Filing Flows › Lennar (LEN) › Q4 FY25
Lennar (LEN) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Jan 28, 2026
Lennar (LEN) reported revenue of $9.4B for the fourth quarter fiscal 2025 (Q4 FY25), -6% from a year earlier and +6% from the quarter before. Operating margin was 6.9%, net earnings $490M (5.2% of revenue).
Lennar, Q4 FY25: revenue $9.4B (-6% year over year), operating margin 6.9%, net earnings $490M, operating cash flow $1.8B. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.4B | +6% | -6% |
| Operating profit | $644M | -8% | -53% |
| Net earnings | $490M | -17% | -55% |
| Operating cash flow | $1.8B | — | +81% |
| Free cash flow | $1.7B | — | +79% |
What changed
Revenue was $9.4B in Q4 FY25, down 6% year over year and up 6% from the previous quarter.
Operating profit was $0.64B, a 6.9% margin (down 6.8 points year over year). Total costs grew 2% against a revenue fall of 6%. Net earnings were $0.49B, down 55% year over year. The effective tax rate was 27.1%.
Operating cash flow was $1.8B (up 81% year over year), 353% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $1.2B. Capital expenditures of $0.09B left free cash flow of $1.7B.
Questions
What was Lennar's revenue in the fourth quarter fiscal 2025?
Lennar (LEN) reported revenue of $9.4B for the fourth quarter fiscal 2025 (Q4 FY25), -6% from a year earlier and +6% from the quarter before.
Was Lennar profitable in the fourth quarter fiscal 2025?
Operating profit was $644M (6.9% of revenue) and net earnings $490M.
Source: Lennar 10-K on SEC EDGAR.