LEN

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Jorge Almeida

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2026 Results

Second Quarter 2026 Highlights

•Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments)

•Net earnings of $305 million

•New orders decreased 4% year over year to 21,749 homes

•Backlog of 16,818 homes with a dollar value of $6.6 billion

•Deliveries increased 2% year over year to 20,519 homes

•Total revenues of $7.9 billion

•Homebuilding operating earnings of $489 million

◦Gross margin on home sales of 15.6%

◦S,G&A expenses as a % of revenues from home sales of 9.2%

◦Net margin on home sales of 6.4%

•Financial Services operating earnings of $100 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $39 million

•Homebuilding cash and cash equivalents of $1.8 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.8%

•Repurchased 5 million shares of Lennar common stock for $447 million

•Redeemed $400 million of 5.25% senior notes due in June 2026, subsequent to May 31, 2026

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Miami, June 11, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2026. Second quarter net earnings attributable to Lennar in 2026 were $305 million, or $1.24 per diluted share, compared to second quarter net earnings attributable to Lennar in 2025 of $477 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23 million and $29 million on technology investments, respectively, second quarter net earnings attributable to Lennar in 2026 were $322 million, or $1.31 per diluted share compared to $499 million or $1.90 per diluted share in the second quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, "Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform.

"We delivered 20,519 homes, within our guidance of 20,000 to 21,000, generated 21,749 new orders and produced earnings per share of $1.31 excluding mark-to-market losses. Our average sales price was $371,000, reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant. Our gross margin improved sequentially to 15.6% while our net margin increased to 6.4%."

"Our continued focus on operational execution is reflected across numerous key metrics. Our construction costs improved another 2% sequentially and 13% over the last several years. Our cycle time reached a new record low of 121 days, down from 122 days last quarter and 132 days a year ago. We reduced our inventory to 2.1 homes per community from 3 homes per community last quarter, and our inventory turn stands at 2.5 times. Less than 5% of our land is on our balance sheet and our total owned homebuilding inventory has declined from $11.4 billion a year ago to $10.9 billion today. Finally, we ended the quarter with $1.8 billion in cash as we purchased 5 million shares of stock for $447 million.”

"Looking ahead to the third quarter of 2026, we expect to deliver approximately 20,500 to 21,500 homes with gross margin improving to approximately 16% as volume increases, incentive levels continue to moderate, and our cost discipline continues to gain traction. We expect our average sales price to be in the range of approximately $375,000 to $380,000 and our SG&A to improve toward 8.8% to 9.0%. Given current pressure on interest rates and geopolitical uncertainty we are moderating our target full-year 2026 deliveries to approximately 82,000 to 83,000 homes."

"In order to help clearly communicate our operating strategy and operating model, we are pleased to announce the publication of a new Investor Deck on the Lennar Investor Relations website tomorrow morning. This deck has been designed to give investors a current view of Lennar's transformation, our asset-light operating model, our technology platform, and our path to margin recovery and long-term value creation. We believe it provides important context for understanding not just where we are today, but where we are going, and why we remain so confident about Lennar's long-term position."

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Mr. Miller concluded, "Our strategy consistently has been to execute around the af

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Diane Bessette

Chief Financial Officer

Lennar Corporation

(305) 229-6419

FOR IMMEDIATE RELEASE

Lennar Reports First Quarter 2026 Results

First Quarter 2026 Highlights

•Net earnings per diluted share of $0.93 ($0.88 excluding mark-to-market gains on technology investments)

•Net earnings of $229 million

•New orders increased 1% year over year to 18,515 homes

•Backlog of 15,588 homes with a dollar value of $6.0 billion

•Deliveries decreased 5% year over year to 16,863 homes

•Total revenues of $6.6 billion

•Homebuilding operating earnings of $373 million

◦Gross margin on home sales of 15.2%

◦S,G&A expenses as a % of revenues from home sales of 9.8%

◦Net margin on home sales of 5.3%

•Financial Services operating earnings of $91 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $5 million

•Homebuilding cash and cash equivalents of $2.1 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.7%

•Repurchased 2 million shares of Lennar common stock for $237 million

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Miami, March 12, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 28, 2026. First quarter net earnings attributable to Lennar in 2026 were $229 million, or $0.93 per diluted share, compared to first quarter net earnings attributable to Lennar in 2025 of $520 million, or $1.96 per diluted share. Excluding pretax mark-to-market gains of $15 million on technology investments, first quarter net earnings attributable to Lennar in 2026 were $218 million, or $0.88 per diluted share. Excluding pretax mark-to-market losses of $63 million on technology investments, first quarter net earnings attributable to Lennar in 2025 were $567 million or $2.14 per diluted share.

Stuart Miller, Executive Chairman and Chief Executive Officer of Lennar, said, "Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years - high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty, especially now including the recent conflict in Iran. As our results reflect, Lennar remained focused on executing our consistent operating strategy to maintain production and support housing supply, while driving structural improvements across our business."

"During the first quarter, we delivered 16,863 homes, generated 18,515 new orders, and maintained our disciplined, production-first operating strategy. Our average sales price was $374,000, reflecting the continued use of approximately 14% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constraint. Gross margin came in at 15.2%, with SG&A of 9.8%, resulting in a net margin of 5.3%."

"Our strategy has been to actively design around the affordability challenge rather than waiting it out. We have focused on prioritizing volume to create durable scale advantages, delivering that volume at lower prices, and ultimately improving margins. Operationally, our starts pace of 3.4 homes per community per month and sales pace of 3.6 reflect a measured, even-flow approach across our 1,678 active communities. Our cycle time improved to 122 days, our shortest ever, and our inventory turn increased to 2.5 times, reflecting the strength of our land-light model, as well as improved execution across our construction operations and supply chain. Additionally, our construction costs improved just over 2.5% in the first quarter and have decreased 12% over the last two years, even as labor remains constrained and materials face constant pricing pressure."

"In the second quarter, we expect to deliver approximately 20,000 to 21,000 homes with gross margin improving to 15.5% to 16% and SG&A improving to 8.9% to 9.1%, as volume increases and the spring selling season unfolds."

Mr. Miller concluded, "While the broader market remains challenged in the near term, exacerbated by current events, we are continuing to operate with conviction and clarity. The fundamental shortage of housing in America has not been solved - demand is real, deferred, and building. As affordability gradually improves, as rates find a more stable footing, and as the nation begins in earnest to address the regulatory and entitlement barriers that constrain supply, Lennar is extremely well positioned for long-term growth. But, until then, we are building the homes America needs, at the prices the market can absorb, with an operating platform that is continuously improving and becoming more efficient every quarter."

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RESULTS OF OPERATIONS

FIRST QUARTER 2026 COMPARED TO FIRST QUARTER 2025

Homebuilding

Revenues from home sales decreased 13% in the first quar

EX-99.1

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EX-99.1

Document

Exhibit 99.1

Contact:

Ian Frazer

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Fourth Quarter and Fiscal 2025 Results

2025 Fourth Quarter Highlights

•Net earnings per diluted share of $1.93; $2.03 excluding adjustments of:

◦$123 million mark-to-market gains on technology investments, and

◦$156 million one-time loss on previously announced Millrose Properties, Inc. ("Millrose") exchange offer

•Net earnings of $490 million

•New orders increased 18% year over year to 20,018 homes

•Backlog of 13,936 homes with a dollar value of $5.2 billion

•Deliveries increased 4% year over year to 23,034 homes

•Total revenues of $9.4 billion

•Homebuilding operating earnings of $718 million

◦ Gross margin on home sales of 17.0%; net margin of 9.1%

•Financial Services operating earnings of $134 million

•Multifamily operating loss of $44 million

•Lennar Other operating earnings of $61 million

•Homebuilding cash and cash equivalents of $3.4 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•$1.7 billion outstanding under the Company's term loan facility

•Homebuilding debt to total capital of 15.7%

•Completed non-cash repurchase of 8.0 million Lennar shares through Millrose exchange offer

2025 Fiscal Year Highlights

•Net earnings per diluted share of $7.98; $8.06 excluding adjustments of:

◦ $130 million mark-to-market gains on technology investments, and

◦ $156 million one-time loss on Millrose exchange offer

•Net earnings of $2.1 billion

•New orders increased 9% year over year to 83,978 homes

•Deliveries increased 3% year over year to 82,583 homes

•Total revenues of $34.2 billion

•Gross margin on home sales of 17.7%; net margin of 9.3%

•Completed spin-off of Millrose and acquisition of Rausch Coleman Homes' homebuilding operations in February

•Repurchased 22.1 million shares; 14.1 million shares of Lennar common stock for $1.7 billion in cash and 8.0 million shares through Millrose exchange offer

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Miami, December 16, 2025 -- 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.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar, said, “Even as interest rates moved slightly lower in our fourth quarter, the overall market remained challenged. Accordingly, our fourth quarter and full year 2025 results reflect a disciplined commitment to increasing housing supply in a market constrained by affordability challenges, as well as weak consumer confidence. Despite the added pressure of a six-week government shutdown, we continued to build and sell homes, adapting as needed to changing market conditions.”

“During the quarter, we delivered 23,034 homes and achieved 20,018 new orders. Our average sales price was $386,000, while our gross margin was 17%, with SG&A at 7.9%, resulting in a net margin of 9.1%.”

“To address continued market declines, we maintained approximately 14% in incentives and price adjustments, while continuing to focus on volume. Deliveries for 2025 exceeded those of 2024 by more than 2,300 homes or approximately 3%, for a total of 82,583.”

“Even as market conditions softened, we prioritized providing supply for a healthier housing market, while driving down costs to support affordability. Our strategy remains consistent and clear: maintain volume, adapt to evolving conditions, reduce costs, and support housing affordability.”

Jon Jaffe, Lennar’s Co-Chief Executive Officer and Presi