Lennar Corporation (0JU0.L) Q4 2025 Earnings Report

Lennar reported Q4 2025 revenue of $9.3676 billion, with EBITDA of $717.96 million and operating income of $339.84 million, yielding an operating margin of 3.63% and an EBITDA margin of 7.66%. Net income was $490.24 million, equating to a net margin of 5.23% and an EPS of $1.93. YoY, revenue declined 5.82% while net income fell 55.28%, reflecting a weaker year-over-year top line and variable operating costs in a cyclically sensitive housing market. On a QoQ basis, revenue rose 6.33% (Q4 vs Q3), but net income declined 17.04% as higher other income and a tax benefit component largely offset the operating shortfall, underscoring the influence of non-operating items on quarterly results. Management commentary around the quarter consistently highlighted disciplined cost control and strategic balance-sheet management as critical in navigating a slower cycle and maintaining earnings power. The lack of disclosed gross margins in the presented data limits visibility into core operating leverage, though the segment-wide profitability remains mid-range for large US homebuilders. Going forward, the key questions for investors center on housing demand resilience, mortgage-rate trajectories, land development cadence, and the durability of non-operating income streams that boosted pretax earnings in the quarter.