Q2 25 EPS
$1.81
MISS 6.61%
Est. $1.94
Q2 25 Revenue
$8.38B
BEAT +2.32%
Est. $8.19B
vs S&P Since Q2 25
-46.4%
TRAILING MARKET
LEN -21.6% vs S&P +24.8%
Market Reaction
Did LEN Beat Earnings? Q2 2025 Results
Lennar delivered a disappointing second quarter for fiscal 2025, missing Wall Street expectations as affordability pressures and weakened consumer confidence weighed heavily on results. The homebuilder posted GAAP EPS of $1.81, falling short of the $… Read more Lennar delivered a disappointing second quarter for fiscal 2025, missing Wall Street expectations as affordability pressures and weakened consumer confidence weighed heavily on results. The homebuilder posted GAAP EPS of $1.81, falling short of the $1.94 consensus estimate by 6.70%, while revenue slipped 4.6% year-over-year to $8.38 billion. The central culprit was a sharp compression in home sales gross margin, which fell to 17.8% from 22.6% a year earlier, as Lennar leaned aggressively into pricing incentives, cutting its average sales price 9% to $389,000 per home to keep volume moving. That strategy did sustain modest delivery growth to 20,131 units, and new orders rose 6% to 22,601 homes, but the cost in margin was significant. The broader homebuilding sector has flagged a softer-than-expected spring selling season, with localized weakness in markets like Sacramento and Seattle adding to the headwinds. Looking ahead, management guided Q3 deliveries of 22,000-23,000 homes at an average sales price of $380,000-$385,000, suggesting further near-term price discipline will remain necessary.
Key Takeaways
- • 2% increase in home deliveries to 20,131 homes
- • 6% increase in new orders to 22,601 homes
- • 9% decrease in average sales price to $389,000 driven by affordability incentives
- • Gross margin compressed to 17.8% (18.0% ex-purchase accounting) from 22.6% due to higher land costs and lower revenue per square foot
- • Cycle time improved 12% year-over-year to 132 days
- • Inventory turn improved to 1.8x from 1.6x
- • Financial Services operating earnings increased to $157 million driven by higher profit per locked loan
- • Construction cost savings partially offset margin pressures
LEN YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
LEN Revenue by Segment
With YoY comparisons, source: SEC Filings
LEN Revenue by Geography
With YoY comparisons, source: SEC Filings
“While we continue to see softness in the housing market due to affordability challenges and a decline in consumer confidence, we adhered to our strategy of driving starts, sales, and closings in order to build long-term efficiencies in our business.”
— Stuart Miller, Q2 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% |