/LENFinancial History
Annual Financials
| Fiscal Year | Revenue | Gross Profit | Gross Margin | Net Income | EPS (Diluted) | Total Assets | Total Equity |
|---|---|---|---|---|---|---|---|
| FY2025 | $34.2B | $6.1B | 17.7% | $2.1B | $7.98 | $34.4B | $22.0B |
| FY2024 | $35.4B | $7.9B | 22.3% | $3.9B | $14.31 | $41.3B | $27.9B |
| FY2023 | $34.2B | $8.0B | 23.3% | $3.9B | $13.73 | $39.2B | $26.6B |
| FY2022 | $33.7B | $8.4B | 24.8% | $4.6B | $15.72 | $38.0B | $24.1B |
| FY2021 | $27.1B | $7.6B | 28.0% | $4.4B | $14.27 | $33.2B | $20.8B |
| FY2020 | $22.5B | $5.6B | 25.0% | $2.5B | $1.27 | $29.9B | $18.0B |
| FY2019 | $22.3B | $4.6B | 20.6% | $1.8B | $0.74 | $29.4B | $15.9B |
| FY2018 | $20.6B | $4.0B | 19.6% | $1.7B | $5.44 | $28.6B | $14.6B |
| FY2017 | $12.6B | $2.8B | 22.1% | $810M | $3.38 | $18.7B | $7.9B |
| FY2016 | $10.9B | $2.5B | 23.0% | $912M | $3.93 | $15.4B | $7.0B |
| FY2015 | $8.5B | $2.0B | 24.0% | $803M | $3.46 | $14.4B | $5.6B |
| FY2014 | $7.0B | $1.8B | 25.4% | $639M | $2.80 | $13.0B | $4.8B |
Builder Operating KPIsExtracted from earnings releases
| Period | Orders | Closings | Cancel % | Backlog | Backlog $ | ASP | Communities | Lots Owned | Lots Ctrl | Inventory | Specs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 FY2026 | 18,515 | 16,863 | — | 15,588 | $6.0B | $374K | 1,678 | — | — | — | — |
| Q4 FY2025 | 20,018 | 23,034 | 14.0% | 13,936 | $5.2B | $386K | 1,708 | — | — | — | 2,900 |
| Q3 FY2025 | 23,004 | 21,584 | 14.0% | 16,953 | $6.6B | $383K | 1,664 | — | — | — | — |
| Q2 FY2025 | 22,000 | 20,131 | 14.0% | 15,538 | $6.5B | $389K | 1,617 | — | — | — | — |
| Q1 FY2025 | 18,355 | 17,834 | 14.0% | 13,145 | $5.8B | $408K | 1,584 | — | — | — | — |
| Q4 FY2024 | 17,500 | 22,206 | 14.0% | 11,633 | $5.4B | $430K | 1,447 | — | — | — | 1,200 |
| Q3 FY2024 | 19,000 | 21,516 | 14.0% | 16,944 | $7.7B | $422K | 1,283 | — | — | — | — |
| Q2 FY2024 | 20,500 | 19,690 | 13.0% | 17,873 | $8.2B | $426K | 1,245 | — | — | — | — |
| Q1 FY2024 | 20,900 | 16,798 | 14.0% | 16,270 | $7.4B | $413K | 1,227 | — | — | — | — |
| Q4 FY2023 | 18,000 | 23,795 | 16.0% | 14,892 | $6.6B | $441K | 1,260 | — | — | — | 900 |
| Q3 FY2023 | 16,200 | 18,559 | 13.0% | 21,321 | $9.9B | $448K | 1,253 | — | — | — | — |
| Q2 FY2023 | 17,885 | 17,074 | 14.0% | 20,214 | $9.5B | $449K | 1,263 | — | — | — | — |
| Q1 FY2023 | 16,000 | 13,659 | 21.0% | 19,403 | $9.0B | $448K | 1,217 | — | — | — | — |
| Q4 FY2022 | 12,000 | 20,064 | 26.0% | 18,869 | $8.7B | $483K | 1,208 | — | — | — | 900 |
| Q3 FY2022 | 14,000 | 17,248 | 21.0% | 25,734 | $12.9B | $375K | 1,189 | — | — | — | — |
| Q2 FY2022 | 16,000 | 16,549 | — | 28,624 | $14.7B | $358K | 1,225 | — | — | — | — |
| Q1 FY2022 | 17,800 | 12,538 | — | 27,335 | $13.6B | $375K | 1,204 | — | — | — | — |
| Q4 FY2021 | 14,800 | 17,819 | 10.0% | 23,771 | $11.4B | $448K | 1,263 | — | — | — | — |
| Q3 FY2021 | 16,277 | 15,199 | — | 25,819 | $12.0B | $428K | 1,196 | — | — | — | — |
| Q2 FY2021 | 17,157 | 14,493 | — | 24,741 | $11.0B | $414K | 1,225 | — | — | — | — |
Source: SEC 8-K earnings releases, extracted via regex with provenance tracking. Showing most recent 20 quarters.
Management Sentiment Analysis
Scored from earnings release language using ML analysis. Range: -1.0 (negative) to +1.0 (positive).
Current Posture
Q1 FY2026
Score: -0.10
New orders increased slightly by 1%, but deliveries decreased 5%, reflecting cautious consumer sentiment and affordability constraints.
Gross margin declined from 18.7% to 15.2% due to lower prices, higher land costs, and increased incentives, despite some construction cost improvements.
Labor remains constrained with ongoing wage and material price pressures, though construction costs have improved slightly.
Higher land costs year over year contributed to margin pressure, indicating some cost inflation and challenges in land acquisition.
Management maintains a disciplined strategy with modest guidance improvements but acknowledges persistent market headwinds and cautious outlook.
Significant headwinds include high mortgage rates, affordability challenges, geopolitical uncertainty, and regulatory barriers impacting near-term performance.
Recent Trend
Sentiment for Lennar Corporation has shifted from neutral to cautiously optimistic before turning slightly cautious in Q1 FY2026, reflecting a mixed trajectory amid ongoing market pressures. Demand showed initial strength with increasing new orders and backlog, but slowed considerably in the latest quarter due to affordability constraints and cautious consumer behavior. Margins consistently declined across the periods, pressured by lower prices, rising land costs, and sustained incentives, while labor conditions and operational efficiencies showed modest improvement but remained challenged. Management confidence remains steady in the long-term outlook despite near-term caution, as elevated risks from interest rates, regulatory uncertainties, and macroeconomic factors continue to weigh on performance.
Builder vs. Industry Sentiment
Orange = LEN · Gray = Industry average (Q1 FY2026)