Lennar Corporation
Other securities:
LEN
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Item 1. Business.
Overview of Lennar Corporation
We are one of the largest homebuilders in the United States by deliveries, revenues and net earnings, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. In addition, we are a sponsor and manager of funds and joint ventures engaged in development and ownership of multifamily rental properties and a sponsor and manager of a fund engaged in ownership of single-family rental properties. We also have investments in companies that are engaged in applying technology to improve the homebuilding industry and real estate related aspects of the financial services industry.
Our homebuilding operations are the most substantial part of our business, generating $32 billion in revenues, or approximately 94% of consolidated revenues, in fiscal 2025.
As of November 30, 2025, our reportable Homebuilding segments and all Other Homebuilding operations not required to be reported separately have divisions located in:
East: Florida, New Jersey and Pennsylvania
Central: Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee
and Virginia
South Central: Arkansas, Kansas, Missouri, Oklahoma and Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions and other homebuilding related investments primarily in California, including FivePoint Holdings, LLC ("FivePoint").
Our other reportable segments are Financial Services, Multifamily and Lennar Other. Financial information about our Homebuilding, Financial Services, Multifamily and Lennar Other operations is contained in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Note 3 of the Notes to Consolidated Financial Statements.
About Our Company
Our company was founded as a local Miami homebuilder in 1954. We completed our initial public offering in 1971 and listed our common stock on the New York Stock Exchange in 1972. During the 1980s and 1990s, we entered and expanded operations in a number of homebuilding markets, including California, Florida and Texas, through both organic growth and acquisitions, such as Pacific Greystone Corporation in 1997. In 2000, we acquired U.S. Home Corporation, which expanded our operations into New Jersey, Maryland, Virginia, Minnesota and Colorado and strengthened our position in other states. From 2002 through 2005, we acquired several regional homebuilders, which brought us into new markets and strengthened our position in several existing markets. From 2010 through 2013, we expanded our homebuilding operations into Georgia, Oregon, Washington and Tennessee. In 2017, we acquired WCI Communities, Inc., a homebuilder of luxury single-family and multifamily homes, including a small number of luxury high-rise tower units, in Florida. In 2018, we acquired CalAtlantic Group, Inc. ("CalAtlantic"), a major homebuilder which was building homes across the homebuilding spectrum, from entry level to luxury, in 43 metropolitan statistical areas spanning 19 states, and providing mortgage, title and escrow services. In February 2025, we acquired Rausch Coleman Homes ("Rausch"), a residential homebuilder, expanding our homebuilding operations into several new markets in Arkansas (Bentonville/Fayetteville, Little Rock and Jonesboro), Oklahoma (Tulsa and Stillwater), Alabama (Birmingham and Tuscaloosa), and Kansas/Missouri (Kansas City), while adding to our existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).
We are focused on increasing efficiencies in our building process and reducing selling, general and administrative expenses by using technology and innovative strategies to reduce customer acquisition costs. Our construction playbook has three primary areas of focus: lowering construction costs, reducing cycle time and achieving even flow production. We have aimed to maintain operating margins by deferring home sale price commitments until construction costs are finalized to protect against cost escalations. We focus on executing our operating strategy to be a consistent and high-volume homebuilder with production pace in sync with sales pace while using our gross margin as a shock absorber. We have advanced our transition to a land-light operating model by increasing the proportion of homesites we control through options or agreements rather than ownership. This approach enhances flexibility, reduces capital intensity, and lowers our years’ supply of owned land. In connection with our transition to a land-light operating model, in February 2025, we spun off a significant portion of our land assets to Millrose (as defined below), and, in November 2025, disposed of the remaining holdings in Millrose in an exchange offer, in which we purchased shares of Lennar Class A common stock using Millrose Class A common stock as consideration, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off and Exchange Offer”.
Homebuilding Operations
Overview
Our homebuilding operations include the construction and sale of single-family attached and detached homes as well as the purchase, development and sale of residential land directly through entities in which we have investments. New home deliveries, including deliveries from unconsolidated entities, were 82,583 in fiscal 2025, compared to 80,210 in fiscal 2024 and
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73,087 in fiscal 2023. We primarily sell homes in communities targeted to first-time, move-up, active adult, and luxury homebuyers. The average sales price of a Lennar home varies depending on product and geographic location. For fiscal 2025, the average sales price, excluding deliveries from unconsolidated entities, was $391,000, compared to $423,000 in fiscal 2024 and $445,000 in fiscal 2023.
We operate primarily under the Lennar brand name. Our homebuilding mission is focused on the profitable development of residential communities. Key elements of our strategy include:
•Focus on Strong Operating Margins - Our purchasing leverage combined with our focus on reducing selling, general and administrative costs by using technology and innovative strategies and reducing interest expense through paydowns of debt has enabled us to achieve strong gross profit and operating margins.
•Everything’s Included® Approach - We are focused on distinguishing our products, including through our Everything’s Included® approach, which maximizes our purchasing power, enables us to include luxury features as standard items in our homes and simplifies our homebuilding operations.
•Innovative Homebuilding - We are constantly innovating the homes we build to create products that better meet our customers' needs and desires. Our Next Gen® homes provide what can be a home within a home to accommodate children or parents or can be an office from which to work remotely.
•Core Plans - We are integrating standardized, highly efficient, value engineered Plan series across all divisions at different price points. The Core Plans are driving cost savings and strong operating margins, while delivering great value for our homebuyers.
•Flexible Operating Structure - Our local operating structure gives us the flexibility to make operating decisions based on local homebuilding conditions and customer preferences, while our centralized management structure provides strategic oversight for our homebuilding operations.
•Digital Marketing - We are increasingly advertising homes through digital channels, which is significantly increasing the cost effectiveness of our marketing efforts.
•Dynamic pricing model - We match up unsold production as homes progress toward completion, with pricing information from our dynamic pricing model on a community-by-community and home-by-home basis.
•Technology Focused - We partner with and/or invest in technology companies that are looking to improve the homebuilding and financial services industries to increase efficiencies, reduce customer acquisition costs and create a better customer experience.
•Land-light strategy - We are focused on having a minimal amount of years' supply of owned homesites and high percentage of land we control through options or agreements, including agreements with strategic land banks and joint ventures, rather than ownership. In connection with this strategy, we spun off a significant portion of our land assets to Millrose, as discussed further below under the caption “Homebuilding Operations – Millrose Spin-Off.”
•Even flow production - We adjust prices, with our gross margin being a shock absorber, in an effort to maintain consistent starts and sales paces in order to generate increased market share in all the markets we build in.
Diversified Program of Property Acquisition
We generally acquire, or obtain options to acquire, land for development and for the construction of homes that we sell to homebuyers. Land purchases are subject to specified underwriting criteria and are made through our diversified program of property acquisition, which may consist of:
•Acquiring land through option contracts, which generally enables us to control portions of properties owned by land banks and other third parties or entities in which we have investments until we have determined whether to exercise the options;
•Acquiring land directly from individual land owners/developers, or other homebuilders;
•Acquiring local or regional homebuilders that own, or have options to purchase, land in strategic markets;
•Acquiring access to land through joint ventures or partnerships, which among other benefits, limits the amount of our capital invested in land while helping to ensure our access to potential future homesites and allowing us to participate in strategic ventures;
•Investing in regional developers in exchange for preferential land purchase opportunities; and
•Acquiring land in conjunction with our Multifamily business.
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 ventures, most significantly through our use of land banks which is a critical part of our operating strategy. At November 30, 2025, 98% of our total homesites were controlled through options with land banks, land sellers and joint ventures compared to 82% at November 30, 2024. For additional information about our investments in and relationships
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with unconsolidated entities, see Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 of this Report.
Construction and Development
We are involved in all phases of planning and building in our residential communities, including land acquisition, site planning, preparation and improvement of land and design, construction and marketing of homes. We use independent subcontractors for most aspects of land development and home construction. At November 30, 2025, we were actively building and marketing homes in 1,708 communities, including nine communities being constructed by unconsolidated entities. This was an increase from the 1,447 communities, including 11 communities being constructed by unconsolidated entities, in which we were actively building and marketing homes at November 30, 2024. At November 30, 2025 and 2024, we had about 5,000 and 2,900 completed unsold homes, respectively, which resulted in 2.9 and 2.0 completed unsold homes per community, respectively.
We generally supervise and control the development of land and the design and building of our residential communities with a relatively small labor force. We hire subcontractors for site improvements and virtually all of the work involved in the construction of homes. Arrangements with our subcontractors generally provide that our subcontractors will complete specified work in accordance with price and time schedules and in compliance with applicable building codes and laws. The price schedules may be subject to change to meet changes in labor and material costs or for other reasons. We generally do not own heavy construction equipment. We finance construction and land development activities primarily with cash generated from operations and historically from proceeds of unsecured corporate debt. In addition, when our land bank partners, including Millrose, acquire undeveloped or partially developed land that we have options to purchase, they finance the horizontal development of all such homesites up to pre-negotiated development budgets, which is incorporated into the takedown prices for Lennar’s purchase options on the properties.
Marketing
We offer a diversified line of homes for first-time, move-up, active adult, luxury and multi-generational homebuyers in a variety of locations ranging from urban infill communities to suburban golf course communities. Our Everything’s Included® marketing program enables us to differentiate our homes from those of our competitors by including premium features as standard at competitive prices, while reducing construction and overhead costs through a simplified construction process, product standardization and volume purchasing. Most of our homes include home automation and technology components, as well as energy efficient materials and systems, which enhances our brand. We sell our homes from models that we have designed and constructed. We employ new home consultants who are paid salaries, commissions or both to conduct on-site sales of our homes. We also sell homes through independent realtors. We have made it possible for potential homebuyers to take virtual tours of model homes. During fiscal 2025 and 2024, even with shifts in macroeconomic factors in much of the period, we were able to develop, enhance, use, and improve the Lennar machine. Our sales, marketing, and dynamic pricing machine is quickly becoming an advanced digital engine that has materially benefited from aggressive, focused use and engagement while the market was most difficult.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes included under Item 1 of this Quarterly Report on Form 10-Q and our audited consolidated financial statements and accompanying notes included in our 2025 Form 10-K.
Outlook
Lennar's first quarter 2026 results reflect what remains a stubbornly challenging housing market. While margins continue to reflect the affordability-driven realities facing today's homebuyers, our underlying demand remains strong and supply continues to fall short of need. Throughout this period of market difficulty, we have remained focused on our clear and consistent strategy. We drove consistent volume and we matched production and sales pace. We used margin as a circuit breaker, and we continued to refine and improve our asset-light, land-light manufacturing platform. We have maintained volume and focused on building improved business programs to bring costs down so that we can remain profitable and still provide the much-needed housing supply America demands.
We entered the first quarter with cautious optimism following signs of moderating interest rates late in 2025, however, consumer confidence continued to be tested by a range of domestic and global uncertainties. Mortgage rates remained stubbornly above 6%, hovering between approximately 6.2% and 6.4% throughout the quarter; concerns about job security have grown increasingly prominent as rapid advancements in artificial intelligence raise important questions about the future of employment; and ongoing conflict in the Middle East presents potential upside risks to energy prices, inflation, and interest rates. At the same time, institutional purchasers have been sidelined by political pressures that suggest that they are part of the housing problem. They generally purchased between 5% and 7% of new homes for rental purposes, primarily to people who cannot afford to purchase but still want single-family lifestyles. While traffic across our communities remained reasonably consistent, the urgency to transact remained measured.
On a more positive note, the federal government's engagement with the national housing crisis continues to deepen. Federal officials have been actively engaged with builders and industry associations to explore practical solutions to the affordability challenge. What programs will be adopted remains to be seen, but the attention being paid at the federal level to the housing shortage is unprecedented, and we believe meaningful, long-term policy support is more likely now than at any time in recent history. Congress is working on housing legislation, but we believe that it will not meaningfully impact housing or affordability in the short term.
We remain focused on three core operating tenets: driving consistent volume to maximize efficiency; refining our asset-light, land-light balance sheet to generate strong and growing returns and cash flow; and engaging new technologies to advance operational progress and enhance the customer experience. Our technology initiatives - including improvements to our marketing and sales platform, land bank administration, and the ongoing buildout of our internal engineering and technology capabilities - are beginning to yield real and measurable results and are positioning us to operate with a leaner, more competitive cost structure going forward.
We know that margins will remain under pressure in the second quarter of 2026 as affordability headwinds persist and macroeconomic uncertainty continues. However, our cost structure is materially more efficient than it was two years ago, and we are seeing continuous improvement across construction costs, cycle times, and overhead. While our margins are down, this is due to incentives required to stimulate sales, which sit at 14% today, compared to our historical average between 4% to 6%. That gap represents significant margin recovery opportunity as mortgage rates moderate and pent-up demand is activated. We continue to believe we are approaching an inflection point. Our sales incentive levels showed early signs of stabilizing during the first quarter, as new order incentive rates trended below delivery incentive rates, which we believe reflects modestly improving demand dynamics.
For the second quarter of 2026, we expect new orders to be in the range of 21,000 to 22,000 homes, with continued focus on matching starts and sales pace. We anticipate second quarter deliveries to be in the range of 20,000 to 21,000 homes as we maintain even-flow production and convert inventory to cash. Our average sales price on those deliveries is expected to be between $370,000 and $375,000. We expect gross margins to be in the range of 15.5% to 16%, and we believe our first quarter gross margin of 15.2% represents the low point for the fiscal year. Our SG&A percentage is expected to be in the range of 8.9% to 9.1%.
We are determined to build more with less capital deployed, so that as margins begin to recover, returns on capital and equity will grow faster. Our balance sheet is strong, our land banking relationships are deep and productive, and our technology initiatives are positioning Lennar to be a materially different and better company in the years ahead. We remain committed to delivering affordable, high-quality homes to families across America, and we are confident that the steps we are taking today are building a stronger and more resilient Lennar for the future.
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(1) Results of Operations
Overview
We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the first quarter of 2026 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 first quarter net earnings attributable to Lennar in 2026 were $229.4 million, or $0.93 per diluted share, compared to our first quarter net earnings attributable to Lennar in 2025 of $519.5 million, or $1.96 per diluted share. Excluding pretax mark-to-market gains of $14.8 million on technology investments, first quarter net earnings attributable to Lennar in 2026 were $218.0 million, or $0.88 per diluted share. Excluding pretax mark-to-market losses of $62.5 million on technology investments, first quarter net earnings attributable to Lennar in 2025 were $566.7 million or $2.14 per diluted share.
Financial information relating to our operations was as follows:
| First Quarter 2026 | |||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||||||||||
| Sales of homes | $ | 6,272,922 | — | — | — | — | 6,272,922 | ||||||||||||||||||||||||||||||||||||
| Sales of land | 15,158 | — | — | — | — | 15,158 | |||||||||||||||||||||||||||||||||||||
| Other revenues | 10,483 | 215,555 | 82,499 | 22,859 | — | 331,396 | |||||||||||||||||||||||||||||||||||||
| Total revenues | 6,298,563 | 215,555 | 82,499 | 22,859 | — | 6,619,476 | |||||||||||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||
| Costs of homes sold | 5,321,614 | — | — | — | — | 5,321,614 | |||||||||||||||||||||||||||||||||||||
| Costs of land sold | 31,311 | — | — | — | — | 31,311 | |||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 617,495 | — | — | — | — | 617,495 | |||||||||||||||||||||||||||||||||||||
| Other costs and expenses | — | 124,242 | 90,428 | 43,684 | — | 258,354 | |||||||||||||||||||||||||||||||||||||
| Total costs and expenses | 5,970,420 | 124,242 | 90,428 | 43,684 | — | 6,228,774 | |||||||||||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 38,181 | — | 25,481 | (394) | — | 63,268 | |||||||||||||||||||||||||||||||||||||
| Other income, net and other gains, net | 6,704 | — | 307 | 1,135 | — | 8,146 | |||||||||||||||||||||||||||||||||||||
| Lennar Other gains from technology investments | — | — | — | 14,838 | — | 14,838 | |||||||||||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 373,028 | 91,313 | 17,859 | (5,246) | — | 476,954 | ||||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses | — | — | — | — | 157,638 | 157,638 | |||||||||||||||||||||||||||||||||||||
| Charitable foundation contribution | — | — | — | — | 16,863 | 16,863 | |||||||||||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 373,028 | 91,313 | 17,859 | (5,246) | (174,501) | 302,453 | ||||||||||||||||||||||||||||||||||||
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| First Quarter 2025 | |||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||||||||||
| Sales of homes | $ | 7,240,546 | — | — | — | — | 7,240,546 | ||||||||||||||||||||||||||||||||||||
| Sales of land | 35,326 | — | — | — | — | 35,326 | |||||||||||||||||||||||||||||||||||||
| Other revenues | 7,998 | 277,077 | 63,196 | 7,402 | — | 355,673 | |||||||||||||||||||||||||||||||||||||
| Total revenues | 7,283,870 | 277,077 | 63,196 | 7,402 | — | 7,631,545 | |||||||||||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||
| Costs of homes sold | 5,888,144 | — | — | — | — | 5,888,144 | |||||||||||||||||||||||||||||||||||||
| Costs of land sold | 36,077 | — | — | — | — | 36,077 | |||||||||||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 615,739 | — | — | — | — | 615,739 | |||||||||||||||||||||||||||||||||||||
| Other costs and expenses | — | 133,594 | 73,376 | 23,564 | — | 230,534 | |||||||||||||||||||||||||||||||||||||
| Total costs and expenses | 6,539,960 | 133,594 | 73,376 | 23,564 | — | 6,770,494 | |||||||||||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 35,004 | — | 727 | (2,497) | — | 33,234 | |||||||||||||||||||||||||||||||||||||
| Other income (expense), net and other gains (losses), net | 30,359 | — | 9,430 | (8,121) | — | 31,668 | |||||||||||||||||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | (62,503) | — | (62,503) | |||||||||||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 809,273 | 143,483 | (23) | (89,283) | — | 863,450 | ||||||||||||||||||||||||||||||||||||
| Corporate general and administrative expenses | — | — | — | — | 147,378 | 147,378 | |||||||||||||||||||||||||||||||||||||
| Charitable foundation contribution | — | — | — | — | 17,834 | 17,834 | |||||||||||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 809,273 | 143,483 | (23) | (89,283) | (165,212) | 698,238 | ||||||||||||||||||||||||||||||||||||
First Quarter 2026 versus First Quarter 2025
Revenues from home sales decreased 13% in the first quarter of 2026 to $6.3 billion from $7.2 billion in the first quarter of 2025. Revenues were lower primarily due to an 8% decrease in the average sales price of homes delivered and a 5% decrease in the number of home deliveries. New home deliveries were 16,863 homes in the first quarter of 2026, compared to 17,834 homes in the first quarter of 2025. The average sales price of homes delivered was $374,000 in the first quarter of 2026, compared to $408,000 in the first quarter of 2025. The decrease in average sales price of homes delivered in the first quarter of 2026 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers.
Gross margins on home sales were $951.3 million, or 15.2%, in the first quarter of 2026, compared to $1.4 billion, or 18.7%, in the first quarter of 2025. During the first quarter of 2026, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives.
Selling, general and administrative expenses were $617.5 million in the first quarter of 2026, compared to $615.7 million in the first quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.8% in the first quarter of 2026, from 8.5% in the first quarter of 2025, primarily due to less leverage as a result of lower revenues.
During the first quarter of 2026, our homebuilding operating earnings included $19.9 million of interest income, compared to $23.2 million of interest income in the first quarter of 2025.
Operating earnings for the Financial Services segment were $90.6 million in the first quarter of 2026, compared to $142.9 million in the first quarter of 2025. The decrease in operating earnings was primarily due to lower lock volume and lower profit per locked loan.
Operating earnings for the Multifamily segment were $18.0 million in the first quarter of 2026, compared to a breakeven result in the first quarter of 2025. Operating loss for the Lennar Other segment was $5.2 million in the first quarter of 2026, compared to operating loss of $89.3 million in the first quarter of 2025. The Lennar Other operating loss for the first quarter of 2026 was primarily due to operating losses, which was partially offset by mark-to-market gains of $14.8 million on our technology investments. The Lennar Other operating loss for the first quarter of 2025 was primarily due to mark-to-market losses of $62.5 million on our technology investments.
In the first quarter of 2026 and 2025, we had tax provisions of $69.1 million and $169.5 million, which resulted in an overall effective income tax rate of 23.1% and 24.6%, respectively. For both periods, our effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The decrease in the effective tax rate for the first quarter of 2026 compared to the prior period was primarily due to a charitable contribution of appreciated stock.
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Homebuilding Segments
At February 28, 2026, our reportable Homebuilding segments and Homebuilding Other are outlined in Note 2 of the Notes to Condensed Consolidated Financial Statements. The following tables set forth selected financial and operational information related to our homebuilding operations for the periods indicated:
Selected Financial and Operational Data
| First Quarter 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Margins | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin (Loss) % | Net Margins (Losses) on Sales of Homes (1) | Gross Margins (Losses) on Sales of Land | Other Revenues | Equity in Earnings (Losses) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 1,512,078 | 1,238,852 | 18.1 | % | 110,452 | (7,228) | 4,869 | 10,683 | (3,821) | 114,955 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Central | 1,345,033 | 1,152,715 | 14.3 | % | 44,113 | (2,863) | 1,153 | 59 | 1,883 | 44,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| South Central | 1,160,180 | 956,368 | 17.6 | % | 96,178 | (2,345) | 660 | (15) | (1,669) | 92,809 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| West | 2,251,747 | 1,967,522 | 12.6 | % | 93,055 | (3,717) | 1,202 | 912 | (2,032) | 89,420 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (2) | 3,884 | 6,157 | (58.5) | % | (9,985) | — | 2,599 | 26,542 | 12,343 | 31,499 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 6,272,922 | 5,321,614 | 15.2 | % | 333,813 | (16,153) | 10,483 | 38,181 | 6,704 | 373,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| First Quarter 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Margins | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin (Loss) % | Net Margins (Losses) on Sales of Homes (1) | Gross Margins (Losses) on Sales of Land | Other Revenues | Equity in Earnings (Losses) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 1,655,259 | 1,303,019 | 21.3 | % | 190,054 | (389) | 2,736 | 6,638 | 25,315 | 224,354 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Central | 1,530,193 | 1,245,610 | 18.6 | % | 132,258 | (1,440) | 854 | (3) | 2,051 | 133,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| South Central | 1,160,523 | 946,529 | 18.4 | % | 119,172 | 2,664 | 701 | (2) | (452) | 122,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| West | 2,888,685 | 2,386,679 | 17.4 | % | 299,625 | (1,586) | 1,248 | (28) | (478) | 298,781 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (2) | 5,886 | 6,307 | (7.2) | % | (4,446) | — | 2,459 | 28,399 | 3,923 | 30,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 7,240,546 | 5,888,144 | 18.7 | % | 736,663 | (751) | 7,998 | 35,004 | 30,359 | 809,273 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Net margins on sales of homes include selling, general and administrative expenses.
(2)Negative gross and net margins were due to period costs in Urban divisions that impact costs of homes sold without sufficient sales of homes revenue to offset those costs.
Summary of Homebuilding Data
Deliveries:
Next expected filings
- ~2026-07-02 10-Q expected by 2026-07-11 (in 21 days)
- ~2026-10-04 10-Q expected by 2026-10-13 (in 115 days)
- ~2027-01-27 10-K expected by 2027-01-30 (in 230 days)
- ~2027-04-10 10-Q expected by 2027-04-19 (in 303 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-06-08 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-10 S-3ASR S-3ASR
- 2026-04-09 10-Q Quarterly Report
- 2026-03-12 8-K Earnings Release; Financial Statements and Exhibits
- 2026-01-28 10-K Annual Report
- 2025-12-16 8-K Earnings Release; Financial Statements and Exhibits
- 2025-11-14 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-03 10-Q Quarterly Report
- 2025-09-19 8-K Earnings Release; Financial Statements and Exhibits
- 2025-08-04 8-K Officer/Director Change; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
- 2025-07-01 10-Q Quarterly Report
- 2025-06-17 8-K Earnings Release; Financial Statements and Exhibits
- 2025-05-19 8-K Material Agreement Entered; Material Financial Obligation; Other Events
- 2025-04-04 10-Q Quarterly Report
- 2025-03-20 8-K Earnings Release; Financial Statements and Exhibits