← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Lennar kept volume up by cutting prices: deliveries rose to 82,583 homes, but revenue fell 3.5% to $34.19B and net income fell 47.2% to $2.08B in the year it spun its land into Millrose
The read at a glance✓ Audited against SEC data
- Growth — Revenue down 3.5% to $34.19B; deliveries up, average price downWatch
- Profitability — Net income down 47.2% to $2.08B; home sales gross margin 22.3% to 17.7%Watch
- Balance sheet — Total debt up 40.2% to $5.87B; equity down 21.2% after the Millrose spin-offNote
- Accounting quality — Audited by Deloitte & Touche since 1994; screening scores not availableNote
- Capital allocation — Buybacks $1.81B and dividends $521.0M against free cash flow of $28.2MNote
- Land-light model — 98% of homesites controlled through options, up from 82%OK
Business
Lennar is one of the largest U.S. homebuilders, selling entry-level to luxury homes in East, Central, South Central and West regions, with mortgage, title, multifamily and technology investments alongside. Homebuilding generated about 94% of FY2025 revenue. Its stated strategy is volume first: it adjusts prices to keep starts and sales even, using gross margin as the shock absorber, and it now controls 98% of its homesites through options rather than owning them.
Where the revenue comes from
Fiscal 2025, as LENNAR CORP /NEW/ reports it. History and quarterly detail are in the app.
- Home$32.1B
- Other revenues$2.0B
- Land sales revenues$247.0M
- General Contractor$150.0M
- Management fees and reimbursement of expenses, net of deferrals$23.7M
Leadership changes
From LENNAR CORP /NEW/'s own filings, the day they're filed.
- Jim Parker · Chief Operating Officer · appointmenteff. 2026-06-05
- Stuart Miller · Chief Executive Officer · departureeff. 2025-12-31
- Sidney Lapidus · member · departureeff. 2025-01-13
Latest filings
- 8-K · Company announcement2026-10-15
- 10-Q · Quarterly report2026-10-02
- 8-K · Company announcement2026-09-16
- 10-Q · Quarterly report2026-06-29
- 8-K · Company announcement2026-06-12
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- What changed🔒
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- Margins & accounting🔒
- Capital allocation🔒
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- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
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- Ana — ask about LENNAR CORP /NEW/, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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