LENNAR CORP /NEW/

LEN 10-Q · Q2 2025
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Income Statement

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Income Statement
Metric Q2 2025 Q2 2024 YoY
Revenue 8,377,502 8,765,592 -4.4%
Show Product Lines breakouts
General Contractor · Multifamily 28,264 84,434 -66.5%
Land · Multifamily 145,118 — —
Management Service · Multifamily 6,436 13,669 -52.9%
Show Business Segments breakouts
Central · Operating Segments 1,771,545 1,771,279 0.0%
East · Operating Segments 1,707,226 2,138,410 -20.2%
Homebuilding · Operating Segments 7,843,862 8,381,059 -6.4%
Lennar Financial Services · Operating Segments 298,098 281,723 +5.8%
Lennar Other · Operating Segments 5,237 3,310 +58.2%
Multifamily · Operating Segments 230,305 99,500 +131.5%
Other · Operating Segments 8,396 9,478 -11.4%
South Central · Operating Segments 1,523,398 1,196,425 +27.3%
West · Operating Segments 2,833,297 3,265,467 -13.2%
Show Consolidation Items breakouts
Operating Segments 8,377,502 8,765,592 -4.4%
Cost of Revenue (Q) — — —
Show Business Segments breakouts
Homebuilding · Operating Segments 7,147,552 7,106,455 +0.6%
Lennar Financial Services · Operating Segments 140,818 134,711 +4.5%
Lennar Other · Operating Segments 30,025 26,841 +11.9%
Multifamily · Operating Segments 254,677 102,205 +149.2%
General & Administrative 155,853 156,982 -0.7%
Contribution Expense 20,131 19,690 +2.2%
Total Costs & Expenses 7,749,056 7,546,884 +2.7%
Income Loss From Equity Method Investments And Other Nonoperating Income Expense 12,116 -4,309 +381.2%
Non-Operating Income (Expense) 30,759 68,172 -54.9%
Unrealized Gain Loss On Investments (Q) — — —
Show Business Segments breakouts
Lennar Other · Equity Securities -29,440 -21,514 -36.8%
Lennar Other · Operating Segments -15,462 10,737 -244.0%
Lennar Other · Operating Segments -12,921 -16,907 +23.6%
Lennar Other · Operating Segments -1,057 -11,410 +90.7%
Lennar Other · Operating Segments -29,440 -21,514 -36.8%
Income Before Taxes 641,881 1,261,057 -49.1%
Income Tax Expense (Benefit) -160,061 -300,471 +46.7%
Net Income 481,820 960,586 -49.8%
Show Equity Components breakouts
Noncontrolling Interest 4,371 6,275 -30.3%
Retained Earnings 477,449 954,311 -50.0%
Net Income Loss Attributable To Noncontrolling Interest 4,371 6,275 -30.3%
Net Income 477,449 954,311 -50.0%
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax -1,332 1,355 -198.3%
Show Business Segments breakouts
Lennar Other · Fair Value Measurements Recurring -1,332 1,355 -198.3%
Other Comprehensive Income -1,332 1,355 -198.3%
Comprehensive Income 476,117 955,666 -50.2%
Cost of Revenue (Q) — — —
Show Product Lines breakouts
General Contractor · Multifamily 27,586 79,995 -65.5%
Operating Income (Q) — — —
Show Business Segments breakouts
Central · Operating Segments 163,839 236,436 -30.7%
East · Operating Segments 175,004 427,048 -59.0%
Homebuilding · Operating Segments 728,234 1,340,155 -45.7%
Lennar Financial Services · Operating Segments 157,280 147,012 +7.0%
Lennar Other · Operating Segments -52,895 -28,964 -82.6%
Multifamily · Operating Segments -14,754 -20,474 +27.9%
Other · Operating Segments 7,278 13,158 -44.7%
South Central · Operating Segments 136,689 184,576 -25.9%
West · Operating Segments 245,424 478,937 -48.8%
Show Consolidation Items breakouts
Corporate Non Segment -175,984 -176,672 +0.4%
Operating Segments And Corporate 641,881 1,261,057 -49.1%
EPS (Basic) 1.81 3.45 -47.5%
EPS (Diluted) 1.81 3.45 -47.5%
Wtd Avg Shares (Basic) 260,286 273,703 -4.9%
Wtd Avg Shares (Diluted) 260,286 273,703 -4.9%
Net Income Loss Available To Common Stockholders Basic 471,172 943,611 -50.1%

Balance Sheet

Balance Sheet
Metric Q2 2025 Q2 2024 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
Show Business Segments breakouts
Homebuilding 1,168,143 3,597,493 -67.5%
Homebuilding · Operating Segments 1,168,143 3,597,493 -67.5%
Homebuilding · Variable Interest Entity Primary Beneficiary 56 73 -23.3%
Lennar Financial Services · Operating Segments 202,647 245,784 -17.6%
Lennar Other · Operating Segments 22,693 17,184 +32.1%
Multifamily · Operating Segments 14,211 11,555 +23.0%
Show Consolidation Items breakouts
Operating Segments 1,407,694 3,872,016 -63.6%
Non-Current Assets
Goodwill (Q) — — —
Show Business Segments breakouts
Homebuilding 3,442,359 3,442,359 0.0%
Homebuilding · Operating Segments 3,442,359 3,442,359 0.0%
Lennar Financial Services · Operating Segments 189,699 189,699 0.0%
Show Consolidation Items breakouts
Operating Segments 3,632,058 3,632,058 0.0%
Total Assets 34,374,546 — —
Show Business Segments breakouts
Central · Operating Segments 4,660,446 — —
East · Operating Segments 5,720,593 — —
Homebuilding 29,391,517 — —
Homebuilding · Operating Segments 29,391,517 — —
Lennar Financial Services 3,059,237 — —
Lennar Financial Services · Operating Segments 3,059,237 — —
Lennar Other 790,537 — —
Lennar Other · Operating Segments 790,537 — —
Multifamily 1,133,255 — —
Multifamily · Operating Segments 1,133,255 — —
Multifamily · Variable Interest Entity Primary Beneficiary 35.1 — —
Other · Operating Segments 2,859,356 — —
South Central · Operating Segments 4,296,364 — —
West · Operating Segments 10,424,040 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2.3 — —
Variable Interest Entity Primary Beneficiary · Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations 315.8 — —
Show Consolidation Items breakouts
Corporate Non Segment 1,430,718 — —
Operating Lease Right-of-Use Assets 277,127 151,600 +82.8%
Other Assets
Restricted Cash And Cash Equivalents (Q) — — —
Show Business Segments breakouts
Homebuilding 23,987 11,572 +107.3%
Homebuilding · Operating Segments 23,987 11,572 +107.3%
Lennar Financial Services · Operating Segments 47,334 37,796 +25.2%
Show Consolidation Items breakouts
Operating Segments 71,321 49,368 +44.5%
Accounts Receivable Net (Q) — — —
Show Business Segments breakouts
Homebuilding 995,664 898,301 +10.8%
Homebuilding · Operating Segments 995,664 898,301 +10.8%
Homebuilding · Variable Interest Entity Primary Beneficiary 3.1 5.9 -47.5%
Lennar Financial Services · Operating Segments 440,853 567,748 -22.4%
Multifamily · Operating Segments 34,226 86,293 -60.3%
Show Consolidation Items breakouts
Operating Segments 1,470,743 1,552,342 -5.3%
Inventory Homesunder Constructionand Finished Homes (Q) — — —
Show Business Segments breakouts
Homebuilding 10,104,530 11,729,673 -13.9%
Homebuilding · Variable Interest Entity Primary Beneficiary 37.8 6.2 +509.7%
Inventory Real Estate Land And Land Development Costs (Q) — — —
Show Business Segments breakouts
Homebuilding 1,270,931 4,418,285 -71.2%
Homebuilding · Variable Interest Entity Primary Beneficiary 342 601.1 -43.1%
Inventory Owned (Q) — — —
Show Business Segments breakouts
Homebuilding 11,375,461 16,147,958 -29.6%
Inventory Operative Builders (Q) — — —
Show Business Segments breakouts
Homebuilding 14,036,147 19,901,500 -29.5%
Homebuilding · Operating Segments 14,036,147 19,901,500 -29.5%
Multifamily · Operating Segments 480,653 608,214 -21.0%
Show Consolidation Items breakouts
Operating Segments 14,516,800 20,509,714 -29.2%
Equity Method Investments (Q) — — —
Show Business Segments breakouts
Homebuilding 2,699,981 — —
Homebuilding · Operating Segments 2,699,981 — —
Homebuilding · Variable Interest Entity Primary Beneficiary 0.3 — —
Lennar Financial Services · Operating Segments 2,806 — —
Lennar Other · Operating Segments 367,989 — —
Lennar Other · Rialto Funds and Investment Vehicles 132.9 — —
Lennar Other · Strategic Technology Investments 235.1 — —
Multifamily · Lennar Multifamily Fund 27.8 — —
Multifamily · LMV I 107,616 — —
Multifamily · LMV II 218,239 — —
Multifamily · Operating Segments 518,453 — —
Multifamily · TPG Fund 38.2 — —
Show Consolidation Items breakouts
Operating Segments 3,589,229 — —
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
FivePoint Unconsolidated Entity 554.9 — —
Millrose 1.2 — —
Upward America Venture 19.5 — —
Other Assets (Q) — — —
Show Business Segments breakouts
Homebuilding 1,759,645 1,540,507 +14.2%
Homebuilding · Operating Segments 1,759,645 1,540,507 +14.2%
Homebuilding · Variable Interest Entity Primary Beneficiary 8.2 22.5 -63.6%
Lennar Financial Services · Operating Segments 102,129 88,223 +15.8%
Lennar Other · Operating Segments 144,598 130,655 +10.7%
Multifamily · Operating Segments 71,747 79,487 -9.7%
Show Consolidation Items breakouts
Operating Segments 2,078,119 1,838,872 +13.0%
Non-Current Liabilities
Accounts Payable Current And Noncurrent (Q) — — —
Show Business Segments breakouts
Homebuilding 2,126,002 1,727,358 +23.1%
Homebuilding · Variable Interest Entity Primary Beneficiary 31 56.1 -44.7%
Long-Term Debt (Q) — — —
Show Business Segments breakouts
Homebuilding 2,791,987 2,241,507 +24.6%
Homebuilding · 4.75% senior notes due 2027 698,555 — —
Homebuilding · 5.00% senior notes due 2027 350,782 351,165 -0.1%
Homebuilding · 5.20% senior notes due 2030 693,540 — —
Homebuilding · 5.25% senior notes due 2026 401,216 402,432 -0.3%
Homebuilding · Mortgage notes on land and other debt 247,894 290,376 -14.6%
Homebuilding · Operating Segments 2,791,987 2,241,507 +24.6%
Homebuilding · Revolving Credit Facility 400,000 — —
Homebuilding · Variable Interest Entity Primary Beneficiary 6 6 0.0%
Lennar Financial Services · Financing Agreement to Purchase Commercial Mortgage Backed Securities 124,343 129,029 -3.6%
Lennar Financial Services · Operating Segments 1,416,138 1,410,102 +0.4%
Show Consolidation Items breakouts
Operating Segments 4,208,125 3,651,609 +15.2%
Total Liabilities 11,642,664 11,651,917 -0.1%
Show Business Segments breakouts
Homebuilding 9,820,482 9,709,516 +1.1%
Homebuilding · Operating Segments 9,820,482 9,709,516 +1.1%
Lennar Financial Services 1,592,386 1,583,363 +0.6%
Lennar Financial Services · Operating Segments 1,592,386 1,583,363 +0.6%
Lennar Other 94,874 112,262 -15.5%
Lennar Other · Operating Segments 94,874 112,262 -15.5%
Multifamily 134,922 246,776 -45.3%
Multifamily · Operating Segments 134,922 246,776 -45.3%
Multifamily · Variable Interest Entity Primary Beneficiary 1 0.9 +11.1%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1.7 2.1 -19.0%
Variable Interest Entity Primary Beneficiary · Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations 19.5 — —
Other Liabilities
Deposits And Pre Acquisition Costs (Q) — — —
Show Business Segments breakouts
Homebuilding 5,265,591 2,754,819 +91.1%
Homebuilding · Land Bank 2.3 777.5 -99.7%
Homebuilding · Operating Segments 5,265,591 2,754,819 +91.1%
Multifamily · Operating Segments 13,965 29,802 -53.1%
Show Consolidation Items breakouts
Operating Segments 5,279,556 2,784,621 +89.6%
Liabilitiesfor Land Under Purchase Options Recorded (Q) — — —
Show Business Segments breakouts
Homebuilding 2,317,996 — —
Homebuilding · Land Bank 409.3 — —
Homebuilding · Operating Segments 2,317,996 — —
Homebuilding · Variable Interest Entity Primary Beneficiary 1.7 — —
Show Consolidation Items breakouts
Operating Segments 2,317,996 — —
Other Liabilities (Q) — — —
Show Business Segments breakouts
Homebuilding 2,584,497 2,513,173 +2.8%
Homebuilding · Variable Interest Entity Primary Beneficiary 0.8 46.7 -98.3%
Stockholders' Equity
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 26,136 25,996 +0.5%
Common Class B 3,660 3,660 0.0%
Additional Paid-In Capital 5,842,732 5,674,733 +3.0%
Retained Earnings 21,645,991 23,764,695 -8.9%
Treasury Stock Value -4,945,458 -2,597,806 -90.4%
Accumulated Other Comprehensive Income 6,019 6,596 -8.7%
Total Stockholders' Equity 22,579,080 26,877,874 -16.0%
Minority Interest 152,802 137,879 +10.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 22,731,882 27,015,753 -15.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 6,019 6,596 -8.7%
Additional Paid In Capital 5,842,732 5,674,733 +3.0%
Common Stock · Common Class A 26,136 25,996 +0.5%
Common Stock · Common Class B 3,660 3,660 0.0%
Noncontrolling Interest 152,802 137,879 +10.8%
Retained Earnings 21,645,991 23,764,695 -8.9%
Treasury Stock Common -4,945,458 -2,597,806 -90.4%
Total Liabilities & Equity 34,374,546 38,667,670 -11.1%
Land Under Purchase Options Recorded (Q) — — —
Show Business Segments breakouts
Homebuilding 2,660,686 3,753,542 -29.1%
Homebuilding · Land Bank 498.1 827.1 -39.8%
Homebuilding · Variable Interest Entity Primary Beneficiary 1.8 2.2 -18.2%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 1.8 2.2 -18.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2025 YTD Q2 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 65,157 55,746 +16.9%
Amortization Of Debt Discount Premium -142 336 -142.3%
Income Loss From Equity Method Investments -45,351 34,854 -230.1%
Equity Method Investment Dividends Or Distributions 20,070 20,894 -3.9%
Show Business Segments breakouts
Multifamily · LMV I 19,690 7,245 +171.8%
Multifamily · LMV II 770 208 +270.2%
Stock-Based Compensation 112,858 122,186 -7.6%
Deferred Income Taxes And Tax Credits 38,381 36,848 +4.2%
Unrealized Gain Loss On Financing Receivables Held For Sale 2,350 28,865 -91.9%
Unrealized Gain Loss On Investments And Other Gain Loss 100,006 6,515 +1435.0%
Gain Loss On Sale Of Property Plant Equipment -34,597 -13,585 -154.7%
Equity Method Investment Realized Gain Loss On Disposal -35,033 — —
Valuation Adjustmentsand Writeoffsof Option Deposits Preacquisitions Costsand Other Assets 89,727 26,526 +238.3%
Increase Decrease In Receivables 69,599 30,956 +124.8%
Change in Inventory -1,624,586 -631,180 -157.4%
Increase In Deposits And Pre Acquisition Costs On Real Estate -781,716 -755,232 -3.5%
Increase Decrease In Other Operating Assets -132,671 11,393 -1264.5%
Increase Decrease In Loans Held For Sale 361,377 335,788 +7.6%
Increase Decrease In Accounts Payable And Accrued Liabilities -600,026 -380,966 -57.5%
Net Cash from Operations -1,384,064 609,626 -327.0%
Investing Activities
Capital Expenditures -71,259 -111,733 +36.2%
Proceeds From Sale Of Property Plant And Equipment 50,696 18,709 +171.0%
Proceeds From Sale Of Equity Method Investments 233,007 — —
Proceeds From Sale Of Available For Sale Securities Debt 72,003 — —
Payments To Acquire Equity Method Investments -145,494 -247,785 +41.3%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 175,203 61,807 +183.5%
Proceeds From Collection Of Loans Receivable 114,661 — —
Payments To Acquire Businesses Net Of Cash Acquired -254,492 — —
Payments For Proceeds From Loans And Leases 9,466 2,960 +219.8%
Payments To Acquire Marketable Securities -3,456 -2,063 -67.5%
Proceeds From Sale And Maturity Of Marketable Securities 2,546 3,321 -23.3%
Net Cash from Investing 182,881 -274,784 +166.6%
Financing Activities
Proceeds From Lines Of Credit 400,000 — —
Repayments Of Lines Of Credit -514,818 -753,703 +31.7%
Proceeds From Issuance Of Senior Long Term Debt 700,000 — —
Repayments Of Senior Debt -500,000 -553,865 +9.7%
Repaymentsof Mortgageand Other Debts -40,329 -40,672 +0.8%
Cash Divested From Deconsolidation Financing Activities -416,006 — —
Proceedsfrom Other Liabilities 259 105,635 -99.8%
Payments For Turn Of Inventory Not Owned Financing Activities -385,794 -250,232 -54.2%
Proceeds From Payments For Other Financing Activities -2,842 -2,842 0.0%
Proceeds From Minority Shareholders 21,029 14,722 +42.8%
Payments To Minority Shareholders -5,965 -26,646 +77.6%
Debt Issuance Costs -4,417 — —
Share Repurchases -1,295,894 -1,204,706 -7.6%
Payments Of Dividends Common Stock -265,235 -278,318 +4.7%
Net Cash from Financing -2,310,012 -2,984,396 +22.6%
Other Cash Flow
Net Change in Cash -3,511,195 -2,649,554 -32.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,479,015 3,921,384 -62.3%
Show Consolidation Items breakouts
Operating Segments 1,479,015 3,921,384 -62.3%
Noncash Purchaseof Inventoriesand Other Assets (YTD) — — —
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 320 9,245 -96.5%
Non Cash Contributions To Unconsolidated Entities (YTD) — — —
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 162,454 — —
Disposal Group Including Discontinued Operation Inventory1 (Q) — — —
Show Disposal Group Classification breakouts
Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Spinoff · Millrose -5,578,704 — —
Disposal Group Including Discontinued Operation Investments In Unconsolidated Entities (Q) — — —
Show Disposal Group Classification breakouts
Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Spinoff · Millrose -1,197,039 — —
Disposal Group Including Discontinued Operation Other Assets (Q) — — —
Show Disposal Group Classification breakouts
Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Spinoff · Millrose -60,156 — —
Disposal Group Including Discontinued Operation Assignment Of Setters Debt (Q) — — —
Show Disposal Group Classification breakouts
Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Spinoff · Millrose 19,000 — —
Disposal Group Including Discontinued Operation Retained Earnings (Q) — — —
Show Disposal Group Classification breakouts
Disposal Group Disposed Of By Means Other Than Sale Not Discontinued Operations Spinoff · Millrose 4,422,821 — —

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

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