Lennar Corp
lennar.comWhat Do They Do?
Builds and sells attached and detached homes to first-time and move-up buyers, active adults, and luxury buyers. Also originates residential and commercial mortgage loans, provides title and closing services, and develops multifamily rental properties.
10-K for FY2025, filed Jan 28, 2026
How Do They Make Money?
Homebuyers pay when a home sale closes and title and possession pass; land buyers typically pay at closing when title and possession transfer.
10-K for FY2025, filed Jan 28, 2026Homebuilding revenues and related profits from sales of homes are recognized at the time of the closing of a sale, when title to and…View ↗
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10-K for FY2025, filed Jan 28, 2026
FY2025 revenue by product or service ↗
$34.2B
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10-K for FY2025, filed Jan 28, 2026
$34.2B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Home
Sold outright
10-K for FY2025, filed Jan 28, 2026 |
94% |
Home, FY2025
$32.1B Sources
|
Sold outright |
|
Land sales revenues
Sold outright
|
0.4% |
Land sales revenues, FY2025
$130.2M Sources
|
Sold outright |
|
Other revenues
|
5.7% |
Other revenues, FY2025
$2B Sources
|
Who Are Their Customers?
Homes are sold from Lennar-designed models through on-site sales consultants and independent realtors; prospective buyers can also take virtual tours.
10-K for FY2025, filed Jan 28, 2026We offer a diversified line of homes for first-time, move-up, active adult, luxury and multi-generational homebuyers in a variety of…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 6 cents of every revenue dollar as net income in FY2025.
How Are They Changing?
10-Q for Q3 FY2026, filed Oct 2, 2026
Open tableView ↗
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Sep 16, 2026
Lennar lowered its full-year delivery target
It reduced its full-year 2026 delivery target to approximately 80,000 to 81,000 homes, from 82,000 to 83,000.
Sources
8-K, filed Sep 16, 2026
“Looking ahead to the fourth quarter of 2026, we expect to generate new orders of approximately 19,500 to 20,500 homes, and to deliver…View ↗
Growing. Revenue grew 26% in 4 years, from $27.1B in FY2021 to $34.2B in FY2025, about 6% a year.
Land-light operating model
The earlier report described an ongoing move from owning homesites toward controlling land through options and agreements. The latest describes land banks as central to this approach and a spin-off of land assets to Millrose.
10-K for FY2022, filed Jan 26, 2023 10-K for FY2025, filed Jan 28, 2026We are focused on increasing efficiencies in our building process and reducing selling, general and administrative expenses by using…View ↗
For the last several years, we have been reducing our reliance on land we own and increasing our access to land through options and joint…View ↗
In February 2025, we successfully completed the taxable spin-off of Millrose Properties, Inc. (“Millrose”) from Lennar through a…View ↗
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