Stock Market Live July 1, 2026: S&P 500 (SPY) Lower as Investors Wait on the Fed and Fresh Economic Data
Q1 25 EPS
$1.96
BEAT +14.36%
Est. $1.71
Q1 25 Revenue
$7.63B
BEAT +2.66%
Est. $7.43B
vs S&P Since Q1 25
-56.3%
TRAILING MARKET
LEN -23.9% vs S&P +32.4%
Market Reaction
Did LEN Beat Earnings? Q1 2025 Results
Lennar posted a headline earnings beat in fiscal Q1 2025, but the results told a more complicated story beneath the surface. The homebuilder earned $1.96 per share, clearing the $1.71 consensus estimate by 14.36%, on revenue of $7.63 billion, with de… Read more Lennar posted a headline earnings beat in fiscal Q1 2025, but the results told a more complicated story beneath the surface. The homebuilder earned $1.96 per share, clearing the $1.71 consensus estimate by 14.36%, on revenue of $7.63 billion, with deliveries of 17,834 homes rising 6% year-over-year and coming in above guidance. Yet the quarter's defining tension was margin compression: gross margins on home sales fell sharply to 18.7% from 21.8% a year ago, pressured by higher land costs and sustained use of incentives, including interest rate buydowns, as affordability headwinds kept buyers cautious. The average sales price slipped 1% to $408,000, reflecting a market still constrained by elevated rates and weakening consumer confidence, and the stock declined despite the beat as investors focused on profitability erosion rather than the top-line delivery. Lennar's transformative spin-off of Millrose Properties, completed in February, dramatically accelerated its asset-light pivot, pushing controlled homesites to a record 98%. Looking ahead, management guided Q2 deliveries of 19,500 to 20,500 homes at an average sales price of $390,000 to $400,000, with gross margins of approximately 18%, signaling that near-term pricing pressure is unlikely to ease quickly.
Key Takeaways
- • Deliveries increased 6% to 17,834 homes, above high end of guidance
- • New orders of 18,355 homes exceeded high end of guidance
- • Cycle time improved 11% to 137 days year-over-year
- • Inventory turn improved to 1.7x from 1.5x year-over-year
- • Financial Services operating earnings increased to $143 million from $131 million
- • Construction cost savings partially offset land cost increases
- • Interest rate buydowns and incentives used to bridge affordability and activate sales
LEN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
LEN Revenue by Segment
With YoY comparisons, source: SEC Filings
LEN Revenue by Geography
With YoY comparisons, source: SEC Filings
“We are pleased to report our 2025 first quarter results that were both constructive and strategic for Lennar. During the quarter, we continued to focus on our strategy of matching production pace with sales pace and maintaining even flow production. Additionally, during the quarter we distributed shares of Millrose Properties, Inc. to our shareholders, furthering our asset-light strategy. Finally, we completed the purchase of Rausch Coleman Homes, which expanded our footprint into both new and existing markets in an asset-light manner.”
— Stuart Miller, Q1 2025 Earnings Press Release
LEN Earnings Trends
LEN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LEN EPS Trend
Earnings per share: estimate vs actual
LEN Revenue Trend
Quarterly revenue: estimate vs actual
LEN Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $1.24 | — | $7.94B | — |
| Q1 26 MISS | $0.95 | $0.93 | -1.66% | $6.62B | -4.08% |
| Q4 25 MISS FY | $2.18 | $1.93 | -11.43% | $9.37B | +2.00% |
| FY Full Year | — | $7.98 | — | $34.19B | — |
| Q3 25 BEAT | $2.09 | $2.29 | +9.32% | $8.81B | -2.63% |
| Q2 25 MISS | $1.94 | $1.81 | -6.61% | $8.38B | +2.32% |
| Q1 25 BEAT | $1.71 | $1.96 | +14.36% | $7.63B | +2.66% |