LENNAR CORP /NEW/

LEN 10-Q · Q3 2025

LEN Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 8,810,278 9,416,042 -6.4%
Show Product Lines breakouts
General Contractor · Multifamily 42,150 67,190 -37.3%
Management Service · Multifamily 5,126 10,917 -53.0%
Show Business Segments breakouts
Central · Operating Segments 2,075,062 2,206,293 -5.9%
East · Operating Segments 1,703,457 2,074,799 -17.9%
Homebuilding · Operating Segments 8,253,675 9,045,692 -8.8%
Lennar Financial Services · Operating Segments 314,195 273,270 +15.0%
Lennar Other · Operating Segments 13,943 3,637 +283.4%
Multifamily · Operating Segments 228,465 93,443 +144.5%
Other · Operating Segments 6,157 6,384 -3.6%
South Central · Operating Segments 1,508,269 1,286,625 +17.2%
West · Operating Segments 2,960,730 3,471,591 -14.7%
Show Consolidation Items breakouts
Operating Segments 8,810,278 9,416,042 -6.4%
Cost of Revenue (Q)
Show Business Segments breakouts
Homebuilding · Operating Segments 7,497,119 7,613,042 -1.5%
Lennar Financial Services · Operating Segments 136,323 128,870 +5.8%
Lennar Other · Operating Segments 45,450 17,176 +164.6%
Multifamily · Operating Segments 238,791 184,708 +29.3%
General & Administrative 171,397 164,672 +4.1%
Contribution Expense 21,584 21,516 +0.3%
Total Costs & Expenses 8,110,664 8,129,984 -0.2%
Income Loss From Equity Method Investments And Other Nonoperating Income Expense 10,822 186,621 -94.2%
Non-Operating Income (Expense) -18,956 23,331 -181.2%
Unrealized Gain Loss On Investments (Q)
Show Business Segments breakouts
Lennar Other · Equity Securities 99,223 39,123 +153.6%
Lennar Other · Operating Segments 27,754 6,609 +319.9%
Lennar Other · Operating Segments 71,345 -564 +12749.8%
Lennar Other · Operating Segments 124 36,371 -99.7%
Lennar Other · Operating Segments 99,223 39,123 +153.6%
Income Before Taxes 790,703 1,535,133 -48.5%
Income Tax Expense (Benefit) -190,892 -347,859 +45.1%
Net Income 599,811 1,187,274 -49.5%
Show Equity Components breakouts
Noncontrolling Interest 8,844 24,600 -64.0%
Retained Earnings 590,967 1,162,674 -49.2%
Net Income Loss Attributable To Noncontrolling Interest 8,844 24,600 -64.0%
Net Income 590,967 1,162,674 -49.2%
Comprehensive Income 590,967 1,163,118 -49.2%
Cost of Revenue (Q)
Show Product Lines breakouts
General Contractor · Multifamily 41,766 63,774 -34.5%
Operating Income (Q)
Show Business Segments breakouts
Central · Operating Segments 189,458 343,490 -44.8%
East · Operating Segments 181,648 401,908 -54.8%
Homebuilding · Operating Segments 759,785 1,477,918 -48.6%
Lennar Financial Services · Operating Segments 177,872 144,400 +23.2%
Lennar Other · Operating Segments 62,498 20,095 +211.0%
Multifamily · Operating Segments -16,471 78,908 -120.9%
Other · Operating Segments -11,773 20,305 -158.0%
South Central · Operating Segments 130,129 197,767 -34.2%
West · Operating Segments 270,323 514,448 -47.5%
Show Consolidation Items breakouts
Corporate Non Segment -192,981 -186,188 -3.6%
Operating Segments And Corporate 790,703 1,535,133 -48.5%
EPS (Basic) 2.29 4.26 -46.2%
EPS (Diluted) 2.29 4.26 -46.2%
Wtd Avg Shares (Basic) 255,601 270,164 -5.4%
Wtd Avg Shares (Diluted) 255,601 270,164 -5.4%
Net Income Loss Available To Common Stockholders Basic 585,719 1,151,782 -49.1%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents (Q)
Show Business Segments breakouts
Homebuilding 1,406,215 4,037,405 -65.2%
Homebuilding · Operating Segments 1,406,215 4,037,405 -65.2%
Homebuilding · Variable Interest Entity Primary Beneficiary 77.6 68.8 +12.8%
Lennar Financial Services · Operating Segments 216,129 156,840 +37.8%
Lennar Other · Operating Segments 22,532 33,662 -33.1%
Multifamily · Operating Segments 17,337 24,755 -30.0%
Show Consolidation Items breakouts
Operating Segments 1,662,213 4,252,662 -60.9%
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 34,878,401
Show Business Segments breakouts
Central · Operating Segments 4,848,376
East · Operating Segments 5,724,354
Homebuilding 29,663,732
Homebuilding · Operating Segments 29,663,732
Lennar Financial Services 3,368,588
Lennar Financial Services · Operating Segments 3,368,588
Lennar Other 844,603
Lennar Other · Operating Segments 844,603
Multifamily 1,001,478
Multifamily · Operating Segments 1,001,478
Multifamily · Variable Interest Entity Primary Beneficiary 25.3
Other · Operating Segments 2,813,064
South Central · Operating Segments 4,207,858
West · Operating Segments 10,442,228
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 2.1
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 1,627,852
Operating Lease Right-of-Use Assets 285,185 223,614 +27.5%
Other Assets
Restricted Cash And Cash Equivalents (Q)
Show Business Segments breakouts
Homebuilding 29,928 12,600 +137.5%
Homebuilding · Operating Segments 29,928 12,600 +137.5%
Lennar Financial Services · Operating Segments 64,856 45,882 +41.4%
Show Consolidation Items breakouts
Operating Segments 94,784 58,482 +62.1%
Accounts Receivable Net (Q)
Show Business Segments breakouts
Homebuilding 948,295 995,417 -4.7%
Homebuilding · Operating Segments 948,295 995,417 -4.7%
Homebuilding · Variable Interest Entity Primary Beneficiary 2 7 -71.4%
Lennar Financial Services · Operating Segments 556,273 546,868 +1.7%
Multifamily · Operating Segments 45,715 65,136 -29.8%
Show Consolidation Items breakouts
Operating Segments 1,550,283 1,607,421 -3.6%
Inventory Homesunder Constructionand Finished Homes (Q)
Show Business Segments breakouts
Homebuilding 10,049,466 11,373,606 -11.6%
Homebuilding · Variable Interest Entity Primary Beneficiary 51.7 6.7 +671.6%
Inventory Real Estate Land And Land Development Costs (Q)
Show Business Segments breakouts
Homebuilding 1,069,620 4,872,341 -78.0%
Homebuilding · Variable Interest Entity Primary Beneficiary 336.1 625.1 -46.2%
Inventory Owned (Q)
Show Business Segments breakouts
Homebuilding 11,119,086 16,245,947 -31.6%
Inventory Operative Builders (Q)
Show Business Segments breakouts
Homebuilding 13,377,654 20,088,539 -33.4%
Homebuilding · Operating Segments 13,377,654 20,088,539 -33.4%
Multifamily · Operating Segments 322,502 551,970 -41.6%
Show Consolidation Items breakouts
Operating Segments 13,700,156 20,640,509 -33.6%
Equity Method Investments (Q)
Show Business Segments breakouts
Homebuilding 2,648,329
Homebuilding · Operating Segments 2,648,329
Homebuilding · Variable Interest Entity Primary Beneficiary 0.1
Lennar Financial Services · Operating Segments 2,657
Lennar Other · Operating Segments 372,256
Lennar Other · Rialto Funds and Investment Vehicles 134.3
Lennar Other · Strategic Technology Investments 238
Multifamily · Lennar Multifamily Fund 28
Multifamily · LMV I 107,907
Multifamily · LMV II 215,927
Multifamily · Operating Segments 519,510
Multifamily · TPG Fund 41.9
Show Consolidation Items breakouts
Operating Segments 3,542,752
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
FivePoint Unconsolidated Entity 559.3
Millrose 1.2
Upward America Venture 14.6
Other Assets (Q)
Show Business Segments breakouts
Homebuilding 1,798,459 1,616,314 +11.3%
Homebuilding · Operating Segments 1,798,459 1,616,314 +11.3%
Homebuilding · Variable Interest Entity Primary Beneficiary 8.6 41 -79.0%
Lennar Financial Services · Operating Segments 123,788 111,333 +11.2%
Lennar Other · Operating Segments 125,157 89,810 +39.4%
Multifamily · Operating Segments 80,989 91,113 -11.1%
Show Consolidation Items breakouts
Operating Segments 2,128,393 1,908,570 +11.5%
Non-Current Liabilities
Accounts Payable Current And Noncurrent (Q)
Show Business Segments breakouts
Homebuilding 1,521,244 1,788,117 -14.9%
Homebuilding · Variable Interest Entity Primary Beneficiary 39 80 -51.2%
Long-Term Debt (Q)
Show Business Segments breakouts
Homebuilding 3,523,766 2,263,256 +55.7%
Homebuilding · 4.75% senior notes due 2027 698,700
Homebuilding · 5.00% senior notes due 2027 350,686 351,070 -0.1%
Homebuilding · 5.20% senior notes due 2030 693,853
Homebuilding · 5.25% senior notes due 2026 400,912 402,128 -0.3%
Homebuilding · Mortgage notes on land and other debt 239,615 312,103 -23.2%
Homebuilding · Operating Segments 3,523,766 2,263,256 +55.7%
Homebuilding · Revolving Credit Facility 1,140,000
Homebuilding · Variable Interest Entity Primary Beneficiary 6 6 0.0%
Lennar Financial Services · Financing Agreement to Purchase Commercial Mortgage Backed Securities 123,615 128,635 -3.9%
Lennar Financial Services · Operating Segments 1,863,845 1,545,416 +20.6%
Show Consolidation Items breakouts
Operating Segments 5,387,611 3,808,672 +41.5%
Total Liabilities 12,126,846 12,183,274 -0.5%
Show Business Segments breakouts
Homebuilding 9,842,196 10,122,586 -2.8%
Homebuilding · Operating Segments 9,842,196 10,122,586 -2.8%
Lennar Financial Services 2,070,051 1,759,821 +17.6%
Lennar Financial Services · Operating Segments 2,070,051 1,759,821 +17.6%
Lennar Other 98,585 105,540 -6.6%
Lennar Other · Operating Segments 98,585 105,540 -6.6%
Multifamily 116,014 195,327 -40.6%
Multifamily · Operating Segments 116,014 195,327 -40.6%
Multifamily · Variable Interest Entity Primary Beneficiary 1 1 0.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1.4 2.4 -41.7%
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 6,012,493 2,980,035 +101.8%
Homebuilding · Land Bank 2.2 820.7 -99.7%
Homebuilding · Operating Segments 6,012,493 2,980,035 +101.8%
Multifamily · Operating Segments 15,425 32,946 -53.2%
Show Consolidation Items breakouts
Operating Segments 6,027,918 3,012,981 +100.1%
Liabilitiesfor Land Under Purchase Options Recorded (Q)
Show Business Segments breakouts
Homebuilding 1,987,263
Homebuilding · Land Bank 298.2
Homebuilding · Operating Segments 1,987,263
Homebuilding · Variable Interest Entity Primary Beneficiary 1.4
Show Consolidation Items breakouts
Operating Segments 1,987,263
Other Liabilities (Q)
Show Business Segments breakouts
Homebuilding 2,809,923 2,727,342 +3.0%
Homebuilding · Variable Interest Entity Primary Beneficiary 1.3 46.5 -97.2%
Stockholders' Equity
Common Stock (Q)
Show Statement Class Of Stock breakouts
Common Class A 26,153 25,998 +0.6%
Common Class B 3,660 3,660 0.0%
Additional Paid-In Capital 5,884,528 5,706,711 +3.1%
Retained Earnings 22,107,836 24,791,519 -10.8%
Treasury Stock Value -5,457,876 -3,122,408 -74.8%
Accumulated Other Comprehensive Income 6,019 7,040 -14.5%
Total Stockholders' Equity 22,570,320 27,412,520 -17.7%
Minority Interest 181,235 145,188 +24.8%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 22,751,555 27,557,708 -17.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 6,019 7,040 -14.5%
Additional Paid In Capital 5,884,528 5,706,711 +3.1%
Common Stock · Common Class A 26,153 25,998 +0.6%
Common Stock · Common Class B 3,660 3,660 0.0%
Noncontrolling Interest 181,235 145,188 +24.8%
Retained Earnings 22,107,836 24,791,519 -10.8%
Treasury Stock Common -5,457,876 -3,122,408 -74.8%
Total Liabilities & Equity 34,878,401 39,740,982 -12.2%
Land Under Purchase Options Recorded (Q)
Show Business Segments breakouts
Homebuilding 2,258,568 3,842,592 -41.2%
Homebuilding · Land Bank 345 768.1 -55.1%
Homebuilding · Variable Interest Entity Primary Beneficiary 1.5 2.5 -40.0%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 1.5 2.5 -40.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 99,326 85,119 +16.7%
Amortization Of Debt Discount Premium -33 407 -108.1%
Income Loss From Equity Method Investments -56,172 -151,767 +63.0%
Equity Method Investment Dividends Or Distributions 28,266 34,108 -17.1%
Show Business Segments breakouts
Multifamily · LMV I 19,690 147,305 -86.6%
Multifamily · LMV II 770 11,206 -93.1%
Stock-Based Compensation 138,363 154,094 -10.2%
Deferred Income Taxes And Tax Credits 77,332 99,368 -22.2%
Unrealized Gain Loss On Financing Receivables Held For Sale -10,293 -1,617 -536.5%
Unrealized Gain Loss On Investments And Other Gain Loss 14,218 -35,189 +140.4%
Gain Loss On Sale Of Property Plant Equipment -34,086 -15,428 -120.9%
Equity Method Investment Realized Gain Loss On Disposal -35,678
Valuation Adjustmentsand Writeoffsof Option Deposits Preacquisitions Costsand Other Assets 146,893 125,777 +16.8%
Increase Decrease In Receivables -10,286 -24,170 +57.4%
Change in Inventory -1,314,933 -707,702 -85.8%
Increase In Deposits And Pre Acquisition Costs On Real Estate -1,248,390 -984,843 -26.8%
Increase Decrease In Other Operating Assets -209,892 -84,751 -147.7%
Increase Decrease In Loans Held For Sale 240,394 245,004 -1.9%
Increase Decrease In Accounts Payable And Accrued Liabilities -978,048 -176,492 -454.2%
Net Cash from Operations -1,542,675 1,428,874 -208.0%
Investing Activities
Capital Expenditures -103,424 -130,138 +20.5%
Proceeds From Sale Of Property Plant And Equipment 54,803 31,435 +74.3%
Proceeds From Sale Of Equity Method Investments 233,007
Proceeds From Sale Of Available For Sale Securities Debt 86,862
Payments To Acquire Equity Method Investments -203,010 -311,904 +34.9%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 235,593 236,527 -0.4%
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 11,572 -2,479 +566.8%
Payments To Acquire Marketable Securities -3,456 -4,519 +23.5%
Proceeds From Sale And Maturity Of Marketable Securities 3,518 4,254 -17.3%
Net Cash from Investing 175,634 -176,824 +199.3%
Financing Activities
Proceeds From Lines Of Credit 1,140,000
Repayments Of Lines Of Credit -67,111 -618,388 +89.1%
Proceeds From Issuance Of Senior Long Term Debt 700,000
Repayments Of Senior Debt -500,000 -553,865 +9.7%
Repaymentsof Mortgageand Other Debts -48,659 -43,995 -10.6%
Cash Divested From Deconsolidation Financing Activities -416,006
Proceedsfrom Other Liabilities 259 130,440 -99.8%
Payments For Turn Of Inventory Not Owned Financing Activities -479,426 -255,753 -87.5%
Proceeds From Payments For Other Financing Activities -4,263 -4,263 0.0%
Proceeds From Minority Shareholders 25,982 17,044 +52.4%
Payments To Minority Shareholders -7,777 -45,819 +83.0%
Debt Issuance Costs -6,502
Share Repurchases -1,808,312 -1,729,308 -4.6%
Payments Of Dividends Common Stock -394,357 -414,168 +4.8%
Net Cash from Financing -1,866,172 -3,511,844 +46.9%
Other Cash Flow
Net Change in Cash -3,233,213 -2,259,794 -43.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,756,997 4,311,144 -59.2%
Show Consolidation Items breakouts
Operating Segments 1,756,997 4,311,144 -59.2%
Noncash Purchaseof Inventoriesand Other Assets (YTD)
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 320 34,245 -99.1%
Non Cash Contributions To Unconsolidated Entities (YTD)
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 162,454 14,453 +1024.0%
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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