Lennar Corporation (NYSE: LEN) reported total revenues of $9.4 billion for the fourth quarter of 2025, compared to $9.9 billion reported in the same period a year ago.
Net earnings attributable to Lennar were $490 million, or $1.93 per share, compared to $1.1 billion, or $4.06 per share in the prior-year quarter. Adjusted EPS was $2.03 versus $4.03 last year.
Revenue beat estimates while earnings missed the mark.
In Q4, new orders increased 18% year-over-year to 20,018 homes while deliveries rose 4% YoY to 23,034 homes. Average sales price was $386,000 compared to $430,000 last year. The company ended the quarter with a backlog of 13,936 homes at a dollar value of $5.2 billion.
For the first quarter of 2026, Lennar expects new orders to range between 18,000-19,000 homes and deliveries to range between 17,000-18,000 homes. Average sales price is estimated to be $365,000-375,000.
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