Company: LEN
Filing Date: 2025-07-01
Form Type: 10-Q
Source: 0001628280-25-033777
Chunk: 181

Company: LENNAR CORP /NEW/
Filing Date: 2025-07-01
Form: 10-Q
Item: Item 2
Chunk 181
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 in the six months ended May 31, 2024. The Lennar Other operating loss for the second quarter of 2025 was primarily due to losses on our technology investments. The Lennar Other operating loss for the six months ended May 31, 2024 included $26.7 million of mark-to-market losses on our publicly traded technology investments and a $46.5 million one-time gain on the sale of a technology investment.

For the six months ended May 31, 2025 and 2024, we had tax provisions of $329.6 million and $511.3 million, respectively, which resulted in overall effective income tax rates of 24.8% and 23.4%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. 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