Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 59

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 59
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4Gross MarginsOperating Earnings($ in thousands)Sales of Homes RevenueCosts of Sales of HomesGross Margin (Loss) %Net Margins  (Losses) on Sales of Homes (1)Gross Margins (Losses) on Sales of LandOther RevenuesEquity in Earnings (Losses) from Unconsolidated EntitiesOther Income, netOperating EarningsEast$6,044,179 4,410,341 27.0 %1,124,900 13,406 8,009 20,600 38,951 1,205,866 Central5,412,479 4,245,354 21.6 %717,845 (3,996)3,030 952 23,718 741,549 South Central3,548,464 2,737,784 22.8 %536,931 1,302 1,886 (3)10,808 550,924 West9,255,650 7,439,477 19.6 %1,262,084 (536)4,545 5,337 30,742 1,302,172 Other (2)16,386 22,131 (35.1)%(17,995)— 9,298 27,152 27,903 46,358 Totals$24,277,158 18,855,087 22.3 %3,623,765 10,176 26,768 54,038 132,122 3,846,869 

(1)Net margins on sales of homes include selling, general and administrative expenses.

(2)Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.

36

Summary of Homebuilding Data

Deliveries:

Three Months Ended August 31,202520242025202420252024HomesDollar Value (In thousands)Average Sales PriceEast4,770 5,270 $1,744,875 2,108,031 $366,000 400,000 Central5,469 5,510 2,072,731 2,202,207 379,000 400,000 South Central6,413 5,067 1,507,314 1,283