Lennar Corporation, a leading homebuilder, has reported its third-quarter 2025 results, showing a net earnings of $591 million and net earnings per diluted share of $2.29. This is a significant decrease from the third quarter of 2024, where the net earnings were $1.2 billion and net earnings per diluted share were $4.26.
New orders for homes increased by 12% to 23,004 homes, and the backlog stood at 16,953 homes with a dollar value of $6.6 billion. However, deliveries of homes remained consistent with the prior year at 21,584 homes. Total revenues for the quarter were reported at $8.8 billion.
The homebuilding operating earnings were $760 million, with a gross margin on home sales of 17.5% and selling, general, and administrative expenses as a percentage of revenues from home sales at 8.2%. The financial services operating earnings were $178 million, while the multifamily segment reported an operating loss of $16 million.
In terms of cash and equivalents, Lennar reported $1.4 billion, with outstanding borrowings of $1.1 billion under the company's $3.1 billion revolving credit facility. Moreover, the company repurchased 4.1 million shares of Lennar common stock for $507 million in the third quarter of 2025.
When comparing the third quarter of 2025 to the same period in 2024, there is a noticeable decrease in revenues from home sales, a decrease in the average sales price of homes delivered, and a decrease in gross margins on home sales. Additionally, selling, general, and administrative expenses increased as a percentage of revenues from home sales.
Today the company's shares have moved -0.07% to a price of $132.87. If you want to know more, read the company's complete 8-K report here.
