Lennar Corporation (NYSE: LEN) reported its third quarter 2025 earnings results.
Total revenues of $8.8 billion were down 6% from the same period a year ago.
Net earnings attributable to Lennar were $591 million, or $2.29 per share, compared to $1.2 billion, or $4.26 per share last year. Adjusted EPS was $2.00, down 49% from last year.
Both revenue and earnings came below expectations.
In Q3, new orders increased 12% to 23,004 homes while deliveries of 21,584 homes remained flat with the prior year. Average sales price of homes delivered was $383,000, down 9% from last year.
The company had a backlog of 16,953 homes with a dollar value of $6.6 billion at the end of the quarter.
For the fourth quarter of 2025, LEN expects new orders to be 20,000-21,000 and deliveries to be 22,000-23,000. Average sales price is expected to be $380,000-390,000.
Prior performance
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