Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 56

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 1
Chunk 56
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 The increase in the effective tax rate in the six months ended May 31, 2025 from the prior year was primarily due to a decrease in excess tax benefits from share-based compensation and a decrease in solar tax credits.

35

Homebuilding Segments

At May 31, 2025, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 3 of the Notes to Condensed Consolidated Financial Statements. The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:

Selected Financial and Operational DataThree Months Ended May 31, 2025Gross 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 (Expense), netOperating EarningsEast$1,689,129 1,367,873 19.0 %154,866 793 3,714 8,295 7,336 175,004 Central1,769,582 1,440,084 18.6 %162,742 (1,789)1,963 (1)924 163,839 South Central1,505,750 1,241,884 17.5 %137,955 (1,415)1,058 (6)(903)136,689 West2,818,980 2,346,962 16.7 %254,863 (10,567)2,095 1,038 (2,005)245,424 Other (2)4,834 5,729 (18.5)%(13,530)— 3,562 8,390 8,856 7,278 Totals$7,788,275 6,402,532 17.8 %696,896 (12,978)12,392 17,716 14,208 728,234 Three Months Ended May 31, 2024Gross MarginsOperating Earnings($ in thousands)Sales of Homes RevenueCosts of Sales of HomesGross Margin (Loss) %Net Margins (Losses) on Sales of Homes (1)Gross Margins (