Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 49

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 1
Chunk 49
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 the three and nine months ended August 31, 2025 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in 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 $591.0 million, or $2.29 per diluted share, in the third quarter of 2025, compared to our third quarter net earnings attributable to Lennar in 2024 of $1.2 billion, or $4.26 per diluted share. Excluding mark-to-market gains of $99.2 million on technology investments, third quarter net earnings attributable to Lennar in 2025 were $516.0 million, or $2.00 per diluted share. Excluding mark-to-market gains of $39.1 million on technology investments and one-time items of $89.0 million in our Multifamily segment, third quarter net earnings attributable to Lennar in 2024 were $1.1 billion or $3.90 per diluted share.

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Financial information relating to our operations was as follows:

Three Months Ended August 31, 2025(In thousands)HomebuildingFinancial ServicesMultifamilyLennar OtherCorporateTotalRevenues:Sales of homes$8,213,580 — — — — 8,213,580 Sales of land30,521 — — — — 30,521 Other revenues9,574 314,195 228,465 13,943 — 566,177 Total revenues8,253,675 314,195 228,465 13,943 — 8,810,278 Costs and expenses:Costs of homes sold6,779,563 — — — — 6,779,563 Costs of land sold41,065 — — — — 41,065 Selling, general and administrative expenses676,491 — — — — 676,491 Other costs and expenses— 136,323 238,791 45,450 — 420,564 Total costs and expenses7,497,119 136,323 238,791 45,450 — 7,917,683 Equity