A major U.S. homebuilder that designs and builds houses nationwide, also running mortgage, title, and multifamily businesses. Founded in 1954 in Miami as F&R Builders, it took its name in 1971 when founders Leonard Miller and Arnold Rosen spliced "Len" plus "nar" to make "Lennar." Its Next Gen designs feature a private multi-generational suite with its own entrance, and its Everything's Included program bundles popular upgrades as standard.
Lennar posts June 2026 investor presentation highlighting asset-light transformation and growth strategy.
The presentation details Lennar's completed asset-light transformation, including reducing owned homesites from 72% to 2% and increasing controlled homesites to 98% from 2018 to Q1 2026.
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On June 12, 2026, Lennar Corporation posted an investor presentation on its website at investors.lennar.com, furnished as Exhibit 99.1.
Lennar states it repurchased $9.6B of stock and retired $6.9B of senior notes since the start of 2018.
The presentation claims the asset-light model frees $21.1M in peak capital for an illustrative Florida community and improves return on equity from 14.4% to 21.0%.
The filing is under Item 7.01 Regulation FD Disclosure, and the exhibit is furnished, not filed, for SEC purposes.
7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Lennar reports Q2 2026 EPS of $1.24, net earnings of $305 million
Excluding mark-to-market losses on technology investments, Q2 2026 EPS was $1.31, compared to $1.90 in Q2 2025.
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Second quarter 2026 net earnings attributable to Lennar were $305 million, or $1.24 per diluted share, down from $477 million, or $1.81 per diluted share, in Q2 2025.
Deliveries increased 2% year over year to 20,519 homes; new orders decreased 4% to 21,749 homes.
Total revenues were $7.9 billion, with homebuilding revenues of $7.6 billion and gross margin on home sales of 15.6%.
For Q3 2026, Lennar expects deliveries of 20,500-21,500 homes, average sales price of $375,000-$380,000, and gross margin of approximately 16%.
The company repurchased 5 million shares for $447 million and redeemed $400 million of senior notes due June 2026.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Lennar appoints Jim Parker as COO and David Grove as EVP, Homebuilding, effective June 5, 2026.
Jim Parker, 56, appointed Chief Operating Officer effective June 5, 2026; he previously served as Area President of East operations since December 2025.
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David Grove named Executive Vice President, Homebuilding effective June 5, 2026; he previously served as Area President of West operations since December 2025.
Both Parker and Grove will report to Stuart Miller, Executive Chairman, CEO and President of Lennar.
Parker's annual cash incentive target was increased to $5,750,000 by the Compensation Committee in connection with his appointment.
Parker has over three decades of industry experience, including roles at CalAtlantic Homes, Ryland Homes, and as founder of Parker Chandler Homes.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Lennar shareholders elect nine directors and reject two stockholder proposals at 2026 annual meeting
At the April 8, 2026 annual meeting, shareholders elected nine directors to serve until the 2027 annual meeting, with Serena Wolfe receiving the most votes (452,976,642 for) and Jeffrey Sonnenfeld the fewest (383,992,151 for).
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Shareholders approved, on an advisory basis, named executive officer compensation, with 426,605,552 votes for and 46,160,769 against.
Shareholders ratified Deloitte & Touche LLP as independent auditor for fiscal year ending November 30, 2026, with 482,154,444 votes for and 11,175,791 against.
A stockholder proposal on equal voting rights for each share was not approved, with 173,722,020 for and 298,980,467 against.
A stockholder proposal on disclosure of voting results by share class was not approved, with 119,820,521 for and 335,906,299 against.
5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
Lennar reports Q1 2026 net earnings of $229 million, or $0.93 per diluted share.
Total revenues were $6.6 billion in Q1 2026, down from $7.6 billion in Q1 2025.
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First quarter 2026 net earnings attributable to Lennar were $229 million, or $0.93 per diluted share, compared to $520 million, or $1.96 per diluted share, in the first quarter of 2025.
Home deliveries decreased 5% year over year to 16,863 homes, while new orders increased 1% to 18,515 homes.
Gross margin on home sales was 15.2% in Q1 2026, down from 18.7% in Q1 2025.
For Q2 2026, Lennar expects deliveries of 20,000-21,000 homes, gross margin of 15.5%-16.0%, and SG&A of 8.9%-9.1%.
The company repurchased 2 million shares for $237 million in Q1 2026.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Lennar reports Q4 2025 net earnings of $490M, or $1.93 per diluted share, on revenues of $9.4B.
Excluding $123 million mark-to-market gains on technology investments and a $156 million one-time loss on the Millrose exchange offer, Q4 2025 adjusted EPS was $2.03.
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Fourth quarter 2025 net earnings were $490 million, or $1.93 per diluted share, compared to $1.1 billion, or $4.06 per diluted share, in Q4 2024.
New orders increased 18% year over year to 20,018 homes; deliveries increased 4% to 23,034 homes; total revenues were $9.4 billion.
For fiscal 2025, net earnings were $2.1 billion, or $7.98 per diluted share, on total revenues of $34.2 billion; deliveries increased 3% to 82,583 homes.
Q1 2026 guidance: deliveries of 17,000-18,000 homes, average sales price of $365,000-$375,000, gross margin of 15%-16%, and SG&A of about 9.5%.
Completed non-cash repurchase of 8.0 million Lennar shares through the Millrose exchange offer in November 2025.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
Lennar Co-CEO and President Jonathan Jaffe to retire effective December 31, 2025
Jaffe joined Lennar in 1983 and served as Co-CEO and President since September 2023; he will step down after a 42-year career.
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Jonathan M. Jaffe notified Lennar's Board on November 12, 2025 of his retirement as Co-CEO, President, and director, effective December 31, 2025.
Stuart Miller, currently Executive Chairman and Co-CEO, will continue as Executive Chairman and CEO after Jaffe's retirement.
The company does not plan to replace Jaffe's position and will reduce the Board from ten to nine members effective December 31, 2025.
The retirement is part of Lennar's strategic shift to a leaner, more efficient, technology-driven enterprise focused on affordability.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 7.01 Regulation FD Disclosure · 9.01 Financial Statements and Exhibits
Lennar reports Q3 2025 EPS of $2.29, net earnings of $591 million
Third quarter 2025 net earnings attributable to Lennar were $591 million, or $2.29 per diluted share, down from $1.2 billion, or $4.26 per diluted share, in the prior-year quarter.
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Total revenues were $8.8 billion, with homebuilding revenues of $8.2 billion, down 9% year over year due to a 9% decrease in average sales price to $383,000.
New orders increased 12% to 23,004 homes; deliveries were 21,584 homes, consistent with the prior year.
Gross margin on home sales was 17.5%, down from 22.5% in the prior-year quarter; SG&A expenses as a percentage of home sales revenues rose to 8.2%.
For Q4 2025, the company expects new orders of 20,000-21,000 homes, deliveries of 22,000-23,000 homes, and gross margin of approximately 17.5%.
The company repurchased 4.1 million shares for $507 million during the quarter.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits