Lennar Corporation reported a total revenue of $34.2 billion for the fiscal year ending November 30, 2025, a decrease from $35.4 billion in the previous year. The company's homebuilding segment, which constitutes approximately 94% of its consolidated revenues, generated $32.1 billion, down from $33.8 billion in 2024. This decline was attributed to an 8% drop in the average sales price of homes delivered, which fell to $391,000 from $423,000, despite a 3% increase in home deliveries, totaling 82,583 homes compared to 80,210 in the prior year. The gross margin on home sales also decreased to 17.7%, down from 22.3% in 2024, primarily due to higher land costs and lower revenue per square foot.
In terms of strategic developments, Lennar completed the acquisition of Rausch Coleman Homes in February 2025, expanding its operations into new markets in Arkansas, Oklahoma, Alabama, and Kansas/Missouri. Additionally, the company executed a significant spin-off of Millrose Properties, Inc., distributing approximately 80% of Millrose's stock to its shareholders and retaining a 20% interest, which was later disposed of through a non-cash exchange offer. This spin-off was part of Lennar's strategy to transition to a more asset-light model, focusing on home manufacturing rather than land ownership.
Operationally, Lennar's homebuilding segments are geographically diversified, with active divisions in the East, Central, South Central, and West regions of the United States. As of November 30, 2025, the company was actively building in 1,708 communities, an increase from 1,447 communities the previous year. The company reported a backlog of homes under sales contracts valued at $5.2 billion, slightly down from $5.4 billion in 2024, with a cancellation rate of 14% consistent with the previous year. The company also emphasized its land-light strategy, controlling 98% of its homesites through options rather than ownership, which enhances flexibility and reduces capital intensity.
Looking ahead, Lennar anticipates continued pressure on margins in the first quarter of 2026, projecting margins between 15% and 16%. The company expects to sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of $365,000 to $375,000. Despite the challenges posed by high interest rates and inflation, Lennar remains optimistic about its operational efficiencies and technology initiatives, which are expected to position the company favorably for future growth as market conditions normalize.
About LENNAR CORP /NEW/
Lennar Corporation is a leading U.S. homebuilder offering single-family, multifamily, and rental homes across diverse markets. It provides integrated services including land acquisition, development, construction, mortgage financing, title insurance, and property management. The company emphasizes innovation, cost efficiency, and environmentally sustainable features, serving first-time, move-up, active adult, and luxury buyers through a scalable, land-light operating model.
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