The earnings call reflects a balanced outlook with strong operational performance and strategic advancements in technology and efficiency, countered by significant challenges in the external economic environment and reduced margins.

Company Guidance -

Q3 2025

During Lennar's Second Quarter Earnings Conference Call for fiscal year 2025, the company provided guidance for the third quarter, projecting gross margins to be approximately 18%, with total home deliveries and new orders both expected to range between 22,000 to 23,000 units. The average sales price is anticipated to be between $380,000 and $385,000, reflecting ongoing pricing pressures. The company emphasized a strategic focus on maintaining volume and driving efficiencies through technology investments, despite the challenging market conditions. Lennar's SG&A expenses are projected to range from 8% to 8.2% of revenues, as the company continues its investment in technology solutions. Financial Services earnings are forecasted between $175 million and $180 million, while multifamily and other business segments are expected to incur losses. The overall EPS for the third quarter is estimated to be between $2 and $2.20 per share.

Strong Home Deliveries and Sales

In Q2 2025, Lennar delivered over 20,000 homes and sold 22,601 homes, maintaining strong volume amidst a challenging market environment.

Improvement in Direct Construction Costs

Direct construction costs decreased by 1.5% sequentially from Q1 and by 3.5% year-over-year, reaching the lowest level since Q3 2021.

Advancements in Cycle Time Reduction

Cycle time for single-family detached homes decreased by 18 days year-over-year, improving efficiency by 12%.

High Capture Rate in Financial Services

Financial Services operating earnings reached $157 million, driven by higher profit per loan and increased capture rates.

Strong Inventory Management

Average of under 2 unsold completed homes per community, maintaining a balanced inventory level.

Focus on Technology Enablement

Significant investment in technology solutions like the Lennar Machine and collaboration with Palantir to enhance productivity and efficiency.

Lennar (LEN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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LEN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 17, 2025	2025 (Q3)	2.11 / -	4.094	―	―	―
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)	―
Jun 14, 2023	2023 (Q2)	2.24 / 2.89	4.315	-32.98% (-1.42)	―

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
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%
Sep 19, 2024	$182.10	$172.39	-5.33%

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.