LEN, LEN.B · Lennar Corp /New/ - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.62B | - | $8.81B | $8.38B | $7.63B | - | $9.42B | $8.77B | $7.31B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $615.74M | - | $171.40M | $155.85M | $147.38M | - | $164.67M | $156.98M | $157.32M | - |
| Total Operating Expenses | $6.40B | - | $8.11B | $7.75B | $6.94B | - | $8.13B | $7.55B | $6.41B | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $302.45M | - | $790.70M | $641.88M | $698.24M | - | $1.54B | $1.26B | $930.79M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $69.09M | - | $190.89M | $160.06M | $169.53M | - | $347.86M | $300.47M | $210.87M | - |
| Net Income | $229.38M | - | $590.97M | $477.45M | $519.53M | - | $1.16B | $954.31M | $719.33M | - |
| EPS - Basic | $0.93 | - | $2.29 | $1.81 | $1.96 | - | $4.26 | $3.45 | $2.57 | - |
| EPS - Diluted | $0.93 | - | $2.29 | $1.81 | $1.96 | - | $4.26 | $3.45 | $2.57 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.39B | $3.76B | $1.76B | $1.48B | $2.59B | $4.91B | $4.31B | $3.92B | $5.26B | $6.57B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $33.21B | $34.43B | $34.88B | $34.37B | $34.99B | $41.31B | $39.74B | $38.67B | $38.95B | $39.23B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | $5.87B | - | - | - | $4.19B | - | - | - | - |
| Total Liabilities | $11.18B | $12.29B | $12.13B | $11.64B | $12.12B | $13.29B | $12.18B | $11.65B | $12.17B | $12.53B |
| Stockholders' Equity | $21.88B | $21.96B | $22.57B | $22.58B | $22.73B | $27.87B | $27.41B | $26.88B | $26.65B | $26.58B |
| Retained Earnings | $22.58B | $22.47B | $22.11B | $21.65B | $21.30B | $25.75B | $24.79B | $23.76B | $22.95B | $22.37B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($433.50M) | - | - | - | ($289.04M) | - | - | - | $367.87M | - |
| Investing Cash Flow | $93.36M | - | - | - | $21.49M | - | - | - | ($147.91M) | - |
| Financing Cash Flow | ($1.10B) | - | - | - | ($2.13B) | - | - | - | ($1.53B) | - |
| CapEx | $29.99M | - | - | - | $56.04M | - | - | - | $72.92M | - |
| Free Cash Flow | ($463.49M) | - | - | - | ($345.08M) | - | - | - | $294.94M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 4.6% | - | 9.0% | 7.7% | 9.1% | - | 16.3% | 14.4% | 12.7% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | 3.5% | - | 6.7% | 5.7% | 6.8% | - | 12.3% | 10.9% | 9.8% | - |
| Free cash flow margin | -7.0% | - | - | - | -4.5% | - | - | - | 4.0% | - |
| FCF / Net income | -2.02 | - | - | - | -0.66 | - | - | - | 0.41 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 9.3% | - | 1.9% | 1.9% | 1.9% | - | 1.7% | 1.8% | 2.2% | - |
| Effective tax rate | 23.1% | - | 24.4% | 25.1% | 24.6% | - | 23.0% | 23.9% | 22.7% | - |
| Return on assets | 0.7% | - | 1.7% | 1.4% | 1.5% | - | 2.9% | 2.5% | 1.8% | - |
| Return on equity | 1.0% | - | 2.6% | 2.1% | 2.3% | - | 4.2% | 3.6% | 2.7% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | 0.27 | - | - | - | 0.15 | - | - | - | - |
| Debt / Assets | - | 0.17 | - | - | - | 0.10 | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.52 | 1.57 | 1.55 | 1.52 | 1.54 | 1.48 | 1.45 | 1.44 | 1.46 | 1.48 |
| Liabilities / Assets | 0.34 | 0.36 | 0.35 | 0.34 | 0.35 | 0.32 | 0.31 | 0.30 | 0.31 | 0.32 |
| Efficiency | ||||||||||
| Asset turnover | 0.20 | - | 0.25 | 0.24 | 0.22 | - | 0.24 | 0.23 | 0.19 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -13.3% | - | -6.4% | -4.4% | 4.4% | - | 7.9% | 4.9% | - | - |
| Revenue CAGR (3y) | - | - | - | - | 7.1% | - | 10.7% | 10.9% | 11.2% | - |
| Revenue CAGR (5y) | 4.4% | - | 8.5% | 9.6% | 11.1% | - | 10.0% | 9.5% | 13.6% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -56.7% | - | -48.5% | -49.1% | -25.0% | - | 4.1% | 8.8% | 18.7% | - |
| Net income growth (YoY) | -55.8% | - | -49.2% | -50.0% | -27.8% | - | 4.8% | 9.5% | 20.6% | - |
| EPS growth (YoY) | -52.6% | - | -46.2% | -47.5% | -23.7% | - | 10.1% | 14.6% | 24.8% | - |
| EPS CAGR (3y) | -23.3% | - | -23.1% | -26.1% | 5.1% | - | -2.0% | 9.2% | -7.0% | - |
| EPS CAGR (5y) | -21.9% | - | 1.6% | 1.9% | 9.1% | - | 21.8% | 21.6% | 28.3% | - |
| FCF growth (YoY) | -34.3% | - | - | - | - | - | - | - | -69.7% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -3.7% | -21.2% | -17.7% | -16.0% | -14.7% | 4.9% | 6.8% | 7.4% | 9.1% | 10.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-11-30.
Business segments
$66.45B totalLennar Homebuilding East Central West Houstonand Other$32.27B · 48.6%
Homebuilding West$11.91B · 17.9%
Homebuilding Central$7.76B · 11.7%
Homebuilding East$6.97B · 10.5%
Homebuilding South Central$5.60B · 8.4%
Lennar Financial Services$1.20B · 1.8%
Lennar Multifamily$680.63M · 1.0%
Lennar Other$41.43M · 0.1%
Homebuilding Other Regions$26.82M · 0.0%
Product / service
$7.14B totalReal Estate Other$6.90B · 96.6%
General Contractor$149.99M · 2.1%
Land$60.47M · 0.8%
Management Service$19.75M · 0.3%
Other Revenue$12.84M · 0.2%
Peer comparison
Same SIC group: General Bldg Contractors - Residential Bldgs
Comparing LENNAR CORP /NEW/ against the 3 most active filers in the same SIC group.