Lennar Stock Price, News & Analysis

Lennar (NYSE: LEN) reported Q4 2025 net earnings of $490M ($1.93/sh) and FY2025 net earnings of $2.1B ($7.98/sh), with adjusted EPS of $2.03 in Q4 and $8.06 for the year excluding certain items. Q4 highlights included 20,018 new orders (+18% YoY), 23,034 deliveries (+4% YoY), backlog of 13,936 homes worth $5.2B, and total revenues of $9.4B. Gross margin on home sales was 17.0% in Q4 (FY 17.7%). The company completed a non-cash Millrose exchange, repurchased 22.1M shares, and ended Q4 with $3.4B cash.

Lennar Corporation (NYSE: LEN) will release fourth-quarter results for the period ended November 30, 2025 after market close on December 16, 2025 and will host a live conference call on December 17, 2025 at 11:00 a.m. ET.

The webcast is available at investors.lennar.com and will be archived for 90 days. Lennar builds single‑family and multifamily housing and provides mortgage, title and closing services through its Financial Services and LMF Commercial businesses. For investor access, use the company webcast page on the scheduled dates.

Millrose Properties (NYSE:MRP) announced completion of Lennar's (NYSE:LEN, LEN.B) exchange offer, closing an offer that converted Millrose Class A shares Lennar retained after the February 2025 spin-off. Lennar had initially retained ~20% of Millrose shares after the distribution; Lennar exchanged those retained shares when the offer expired on November 21, 2025. The exchange was significantly oversubscribed, with Lennar stockholders tendering approximately 11 times the Lennar shares available for exchange. Millrose said the transaction diversifies its shareholder base, increases liquidity, and maintains Lennar as a cornerstone partner providing consistent demand for finished homesite inventory.

Lennar (NYSE: LEN) announced final results of its exchange offer that expired on November 21, 2025. Lennar accepted 8,049,594 shares of Lennar Class A common stock in exchange for 33,298,754 shares of Millrose Class A common stock (Lennar previously owned approximately 20% of Millrose).

Total Lennar Class A shares validly tendered were 85,296,924; 84,518,299 were subject to proration and 778,625 were odd-lot shares not subject to proration. The final proration factor was 8.604228%. Computershare was exchange agent; Goldman Sachs and J.P. Morgan were dealer managers; Vestra Advisors was Millrose financial advisor.

Lennar (NYSE: LEN) announced preliminary results of its exchange offer on Nov 24, 2025. The offer to exchange up to 33,298,764 shares of Millrose Class A for Lennar Class A stock expired on Nov 21, 2025 and was oversubscribed.

Computershare reported 91,972,752 Lennar Class A shares tendered (including 31,341,148 by guaranteed delivery). The Final Exchange Ratio is 4.1367 Millrose shares per Lennar share. Lennar intends to accept 8,049,596 tendered Lennar shares in exchange for the full 33,298,764 Millrose shares offered, implying a preliminary proration factor of 7.97%.

Guaranteed-delivery deliveries are due by 5:00 p.m. on Nov 25, 2025; final proration will be announced after that period.

Lennar (NYSE: LEN) announced a final exchange ratio of 4.1367 in its offer to exchange up to 33,298,764 shares of Millrose Class A stock (about 20% of Millrose outstanding) that Lennar owns for Lennar Class A common stock.

Under the ratio, each Lennar Class A share validly tendered and accepted will receive 4.1367 Millrose Class A shares. If fully subscribed, Lennar can accept up to approximately 8,049,596 Lennar Class A shares. The Exchange Offer may be prorated if oversubscribed and expires at 12:00 midnight New York City time on November 21, 2025.

Lennar (NYSE: LEN) announced that Co-CEO and President Jon Jaffe will retire effective December 31, 2025 and will also step down from the Board after a 42-year career. Following the retirement, Stuart Miller will continue as Executive Chairman and serve as sole Chief Executive Officer, with no plans to replace the Co-CEO role. The company said the timing supports a remake of its organizational and cost structure to pursue a leaner, technology-driven approach and to focus on building more affordable homes. Jaffe’s tenure included leading national expansion, integrating major acquisitions, and guiding the company through events from Hurricane Andrew to the Great Recession.

Lennar (NYSE: LEN) announced on November 7, 2025 that it is further extending the expiration date for its previously announced exchange offer to swap the approximately 20% of Millrose Properties (NYSE: MRP) it owns for Lennar Class A common stock.

The offer, originally set to expire at 12:00 midnight New York time on November 14, 2025, is extended to 12:00 midnight on November 21, 2025 because the SEC is not declaring registration statements effective during the U.S. federal government shutdown. Completion is contingent on the Form S-4 registration statement being declared effective; Lennar may further extend or terminate the offer if effectiveness is not achieved.

Lennar (NYSE: LEN and LEN.B) announced an extension of the expiration date for its previously announced Exchange Offer to exchange the approximately 20% of Millrose Properties, Inc. (NYSE: MRP) shares that Lennar owns for Lennar Class A common stock.

The Exchange Offer expiration was moved from 12:00 midnight ET on November 7, 2025 to 12:00 midnight ET on November 14, 2025 because the SEC has not been declaring Form S-4 registration statements effective during the ongoing U.S. federal government shutdown. If the Registration Statement is not declared effective by the new Expiration Date, Lennar may further extend or terminate the Exchange Offer.