Lennar’s Q1 2025 gross margin ended up being 18.7%

Lennar’s Q1 2025 gross margin ended up being 18.7%—its lowest in over a decade. On their March 2025 earnings call, Lennar co-CEO Stuart Miller said he expects their Q2 2025 gross margin to be 18% and that they “expect to continue to see margin pressure on deliveries that will be sold during the quarter.”