2025 Fourth Quarter Highlights
2025 Fiscal Year Highlights
MIAMI, Dec. 16, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, today reported results for its fourth quarter and fiscal year ended November 30, 2025. Fourth quarter net earnings attributable to Lennar in 2025 were $490 million, or $1.93 per diluted share, compared to $1.1 billion, or $4.06 per diluted share in the fourth quarter of 2024. Excluding mark-to-market gains on technology investments of $123 million and one-time loss of $156 million on the previously announced Millrose Properties, Inc. ("Millrose") exchange offer, fourth quarter net earnings attributable to Lennar in 2025 were $514 million, or $2.03 per diluted share, compared to fourth quarter net earnings attributable to Lennar in 2024 of $1.1 billion, or $4.03 per diluted share, excluding mark-to-market gains on technology investments of $13 million. Net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $7.98 per diluted share, compared to $3.9 billion, or $14.31 per diluted share for the year ended November 30, 2024. Excluding mark-to-market gains on technology investments of $130 million and one-time loss of $156 million on the Millrose exchange offer, net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $8.06 per diluted share, compared to $3.8 billion, or $13.86 per diluted share for the year ended November 30, 2024, excluding $25 million mark-to-market gains on technology investments and other one-time items.
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