Lennar (LEN) Q3 2025 10-Q Quarterly Report
Filed: Oct 3, 2025Period ending Aug 31, 2025
Industrials
General Bldg Contractors - Residential BldgsSEC EDGAR Lennar (LEN) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 3, 2025 for the fiscal period ending Aug 31, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Lennar Q3 2025 10-Q Analysis
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
Lennar Q3 2025 Quarterly FinancialsXBRL
Revenue
$8.8B
▼ -6.4% YoY▲ +5.2% QoQ
Net Income
$591M
▼ -49.2% YoY▲ +23.8% QoQ
Net Margin
6.7%
▼ -564bp YoY▲ +101bp QoQ
ROE
2.6%
Total Assets
$34.9B
EPS (Diluted)
$2.29
▼ -46.1% YoY▲ +26.5% QoQ
Operating Cash Flow
-$159M
▼ -119.4% YoY▲ +85.5% QoQ
Source: XBRL data from Lennar Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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