LENNAR CORP /NEW/ FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $34.2B |
| Gross margin | — not reported |
| Operating income | — not reported |
| Net income | $2.1B |
| Diluted EPS | $7.98 |
| Cash & equivalents | $3.8B |
| Total assets | $34.4B |
| Long-term debt | $5.9B |
Key takeaway
New home deliveries rose to 82,583 in fiscal 2025 from 80,210 in 2024, but average sales price fell to $391,000 from $423,000 as the company cut prices and increased incentives to offset higher interest rates.
🔒 4 more takeaways in the full analysis
Beneath the surface
Operating cash flow of only $216.8 million is unusually low relative to $2.08 billion net income, largely because loans held for sale increased $123.7 million and other operating assets/payables moved unfavorably, suggesting reported earnings didn't translate directly into cash generation this year.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for LEN.
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