LENNAR CORP /NEW/

LEN 10-K · FY 2025

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 34,186,934 35,441,452 -3.5%
Show Product Lines breakouts
General Contractor · Multifamily 149,987 302,712 -50.5%
Land 130,232 93,384 +39.5%
Land · Central 2,935 16,110 -81.8%
Land · East 60,468 44,334 +36.4%
Land · Homebuilding 247,025 192,237 +28.5%
Land · Homebuilding 130,232 93,384 +39.5%
Land · Multifamily 162,447 36,237 +348.3%
Land · South Central 22,540 21,148 +6.6%
Land · West 44,289 11,792 +275.6%
Management Service · Homebuilding 19,753 12,969 +52.3%
Management Service · Multifamily 23,691 49,419 -52.1%
Other revenues 1,959,457 1,569,919 +24.8%
Other revenues · Central 5,289 3,636 +45.5%
Other revenues · East 12,840 11,264 +14.0%
Other revenues · Financial Services 1,198,197 1,109,263 +8.0%
Other revenues · Homebuilding 39,203 34,893 +12.4%
Other revenues · Lennar Other 41,430 14,226 +191.2%
Other revenues · Multifamily 680,627 411,537 +65.4%
Other revenues · Other 11,282 11,680 -3.4%
Other revenues · South Central 2,854 2,355 +21.2%
Other revenues · West 6,938 5,958 +16.4%
Real Estate Other 32,097,245 33,778,149 -5.0%
Real Estate Other · Central 7,747,913 7,855,610 -1.4%
Real Estate Other · East 6,896,901 8,199,004 -15.9%
Real Estate Other · Homebuilding 32,097,245 33,778,149 -5.0%
Real Estate Other · Other 15,543 21,810 -28.7%
Real Estate Other · South Central 5,579,035 4,763,622 +17.1%
Real Estate Other · West 11,857,853 12,938,103 -8.3%
Show Business Segments breakouts
Central 7,756,137 7,875,356 -1.5%
East 6,970,209 8,254,602 -15.6%
Financial Services 1,198,197 1,109,263 +8.0%
Homebuilding 32,266,680 33,906,426 -4.8%
Lennar Other 41,430 14,226 +191.2%
Multifamily 680,627 411,537 +65.4%
Other 26,825 33,490 -19.9%
South Central 5,604,429 4,787,125 +17.1%
West 11,909,080 12,955,853 -8.1%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 1,354,606 1,719,012 -21.2%
Cost of Revenue (FY)
Show Business Segments breakouts
Financial Services 585,731 532,079 +10.1%
Homebuilding 29,284,622 28,809,464 +1.6%
Lennar Other 179,445 79,495 +125.7%
Multifamily 750,011 521,455 +43.8%
General & Administrative 636,718 648,986 -1.9%
Contribution Expense 82,583 80,210 +3.0%
Total Costs & Expenses 31,519,110 30,671,689 +2.8%
Show Business Segments breakouts
Central 7,094,157 6,825,252 +3.9%
East 6,247,705 6,755,564 -7.5%
Financial Services 585,731 532,079 +10.1%
Homebuilding 29,284,622 28,809,464 +1.6%
Lennar Other 179,445 79,495 +125.7%
Multifamily 750,011 521,455 +43.8%
Other 50,604 47,873 +5.7%
South Central 5,105,035 4,043,049 +26.3%
West 10,787,121 11,137,726 -3.1%
Income Loss From Equity Method Investments And Other Nonoperating Income Expense 78,225 164,099 -52.3%
Show Business Segments breakouts
Central 176 1,727 -89.8%
East 33,974 31,039 +9.5%
Homebuilding 83,652 66,448 +25.9%
Lennar Other 13,328 -53,102 +125.1%
Multifamily -18,755 150,753 -112.4%
Other 47,515 28,337 +67.7%
South Central -17 -17 0.0%
West 2,004 5,362 -62.6%
Non-Operating Income (Expense) -62,352 225,866 -127.6%
Show Business Segments breakouts
Central 5,899 31,007 -81.0%
East -52,647 69,843 -175.4%
Homebuilding -50,458 178,842 -128.2%
Lennar Other -24,578 45,224 -154.3%
Multifamily 12,684 1,800 +604.7%
Other 10,259 33,948 -69.8%
South Central -6,263 9,663 -164.8%
West -7,706 34,381 -122.4%
Unrealized Gain Loss On Investments 130,166 25,180 +416.9%
Show Business Segments breakouts
Financial Services · Forward Contracts 9,346 61,270 -84.7%
Financial Services · Loans held-for-sale 26,618 -52,482 +150.7%
Financial Services · Mortgage loan commitments 19,930 -44,106 +145.2%
Lennar Other 130,166 25,180 +416.9%
Lennar Other · Equity Securities 130,166 25,180 +416.9%
Lennar Other · Operating Segments 130.2
Income Before Taxes 2,813,863 5,184,908 -45.7%
Show Business Segments breakouts
Central 668,055 1,082,838 -38.3%
East 703,831 1,599,920 -56.0%
Financial Services 612,466 577,184 +6.1%
Homebuilding 3,015,252 5,342,252 -43.6%
Lennar Other -19,099 -47,967 +60.2%
Multifamily -75,455 42,635 -277.0%
Other 33,995 47,902 -29.0%
South Central 493,114 753,722 -34.6%
West 1,116,257 1,857,870 -39.9%
Income Tax Expense (Benefit) -705,563 -1,217,253 +42.0%
Net Income 2,108,300 3,967,655 -46.9%
Show Equity Components breakouts
Noncontrolling Interest 30,121 35,122 -14.2%
Retained Earnings 2,078,179 3,932,533 -47.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 256,782 486,029 -47.2%
Net Income Loss Attributable To Noncontrolling Interest 30,121 35,122 -14.2%
Net Income 2,078,179 3,932,533 -47.2%
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax -1,518 2,650 -157.3%
Show Business Segments breakouts
Lennar Other · Availableforsale Securities -1,518 2,650 -157.3%
Other Comprehensive Income -1,518 2,650 -157.3%
Comprehensive Income 2,076,661 3,935,183 -47.2%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest 30,121 35,122 -14.2%
EPS (Basic) 7.98 14.31 -44.2%
Cost of Revenue (FY)
Show Product Lines breakouts
General Contractor · Multifamily 145,835 286,991 -49.2%
Selling, General & Administrative 2,678,337 2,480,309 +8.0%
Show Business Segments breakouts
Central 703,944 638,447 +10.3%
East 651,404 690,161 -5.6%
Homebuilding 2,678,337 2,480,309 +8.0%
Other 30,100 18,362 +63.9%
South Central 461,890 370,936 +24.5%
West 830,999 762,403 +9.0%
Interest Expense (FY)
Show Business Segments breakouts
Central · Operating Segments 34,557 29,978 +15.3%
East · Operating Segments 35,411 38,992 -9.2%
Homebuilding 174,818 179,992 -2.9%
Homebuilding · Operating Segments 174,818 179,992 -2.9%
Other · Operating Segments 10,873 12,446 -12.6%
South Central · Operating Segments 21,729 13,967 +55.6%
West · Operating Segments 72,248 84,609 -14.6%
Wtd Avg Shares (Basic) 257,746 272,019 -5.2%
Net Income Loss Available To Common Stockholders Basic 2,058,083 3,893,710 -47.1%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 3,756,305 4,909,664 -23.5%
Show Business Segments breakouts
Financial Services 258,873 175,382 +47.6%
Homebuilding 3,441,324 4,662,643 -26.2%
Homebuilding · Variable Interest Entity Primary Beneficiary 61.1 67 -8.8%
Lennar Other 21,936 40,691 -46.1%
Multifamily 34,172 30,948 +10.4%
Non-Current Assets
Goodwill 3,632,058 3,632,058 0.0%
Show Business Segments breakouts
Financial Services 189,699 189,699 0.0%
Homebuilding 3,442,359 3,442,359 0.0%
Total Assets 34,430,437 41,312,781 -16.7%
Show Business Segments breakouts
Central · Operating Segments 4,695,588 5,567,451 -15.7%
East · Operating Segments 5,284,111 6,967,571 -24.2%
Financial Services 3,377,413 3,516,550 -4.0%
Financial Services · Variable Interest Entity Not Primary Beneficiary 135,396 135,646 -0.2%
Homebuilding 29,253,256 35,594,469 -17.8%
Homebuilding · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 6,967,116 7,232,708 -3.7%
Homebuilding · Operating Segments 29,253,256 35,594,469 -17.8%
Homebuilding · Variable Interest Entity Not Primary Beneficiary 824,241 802,901 +2.7%
Lennar Other 897,632 894,944 +0.3%
Lennar Other · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,162,391 2,457,506 -12.0%
Lennar Other · Variable Interest Entity Not Primary Beneficiary 105,151 119,258 -11.8%
Multifamily 902,136 1,306,818 -31.0%
Multifamily · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 5,615,674 6,133,294 -8.4%
Multifamily · Variable Interest Entity Not Primary Beneficiary 167,873 136,158 +23.3%
Multifamily · Variable Interest Entity Primary Beneficiary 25 33.9 -26.3%
Other · Operating Segments 1,692,453 1,729,407 -2.1%
South Central · Operating Segments 4,195,858 4,238,587 -1.0%
West · Operating Segments 9,519,804 12,148,434 -21.6%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 1,232,661 1,193,963 +3.2%
Variable Interest Entity Primary Beneficiary 1.5 3.7 -59.5%
Variable Interest Entity Primary Beneficiary · Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations 412.4
Show Consolidation Items breakouts
Corporate Non Segment 3,865,442 4,943,019 -21.8%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 14,745,181 15,823,508 -6.8%
Property, Plant & Equipment 642,838 516,198 +24.5%
Operating Lease Right-of-Use Assets 269,011
Other Assets
Restricted Cash And Cash Equivalents 74,429 80,546 -7.6%
Show Business Segments breakouts
Financial Services 48,499 68,747 -29.5%
Homebuilding 25,930 11,799 +119.8%
Accounts Receivable Net 1,470,862 1,652,558 -11.0%
Show Business Segments breakouts
Financial Services 429,560 545,752 -21.3%
Homebuilding 1,002,629 1,053,211 -4.8%
Homebuilding · Variable Interest Entity Primary Beneficiary 2 6 -66.7%
Multifamily 38,673 53,595 -27.8%
Inventory Homesunder Constructionand Finished Homes (Q)
Show Business Segments breakouts
Homebuilding 8,822,271 10,884,861 -18.9%
Homebuilding · Variable Interest Entity Primary Beneficiary 45.6 9.7 +370.1%
Inventory Real Estate Land And Land Development Costs (Q)
Show Business Segments breakouts
Homebuilding 1,098,961 4,750,025 -76.9%
Homebuilding · Variable Interest Entity Primary Beneficiary 300.3 602.9 -50.2%
Inventory Owned 9,921,232 15,634,886 -36.5%
Inventory Operative Builders 11,841,255 20,312,430 -41.7%
Show Business Segments breakouts
Homebuilding 11,617,633 19,719,551 -41.1%
Multifamily 223,622 592,879 -62.3%
Deposits And Pre Acquisition Costs 6,398,729 3,658,015 +74.9%
Show Business Segments breakouts
Homebuilding 6,383,633 3,625,372 +76.1%
Homebuilding · Land Bank 2.2
Multifamily 15,096 32,643 -53.8%
Equity Method Investments 2,422,436 2,227,574 +8.7%
Show Business Segments breakouts
Financial Services 2,528
Homebuilding 1,545,370 1,344,836 +14.9%
Homebuilding · FivePoint Unconsolidated Entity 585.2 470.8 +24.3%
Homebuilding · Variable Interest Entity Primary Beneficiary 0.3 0.3 0.0%
Lennar Other 367,965 379,435 -3.0%
Lennar Other · Rialto Funds and Investment Vehicles 133 140.1 -5.1%
Lennar Other · Strategic Technology Investments 235 239.3 -1.8%
Multifamily 506,573 503,303 +0.6%
Multifamily · Lennar Multifamily Fund 28
Multifamily · LMV I 107,475
Multifamily · LMV II 198,127
Multifamily · TPG Fund 48
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
Other Investees 2.4 2.2 +9.1%
Upward America Venture 13.8 20.8 -33.7%
Other Assets 2,102,991 2,004,215 +4.9%
Show Business Segments breakouts
Financial Services 102,762 89,637 +14.6%
Homebuilding 1,794,378 1,734,698 +3.4%
Homebuilding · Variable Interest Entity Primary Beneficiary 8.9 42.3 -79.0%
Lennar Other 121,851 86,430 +41.0%
Multifamily 84,000 93,450 -10.1%
Non-Current Liabilities
Accounts Payable Current And Noncurrent (Q)
Show Business Segments breakouts
Homebuilding 1,812,484 1,839,440 -1.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 23.8 67.3 -64.6%
Long-Term Debt 5,874,995 4,189,239 +40.2%
Show Business Segments breakouts
Financial Services 1,790,309 1,930,956 -7.3%
Financial Services · Financing Agreement to Purchase Commercial Mortgage Backed Securities 123,106 126,164 -2.4%
Homebuilding 4,084,686 2,258,283 +80.9%
Homebuilding · 4.75% senior notes due 2027 698,845 698,266 +0.1%
Homebuilding · 5.00% senior notes due 2027 350,590 350,974 -0.1%
Homebuilding · 5.25% senior notes due 2026 400,608 401,824 -0.3%
Homebuilding · Five Point Two Zero Percent Senior Notes Due Twenty Thirty 694,165
Homebuilding · Mortgage notes on land and other debt 230,478 307,440 -25.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 6 6 0.0%
Show Credit Facility breakouts
Revolving Credit Facility · Delayed Draw Term Loan 1,710,000
Total Liabilities 12,289,828 13,291,556 -7.5%
Show Business Segments breakouts
Financial Services 2,010,598 2,140,708 -6.1%
Homebuilding 10,065,422 10,863,209 -7.3%
Lennar Other 100,447 105,756 -5.0%
Multifamily 113,361 181,883 -37.7%
Multifamily · Variable Interest Entity Primary Beneficiary 1 1 0.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 962.4 2.7 +35544.4%
Variable Interest Entity Primary Beneficiary · Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations 100.1
Other Liabilities
Liabilitiesfor Land Under Purchase Options Recorded 1,476,376 3,563,934 -58.6%
Show Business Segments breakouts
Homebuilding 1,476,376 3,563,934 -58.6%
Homebuilding · Land Bank 257.9
Homebuilding · Variable Interest Entity Primary Beneficiary 930.1 2.6 +35673.1%
Other Liabilities (Q)
Show Business Segments breakouts
Homebuilding 2,691,876 3,201,552 -15.9%
Homebuilding · Variable Interest Entity Primary Beneficiary 1.5 45.8 -96.7%
Stockholders' Equity
Common Stock (Q)
Show Statement Class Of Stock breakouts
Common Class A 26,158 25,998 +0.6%
Common Class B 3,660 3,660 0.0%
Additional Paid-In Capital 5,909,726 5,729,434 +3.1%
Retained Earnings 22,471,471 25,753,078 -12.7%
Treasury Stock Value -6,457,609 -3,649,564 -76.9%
Accumulated Other Comprehensive Income 6,011 7,529 -20.2%
Total Stockholders' Equity 21,959,417 27,870,135 -21.2%
Minority Interest 181,192 151,090 +19.9%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 22,140,609 28,021,225 -21.0%
Show Business Segments breakouts
Homebuilding · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 4,793,294 4,934,039 -2.9%
Lennar Other · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,020,007 2,047,437 -1.3%
Multifamily · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,962,186 3,087,381 -4.1%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 6,011 7,529 -20.2%
Additional Paid In Capital 5,909,726 5,729,434 +3.1%
Common Stock · Common Class A 26,158 25,998 +0.6%
Common Stock · Common Class B 3,660 3,660 0.0%
Noncontrolling Interest 181,192 151,090 +19.9%
Parent 21,959,417 27,870,135 -21.2%
Retained Earnings 22,471,471 25,753,078 -12.7%
Treasury Stock Common -6,457,609 -3,649,564 -76.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 9,775,487 10,068,857 -2.9%
Total Liabilities & Equity 34,430,437 41,312,781 -16.7%
Show Business Segments breakouts
Homebuilding · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 6,967,116 7,232,708 -3.7%
Lennar Other · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 2,162,391 2,457,506 -12.0%
Multifamily · Equity Method Investment Nonconsolidated Investee Or Group Of Investees 5,615,674 6,133,294 -8.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
Equity Method Investment Nonconsolidated Investee Or Group Of Investees 14,745,181 15,823,508 -6.8%
Land Under Purchase Options Recorded (Q)
Show Business Segments breakouts
Homebuilding 1,696,401 4,084,665 -58.5%
Homebuilding · Land Bank 302.6
Homebuilding · Variable Interest Entity Primary Beneficiary 984.4 2.8 +35057.1%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 984.4

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 134,310 115,528 +16.3%
Show Business Segments breakouts
Central · Operating Segments 30,593 29,036 +5.4%
East · Operating Segments 27,676 30,823 -10.2%
Homebuilding · Operating Segments 141,027 129,196 +9.2%
Other · Operating Segments 14,209 346 +4006.6%
South Central · Operating Segments 11,338 10,623 +6.7%
West · Operating Segments 57,211 58,368 -2.0%
Amortization Of Debt Discount Premium 88 148 -40.5%
Income Loss From Equity Method Investments -78,225 -164,099 +52.3%
Equity Method Investment Dividends Or Distributions 36,578 155,565 -76.5%
Show Business Segments breakouts
Multifamily · LMV I 19,690
Multifamily · LMV II 770
Stock-Based Compensation 163,494 176,676 -7.5%
Deferred Income Taxes And Tax Credits 77,295 60,426 +27.9%
Unrealized Gain Loss On Financing Receivables Held For Sale -26,618 52,482 -150.7%
Disposal Group Not Discontinued Operation Gain Loss On Disposal 156,076
Equity Method Investment Realized Gain Loss On Disposal (FY)
Show Business Segments breakouts
Homebuilding -35,900
Unrealized Gain Loss On Investments And Other Gain Loss (FY)
Show Business Segments breakouts
Lennar Other -100,159 -67,226 -49.0%
Gain Loss On Sale Of Property Plant Equipment -77,737 -38,837 -100.2%
Valuation Adjustmentsand Writeoffsof Option Deposits Preacquisitions Costsand Other Assets 246,220 143,265 +71.9%
Increase Decrease In Receivables 66,764 -129,212 +151.7%
Change in Inventory -150,921 -285,095 +47.1%
Increase In Deposits And Pre Acquisition Costs On Real Estate -1,549,664 -1,631,783 +5.0%
Increase Decrease In Other Operating Assets -186,071 -113,276 -64.3%
Increase Decrease In Loans Held For Sale 123,733 -218,393 +156.7%
Increase Decrease In Accounts Payable And Accrued Liabilities -690,751 380,380 -281.6%
Net Cash from Operations 216,812 2,403,379 -91.0%
Deferred Income Taxes 77,295 60,426 +27.9%
Investing Activities
Capital Expenditures -188,629 -171,503 -10.0%
Proceedsfrom Saleof Other Assets Property Plantand Equipmentand Mortgage Backed Securities 150,824 61,441 +145.5%
Proceeds From Divestiture Of Interest In Joint Venture 258,672
Proceeds From Sale Of Equity Method Investments 100,330
Payments To Acquire Equity Method Investments -253,713 -425,562 +40.4%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 281,536 231,096 +21.8%
Proceeds From Sale Of Loans Receivable 114,661
Payments To Acquire Businesses Net Of Cash Acquired -254,492
Payments For Proceeds From Loans And Leases 11,580 -734 +1677.7%
Payments To Acquire Marketable Securities -3,456 -4,519 +23.5%
Proceeds From Sale And Maturity Of Marketable Securities 4,255 7,224 -41.1%
Net Cash from Investing 221,568 -302,557 +173.2%
Noncashor Part Noncash Acquisition Inventory Land Under Developmentand Other Assets Financedby Sellers 320 35,292 -99.1%
Noncashor Part Noncash Contribution Amount 162,454 23,354 +595.6%
Financing Activities
Proceeds From Lines Of Credit (FY)
Show Credit Facility breakouts
Term Loan Facility 1,710,000
Repayments Of Lines Of Credit (FY)
Show Credit Facility breakouts
Secured Debt -140,648 -232,848 +39.6%
Proceeds From Issuance Of Senior Long Term Debt 700,000
Show Business Segments breakouts
Homebuilding · Five Point Two Zero Percent Senior Notes Due Twenty Thirty 695,583
Repayments Of Senior Debt -500,000 -553,865 +9.7%
Repayments Of Other Debt -57,860 -43,524 -32.9%
Show Business Segments breakouts
Homebuilding · Mortgage notes on land and other debt -57,860 -46,005 -25.8%
Cash Divested From Deconsolidation Financing -416,006
Proceeds From Liabilities Related To Consolidated Inventory Not Owned 2,118 195,524 -98.9%
Payments For Turn Of Inventory Not Owned Financing Activities -566,173 -209,333 -170.5%
Payments To Other Liabilities -5,684 -5,684 0.0%
Proceeds From Minority Shareholders 32,105 20,117 +59.6%
Payments To Minority Shareholders -19,878 -46,650 +57.4%
Debt Issuance Costs -6,502
Share Repurchases -1,808,369 -2,256,464 +19.9%
Payments Of Dividends Common Stock -520,959 -548,823 +5.1%
Net Cash from Financing -1,597,856 -3,681,550 +56.6%
Supplemental
Interest Paid 50,137 54,921 -8.7%
Income Taxes Paid 988,544 790,476 +25.1%
Other Cash Flow
Net Change in Cash -1,159,476 -1,580,728 +26.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 3,830,734 4,990,210 -23.2%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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