Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 174

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 2
Chunk 174
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 our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns.

Our net earnings attributable to Lennar were $477.4 million, or $1.81 per diluted share, in the second quarter of 2025, compared to our second quarter net earnings attributable to Lennar in 2024 of $954.3 million, or $3.45 per diluted share. Excluding mark-to-market losses on technology investments, second quarter net earnings attributable to Lennar in 2025 were $499.5 million, or $1.90 per diluted share. Excluding mark-to-market losses on technology investments and one-time gain on the sale of a technology investment, our second quarter net earnings attributable to Lennar in 2024 were $935.3 million or $3.38 per diluted share.

Financial information relating to our operations was as follows:

Three Months Ended May 31, 2025(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotalRevenues:Sales of homes$7,788,275 — — — — 7,788,275 Sales of land43,195 — — — — 43,195 Other revenues12,392 298,098 230,305 5,237 — 546,032 Total revenues7,843,862 298,098 230,305 5,237 — 8,377,502 Costs and expenses:Costs of homes sold6,402,532 — — — — 6,402,532 Costs of land sold56,173 — — — — 56,173 Selling, general and administrative expenses688,847 — — — — 688,847 Other costs and expenses— 140,818 254,677 30,025 — 425,520 Total costs and expenses7,147,552 140,818 254,677 30,025 — 7,573,072 Equity in earnings (losses) from unconsolidated entities17,716 — (5,269)(331)— 12,116 Other income, net and other gains14,208 — 14,887 1,664 — 30,759 Lennar Other unrealized losses from