# LENNAR CORP /NEW/ (LEN) Informational only - not investment advice. CIK: 0000920760 SIC: 1520 General Bldg Contractors - Residential Bldgs SIC breadcrumb: [Construction](/division/C/) > [Building Construction General Contractors And Operative Builders](/major-group/15/) > [SIC 1520 General Bldg Contractors - Residential Bldgs](/industry/1520/) Latest 10-K filed: 2026-01-28 SEC page: https://www.sec.gov/edgar/browse/?CIK=920760 Filing source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm ## At a glance FY2025 · period end 2025-11-30 · filed 2026-01-28 · accession 0001628280-26-003870 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000920760.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 34,186,934,000 USD | 2025 | verified | | Net income | 2,078,179,000 USD | 2025 | verified | | Assets | 34,430,437,000 USD | 2025 | verified | | Free cash flow | 28,183,000 USD | 2025 | computed | | Net margin | 6.08% | 2025 | computed | | Revenue YoY | -3.54% | 2025 | computed | | ROE | 9.46% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Homebuilders](/compare/homebuilders/) · SIC 1520 General Bldg Contractors - Residential Bldgs No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including LEN - Homebuilders: [peer review](/compare/homebuilders/) · [market-risk page](/compare/homebuilders/risk/) ### Peer percentile fingerprint | Ratio | LEN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 6.1% | 7.9% | 41 | 18 | | Revenue growth | -3.5% | -1.5% | 24 | 18 | | FCF margin | 0.1% | 5.1% | 18 | 18 | | ROE | 9.5% | 12.7% | 33 | 19 | | ROA | 6.0% | 6.6% | 39 | 19 | | Liabilities / equity | 0.56 | 0.72 | 33 | 19 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 15 Building Construction General Contractors And Operative Builders, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 34186934000 | USD | 2025 | 2026-01-28 | | Net income | 2078179000 | USD | 2025 | 2026-01-28 | | Assets | 34430437000 | USD | 2025 | 2026-01-28 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-01-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000920760.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Assets | | | | 15,361,781,000 | 18,745,034,000 | 28,566,181,000 | 29,359,511,000 | 29,935,177,000 | 33,207,778,000 | 37,984,295,000 | 39,234,303,000 | 41,312,781,000 | 34,430,437,000 | | Capital expenditures | | | | 76,439,000 | 111,773,000 | 130,439,000 | 86,497,000 | 72,752,000 | 65,172,000 | 57,214,000 | 99,799,000 | 171,503,000 | 188,629,000 | | Cash and cash equivalents | 970,505,000 | 1,281,814,000 | 1,158,445,000 | 1,329,529,000 | 2,650,872,000 | 1,558,458,000 | 1,445,996,000 | 2,863,038,000 | | | | 4,909,664,000 | 3,756,305,000 | | Cost of revenue | | | | | | | | | | | | | 28,121,472,000 | | Dividends paid | | | | 35,324,000 | 37,608,000 | 49,159,000 | 51,454,000 | 195,043,000 | 309,776,000 | 438,038,000 | 430,560,000 | 548,823,000 | 520,959,000 | | Diluted EPS | | | 3.39 | 3.86 | 3.38 | 5.44 | 5.74 | 7.85 | 14.27 | 15.72 | 13.73 | 14.31 | | | Stockholders' equity | | | | 7,026,042,000 | 7,872,317,000 | 14,581,535,000 | 15,949,517,000 | 17,994,856,000 | 20,816,425,000 | 24,100,500,000 | 26,580,664,000 | 27,870,135,000 | 21,959,417,000 | | Free cash flow | | | | 431,365,000 | 870,601,000 | 1,561,308,000 | 1,395,846,000 | 4,118,067,000 | 2,467,602,000 | 3,208,454,000 | 5,079,939,000 | 2,231,876,000 | 28,183,000 | | Gross margin | | | | | | | | | | | | | 17.74% | | Gross profit | | | | | | | | | | | | | 6,065,462,000 | | Liabilities | | | | 8,150,214,000 | 10,758,902,000 | 13,883,224,000 | 13,325,681,000 | 11,835,776,000 | 12,211,496,000 | 13,743,928,000 | 12,532,337,000 | 13,291,556,000 | 12,289,828,000 | | Net income | | | | 911,844,000 | 810,480,000 | 1,695,831,000 | 1,849,052,000 | 2,465,036,000 | 4,430,111,000 | 4,614,125,000 | 3,938,511,000 | 3,932,533,000 | 2,078,179,000 | | Operating cash flow | | | | 507,804,000 | 982,374,000 | 1,691,747,000 | 1,482,343,000 | 4,190,819,000 | 2,532,774,000 | 3,265,668,000 | 5,179,738,000 | 2,403,379,000 | 216,812,000 | | Revenue | | | | 10,949,999,000 | 12,646,365,000 | 20,571,631,000 | 22,259,561,000 | 22,488,854,000 | 27,130,676,000 | 33,671,010,000 | 34,233,366,000 | 35,441,452,000 | 34,186,934,000 | | Share buybacks | | | | 19,902,000 | 27,054,000 | 299,833,000 | 523,074,000 | 321,524,000 | 1,430,212,000 | 1,039,309,000 | 1,182,711,000 | 2,256,464,000 | 1,808,369,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Liabilities / equity | | | | 1.16 | 1.37 | 0.95 | 0.84 | 0.66 | 0.59 | 0.57 | 0.47 | 0.48 | 0.56 | | Net margin | | | | 8.33% | 6.41% | 8.24% | 8.31% | 10.96% | 16.33% | 13.70% | 11.50% | 11.10% | 6.08% | | Return on assets | | | | 5.94% | 4.32% | 5.94% | 6.30% | 8.23% | 13.34% | 12.15% | 10.04% | 9.52% | 6.04% | | Return on equity | | | | 12.98% | 10.30% | 11.63% | 11.59% | 13.70% | 21.28% | 19.15% | 14.82% | 14.11% | 9.46% | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/LEN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000920760.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-08-31 | | | 5.03 | reported discrete quarter | | 2023-Q1 | 2023-02-28 | | | 2.06 | reported discrete quarter | | 2023-Q2 | 2023-05-31 | | | 3.01 | reported discrete quarter | | 2023-Q3 | 2023-08-31 | 8,729,603,000 | 1,108,996,000 | 3.87 | reported discrete quarter | | 2023-Q4 | 2023-11-30 | 10,968,183,000 | 1,361,287,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-02-29 | 7,312,930,000 | 719,334,000 | 2.57 | reported discrete quarter | | 2024-Q2 | 2024-05-31 | 8,765,592,000 | 954,311,000 | 3.45 | reported discrete quarter | | 2024-Q3 | 2024-08-31 | 9,416,042,000 | 1,162,674,000 | 4.26 | reported discrete quarter | | 2024-Q4 | 2024-11-30 | 9,946,888,000 | 1,096,214,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-02-28 | 7,631,545,000 | 519,526,000 | 1.96 | reported discrete quarter | | 2025-Q2 | 2025-05-31 | 8,377,502,000 | 477,449,000 | 1.81 | reported discrete quarter | | 2025-Q3 | 2025-08-31 | 8,810,278,000 | 590,967,000 | 2.29 | reported discrete quarter | | 2025-Q4 | 2025-11-30 | 9,367,609,000 | 490,237,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-02-28 | 6,619,476,000 | 229,383,000 | 0.93 | reported discrete quarter | | 2026-Q2 | 2026-05-31 | 7,939,872,000 | 304,772,000 | 1.24 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from LEN's latest 10-K: [/company/LEN/business/](/company/LEN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from LEN's latest 10-K: [/company/LEN/risk-factors/](/company/LEN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/920760/000162828026046019/len-20260531.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-06-29 Report date: 2026-05-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes included under Item 1 of this Quarterly Report on Form 10-Q and our audited consolidated financial statements and accompanying notes included in our 2025 Form 10-K. Outlook Lennar's second quarter 2026 results represent strong operational execution against a macro backdrop that has grown more complicated throughout the quarter. While our margin remains under pressure as we continue to focus on bringing affordable housing to an affordability-constrained consumer base, underlying demand is real and growing and supply remains structurally short. Mortgage interest rates remained stubbornly elevated in the mid-to-upper 6% range throughout the quarter, keeping affordability challenged for the majority of our buyers. Complicating the picture further, headline inflation rose to 4.2% year-over-year in May, the highest reading since early 2023, driven primarily by energy prices tied to supply disruptions from the Iran conflict. While core inflation decelerated on a monthly basis, higher energy costs impact every part of the American household budget and weigh on consumer confidence and the urgency to make major financial commitments. The Federal Reserve remains on hold, and near-term rate relief appears unlikely. Consumer psychology continues to be tested by concerns about long-term job security amid rapid advances in artificial intelligence. Traffic across our communities has been inconsistent; intent is high but urgency to close remains measured and deliberate rather than confident. On an encouraging note, after three years of incentive levels that have been generally increasing, we saw a meaningful decline in our sales incentives on deliveries this quarter. While the overall market remains choppy and it is too early to declare a sustained trend, this may be a leading indicator of margin recovery. The federal government's engagement with the national housing crisis also continues to deepen, with housing affordability remaining a genuine focal point of both the administration and the legislature. Our operating strategy has not changed. We remain focused on two strategic priorities: driving consistent, even-flow production and volume, and continuously refining our asset-light, land-light balance sheet model to generate strong and growing cash flow and returns. Using incentives, we price to market in order to maintain sales at a consistent level as the market adjusts. This has given us a competitive edge, and has enabled us to drive down construction costs per square foot and to reduce cycle time to a record low. Our land-light model enables us to be a significantly more efficient land buyer, land developer and land administrator at a meaningfully lower cost of capital. We are not waiting for conditions to normalize, we are building and executing in the market as it exists today, and we are currently expecting sequential margin improvement to continue as the year progresses. For the third quarter of 2026, we expect new orders to be in the range of 21,000 to 22,000 homes, with continued focus on matching starts and sales pace. We anticipate third quarter deliveries to be in the range of 20,500 to 21,500 homes as we maintain even-flow production and convert inventory to cash. Our average sales price on those deliveries is expected to be between $375,000 and $380,000. We expect gross margins to be approximately 16%, and our SG&A percentage should be in the range of 8.8% to 9.0%. For the full year, we are adjusting our annual delivery guidance to 82,000 to 83,000 homes, reflecting current pressures on interest rates and continued macro uncertainty. After over three years of navigating a rather difficult and complicated housing market, we believe that we are well-positioned for market conditions as they unfold. In the current market, incentives are declining, margins are starting to improve, and our sales and marketing machines are generating stronger leads, faster engagement, and better conversion. Our position is strong in the vast majority of our markets, which gives us the scale and operational discipline to position ourselves for improvements in the market rather than waiting for conditions to improve on their own. We are building towards that with clarity, discipline, and confidence. 32 (1) Results of Operations Overview We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three and six months ended May 31, 2026 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns. Our second quarter net earnings attributable to Lennar in 2026 were $304.8 million, or $1.24 per diluted share, compared to our second quarter net earnings attributable to Lennar in 2025 of $477.4 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23.3 million and $29.4 million on technology investments, respectively, our second quarter net earnings attributable to Lennar in 2026 were $322.1 million, or $1.31 per diluted share, compared to $499.5 million or $1.90 per diluted share in the second quarter of 2025. Financial information relating to our operations was as follows: [[GREPCENT_TABLE]] [["","Three Months Ended May 31, 2026"],["(In thousands)","Homebuilding","","Financial Services","","Multifamily","","Lennar Other","","Corporate","","Total"],["Revenues:"],["Sales of homes","$","7,595,039","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","7,595,039"],["Sales of land","12,401","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","12,401"],["Other revenues","8,874","","","236,939","","","63,564","","","23,055","","","\u2014","","","332,432"],["Total revenues","7,616,314","","","236,939","","","63,564","","","23,055","","","\u2014","","","7,939,872"],["Costs and expenses:"],["Costs of homes sold","6,412,619","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","6,412,619"],["Costs of land sold","21,544","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","21,544"],["Selling, general and administrative expenses","698,395","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","698,395"],["Other costs and expenses","\u2014","","","135,836","","","72,788","","","43,726","","","\u2014","","","252,350"],["Total costs and expenses","7,132,558","","","135,836","","","72,788","","","43,726","","","\u2014","","","7,384,908"],["Equity in earnings from unconsolidated entities","2,670","","","\u2014","","","27,233","","","4,184","","","\u2014","","","34,087"],["Other income, net and other gains, net","2,945","","","\u2014","","","316","","","795","","","\u2014","","","4,056"],["Lennar Other losses from technology investments","\u2014","","","\u2014","","","\u2014","","","(23,252)","","","\u2014","","","(23,252)"],["Operating earnings (loss)","$","489,371","","","101,103","","","18,325","","","(38,944)","","","\u2014","","","569,855"],["Corporate general and administrative expenses","\u2014","","","\u2014","","","\u2014","","","\u2014","","","136,149","","","136,149"],["Charitable foundation contribution","\u2014","","","\u2014","","","\u2014","","","\u2014","","","20,519","","","20,519"],["Earnings (loss) before income taxes","$","489,371","","","101,103","","","18,325","","","(38,944)","","","(156,668)","","","413,187"]] [[/GREPCENT_TABLE]] 33 [[GREPCENT_TABLE]] [["","Three Months Ended May 31, 2025"],["(In thousands)","Homebuilding","","Financial Services","","Multifamily","","Lennar Other","","Corporate","","Total"],["Revenues:"],["Sales of homes","$","7,788,275","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","7,788,275"],["Sales of land","43,195","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","43,195"],["Other revenues","12,392","","","298,098","","","230,305","","","5,237","","","\u2014","","","546,032"],["Total revenues","7,843,862","","","298,098","","","230,305","","","5,237","","","\u2014","","","8,377,502"],["Costs and expenses:"],["Costs of homes sold","6,402,532","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","6,402,532"],["Costs of land sold","56,173","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","56,173"],["Selling, general and administrative expenses","688,847","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","688,847"],["Other costs and expenses","\u2014","","","140,818","","","254,677","","","30,025","","","\u2014","","","425,520"],["Total costs and expenses","7,147,552","","","140,818","","","254,677","","","30,025","","","\u2014","","","7,573,072"],["Equity in earnings (losses) from unconsolidated entities","17,716","","","\u2014","","","(5,269)","","","(331)","","","\u2014","","","12,116"],["Other income, net and other gains, net","14,208","","","\u2014","","","14,887","","","1,664","","","\u2014","","","30,759"],["Lennar Other losses from technology investments","\u2014","","","\u2014","","","\u2014","","","(29,440)","","","\u2014","","","(29,440)"],["Operating earnings (loss)","$","728,234","","","157,280","","","(14,754)","","","(52,895)","","","\u2014","","","817,865"],["Corporate general and administrative expenses","\u2014","","","\u2014","","","\u2014","","","\u2014","","","155,853","","","155,853"],["Charitable foundation contribution","\u2014","","","\u2014","","","\u2014","","","\u2014","","","20,131","","","20,131"],["Earnings (loss) before income taxes","$","728,234","","","157,280","","","(14,754)","","","(52,895)","","","(175,984)","","","641,881"]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm Complete FY 2025 MD&A: /company/LEN/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-01-28 Report date: 2025-11-30 Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and accompanying notes included elsewhere in this Report. It also should be read in conjunction with the disclosure under “Special Note Regarding Forward-Looking Statements” in Part I of this Form 10-K. 26 Table of Contents Outlook Lennar’s fourth quarter and year-end 2025 results reflect what is and continues to be a difficult housing market. However, while our margin has been under pressure as we focus on bringing affordable housing to an affordability-constrained consumer base, the underlying demand is still strong, while supply is short. During the past three years of difficult market conditions, we have maintained volume, grown our market share and re-engineered our operating platform for a better and more efficient future when the market normalizes. We began the quarter with the expectation that declining interest rates were the start of a market recovery. While mortgage rates drifted marginally lower in the fourth quarter, the customer response remained tepid, suggesting a combination of poor affordability and diminished consumer confidence continued to limit demand. The threat of a government shutdown and ultimate actual shutdown in October and November further eroded already weak consumer confidence. While traffic was consistent, customers were both hesitant and limited by what they could afford to purchase. Clearly, inflation-driven affordability concerns rose to the center of the national conversation, shaping headlines and policy debates across the country. Cost inflation has clearly had a significant impact on the lifestyle of the average American family. At the same time, concerns about job security have become increasingly prominent as advancements in modern technology and artificial intelligence raise important questions about the future of employment for the American workforce. On a positive note, the federal government has intensified its focus on the national housing crisis, with a strong likelihood of taking decisive action to enhance affordability. Although the specifics of potential programs remain to be seen, it is clear that significant attention is being devoted to developing impactful initiatives, while avoiding unintended negative consequences. This is the first time in decades that the federal government is actively recognizing the vital role that housing plays, not only in the broader national economy, but also in the well-being of American families. We know that margins will remain under pressure in the first quarter of 2026 and sales and closings will be seasonally light. However, we have a lower cost structure, efficient product offerings and a strong market position that we expect to accommodate pent-up demand as rates moderate and confidence ultimately returns. Our strategy has positioned us for strong cash flow, higher returns on equity and capital, and stronger bottom line growth in the future. Meanwhile, we will remain focused on volume and even-flow production. Margins are usually lowest during the first quarter of a fiscal year, and we expect our margins in the first quarter of 2026 will be between 15% and 16%, depending on market conditions. We expect that in the first quarter of fiscal 2026, we will sell between 18,000 and 19,000 homes and deliver between 17,000 and 18,000 homes at an average sales price of between $365,000 and $375,000. We expect to deliver approximately 85,000 homes in the full 2026 fiscal year. As we have driven growth, production and volume, we have created efficiencies and technology that will make us a better company in the future. We have materially reduced our inventory, our construction costs, and our cycle times, and we have increased, and will continue to increase, our inventory turn. We are determined to build more with less capital deployed so that as margins begin to grow, returns on capital and equity will grow faster. We are also very enthusiastic about our technology initiatives. They have made us, and are continuing to make us, faster and better in the way that we engage with our customers. We are trying to be the best manufacturing model that we can be. The programs that we have in place are helping us absorb the price reductions we are required to give to maintain desired volume levels. They offer us the likelihood of substantially increasing profit levels when market conditions return to normal. Results of Operations Overview Our net earnings attributable to Lennar were $2.1 billion, or $7.98 per diluted and basic share for the year ended November 30, 2025 and $3.9 billion, or $14.31 per diluted and basic share for the year ended November 30, 2024. Excluding mark-to-market gains on technology investments of $130.2 million and one-time loss of $156.1 million on the Millrose Properties, Inc. exchange offer ("Millrose Exchange Offer"), net earnings attributable to Lennar for the year ended November 30, 2025 were $2.1 billion, or $8.06 per diluted share. Excluding mark-to-market gains of $25.2 million on technology investments, one-time items of $90.0 million in our Multifamily segment and a $46.5 million one-time gain on the sale of a technology investment, net earnings attributable to Lennar for the year ended November 30, 2024 were $3.8 billion, or $13.86 per diluted share. 27 Table of Contents Financial information relating to our operations was as follows: [[GREPCENT_TABLE]] [["","For the Year Ended November 30, 2025"],["(In thousands)","Homebuilding","","Financial Services","","Multifamily","","Lennar Other","","Corporate","","Total"],["Revenues:"],["Sales of homes","$","32,097,245","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","32,097,245"],["Sales of land","130,232","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","130,232"],["Other revenues","39,203","","","1,198,197","","","680,627","","","41,430","","","\u2014","","","1,959,457"],["Total revenues","32,266,680","","","1,198,197","","","680,627","","","41,430","","","\u2014","","","34,186,934"],["Costs and expenses:"],["Costs of homes sold","26,423,605","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","26,423,605"],["Costs of land sold","182,680","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","182,680"],["Selling, general and administrative","2,678,337","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","2,678,337"],["Other costs and expenses","\u2014","","","585,731","","","750,011","","","179,445","","","\u2014","","","1,515,187"],["Total costs and expenses","29,284,622","","","585,731","","","750,011","","","179,445","","","\u2014","","","30,799,809"],["Equity in earnings (losses) from unconsolidated entities","83,652","","","\u2014","","","(18,754)","","","13,327","","","\u2014","","","78,225"],["Other income (expense), net and other gains (losses), net (1)","(50,458)","","","\u2014","","","12,683","","","(24,577)","","","\u2014","","","(62,352)"],["Lennar Other gains from technology investments","\u2014","","","\u2014","","","\u2014","","","130,166","","","\u2014","","","130,166"],["Operating earnings (loss)","3,015,252","","","612,466","","","(75,455)","","","(19,099)","","","\u2014","","","3,533,164"],["Corporate general and administrative expenses","\u2014","","","\u2014","","","\u2014","","","\u2014","","","636,718","","","636,718"],["Charitable foundation contribution","\u2014","","","\u2014","","","\u2014","","","\u2014","","","82,583","","","82,583"],["Earnings (loss) before income taxes","$","3,015,252","","","612,466","","","(75,455)","","","(19,099)","","","(719,301)","","","2,813,863"]] [[/GREPCENT_TABLE]] (1) Homebuilding other income (expense), net and other gains (losses), net included a one-time loss of $156.1 million on the Millrose Exchange Offer for the year ended November 30, 2025. [[GREPCENT_TABLE]] [["","For the Year Ended November 30, 2024"],["(In thousands)","Homebuilding","","Financial Services","","Multifamily","","Lennar Other","","Corporate","","Total"],["Revenues:"],["Sales of homes","$","33,778,149","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","33,778,149"],["Sales of land","93,384","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","93,384"],["Other revenues","34,893","","","1,109,263","","","411,537","","","14,226","","","\u2014","","","1,569,919"],["Total revenues","33,906,426","","","1,109,263","","","411,537","","","14,226","","","\u2014","","","35,441,452"],["Costs and expenses:"],["Costs of homes sold","26,255,353","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","26,255,353"],["Costs of land sold","73,802","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","73,802"],["Selling, general and administrative","2,480,309","","","\u2014","","","\u2014","","","\u2014","","","\u2014","","","2,480,309"],["Other costs and expenses","\u2014","","","532,079","","","521,455","","","79,495","","","\u2014","","","1,133,029"],["Total costs and expenses","28,809,464","","","532,079","","","521,455","","","79,495","","","\u2014","","","29,942,493"],["Equity in earnings (losses) from unconsolidated entities","66,448","","","\u2014","","","150,753","","","(53,102)","","","\u2014","","","164,099"],["Other income, net and other gains, net","178,842","","","\u2014","","","1,800","","","45,224","","","\u2014","","","225,866"],["Lennar Other gains from technology investments","\u2014","","","\u2014","","","\u2014","","","25,180","","","\u2014","","","25,180"],["Operating earnings (loss)","5,342,252","","","577,184","","","42,635","","","(47,967)","","","\u2014","","","5,914,104"],["Corporate general and administrative expenses","\u2014","","","\u2014","","","\u2014","","","\u2014","","","648,986","","","648,986"],["Charitable foundation contribution","\u2014","","","\u2014","","","\u2014","","","\u2014","","","80,210","","","80,210"],["Earnings (loss) before income taxes","$","5,342,252","","","577,184","","","42,635","","","(47,967)","","","(729,196)","","","5,184,908"]] [[/GREPCENT_TABLE]] 28 Table of Contents As previously announced, Lennar Corporation completed our acquisition of Rausch Coleman Homes ("Rausch") in February 2025. Prior year information includes only stand-alone data for Lennar Corporation for the year ended November 30, 2024. 2025 versus 2024 Revenues from home sales decreased 5% in the year ended November 30, 2025 to $32.1 billion from $33.8 billion in the year ended November 30, 2024. Revenues were lower primarily due to a 8% decrease in the average sales price of homes delivered, partially offset by a 3% increase in the number of home deliveries. New home deliveries increased to 82,583 homes in the year ended November 30, 2025 from 80,210 homes in the year ended November 30, 2024. The average sales price of homes delivered was $391,000 in the year ended November 30, 2025, compared to $423,000 in the year ended November 30, 2024. The decrease in average sales price of homes delivered in the year ended November 30, 2025 compared to the same period last year was primarily due to continued weakness in the market and an increased use of sales incentives offered to homebuyers. Gross margins on home sales were $5.7 billion, or 17.7%, in the year ended November 30, 2025, compared to $7.5 billion, or 22.3%, in the year ended November 30, 2024. During the year ended November 30, 2025, gross margins decreased primarily due to a lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting our continued focus on cost-saving initiatives. Selling, general and administrative expenses were $2.7 billion in the year ended November 30, 2025, compared to $2.5 billion in the year ended November [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/LEN/mda/fy2025/ All MD&A years: /company/LEN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/LEN/mda/fy2024/): filed 2025-01-23; accession 0001628280-25-002404 (https://www.sec.gov/Archives/edgar/data/920760/000162828025002404/len-20241130.htm) - [FY 2023 MD&A](/company/LEN/mda/fy2023/): filed 2024-01-26; accession 0001628280-24-002371 (https://www.sec.gov/Archives/edgar/data/920760/000162828024002371/len-20231130.htm) - [FY 2022 MD&A](/company/LEN/mda/fy2022/): filed 2023-01-26; accession 0001628280-23-001606 (https://www.sec.gov/Archives/edgar/data/920760/000162828023001606/len-20221130.htm) - [FY 2021 MD&A](/company/LEN/mda/fy2021/): filed 2022-01-28; accession 0001628280-22-001450 (https://www.sec.gov/Archives/edgar/data/920760/000162828022001450/len-20211130.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1520 General Bldg Contractors - Residential Bldgs) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Growth & output](/thread/growth-output/), [Housing & construction](/thread/housing-construction/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/LEN.md · JSON record: /company/LEN.json · verified financials: /company/LEN/financials.json / /company/LEN/financials.csv · machine TOC for the whole site: /llms.txt