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Lennar Corp

Lennar Reports First Quarter 2025 Results

First Quarter 2025 Highlights - comparisons to the prior year quarter

  • Net earnings per diluted share of $1.96 ($2.14, excluding mark-to-market losses on technology investments)
  • Net earnings of $520 million
  • New orders increased 1% to 18,355 homes; new orders dollar value decreased 4% to $7.4 billion
  • Backlog of 13,145 homes with a dollar value of $5.8 billion
  • Deliveries increased 6% to 17,834 homes
  • Total revenues of $7.6 billion
  • Homebuilding operating earnings of $809 million
    • Gross margin on home sales of 18.7% (18.8% before purchase accounting)
    • S,G&A expenses as a % of revenues from home sales of 8.5%
    • Net margin on home sales of 10.2%
  • Financial Services operating earnings of $143 million
  • Multifamily operations were breakeven
  • Lennar Other operating loss of $89 million
  • Homebuilding cash and cash equivalents of $2.3 billion
  • Years supply of owned homesites of 0.2 years, lowest in the Company's history
  • Controlled homesites of 98%, highest in the Company's history
  • No outstanding borrowings under the Company's $3.0 billion revolving credit facility
  • Homebuilding debt to total capital of 8.9%
  • Repurchased 5.2 million shares of Lennar common stock for $703 million
  • Completed spin-off of Millrose Properties, Inc. on February 7th
  • Completed acquisition of Rausch Coleman Homes' homebuilding operations on February 10th

MIAMI , March 20, 2025 /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today reported results for its first quarter ended February 28, 2025. First quarter net earnings attributable to Lennar in 2025 were $520 million, or $1.96 per diluted share, compared to first quarter net earnings attributable to Lennar in 2024 of $719 million, or $2.57 per diluted share. Excluding mark-to-market losses on technology investments, first quarter net earnings attributable to Lennar in 2025 were $567 million, or $2.14 per diluted share, compared to first quarter net earnings attributable to Lennar in 2024 were $723 million or $2.58 per diluted share.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, "We are pleased to report our 2025 first quarter results that were both constructive and strategic for Lennar. During the quarter, we continued to focus on our strategy of matching production pace with sales pace and maintaining even flow production. Additionally, during the quarter we distributed shares of Millrose Properties, Inc. ("Millrose") to our shareholders, furthering our asset-light strategy. Finally, we completed the purchase of Rausch Coleman Homes, which expanded our footprint into both new and existing markets in an asset-light manner."

"In our first quarter, we delivered 17,834 homes, above the high end of our guidance, and recorded new orders of 18,355 homes which also exceeded the high end of our guidance, as we continued to focus matching production pace with sales pace and maintaining even flow production. Accordingly, we ended the quarter with limited inventory of two completed, unsold homes per community, which was within our historical range."

"Reflecting continued weakness in the market, however, our average sales price, net of incentives, declined to $408,000, 1% lower than last year. Additionally, our gross margin was 18.7%, just shy of our guidance, and our SG&A expenses were 8.5%, producing a 10.2% net margin, all contributing to earnings of $520 million, or $1.96 per diluted share."

"Our first quarter was marked by a challenging macroeconomic environment for homebuilding. While demand remains strong, persistently higher interest rates and inflation, combined with a downturn in consumer confidence and a limited supply of affordable homes, made it increasingly difficult for consumers to access homeownership.

"We continued to use incentives, including interest rate buydowns, to reconcile home prices to market conditions. These incentives bridged affordability to activate sales and manage inventory, while continuing to provide supply to the market. Generally speaking, net prices for homes, together with rents in overbuilt apartment markets, have started to decline, as demand remains constrained by affordability."

"During the quarter, we also constructively allocated capital, while we continued to strengthen and fortify our balance sheet. We repurchased $703 million of our common stock, we distributed shares of Millrose to our shareholders and issued our regular dividend. We ended the quarter with no outstanding borrowings on our $3.0 billion revolving credit facility, cash of $2.3 billion, and with homebuilding debt to total capital of 8.9%. Our balance sheet remains extremely strong."

Jon Jaffe, Co-Chief Executive Officer and President of Lennar, said, "Operationally, our starts pace and sales pace were 4.0 homes and 4.1 homes per community, respectively, in the first quarter, as we continue to move closer to an even flow operating model. Our cycle time was down to 137 days, or 11% lower year over year, as our production-first focus has positively impacted our production times, while our inventory turn improved to 1.7 times, compared to 1.5 last year, reflecting broader efficiencies."

"As we completed the migration to our land light strategy with the spin-off of Millrose during the first quarter, our years supply of owned homesites improved to 0.2 years from 1.3 years last year, and our controlled homesite percentage increased to 98% from 77% year over year, resulting in a return on inventory of 29.7%."

Mr. Miller concluded, "Despite an uncertain macro environment, we are optimistic about our business and remain focused on our mission of building a healthier housing market and bringing attainable homes to more people. As we look ahead, we expect to deliver between 19,500 to 20,500 homes for the second quarter and expect our gross margin to be approximately 18%, depending on market conditions. We remain steadfast in our goals to match our production with sales pace, drive strong current cash flow, and maintain carefully managed inventory levels so that, as market conditions stabilize and ultimately improve, we will benefit from normalized margins across our growing volume."

RESULTS OF OPERATIONS
 THREE MONTHS ENDED FEBRUARY 28, 2025 COMPARED TO
THREE MONTHS ENDED FEBRUARY 29, 2024

As previously announced on February 10, 2025, Lennar Corporation completed its acquisition of Rausch Coleman Homes ("Rausch"). The results of operations include activity related to Rausch from February 10, 2025 to February 28, 2025. Prior year information includes only stand-alone data for Lennar Corporation for the three months ended February 29, 2024.

Homebuilding

Revenues from home sales increased 5% in the first quarter of 2025 to $7.2 billion from $6.9 billion in the first quarter of 2024. Revenues were higher primarily due to a 6% increase in the number of home deliveries, partially offset by a 1% decrease in the average sales price of homes delivered. New home deliveries increased to 17,834 homes in the first quarter of 2025 from 16,798 homes in the first quarter of 2024. The average sales price of homes delivered was $408,000 in the first quarter of 2025, compared to $413,000 in the first quarter of 2024. The decrease in average sales price of homes delivered in the first quarter of 2025 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $1.4 billion, or 18.7% (18.8% excluding purchase accounting of $7.8 million), in the first quarter of 2025, compared to $1.5 billion, or 21.8%, in the first quarter of 2024. During the first quarter of 2025, gross margins decreased due to an increase in land costs year over year, as well as a decrease in revenue per square foot, which was partially offset by a decrease in construction costs as the Company continues to focus on construction cost savings.

Selling, general and administrative expenses were $616 million in the first quarter of 2025, compared to $568 million in the first quarter of 2024. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 8.5% in the first quarter of 2025, from 8.2% in the first quarter of 2024, primarily due to an increase in marketing and selling expenses.

Financial Services

Operating earnings for the Financial Services segment were $143 million in the first quarter of 2025, compared to $131 million in the first quarter of 2024. The increase in operating earnings was primarily due to higher volume from increased Lennar deliveries.

Ancillary Businesses

The Multifamily operations were breakeven in the first quarter of 2025, compared to an operating loss of $16 million in the first quarter of 2024. Operating loss for the Lennar Other segment was $89 million in the first quarter of 2025, compared to an operating loss of $40 million in the first quarter of 2024. The Lennar Other operating loss for the first quarter of 2025 was primarily due to losses on the Company's technology investments.

Tax Rate

In the first quarter of 2025 and 2024, the Company had tax provisions of $170 million and $211 million, which resulted in an overall effective income tax rate of 24.6% and 22.7%, respectively. For both periods, the Company's 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 from the prior year for the first quarter of 2025 was primarily due to a decrease in excess tax benefits from share-based compensation and a decrease in solar tax credits.

Share Repurchases

In the first quarter of 2025, the Company repurchased 5.2 million shares of its common stock for $703 million at an average share price of $134.40.

Millrose Spin-Off

On February 7, 2025, Lennar successfully completed the taxable spin-off of Millrose Properties, Inc. from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders. Lennar will temporarily retain, but will not vote, the remaining 20% of the total outstanding shares of Millrose common stock, which it expects to dispose of through a subsequent spin-off, split-off, public offering, private sale or any combination of these potential transactions. In connection with the spin-off, Lennar contributed to Millrose $5.6 billion in land assets and cash of $1.0 billion, which included $584 million of cash deposits related to option contracts. The spin-off transaction accelerates Lennar's longstanding strategy of becoming a pure-play, asset-light, new home manufacturing company.

Rausch Acquisition

On February 10, 2025, Lennar acquired Rausch Coleman Homes, a residential homebuilder based in Fayetteville, Arkansas. Lennar acquired Rausch's homebuilding operations while Millrose acquired Rausch's land assets and Lennar has options on the land. With this acquisition, Lennar has expanded its footprint into 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 its existing footprint in Texas (Houston and San Antonio), Oklahoma (Oklahoma City), Alabama (Huntsville) and Florida (Gulf Coast).

Liquidity

At February 28, 2025, the Company had $2.3 billion of Homebuilding cash and cash equivalents and no outstanding borrowings under its $3.0 billion revolving credit facility, thereby providing approximately $5.3 billion of available capacity.

Guidance

The following are the Company's expected results of its homebuilding and financial services activities for the second quarter of 2025:

New Orders

22,500 - 23,500

Deliveries

19,500 - 20,500

Average Sales Price

$390,000 - $400,000

Gross Margin % on Home Sales

approximately 18%

S,G&A as a % of Home Sales

8.0% - 8.2%

Financial Services Operating Earnings

$135 million - $145 million

About Lennar

Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials, including lumber, and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties; changes in U.S and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business and operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings on the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy; any potential subsequent transactions we may enter into following our spin-off of Millrose Properties, Inc.; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits related to land purchase options we decide not to exercise; the effects of public health issues such as a major epidemic or pandemic that could have a negative impact on the economy and on our businesses; possible unfavorable results in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business, and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 23, 2025 and Quarterly Reports on Form 10-Q. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

A conference call to discuss the Company's first quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, March 21, 2025. The call will be broadcast live on the Internet and can be accessed through the Company's website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-0176 and entering 5723593 as the confirmation number.

 

LENNAR CORPORATION AND SUBSIDIARIES

Selected Revenues and Operating Information

(In thousands, except per share amounts)

(unaudited)


Three Months Ended


February 28, 2025


February 29, 2024

Revenues:




Homebuilding

$               7,283,870


6,930,991

Financial Services

277,077


249,720

Multifamily

63,196


129,677

Lennar Other

7,402


2,542

Total revenues

$               7,631,545


7,312,930





Homebuilding operating earnings

$                  809,273


1,028,796

Financial Services operating earnings

143,483


131,296

Multifamily operating loss

(23)


(15,639)

Lennar Other operating earnings loss

(89,283)


(39,548)

Corporate general and administrative expenses

(147,378)


(157,321)

Charitable foundation contribution

(17,834)


(16,798)

Earnings before income taxes

698,238


930,786

Provision for income taxes

(169,525)


(210,865)

Net earnings (including net earnings attributable to noncontrolling interests)

528,713


719,921

Less: Net earnings attributable to noncontrolling interests

9,187


587

Net earnings attributable to Lennar

$                  519,526


719,334





Basic and diluted average shares outstanding

262,733


276,946





Basic and diluted earnings per share

$                         1.96


2.57





Supplemental information:




Interest incurred (1)

$                    31,489


36,511





EBIT (2):




Net earnings attributable to Lennar

$                  519,526


719,334

Provision for income taxes

169,525


210,865

Interest expense included in:




Costs of homes sold

28,118


39,214

Homebuilding other income, net

3,528


4,915

Total interest expense

31,646


44,129

EBIT

$                  720,697


974,328

(1)

Amount represents interest incurred related to homebuilding debt.

(2)

EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.

 

LENNAR CORPORATION AND SUBSIDIARIES

Segment Information

(In thousands)

(unaudited)


Three Months Ended


February 28, 2025


February 29, 2024

Homebuilding revenues:




Sales of homes

$             7,240,546


6,901,781

Sales of land

35,326


20,752

Other homebuilding

7,998


8,458

Total homebuilding revenues

7,283,870


6,930,991





Homebuilding costs and expenses:




Costs of homes sold

5,888,144


5,395,532

Costs of land sold

36,077


14,017

Selling, general and administrative

615,739


567,987

Total homebuilding costs and expenses

6,539,960


5,977,536

Homebuilding net margins

743,910


953,455

Homebuilding equity in earnings from unconsolidated entities

35,004


13,302

Homebuilding other income, net

30,359


62,039

Homebuilding operating earnings

$                809,273


1,028,796





Financial Services revenues

$                277,077


249,720

Financial Services costs and expenses

133,594


118,424

Financial Services operating earnings

$                143,483


131,296





Multifamily revenues

$                  63,196


129,677

Multifamily costs and expenses

73,376


132,667

Multifamily equity in earnings (loss) from unconsolidated entities and other income (expense), net

10,157


(12,649)

Multifamily operating loss

$                        (23)


(15,639)





Lennar Other revenues

$                    7,402


2,542

Lennar Other costs and expenses

23,564


9,088

Lennar Other equity in loss from unconsolidated entities and other

(10,618)


(27,865)

Lennar Other realized and unrealized losses from technology investments (1)

(62,503)


(5,137)

Lennar Other operating loss

$                (89,283)


(39,548)

 

(1)

The following is a detail of Lennar Other realized and unrealized losses from mark-to-market adjustments on technology investments:


Three Months Ended


February 28, 2025


February 29, 2024

Blend Labs (BLND)

$                     (3,737)


2,936

Hippo (HIPO)

(12,890)


16,449

Opendoor (OPEN)

(18,786)


1,315

SmartRent (SMRT)

(4,483)


(1,963)

Sonder (SOND)

(19)


51

Sunnova (NOVA)

(22,588)


(23,925)


$                   (62,503)


(5,137)

 

LENNAR CORPORATION AND SUBSIDIARIES

Summary of Deliveries, New Orders and Backlog

(Dollars in thousands, except average sales price)

(unaudited)

 

Lennar's 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


First Quarter


2025


2024


2025


2024


2025


2024

Deliveries:

Homes


Dollar Value


Average Sales Price

East

4,311


4,583


$         1,668,880


1,905,846


$            387,000


416,000

Central

4,029


3,701


1,557,555


1,440,429


387,000


389,000

South Central

4,730


4,263


1,160,523


1,070,159


245,000


251,000

West

4,756


4,238


2,888,685


2,521,491


607,000


595,000

Other

8


13


5,886


6,817


736,000


524,000

Total

17,834


16,798


$         7,281,529


6,944,742


$            408,000


413,000

Of the total homes delivered listed above, 80 homes with a dollar value of $41 million and an average sales price of $512,000 represent home deliveries from unconsolidated entities for the three months ended February 28, 2025, compared to 77 home deliveries with a dollar value of $43 million and an average sales price of $558,000 for the three months ended February 29, 2024.

 

First Quarter


2025


2024


2025


2024


2025


2024


2025


2024

New Orders:

Active Communities


Homes


Dollar Value


Average Sales Price

East

330


284


3,974


4,383


$  1,526,559


1,851,718


$     384,000


422,000

Central

447


340


4,639


4,417


1,835,498


1,764,896


396,000


400,000

South Central

387


233


4,921


4,431


1,172,861


1,119,999


238,000


253,000

West

418


368


4,811


4,927


2,888,650


2,996,239


600,000


608,000

Other

2


2


10


18


7,164


9,530


716,000


529,000

Total

1,584


1,227


18,355


18,176


$  7,430,732


7,742,382


$     405,000


426,000

Of the total homes listed above, 101 homes with a dollar value of $60 million and an average sales price of $593,000 represent homes in 11 active communities from unconsolidated entities for the three months ended February 28, 2025, compared to 46 homes with a dollar value of $25 million and an average sales price of $548,000 in six active communities for the three months ended February 29, 2024.

 

First Quarter


2025 (1)


2024


2025


2024


2025


2024

Backlog:

Homes


Dollar Value


Average Sales Price

East

2,999


6,310


$         1,333,063


2,632,787


$            445,000


417,000

Central

4,045


3,949


1,684,706


1,722,219


416,000


436,000

South Central

3,027


2,063


725,427


525,781


240,000


255,000

West

3,071


3,940


2,021,262


2,547,090


658,000


646,000

Other

3


8


1,626


4,241


542,000


530,000

Total

13,145


16,270


$         5,766,084


7,432,118


$            439,000


457,000

Of the total homes in backlog listed above, 100 homes with a backlog dollar value of $83 million and an average sales price of $827,000 represent the backlog from unconsolidated entities at February 28, 2025, compared to 116 homes with a backlog dollar value of $57 million and an average sales price of $495,000 at February 29, 2024.

 

(1)

As of February 28, 2025, backlog includes 980 homes acquired in connection with the Rausch Coleman Homes acquisition. Of the homes in backlog, 214 and 766 homes were in the Central and South Central homebuilding segments, respectively. As of February 28, 2025, backlog also includes 11 homes acquired from a small builder in the West homebuilding segment.

 

LENNAR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)



February 28, 2025


November 30, 2024

ASSETS




Homebuilding:




Cash and cash equivalents

$                     2,283,928


4,662,643

Restricted cash

22,487


11,799

Receivables, net

1,063,934


1,053,211

Inventories:




Finished homes and construction in progress

9,091,705


10,884,861

Land and land under development

1,062,369


4,750,025

Inventory owned

10,154,074


15,634,886

Consolidated inventory not owned

3,454,642


4,084,665

Inventory owned and consolidated inventory not owned

13,608,716


19,719,551

Deposits and pre-acquisition costs on real estate

5,161,259


3,625,372

Investments in unconsolidated entities

2,645,734


1,344,836

Goodwill

3,442,359


3,442,359

Other assets

1,657,511


1,734,698


29,885,928


35,594,469

Financial Services

3,000,778


3,516,550

Multifamily

1,275,152


1,306,818

Lennar Other

824,245


894,944

Total assets

$                   34,986,103


41,312,781

 

LIABILITIES AND EQUITY




Homebuilding:




Accounts payable

$                     1,926,358


1,839,440

Liabilities related to consolidated inventory not owned

3,037,085


3,563,934

Senior notes and other debts payable, net

2,211,272


2,258,283

Other liabilities

3,076,776


3,201,552


10,251,491


10,863,209

Financial Services

1,626,271


2,140,708

Multifamily

141,380


181,883

Lennar Other

99,617


105,756

Total liabilities

12,118,759


13,291,556





Stockholders' equity:




Preferred stock

—


—

Class A common stock of $0.10 par value

26,133


25,998

Class B common stock of $0.10 par value

3,660


3,660

Additional paid-in capital

5,812,802


5,729,434

Retained earnings

21,302,131


25,753,078

Treasury stock

(4,424,039)


(3,649,564)

Accumulated other comprehensive income

7,351


7,529

Total stockholders' equity

22,728,038


27,870,135

Noncontrolling interests

139,306


151,090

Total equity

22,867,344


28,021,225

Total liabilities and equity

$                   34,986,103


41,312,781

 

LENNAR CORPORATION AND SUBSIDIARIES

Supplemental Data

(Dollars in thousands)

(unaudited)

 


February 28, 2025


November 30, 2024


February 29, 2024

Homebuilding debt

$                2,211,272


2,258,283


2,830,332

Stockholders' equity

22,728,038


27,870,135


26,647,835

Total capital

$              24,939,310


30,128,418


29,478,167

Homebuilding debt to total capital

8.9 %


7.5 %


9.6 %







Homebuilding debt

$                2,211,272


2,258,283


2,830,332

Less: Homebuilding cash and cash equivalents

2,283,928


4,662,643


4,950,128

Net homebuilding debt

$                   (72,656)


(2,404,360)


(2,119,796)

Net homebuilding debt to total capital (1)

(0.3) %


(9.4) %


(8.6) %

(1)

Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

Contact:
Ian Frazer
Investor Relations
Lennar Corporation
(305) 485-4129

Cision View original content:https://www.prnewswire.com/news-releases/lennar-reports-first-quarter-2025-results-302407484.html

SOURCE Lennar Corporation