Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 139

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 8
Chunk 139
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122 — (348)25,101 — 156,875 Lennar Other unrealized gains from technology investments— — — 12,472 — 12,472 Operating earnings (loss)$3,846,869 422,708 42,795 (48,417)— 4,263,955 Corporate general and administrative expenses— — — — 478,975 478,975 Charitable foundation contribution— — — — 58,004 58,004 Earnings (loss) before income taxes$3,846,869 422,708 42,795 (48,417)(536,979)3,726,976 

On February 10, 2025, we completed our acquisition of Rausch Coleman Homes ("Rausch"). Prior year information includes only stand-alone data for Lennar Corporation for the three and nine months ended August 31, 2024.

Three Months Ended August 31, 2025 versus Three Months Ended August 31, 2024 

Revenues from home sales decreased 9% in the third quarter of 2025 to $8.2 billion from $9.0 billion in the third quarter of 2024. Revenues were lower primarily due to a 9% decrease in the average sales price of homes delivered. New home deliveries were 21,584 homes in the third quarter of 2025, compared to 21,516 homes in the third quarter of 2024. The average sales price of homes delivered was $383,000 in the third quarter of 2025, compared to $422,000 in the third quarter of 2024. 

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The decrease in average sales price of homes delivered in the third quarter of 2025 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $1.4 billion, or 17.5%, in the third quarter of 2025, compared to $2.0 billion, or 22.5%, in the third quarter of 2024. During the third quarter of 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $676.5 million in the third quarter of