LENNAR CORP /NEW/ SEC 10-Q Report
Lennar Corp, a leading home construction and real estate company, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial and operational performance, highlighting key metrics and strategic initiatives that have shaped its recent results.
Financial Highlights
Total Revenues: $8,377.5 million, reflecting a decrease from the previous year's $8,765.6 million, primarily due to lower homebuilding revenues.
Operating Income: $641.9 million, a decline from $1,261.1 million in the prior year, impacted by increased costs and expenses.
Net Earnings Attributable to Lennar: $477.4 million, down from $954.3 million, influenced by reduced revenues and higher expenses.
Basic and Diluted Earnings Per Share: $1.81, compared to $3.45 in the previous year, reflecting the decrease in net earnings.
Business Highlights
Revenue Segments
The Homebuilding segment reported revenues of $7.8 billion for the three months ended May 31, 2025, with significant contributions from the East, Central, South Central, and West regions. The Financial Services segment generated $298 million, while the Multifamily segment contributed $230 million.
Geographical Performance
The East region experienced a decline in revenues to $1.7 billion from $2.1 billion in the prior year, while the Central region maintained stable performance with revenues of $1.7 billion. The South Central region saw an increase in revenues to $1.5 billion, reflecting the impact of the Rausch acquisition.
Sales Units
The Homebuilding segment's performance was driven by the sale of single-family attached and detached homes, with a focus on first-time, move-up, and active adult homebuyers.
New Product Launches
The acquisition of Rausch Coleman Homes expanded the company's footprint into new markets, including Arkansas, Oklahoma, Alabama, and Kansas/Missouri, enhancing its product offerings in these regions.
New Production Launches
The company completed the spin-off of Millrose Properties, Inc., contributing $5.6 billion in land assets and $1.0 billion in cash, which aligns with Lennar's strategy to become a pure-play, asset-light, new home manufacturing company.
Future Outlook
The company anticipates continued variability in quarterly results due to seasonality and market conditions. The spin-off of Millrose and the acquisition of Rausch are expected to streamline operations and enhance market presence in key regions.
SEC Filing: LENNAR CORP /NEW/ [ LEN ] - 10-Q - Jul. 01, 2025