Q4 25 EPS
$1.93
MISS 11.43%
Est. $2.18
Q4 25 Revenue
$9.37B
BEAT +2.00%
Est. $9.18B
vs S&P Since Q4 25
-33.5%
TRAILING MARKET
LEN -22.4% vs S&P +11.1%
Full Year 2025 Results
FY 25 EPS
$7.98
FY 25 Revenue
$34.19B
Market Reaction
Did LEN Beat Earnings? Q4 2025 Results
Lennar delivered a disappointing finish to fiscal 2025, posting Q4 GAAP earnings of $1.93 per share and missing the $2.25 consensus estimate by 14.22%, as a brutal combination of margin compression and affordability headwinds weighed heavily on resul… Read more Lennar delivered a disappointing finish to fiscal 2025, posting Q4 GAAP earnings of $1.93 per share and missing the $2.25 consensus estimate by 14.22%, as a brutal combination of margin compression and affordability headwinds weighed heavily on results. Revenue fell 6.5% year over year to $9.37 billion, with the average sales price declining 10% to $386,000 per home even as deliveries rose 4% to 23,034 units, a tradeoff that reflects the roughly 14% in incentives and price adjustments Lennar leaned on to keep sales moving. Gross margin on home sales collapsed to 17.0% from 22.1% a year ago, the single most consequential driver of the earnings shortfall, and a pattern weighing on the sector broadly. New orders surged 18% to 20,018 homes, suggesting underlying demand remains present if price-sensitive. Looking ahead, management guided Q1 fiscal 2026 deliveries of 17,000 to 18,000 homes at an average sales price of $365,000 to $375,000, with gross margins of 15% to 16%, signaling further near-term pressure before any potential stabilization.
Key Takeaways
- • 4% increase in home deliveries to 23,034 homes
- • 18% increase in new orders to 20,018 homes
- • 10% decrease in average sales price to $386,000 due to market weakness and increased incentives
- • Gross margin on home sales compressed to 17.0% from 22.1% year over year
- • Approximately 14% in incentives and price adjustments maintained to drive volume
- • Construction cycle times improved to 127 days
- • Inventory turn improved to 2.2 times
- • Community count increased to 1,708 from 1,447
LEN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
LEN Revenue by Segment
With YoY comparisons, source: SEC Filings
LEN Revenue by Geography
With YoY comparisons, source: SEC Filings
“Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged. Accordingly, our fourth quarter and full year 2025 results reflect a disciplined commitment to increasing housing supply in a market constrained by affordability challenges, as well as weak consumer confidence. Despite the added pressure of a six-week government shutdown, we continued to build and sell homes, adapting as needed to changing market conditions.”
— Stuart Miller, Q4 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% |