Lennar Corporation (0JU0.L) Q3 2025 Earnings Report

Lennar’s QQ3 2025 results show a solid but admittedly softer operating environment. Revenue for the quarter reached $8.81 billion, down 6.4% year over year, while EBITDA stood at $759.8 million and operating income at $759.8 million, delivering an 8.6% operating margin. Net income was $591.0 million, or $2.29 per share, off 49% versus the prior-year period, but up modestly versus the prior quarter (QoQ net income increased about 23.8%). The company maintains a robust liquidity position with roughly $1.406 billion of cash and cash equivalents and a net cash position (net debt negative) of about $1.406 billion. Inventory remains a focal point at roughly $11.12 billion, highlighting continued land/building activity and development exposure, which can pressure near-term cash flow and capital allocation flexibility. Gross margin data for QQ3 2025 were not disclosed in the provided set, but earlier quarters show margin variability (Q1 2025 ~11.3%, Q2 2025 ~9.6%), suggesting ongoing sensitivity to product mix, pricing, and construction costs. The trailing four quarters (Q4 2024–Q3 2025) generated approximately $2.684 billion of net income on about $34.766 billion of revenue, implying an ~7.7% four-quarter net margin, illustrating stability within a cyclical housing backdrop. Absent explicit forward guidance, investors should monitor mortgage-rate trends, backlog conversion, inventory digestion, and land acquisition cycles as the primary drivers of the near-term trajectory.