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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Which is bigger, Lennar or D.R. Horton? In fiscal 2025, the two were close in reported homebuilding scale: Lennar delivered 82,583 homes, including deliveries from unconsolidated entities, while D.R. Horton closed 84,863 homes. Their homebuilding revenue was also similar—$32 billion at Lennar and $31.5 billion at D.R. Horton—but the companies’ definitions and reporting scope are not identical. Margin comparisons need even more care: D.R. Horton reported both a 21.5% home-sales gross margin and a 13.1% homebuilding pre-tax margin for fiscal 2025, while the comparable Lennar annual margin figure is not established here.
How close are Lennar and D.R. Horton in size?
On fiscal 2025 homebuilding measures, neither company stands out as dramatically larger than the other. Lennar reported $32 billion in homebuilding revenue, approximately 94% of its consolidated revenue, and 82,583 deliveries. Its delivery count includes homes delivered by unconsolidated entities. D.R. Horton reported $31.5 billion in homebuilding revenue and 84,863 homes closed. The count comparison is close, but “deliveries” and “homes closed” are company-reported measures with different wording and scope.
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| Fiscal 2025 measure | Lennar | D.R. Horton |
|---|---|---|
| Homebuilding revenue | $32 billion; approximately 94% of consolidated revenue (Lennar Corporation, 2025) | $31.5 billion (D.R. Horton, Inc., 2025) |
| Homes delivered or closed | 82,583 deliveries, including unconsolidated entities (Lennar Corporation, 2025) | 84,863 homes closed (D.R. Horton, Inc., 2025) |
| Average sales price | $391,000, excluding deliveries from unconsolidated entities (Lennar Corporation, 2025) | Not stated in the cited fiscal 2025 figures |
Revenue is not a perfect stand-in for unit scale. Lennar’s $32 billion figure is homebuilding revenue and its annual delivery count includes unconsolidated entities; D.R. Horton’s figures are homebuilding revenue and homes closed. Consolidation and revenue classification affect what the totals capture.
How do the fiscal periods line up?
The companies’ fiscal years end on different dates: Lennar’s ends November 30, while D.R. Horton’s ends September 30. Their fiscal 2025 annual results can be compared as same-named fiscal years, but same-named quarters cover different calendar windows. A quarterly comparison should therefore be read as a comparison of the reported periods, not as a synchronized snapshot of market conditions.
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Lennar vs. D.R. Horton margins: what do the reported figures show?
For fiscal 2025, D.R. Horton reported a 21.5% home-sales gross margin, SG&A equal to 8.3% of homebuilding revenue, and a 13.1% homebuilding pre-tax margin. Gross margin measures the margin after home-sale costs; pre-tax margin is a separate, later-stage measure. Neither should be substituted for the other.
The available figures do not establish a fiscal 2025 annual gross-margin comparison with Lennar. For a more recent, but unsynchronized, quarterly view, Lennar reported a 15.8% home-sales gross margin in its third quarter of fiscal 2026, versus 17.5% a year earlier. D.R. Horton reported a 20.7% home-sales gross margin in its fiscal third quarter of 2026. Those quarter labels cover different fiscal windows, so the figures indicate what each company reported in its own quarter rather than a like-for-like ranking.
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| Reported margin measure | Lennar | D.R. Horton |
|---|---|---|
| Fiscal 2025 home-sales gross margin | Not stated in the cited fiscal 2025 figures | 21.5% (D.R. Horton, Inc., 2025) |
| Fiscal 2025 homebuilding pre-tax margin | Not stated in the cited fiscal 2025 figures | 13.1% (D.R. Horton, Inc., 2025) |
| Third quarter of fiscal 2026 home-sales gross margin | 15.8%; 17.5% in the year-earlier quarter (Lennar Corporation, 2026) | 20.7% in its fiscal third quarter of 2026 (D.R. Horton, Inc., 2026) |
| Quarterly homebuilding pre-tax margin | Not stated in the cited figures | 12.3% in fiscal third quarter 2026 (D.R. Horton, Inc., 2026) |
The margin figures are shaped by selling prices, incentives, land costs, construction costs, and overhead. In Lennar’s third quarter of fiscal 2026, home-sale revenue was $7.7 billion, down 6% year over year, and deliveries were 20,840, down 3%. Average delivered price was $372,000, down 3%. Lennar attributed margin pressure primarily to lower revenue per square foot and higher land costs, partly offset by lower construction costs. SG&A was 9.2% of home-sale revenue, compared with 8.2% a year earlier; the company cited lower revenue leverage and increased marketing and selling expenses.
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How do Lennar and D.R. Horton make money?
Both companies build and sell homes, but their businesses extend beyond that core in different ways. Lennar’s reported homebuilding revenue represented approximately 94% of its consolidated revenue in fiscal 2025. D.R. Horton describes a broader operation that includes homebuilding, rental operations, Forestar lot development, and financial services. The mix matters when assessing consolidated results: homebuilding revenue is not the entirety of either company’s business.
How do their land strategies differ?
Lennar’s stated land-light approach
Lennar describes a land-light model intended to limit owned homesites and control land through options or agreements, including strategic land banks and joint ventures. Its fiscal 2025 annual report presents this alongside purchasing leverage, technology and operating-cost reduction, an “Everything’s Included” offering, standardized Core Plans, local operating decisions under centralized oversight, and even-flow production. The company says pricing can be adjusted, with gross margin acting as a “shock absorber,” to help maintain consistent starts and sales pace. These are Lennar’s descriptions of its approach, not proof that it produces superior returns.
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D.R. Horton’s owned lots, contracts, and developer network
D.R. Horton combines owned land with lots it controls through purchase contracts and works with its Forestar subsidiary and third-party developers. At June 30, 2026, 78% of its owned-and-controlled lot position was under purchase contracts. For the first nine months of fiscal 2026, 67% of its closings were on lots developed by Forestar or third parties. The company reported 65% of fiscal 2025 closings on lots developed by Forestar or third parties. These figures show substantial use of contracted and externally developed lots; they do not mean D.R. Horton owns no land.
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| Land-related disclosure | Figure | Period and scope |
|---|---|---|
| D.R. Horton lots owned | 147,000 | Fiscal year-end 2025 |
| D.R. Horton lots controlled through purchase contracts | 444,900 | Fiscal year-end 2025 |
| D.R. Horton owned-and-controlled lots under purchase contracts | 78% | At June 30, 2026 |
| D.R. Horton closings on Forestar- or third-party-developed lots | 65% | Fiscal 2025 closings |
| D.R. Horton closings on Forestar- or third-party-developed lots | 67% | First nine months of fiscal 2026 |
The disclosed approaches share a focus on controlling land without relying exclusively on outright ownership, but the available descriptions are not identical measures. Lennar explicitly labels its approach land-light; D.R. Horton reports owned lots, contracted lots, and the share of closings on lots developed by its affiliate or third parties.
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How do they respond to local demand and affordability?
Both companies describe adjusting homebuilding decisions to local market conditions. Lennar says standardized Core Plans and even-flow production support operating consistency, while pricing can be adjusted to help sustain starts and sales pace. Its fiscal 2025 report identifies first-time, move-up, active-adult, and luxury buyers as customer segments.
D.R. Horton describes managing pricing, incentives, product, and inventory in response to local demand. Its recent comments on lower average selling prices and elevated incentives show the trade-off builders face when affordability is strained: sales pace can be supported with price reductions or financing incentives, but those choices can reduce revenue per home or margin. Neither company’s strategy language alone establishes which approach performs better across markets or through a full cycle.
What do the latest operating figures add?
For the nine months ended June 30, 2026, D.R. Horton reported $22.3 billion in homebuilding revenue and 61,287 closings. In its July 2026 release, the company gave fiscal 2026 homebuilding closing guidance of 83,800–84,300 homes. That is company guidance as of the release, not a completed fiscal-year result.
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What can an investor conclude from the comparison?
- Scale: Fiscal 2025 homebuilding revenue and reported home counts were close, but delivery and closing definitions and consolidation scope should stay attached to the figures.
- Margins: D.R. Horton’s fiscal 2025 gross and pre-tax margins describe different levels of profitability. The cited evidence does not establish a directly comparable Lennar annual margin, and the latest quarterly gross margins come from different fiscal windows.
- Strategy: Lennar emphasizes a stated land-light, standardized-production approach; D.R. Horton discloses owned and contracted lots alongside a substantial share of closings on Forestar- or third-party-developed lots.
- Demand: Both report pricing or incentive pressure. A simple count of homes or gross margin by itself does not capture the affordability choices and effective prices behind sales.
These operating comparisons do not determine which stock is more attractive: no valuation, share-price, or consensus-estimate comparison is established by the figures above.
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