Lennar reported third quarter 2025 net earnings of $591 million, or $2.29 per diluted share, compared with $1.2 billion, or $4.26 per share, a year earlier. Excluding mark-to-market gains on technology investments, earnings were $516 million, or $2.00 per share. Revenues held at $8.8 billion, with 21,584 home deliveries, consistent with last year, and 23,004 new orders, up 12%. Backlog stood at 16,953 homes valued at $6.6 billion. Gross margin on home sales slipped to 17.5% amid higher incentives, while SG&A expenses were 8.2% of revenues.
Executives highlighted efficiency gains, including a record cycle time of 126 days and inventory turns of 1.9 times, supported by targeted incentives like mortgage rate buydowns. Lennar ended the quarter with 0.1 years’ supply of owned homesites, $1.4 billion in cash, and a homebuilding debt-to-capital ratio of 13.5%. The company repurchased 4.1 million shares for $507 million. Looking ahead, Lennar expects fourth quarter new orders of 20,000–21,000 homes, deliveries of 22,000–23,000 homes, and a gross margin near 17.5%, supported by a stabilizing rate environment and disciplined execution.