The earnings call highlighted Lennar's strategic focus on volume and technological advancements despite operating in a challenging housing market environment with declining margins. The company is making significant investments in technology to drive future efficiencies, although current market conditions remain difficult.

Company Guidance -

Q3 2025

During Lennar's second-quarter earnings call for fiscal year 2025, the company provided guidance for the third quarter, emphasizing its focus on maintaining volume and efficiency amidst a challenging housing market. Lennar expects to sell and deliver between 22,000 and 23,000 homes, with an average sales price ranging from $380,000 to $385,000. The company projects a gross margin of approximately 18% and an SG&A percentage between 8% and 8.2%, reflecting continued investment in technology solutions. Financial services earnings are anticipated to be around $175 million to $180 million, while multifamily and Lennar Other segments are expected to report losses of about $40 million and $35 million, respectively. The company maintains its full-year target to deliver at the lower end of its initial range of 86,000 to 88,000 homes.

Strong Home Deliveries and Sales

Lennar delivered over 20,000 homes and sold 22,601 homes in Q2 2025, closing the gap on last quarter's shortfall.

Improvement in Direct Construction Costs

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

Successful Transition to Asset-Light Strategy

Lennar's supply of owned homesites improved to 0.1 years, down from 1.2 years a year ago, with homesites controlled increasing to 98% from 79% a year ago.

Advancements in Technology

Lennar is investing heavily in technology to enhance productivity, including transitioning to a new ERP system and developing a digital marketing and customer acquisition program.

Lennar (LEN) Earnings, Revenues Date & History

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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)	2.10 / -	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.