Lennar reported Q1 2025 results reflecting a softer housing market with elevated incentives deployed to sustain volume. Revenue was $7.631B with GAAP net income of $519.5M and EPS of $1.98. Management highlighted the ongoing transformation to an asset-light, land-light manufacturing model, following the Millrose spin-off and the acquisition of Rausch Coleman, to enable more predictable cash flow with a lower asset base. The company repurchased 5.2 million shares for $703 million in Q1 and ended the quarter with about $2.3B of cash and total liquidity near $5.3B, underscoring a strengthened balance sheet as it navigates a choppy macro environment. For 2025, Lennar guided Q2 new orders of 22.5k–23.5k and deliveries of 19.5k–20.5k with gross margins around 18% (excluding purchase accounting), and reiterated a full-year volume target of 86k–88k homes; management signaled that longer-term margins could normalize to the mid-20s as incentives ease and the asset-light model matures.