Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallWhich is bigger, Lennar or D.R. Horton? By their fiscal 2025 home counts, the two builders were close: Lennar reported 82,583 deliveries, including unconsolidated entities, while D.R. Horton reported 84,863 homes closed. Their reported homebuilding revenues were also similar—$32 billion for Lennar and $31.5 billion for D.R. Horton—but the figures have different scope and classification details. Profitability depends on the metric and period: D.R. Horton reported a 21.5% fiscal 2025 home-sales gross margin and a 13.1% homebuilding pre-tax margin, while Lennar’s latest cited gross margin was 15.8% in its third quarter of fiscal 2026. Those quarter labels are not synchronized, and company-described strategies do not establish which builder will earn better returns.
How to compare Lennar and D.R. Horton
The fiscal calendars matter. Lennar’s fiscal year ends November 30; D.R. Horton’s ends September 30. Their fiscal 2025 figures are each full-year results, but similarly named quarters cover different calendar windows. The latest quarter figures below are therefore useful as company-specific snapshots, not as a perfectly aligned head-to-head period.
Metric definitions also matter. Lennar’s fiscal 2025 delivery count includes deliveries from unconsolidated entities, while D.R. Horton reports homes closed. Gross margin measures home-sales profitability before operating expenses such as selling, general and administrative costs; pre-tax margin is a different, broader measure. Do not rank one company’s gross margin against the other’s pre-tax margin.
Which is bigger, Lennar or D.R. Horton?
On the reported fiscal 2025 home counts, D.R. Horton was slightly higher, but the measures are not worded identically. Revenue was close as well. Lennar said homebuilding generated about 94% of its consolidated revenue; D.R. Horton’s reported figure is homebuilding revenue.
Free tools Windows power users keep installed
One-click scans. No signup required.
| Fiscal 2025 measure | Lennar | D.R. Horton |
|---|---|---|
| Homes delivered or closed | 82,583 deliveries, including unconsolidated entities (Lennar Corporation, 2025) | 84,863 homes closed (D.R. Horton, Inc., 2025) |
| Homebuilding revenue | $32 billion; approximately 94% of consolidated revenue (Lennar Corporation, 2025) | $31.5 billion (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 |
The revenue comparison is not a complete comparison of total company revenue or business mix. D.R. Horton also operates rental, lot-development and financial-services businesses; the figures above isolate homebuilding revenue. Lennar’s stated $32 billion figure likewise refers to homebuilding revenue, not total consolidated revenue.
Lennar vs. D.R. Horton margins
The fiscal 2025 figures show D.R. Horton’s homebuilding profitability measures, but the cited evidence does not provide a comparable Lennar annual margin. A direct annual margin winner cannot be established from these figures.
| Fiscal 2025 margin measure | Lennar | D.R. Horton |
|---|---|---|
| Home-sales gross margin | Not stated in the cited fiscal 2025 figures | 21.5% (D.R. Horton, Inc., 2025) |
| SG&A as a share of homebuilding revenue | Not stated in the cited fiscal 2025 figures | 8.3% (D.R. Horton, Inc., 2025) |
| Homebuilding pre-tax margin | Not stated in the cited fiscal 2025 figures | 13.1% (D.R. Horton, Inc., 2025) |
What the latest cited quarters show
Lennar’s third quarter of fiscal 2026 reported home-sale revenue of $7.7 billion, down 6% year over year; 20,840 deliveries, down 3%; and an average delivered price of $372,000, down 3%. Its home-sales gross margin was 15.8%, compared with 17.5% a year earlier. Lennar cited lower revenue per square foot and higher land costs as the primary margin pressures, partly offset by lower construction costs. SG&A was 9.2% of home-sale revenue, versus 8.2% a year earlier; the company cited weaker revenue leverage and higher marketing and selling expenses.
D.R. Horton’s fiscal third quarter of 2026 reported $8.7 billion in homebuilding revenue, 23,983 closings, a 20.7% home-sales gross margin and a 12.3% homebuilding pre-tax margin. The company attributed gross-margin pressure to lower average selling prices and higher incentives, including mortgage rate buydowns, and said incentives were expected to remain elevated into fiscal 2027.
The 15.8% Lennar and 20.7% D.R. Horton gross margins are not synchronized-quarter comparisons. They indicate pressure in each company’s reported period, but differences in timing, mix and reporting context prevent treating the gap as a clean measure of relative performance.
How do Lennar and D.R. Horton make money?
Both build and sell homes, but their corporate activities and operating descriptions differ. Lennar emphasizes standardized plans, purchasing leverage and production consistency. D.R. Horton combines homebuilding with rental operations, Forestar lot development and financial services. These descriptions are company-stated approaches, not proof that either model produces superior returns.
Lennar: standardized plans and land-light operations
Lennar identifies first-time, move-up, active adult and luxury buyers as customer segments. Its fiscal 2025 annual report describes purchasing leverage, technology and operating-cost reduction, an “Everything’s Included” offering, and standardized Core Plans. It says local operating decisions sit within centralized oversight.
For land, Lennar describes a land-light approach intended to minimize owned homesites while controlling land through options or agreements, including strategic land banks and joint ventures. It also describes even-flow production and says pricing can be adjusted, with gross margin acting as a “shock absorber,” to sustain starts and sales pace. These are descriptions of intended strategy, not independently established outcomes.
D.R. Horton: homebuilding plus development and related businesses
D.R. Horton’s fiscal 2025 annual report describes homebuilding alongside rental, Forestar lot development and financial services. Its operating approach includes adjusting pricing, incentives, product and inventory to local demand. In fiscal 2025, 65% of D.R. Horton closings were on lots developed by Forestar or third parties, according to the company.
D.R. Horton reported 147,000 owned lots and 444,900 lots controlled through purchase contracts at fiscal year end 2025. At June 30, 2026, 78% of its owned-and-controlled lots were under purchase contracts. For the first nine months of fiscal 2026, 67% of closings were on lots developed by Forestar or third parties. These figures indicate substantial use of contract-controlled land and developer relationships; they do not mean D.R. Horton owns no land.
Rank #3
What the land and sales figures say about market pressure
Land control and sales incentives help explain why unit counts alone do not tell the whole story. Builders can sustain sales pace by changing price or incentives, but those choices can reduce revenue per home or pressure gross margin. Lennar cited lower revenue per square foot and higher land costs in its fiscal 2026 third quarter; D.R. Horton cited lower average selling prices and higher incentives in its fiscal third quarter.
For context, D.R. Horton reported $22.3 billion in homebuilding revenue and 61,287 closings for the nine months ended June 30, 2026. Its July 2026 release gave fiscal 2026 homebuilding closing guidance of 83,800–84,300 homes. That is guidance as of the release, not a completed fiscal-year result.
What investors can and cannot conclude
The evidence supports a comparison of scale, reported margins and stated operating approaches—not a stock recommendation or a forecast of relative returns. Fiscal 2025 scale was close, but counts and revenue scopes require care. D.R. Horton’s disclosed fiscal 2025 gross and pre-tax margins provide useful benchmarks, while the available Lennar annual figures here do not support a same-period margin comparison. The later quarterly results show margin and pricing pressure at both companies, but their fiscal quarters differ.
D.R. Horton CEO David V. Auld said in the company’s October 28, 2025 fiscal-year earnings release: “Our strong liquidity, low leverage, experienced operators and national scale provide us with significant financial and operational flexibility to grow our business and provide attractive shareholder returns.” That is management’s assessment, not independent verification of competitive advantage.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
