2025 Fourth Quarter Highlights Net earnings per diluted share of $1.93; $2.03 excluding adjustments of: $123 million mark-to-market gains on technology investments, and $156 million one-time loss on previously announced Millrose Properties, Inc. ("Millrose") exchange offer Net earnings of $490 million New orders increased 18% year over year to 20,018 homes Backlog of 13,936 homes with a dollar value of $5.2 billion Deliveries increased 4% year over year to 23,034 homes Total revenues of $9.4 billion Homebuilding operating earnings of $718 million Gross margin on home sales of 17.0%; net margin of 9.1% Financial Services operating earnings of $134 million Multifamily operating loss of $44 million Lennar Other operating earnings of $61 million Homebuilding cash and cash equivalents of $3.4 billion No outstanding borrowings under the Company's $3.1 billion revolving credit facility $1.7 billion outstanding under the Company's term loan facility Homebuilding debt to total capital of 15.7% Completed non-cash repurchase of 8.0 million Lennar shares through Millrose exchange offer 2025 Fiscal Year Highlights Net earnings per diluted share of $7.98; $8.06 excluding adjustments of: $130 million mark-to-market gains on technology investments, and $156 million one-time loss on Millrose exchange offer Net earnings of $2.1 billion New orders increased 9% year over year to 83,978 homes Deliveries increased 3% year over year to 82,583 homes Total revenues of $34.2 billion Gross margin on home sales of 17.7%; net margin of 9.3% Completed spin-off of Millrose and acquisition of Rausch Coleman Homes' homebuilding operations in February Repurchased 22.1 million shares; 14.1 million shares of Lennar common stock for $1.7 billion in cash and 8.0 million shares through Millrose exchange offer MIAMI , Dec. 16, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2025. Fourth quarter net earnings attributable to Lennar in 2025 were $490 million, or $1.93 per diluted share, compared to $1.1 billion, or $4.06 per diluted share in the fourth quarter of 2024.
