LennarLENEarnings & Financial Report
Lennar Corporation is an American home construction company based in Miami-Dade County, Florida. As of 2025, it is the second-largest home construction company in the United States based on the number of homes sold. Lennar has investments in multifamily and single-family residential rental properties, luxury development, property technology with LenX, and mortgage lending from Lennar Mortgage.
Revenue
$8.4B
Gross Profit
N/A
Operating Profit
$641.9M
Net Profit
$477.4M
Gross Margin
N/A
Operating Margin
7.7%
Net Margin
5.7%
YoY Growth
-4.4%
EPS
$1.81
Lennar Q2 FY2025 Financial Summary
Lennar reported revenue of $8.4B (down 4.4% YoY) for Q2 FY2025, with a net profit of $477.4M (down 50.0% YoY) (5.7% margin).
Key Financial Metrics
| Total Revenue | $8.4B |
|---|---|
| Net Profit | $477.4M |
| Gross Margin | N/A |
| Operating Margin | 7.7% |
| Report Period | Q2 FY2025 |
Revenue Breakdown
Lennar Q2 FY2025 revenue of $8.4B breaks down across 8 segments, led by Homebuilding West at $2.8B (33.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Homebuilding West | $2.8B | 33.8% |
| Homebuilding Central | $1.8B | 21.1% |
| Homebuilding East | $1.7B | 20.4% |
| Homebuilding Texas | $1.5B | 18.2% |
| Lennar Financial Services | $298.1M | 3.6% |
| Lennar Multifamily | $230.3M | 2.7% |
| Homebuilding Other Regions | $8.4M | 0.1% |
| Lennar Other | $5.2M | 0.1% |
Lennar Revenue by Segment — Quarterly Trend
Lennar revenue by segment across the last 4 reported quarters, showing how each business line (such as Homebuilding West and Homebuilding Central) has evolved quarter over quarter.
| Segment | Q2 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Homebuilding West | — | — | $3.0B | $2.8B |
| Homebuilding Central | — | — | $2.1B | $1.8B |
| Homebuilding East | — | — | $1.7B | $1.7B |
| Homebuilding Texas | — | — | $1.5B | $1.5B |
| Lennar Financial Services | — | $308.8M | $314.2M | $298.1M |
Lennar Annual Revenue by Year
Lennar annual revenue history includes year-by-year totals (for example, 2025 revenue was $34.2B).
| Year | Annual Revenue |
|---|---|
| 2025 | $34.2B |
| 2024 | $35.4B |
| 2023 | $34.2B |
| 2022 | $33.7B |
Lennar Quarterly Revenue & Net Profit History
Lennar results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q2 FY2026 | $6.6B | -13.3% | $229.4M | 3.5% |
| Q4 FY2025 | $9.4B | -5.8% | $490.2M | 5.2% |
| Q3 FY2025 | $8.8B | -6.4% | $591.0M | 6.7% |
| Q2 FY2025 | $8.4B | -4.4% | $477.4M | 5.7% |
| Q1 FY2025 | $7.6B | +4.4% | $519.5M | 6.8% |
| Q4 FY2024 | $9.9B | -9.3% | $1.1B | 11.0% |
| Q3 FY2024 | $9.4B | +7.9% | $1.2B | 12.3% |
| Q2 FY2024 | $8.8B | +9.0% | $954.3M | 10.9% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.77B | $9.42B | $9.95B | $7.63B | $8.38B | $8.81B | $9.37B | $6.62B |
| YoY Growth | 9.0% | 7.9% | -9.3% | 4.4% | -4.4% | -6.4% | -5.8% | -13.3% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $38.67B | $39.74B | $41.31B | $34.99B | $34.37B | $34.88B | $34.43B | $33.21B |
| Liabilities | $11.65B | $12.18B | $13.29B | $12.12B | $11.64B | $12.13B | $12.29B | $11.18B |
| Equity | $26.88B | $27.41B | $27.87B | $22.73B | $22.58B | $22.57B | $21.96B | $21.88B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|
| Operating CF | $241.8M | $819.2M | $974.5M | $-289.0M | $-1.10B | $-158.6M | $1.76B |