Lennar Corp.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Nov 30, 2025 · FY), Lennar Corp. reported revenue of $34.2B (-3.5% year on year) and net income of $2.1B (-47.2% year on year).
| Line item | Nov 30, 2025 · FY | Nov 30, 2024 · FY | Nov 30, 2023 · FY | Nov 30, 2022 · FY |
|---|---|---|---|---|
| Total revenues | $34.2B | $35.4B | $34.2B | $1.7B |
| Costs and expenses | $30.8B | — | — | — |
| Corporate general and administrative | $636.7M | — | — | — |
| Contribution Expense | $82.6M | — | — | — |
| Total costs and expenses | $31.5B | $30.7B | $28.9B | $26.9B |
| Equity in earnings (losses) from unconsolidated entities | $78.2M | $164.1M | ($144.6M) | — |
| Other income (expense), net and other gains (losses), net | ($62.4M) | $225.9M | $30.5M | — |
| Lennar Other gains (losses) from technology investments | $130.2M | $25.2M | ($50.2M) | ($655.1M) |
| Earnings before income taxes | $2.8B | $5.2B | $5.2B | $6.0B |
| Provision for income taxes | ($705.6M) | ($1.2B) | ($1.2B) | ($1.4B) |
| Net earnings (including net earnings attributable to noncontrolling interests) | $2.1B | $4.0B | $4.0B | $4.6B |
| Less: Net earnings attributable to noncontrolling interests | $30.1M | $35.1M | $22.8M | $34.4M |
| Net earnings attributable to Lennar | $2.1B | $3.9B | $3.9B | $4.6B |
| Net unrealized gains (losses) on securities available-for-sale | ($1.5M) | $2.6M | $2.5M | $1.5M |
| Total other comprehensive income (loss), net of tax | ($1.5M) | $2.6M | $2.5M | $3.7M |
| Total comprehensive income attributable to Lennar | $2.1B | $3.9B | $3.9B | $4.6B |
| Total comprehensive income attributable to noncontrolling interests | $30.1M | $35.1M | $22.8M | $34.4M |
| Basic earnings per share (in USD per share) | $7.98 | $14.31 | $13.73 | $15.74 |
| Line item | Aug 31, 2026 · Q3 | May 31, 2026 · Q2 | Feb 28, 2026 · Q1 | Aug 31, 2025 · Q3 |
|---|---|---|---|---|
| Revenues | $8.0B | $7.9B | $6.6B | $8.8B |
| Cost and expenses | $7.4B | — | — | — |
| Corporate general and administrative | $137.9M | $136.1M | $157.6M | $171.4M |
| Charitable foundation contribution | $20.8M | $20.5M | $16.9M | $21.6M |
| Total costs and expenses | $7.6B | $7.5B | $6.4B | $8.1B |
| Equity in earnings from unconsolidated entities | $3.2M | $34.1M | $63.3M | $10.8M |
| Other income (expense), net and other gains (losses), net | ($22.6M) | $4.1M | $8.1M | ($19.0M) |
| Lennar Other gains (losses) from technology investments | ($53.3M) | ($23.3M) | $14.8M | — |
| Earnings before income taxes | $387.1M | $413.2M | $302.5M | $790.7M |
| Provision for income taxes | ($101.6M) | ($105.1M) | ($69.1M) | ($190.9M) |
| Net earnings (including net earnings attributable to noncontrolling interests) | $285.5M | $308.1M | $233.4M | $599.8M |
| Less: Net earnings attributable to noncontrolling interests | $1.6M | $3.4M | $4.0M | $8.8M |
| Net earnings attributable to Lennar | $283.9M | $304.8M | $229.4M | $591.0M |
| Net unrealized gains (losses) on securities available-for-sale | $79.0K | $70.0K | ($405.0K) | $0 |
| Total other comprehensive income (loss), net of tax | $79.0K | $70.0K | ($405.0K) | $0 |
| Total comprehensive income attributable to Lennar | $284.0M | $304.8M | $229.0M | $591.0M |
| Basic earnings per share (in dollars per share) | $1.19 | — | — | — |
| Diluted earnings per share (in dollars per share) | $1.19 | — | — | — |
| Line item | Nov 30, 2025 · FY | Nov 30, 2024 · FY | Nov 30, 2023 · FY | Nov 30, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $3.8B | $4.7B | $6.3B | $4.6B |
| Restricted cash | $74.4M | $11.8M | $13.5M | $23.0M |
| Receivables, net | $1.5B | $1.1B | $888.0M | $674.0M |
| Finished homes and construction in progress | $8.8B | $10.9B | $10.5B | $11.7B |
| Land and land under development | $1.1B | $4.8B | $4.9B | $7.4B |
| Inventory owned | $9.9B | $15.6B | $15.4B | — |
| Consolidated inventory not owned | $1.7B | $4.1B | $3.0B | $2.3B |
| Inventory owned and consolidated inventory not owned | $11.8B | $19.7B | $18.4B | $21.4B |
| Deposits and pre-acquisition costs on real estate | $6.4B | $3.6B | $2.0B | — |
| Investments in unconsolidated entities | $2.4B | $2.2B | $2.0B | $1.2B |
| Goodwill | $3.6B | $3.4B | $3.4B | $3.4B |
| Other assets | $2.1B | $1.7B | $1.5B | $1.3B |
| Total assets | $34.4B | $41.3B | $39.2B | $38.0B |
| Accounts payable | $1.8B | $1.8B | $1.6B | $1.6B |
| Liabilities related to consolidated inventory not owned | $1.5B | $3.6B | $2.5B | $2.0B |
| Senior notes and other debts payable, net | $5.9B | $4.2B | $5.0B | $6.2B |
| Other liabilities | $2.7B | $3.2B | $2.7B | $3.3B |
| Total liabilities | $12.3B | $13.3B | $12.5B | $13.7B |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $29.8M | $29.7M | $29.5M | $29.3M |
| Additional paid-in capital | $5.9B | $5.7B | $5.6B | $5.4B |
| Retained earnings | $22.5B | $25.8B | $22.4B | $18.9B |
| Treasury stock, at cost; 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock; 2024 - 23,814,148 shares of Class A common stock and 4,532,701 shares of Class B common stock | -6.5B | -3.6B | -1.4B | -210.4M |
| Accumulated other comprehensive income | $6.0M | $7.5M | $4.9M | $2.4M |
| Total stockholders’ equity | $22.0B | $27.9B | $26.6B | $24.1B |
| Noncontrolling interests | $181.2M | $151.1M | $121.3M | $139.9M |
| Total equity | $22.1B | $28.0B | $26.7B | $24.2B |
| Total liabilities and equity | $34.4B | $41.3B | $39.2B | $38.0B |
| Line item | Aug 31, 2026 | May 31, 2026 | Feb 28, 2026 | Aug 31, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $1.4B | $1.8B | $2.1B | $1.4B |
| Restricted cash | $72.4M | $29.2M | $27.5M | $29.9M |
| Receivables, net | $1.3B | $978.8M | $960.9M | $948.3M |
| Consolidated inventory not owned | $951.6M | $1.5B | $1.6B | $2.3B |
| Inventory owned and consolidated inventory not owned | $12.9B | $12.4B | $12.1B | $13.4B |
| Deposits and pre-acquisition costs on real estate | $7.3B | $7.1B | $6.8B | $6.0B |
| Investments in unconsolidated entities | $629.9M | $615.6M | $618.0M | $1.8B |
| Goodwill | $3.6B | $3.4B | $3.4B | $3.4B |
| Other assets | $2.1B | $1.8B | $1.8B | $1.8B |
| Total assets | $1.4B | $33.7B | $33.2B | $34.9B |
| Liabilities related to consolidated inventory not owned | $1.3B | $1.3B | $1.4B | $2.0B |
| Senior notes and other debts payable, net | $4.3B | $6.0B | $5.3B | $5.4B |
| Preferred stock | $0 | $0 | $0 | $0 |
| Common stock | $30.0M | $30.0M | $30.0M | $29.8M |
| Additional paid-in capital | $6.0B | $6.0B | $6.0B | $5.9B |
| Retained earnings | $22.9B | $22.8B | $22.6B | $22.1B |
| Treasury stock at cost | ($7.5B) | ($7.2B) | ($6.7B) | ($5.5B) |
| Accumulated other comprehensive income | $5.8M | $5.7M | $5.6M | $6.0M |
| Total stockholders’ equity | $21.6B | $21.6B | $21.9B | $22.6B |
| Noncontrolling interests | $137.5M | $145.1M | $152.9M | $181.2M |
| Total equity | $21.7B | $21.8B | $22.0B | $22.8B |
| Total liabilities | $920.8M | $11.9B | $11.2B | $12.1B |
| Total liabilities and equity | $33.4B | $33.7B | $33.2B | $34.9B |
| Line item | Nov 30, 2025 · FY | Nov 30, 2024 · FY | Nov 30, 2023 · FY | Nov 30, 2022 · FY |
|---|---|---|---|---|
| Net earnings (including net earnings attributable to noncontrolling interests) | $2.1B | $4.0B | $4.0B | $4.6B |
| Depreciation and amortization | $134.3M | $115.5M | $110.2M | $87.1M |
| Amortization of discount/premium on debt, net | $88.0K | $148.0K | ($1.7M) | ($2.2M) |
| Equity in (earnings) losses from unconsolidated entities | ($78.2M) | ($164.1M) | $144.6M | $36.3M |
| Distributions of earnings from unconsolidated entities | $36.6M | $155.6M | $53.1M | $71.3M |
| Share-based compensation expense | $163.5M | $176.7M | $160.7M | $184.1M |
| Deferred income tax expense (benefit) | $77.3M | $60.4M | ($68.0M) | ($246.7M) |
| Loans held-for-sale unrealized (gains) losses | ($26.6M) | $52.5M | $26.7M | $33.3M |
| Loss on Millrose Properties, Inc. exchange offer | $156.1M | — | $0 | $0 |
| Gain on sale of interest in unconsolidated entity and other Multifamily gain | ($35.9M) | — | $0 | $0 |
| Lennar Other (gains) losses from technology investments and other (gains) losses, net | ($100.2M) | ($67.2M) | $112.5M | $672.2M |
| Gains on sale of operating properties and equipment and other assets and loans receivables | ($77.7M) | ($38.8M) | ($7.0M) | ($7.6M) |
| Gain on redemption/repurchases of senior notes and other debts payable | $0 | ($825.0K) | ($9.6M) | $0 |
| Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets | $246.2M | $143.3M | $125.3M | $110.7M |
| Decrease (increase) in receivables | $66.8M | ($129.2M) | ($329.2M) | ($422.4M) |
| (Increase) decrease in inventories, excluding valuation adjustments | ($150.9M) | ($285.1M) | $2.3B | ($2.4B) |
| Increase in deposits and pre-acquisition costs on real estate | ($1.5B) | ($1.6B) | ($295.8M) | — |
| Increase in other assets | ($186.1M) | ($113.3M) | ($85.0M) | ($13.3M) |
| Decrease (increase) in loans held-for-sale | $123.7M | ($218.4M) | ($366.7M) | ($202.9M) |
| (Decrease) increase in accounts payable and other liabilities | ($690.8M) | $380.4M | ($625.9M) | $701.1M |
| Net cash provided by operating activities | $216.8M | $2.4B | $5.2B | $3.3B |
| Net additions to operating properties and equipment | ($188.6M) | ($171.5M) | ($99.8M) | ($57.2M) |
| Proceeds from sale of other assets | $150.8M | $61.4M | $13.2M | $24.7M |
| Proceeds from Divestiture of Interest in Joint Venture | $258.7M | — | $0 | $0 |
| Proceeds from sale of investments | $100.3M | — | — | — |
| Investments in and contributions to unconsolidated entities | ($253.7M) | ($425.6M) | ($201.0M) | ($447.4M) |
| Distributions of capital from unconsolidated and consolidated entities | $281.5M | $231.1M | $99.6M | $398.4M |
| Proceeds from sale of loan receivables | $114.7M | — | — | — |
| Acquisitions, net of cash and restricted cash acquired | ($254.5M) | — | — | — |
| Decrease (increase) in Financial Services loans held-for-investment | $11.6M | ($734.0K) | $14.3M | $19.5M |
| Purchases of investment securities | ($3.5M) | ($4.5M) | ($8.0M) | ($93.8M) |
| Proceeds from maturities/sales of investment securities | $4.3M | $7.2M | $4.7M | $16.9M |
| Net cash provided by (used in) investing activities | $221.6M | ($302.6M) | ($177.0M) | ($128.3M) |
| Borrowings under term loan facility | $1.7B | — | — | — |
| Net (repayments) borrowings under warehouse facilities | ($140.6M) | — | — | — |
| Proceeds from issuance of senior notes | $700.0M | — | — | — |
| Redemption/repurchases of senior notes | ($500.0M) | ($553.9M) | ($1.1B) | ($575.0M) |
| Principal payments on notes payable and other borrowings | ($57.9M) | ($43.5M) | ($105.1M) | ($48.1M) |
| Net cash distributed in connection with Millrose Properties, Inc spin-off | ($416.0M) | — | — | — |
| Proceeds from liabilities related to consolidated inventory not owned | $2.1M | $195.5M | — | — |
| Payments for Turn of Inventory Not Owned, Financing Activities | ($566.2M) | ($209.3M) | ($842.8M) | ($682.4M) |
| Payments related to other liabilities, net | ($5.7M) | ($5.7M) | ($5.2M) | ($21.2M) |
| Receipts related to noncontrolling interests | $32.1M | $20.1M | $21.1M | $41.8M |
| Payments related to noncontrolling interests | ($19.9M) | ($46.6M) | ($71.3M) | ($91.3M) |
| Debt issuance costs | ($6.5M) | — | — | — |
| Line item | Aug 31, 2026 · YTD | May 31, 2026 · YTD | Feb 28, 2026 · Q1 | Aug 31, 2025 · YTD |
|---|---|---|---|---|
| Net earnings (including net earnings attributable to noncontrolling interests) | $827.0M | $541.5M | $233.4M | $1.6B |
| Depreciation and amortization | $104.6M | $68.7M | $33.4M | $99.3M |
| Amortization of discount/premium and accretion on debt, net | $2.1M | $922.0K | $112.0K | ($33.0K) |
| Equity in earnings from unconsolidated entities | ($100.5M) | ($97.4M) | ($63.3M) | ($56.2M) |
| Distributions of earnings from unconsolidated entities | $52.9M | $51.0M | $26.7M | $28.3M |
| Share-based compensation expense | $117.9M | $88.6M | $62.4M | $138.4M |
| Deferred income tax expense | $127.6M | $63.4M | $44.2M | $77.3M |
| Loans held-for-sale unrealized (gains) losses | $43.7M | $25.5M | ($32.4M) | ($10.3M) |
| Lennar Other losses from technology investments and other losses, net | $65.8M | $8.1M | ($14.8M) | $14.2M |
| Gains on sale of other assets and loans receivable | ($4.2M) | ($9.3M) | ($9.3M) | ($34.1M) |
| Gain on sale of investments in unconsolidated entities and other | $0 | $0 | — | ($35.7M) |
| Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets | $223.9M | $108.3M | $38.1M | $146.9M |
| Decrease (increase) in receivables | $333.2M | $128.5M | $296.2M | ($10.3M) |
| Increase in inventories, excluding valuation adjustments | ($1.7B) | ($1.1B) | ($652.0M) | ($1.3B) |
| Increase In Deposits And Pre-acquisition Costs On Real Estate | ($794.9M) | ($554.8M) | ($353.7M) | ($1.2B) |
| Increase in other assets | ($103.5M) | ($27.2M) | ($36.5M) | ($209.9M) |
| Decrease in loans held-for-sale | $392.3M | $246.7M | $397.8M | $240.4M |
| Decrease in accounts payable and other liabilities | ($371.2M) | ($271.8M) | ($403.8M) | ($978.0M) |
| Net cash used in operating activities | ($822.2M) | ($717.9M) | ($433.5M) | ($1.5B) |
| Net additions of operating properties and equipment | ($40.8M) | ($48.8M) | ($30.0M) | ($103.4M) |
| Proceeds from sale of other assets | $29.5M | $26.2M | $26.2M | $54.8M |
| Proceeds from sale of investment in unconsolidated entity | $0 | $0 | $0 | $233.0M |
| Investments in and contributions to unconsolidated entities | ($87.9M) | ($59.4M) | ($31.8M) | ($203.0M) |
| Distributions of capital from unconsolidated entities | $182.6M | $133.5M | $105.0M | $235.6M |
| Proceeds from sales of investments | $28.3M | $28.3M | $28.3M | $86.9M |
| Proceeds from sale of loan receivables | $0 | $0 | — | $114.7M |
| Acquisition, net of cash and restricted cash acquired | $0 | $0 | $0 | ($254.5M) |
| Decrease in Financial Services loans held-for-investment | $0 | $0 | $0 | $11.6M |
| Purchases of investment securities | ($6.2M) | ($6.2M) | ($6.2M) | ($3.5M) |
| Proceeds from maturities/sales of investment securities | $9.0M | $3.9M | $2.0M | $3.5M |
| Net cash provided by investing activities | $114.4M | $77.4M | $93.4M | $175.6M |
| Net borrowings under revolving credit facility | $650.0M | $0 | — | $1.1B |
| Net repayments under warehouse facilities | ($205.9M) | $173.4M | ($599.3M) | ($67.1M) |
| Proceeds from issuance of senior notes | $0 | $0 | — | $700.0M |
| Redemption/repurchases of senior notes | ($400.0M) | $0 | — | ($500.0M) |
| Principal payments on notes payable and other borrowings | ($33.9M) | ($24.7M) | ($12.1M) | ($48.7M) |
| Net cash distributed in connection with Millrose Properties, Inc. spin-off | $0 | $0 | $0 | ($416.0M) |
| Proceeds from liabilities related to consolidated inventory not owned | $11.6M | $11.6M | $0 | $259.0K |
| Payments for liabilities related to consolidated inventory not owned | ($249.9M) | ($166.8M) | ($80.2M) | ($479.4M) |
| Payments related to other liabilities, net | ($4.3M) | ($2.8M) | ($1.4M) | ($4.3M) |
| Receipts related to noncontrolling interests | $4.2M | $2.5M | $1.1M | $26.0M |
| Payments related to noncontrolling interests | ($37.3M) | ($26.4M) | ($10.7M) | ($7.8M) |
| Debt issuance costs | $0 | $0 | — | ($6.5M) |
| Repurchases | ($992.7M) | ($736.8M) | ($269.7M) | ($1.8B) |
| Dividends | ($365.9M) | ($246.5M) | ($123.5M) | ($394.4M) |
Lennar Corp. score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.