Lennar
Lennar chose volume over price. Its 10-K says deliveries rose 3% while the average price fell from $423,000 to $391,000 on “increased use of sales incentives,” and home-sale gross margin dropped from 22.3% to 17.7%. For buyers that has meant discounts. For land sellers and partners, Lennar now controls more homesites through options than it owns, after spinning land off to Millrose.
Last verified: 2026-10-20
Unscored
Public. Moved to a ‘land-light’ model and spun off land to Millrose in 2025.
No published developer or builder rubric yet.
At a glance
| Legal entity | Lennar Corporation (NYSE: LEN) |
| Headquarters | Miami, FL |
| Segment | National homebuilders |
| Scale (as published) | 82,583 homes delivered in fiscal 2025 (year to Nov 30, 2025) |
| Score | Unscored |
What the sources reveal
Lennar chose volume over price. Its 10-K says deliveries rose 3% while the average price fell from $423,000 to $391,000 on “increased use of sales incentives,” and home-sale gross margin dropped from 22.3% to 17.7%. For buyers that has meant discounts. For land sellers and partners, Lennar now controls more homesites through options than it owns, after spinning land off to Millrose.
Key facts
| Fact | Source | Checked |
|---|---|---|
| New home deliveries 82,583 in fiscal 2025 (80,210 in 2024); average sales price $391,000 vs $423,000. | source | |
| Gross margins on home sales $5.7B, or 17.7%, vs $7.5B, or 22.3%, in 2024; the 10-K cites more sales incentives. | source | |
| Revenues $34,186.9M and net earnings attributable to Lennar $2,078.2M in fiscal 2025 (XBRL). | source | |
| Spun off a large part of its land to Millrose in February 2025 and disposed of its remaining Millrose stake in November 2025; acquired Rausch Coleman Homes in February 2025. | source | |
| Guided to about 85,000 deliveries in fiscal 2026 and a first-quarter 2026 gross margin of 15% to 16%. | source |
Who it’s actually for
- Price-sensitive buyers: the 10-K says it priced to market with incentives.
- Investors: its Upward America venture with Invitation Homes had bought 4,697 Lennar homes by Nov 30, 2025.
What we could not verify
- Number of states and markets: not captured in the passages we read.
- Per-buyer incentive levels.
Related
D.R. Horton vs Lennar · Developers and builders hub · All profiles
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Profile published from sources read this day.
Sources
- Lennar Form 10-K for fiscal 2025 (year ended Nov 30, 2025) · accessed 2026-10-20
Corrections: use our contact page.