Company: LEN
Filing Date: 2025-10-03
Form Type: 10-Q
Source: 0001628280-25-044086
Chunk: 181

Company: LENNAR CORP /NEW/
Filing Date: 2025-10-03
Form: 10-Q
Item: Item 2
Chunk 181
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, 2025 and 2024, we had tax provisions of $520.5 million and $859.2 million, respectively, which resulted in overall effective income tax rates of 24.7% and 23.2%, 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 for the nine months ended August 31, 2025 from the prior year was primarily due to a decrease in tax credits and a decrease in excess tax benefits from share-based compensation.

35

Homebuilding Segments

At August 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 August 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 Earnings (Loss)East$1,679,796 1,362,858 18.9 %163,716 1,282 3,521 14,338 (1,209)181,648 Central2,072,731 1,693,876 18.3 %188,696 (1,788)1,030 40 1,480 189,458 South Central1,507,314 1,247,502 17.2 %134,693 (2,305)610 (5)(2,864)130,129 West2,950,118 2,470,021 16.3 %278,893 (7,733)1,877 563 (3,277)270,323 Other (2)3,621 5,306 (46.5)%(8,472)— 2,536 (4,746)(1,091)(11,773)Totals$8,213,580 6,779,563 17.5