Third Quarter 2025 Highlights - comparisons to the prior year quarter

Net earnings per diluted share of $2.29 ( $2.00 excluding mark-to-market gains on technology investments)

Net earnings of $591 million

New orders increased 12% to 23,004 homes

Backlog of 16,953 homes with a dollar value of $6.6 billion

Deliveries of 21,584 homes - consistent with prior year

Total revenues of $8.8 billion

Homebuilding operating earnings of $760 million

Gross margin on home sales of 17.5%

SG&A expenses as a % of revenues from home sales of 8.2%

Net margin on home sales of 9.2%

Financial Services operating earnings of $178 million

Multifamily operating loss of $16 million

Lennar Other operating earnings of $62 million

Years supply of owned homesites of 0.1 years

Controlled homesite

See Full Page