LENNAR CORP /NEW/

LEN 10-K · Q4 2025
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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 9,367,609 9,946,888 -5.8%
Show Product Lines breakouts
Land · Multifamily 0 21,783 -100.0%
Show — breakouts
Revenue -5,401,326 -5,415,250 +0.3%
Revenue -11,617 -14,074 +17.5%
Revenue 308,827 304,550 +1.4%
Revenue -23,342,204 -24,322,849 +4.0%
Revenue 579,763 158,277 +266.3%
Revenue -59,434 -239,034 +75.1%
Revenue 131,484 262,085 -49.8%
Revenue 29,368 -159,876 +118.4%
Revenue -23,134,382 -24,165,505 +4.3%
Revenue -5,403,680 -5,402,776 -0.0%
Revenue -5,003,970 -6,046,812 +17.2%
Revenue -5,384,075 -5,397,738 +0.3%
Revenue -5,020,149 -6,079,354 +17.4%
Revenue -23,251,175 -24,264,358 +4.2%
Revenue -23,361,654 -24,344,773 +4.0%
Revenue 5,188 8,792 -41.0%
Revenue 31,996,381 33,524,889 -4.6%
Revenue 2,341,298 2,436,724 -3.9%
Revenue 1,832,463 2,107,858 -13.1%
Revenue -7,356 -3,944 -86.5%
Revenue 5,478,171 4,510,362 +21.5%
Revenue 3,168,893 3,670,983 -13.7%
Revenue 8,715,838 9,420,407 -7.5%
Revenue 2,349,522 2,456,470 -4.4%
Revenue 1,563,594 2,835,716 -44.9%
Revenue -5,379,790 -5,385,396 +0.1%
Revenue 197,814 -631,761 +131.3%
Revenue 6,502,465 7,536,967 -13.7%
Revenue -7,490,763 -8,157,857 +8.2%
Revenue 26,860,065 28,487,540 -5.7%
Revenue -4,725,988 -5,007,349 +5.6%
Revenue 18,531 -11,528 +260.7%
General & Administrative 162,090 170,011 -4.7%
Contribution Expense 23,034 22,206 +3.7%
Total Costs & Expenses 8,723,684 8,582,987 +1.6%
Income Loss From Equity Method Investments And Other Nonoperating Income Expense 22,053 12,332 +78.8%
Non-Operating Income (Expense) -105,823 68,991 -253.4%
Unrealized Gain Loss On Investments (Q) — — —
Show Business Segments breakouts
Lennar Other · Equity Securities 122,886 12,708 +867.0%
Show — breakouts
Unrealized Gain Loss On Investments 133,903 19,259 +595.3%
Income Before Taxes 683,041 1,457,932 -53.2%
Income Tax Expense (Benefit) -185,085 -358,058 +48.3%
Net Income 497,956 1,099,874 -54.7%
Show Equity Components breakouts
Noncontrolling Interest 7,719 3,660 +110.9%
Retained Earnings 490,237 1,096,214 -55.3%
Net Income Loss Attributable To Noncontrolling Interest 7,719 3,660 +110.9%
Net Income 490,237 1,096,214 -55.3%
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax -8 489 -101.6%
Show — breakouts
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax -8 489 -101.6%
Other Comprehensive Income -8 489 -101.6%
Comprehensive Income 490,229 1,096,703 -55.3%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest 7,719 3,660 +110.9%
EPS (Basic) 1.92 4.05 -52.6%
Cost of Revenue (Q) — — —
Show — breakouts
Cost of Revenue 174,996 150,074 +16.6%
Cost of Revenue 8,099,991 8,112,431 -0.2%
Cost of Revenue 339,276 139,450 +143.3%
Cost of Revenue -231,290 -302,510 +23.5%
Wtd Avg Shares (Basic) -1,794 -1,585 -13.2%
Net Income Loss Available To Common Stockholders Basic 486,497 1,085,919 -55.2%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation Amortization And Accretion Net 34,984 30,409 +15.0%
Amortization Of Debt Discount Premium 121 -259 +146.7%
Income Loss From Equity Method Investments -22,053 -12,332 -78.8%
Equity Method Investment Dividends Or Distributions 8,312 121,457 -93.2%
Stock-Based Compensation 25,131 22,582 +11.3%
Deferred Income Taxes And Tax Credits -37 -38,942 +99.9%
Unrealized Gain Loss On Financing Receivables Held For Sale -16,325 54,099 -130.2%
Gain Loss On Sale Of Property Plant Equipment -43,651 -23,409 -86.5%
Valuation Adjustmentsand Writeoffsof Option Deposits Preacquisitions Costsand Other Assets 99,327 17,488 +468.0%
Increase Decrease In Receivables 77,050 -105,042 +173.4%
Change in Inventory 1,164,012 422,607 +175.4%
Increase In Deposits And Pre Acquisition Costs On Real Estate -301,274 -646,940 +53.4%
Increase Decrease In Other Operating Assets 23,821 -28,525 +183.5%
Increase Decrease In Loans Held For Sale -116,661 -463,397 +74.8%
Increase Decrease In Accounts Payable And Accrued Liabilities 287,297 556,872 -48.4%
Net Cash from Operations 1,759,487 974,505 +80.6%
Investing Activities
Capital Expenditures -85,205 -41,365 -106.0%
Payments To Acquire Equity Method Investments -50,703 -113,658 +55.4%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 45,943 -5,431 +945.9%
Payments For Proceeds From Loans And Leases 8 1,745 -99.5%
Payments To Acquire Marketable Securities 0 0 —
Proceeds From Sale And Maturity Of Marketable Securities 737 2,970 -75.2%
Net Cash from Investing 45,934 -125,733 +136.5%
Financing Activities
Repayments Of Senior Debt 0 0 —
Payments For Turn Of Inventory Not Owned Financing Activities -86,747 46,420 -286.9%
Proceeds From Minority Shareholders 6,123 3,073 +99.3%
Payments To Minority Shareholders -12,101 -831 -1356.2%
Share Repurchases -57 -527,156 +100.0%
Payments Of Dividends Common Stock -126,602 -134,655 +6.0%
Net Cash from Financing 268,316 -169,706 +258.1%
Other Cash Flow
Net Change in Cash 2,073,737 679,066 +205.4%
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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