down 9% YoY from $9.0B Q3 2024; deliveries flat at ~21,580 homes; avg. sales price down to $383K from $422K
- Gross margin on home sales 17.5% Q3 2025 vs 22.5% Q3 2024; nine months margin 18.0% vs 22.3% YoY, driven by lower revenue per sq ft, higher land costs
- Financial Services segment operating earnings best at $177.9M Q3 2025 vs $144.4M Q3 2024; Multifamily worst segment with $16.5M operating loss Q3 2025 vs $78.9M earnings Q3 2024
- Cash and cash equivalents down to $1.8B at Aug 31, 2025 from $4.3B year ago; operating cash used $1.5B YTD 2025 vs cash provided $1.4B YTD 2024 mainly due to inventory and deposits increase
- Management expects Q4 2025 sales 20,000-21,000 homes, deliveries 22,000-23,000, avg. sales price $380K-$390K; projects margin ~17.5% amid market softness and affordability headwinds
Risk Factors
- New macroeconomic risk from inflation and increased interest rates impacting operations and costs
- Updated regulatory risk due to increased enforcement of immigration restrictions affecting labor availability
- Legal and compliance risk from possible effects of tariffs on supply chain costs and materials
- Operational risk from labor supply constraints linked to immigration enforcement affecting near-term project timelines
- Financial risk related to interest rate increases influencing borrowing costs and housing affordability demand
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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