LENNAR CORP /NEW/

LEN 10-Q · Q1 2026
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Income Statement

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Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 6,619,476 7,631,545 -13.3%
Show Product Lines breakouts
General Contractor · Multifamily 53,243 30,450 +74.9%
Land 15,158 35,326 -57.1%
Land · Central 873 1,600 -45.4%
Land · East 8,074 23,122 -65.1%
Land · Homebuilding 15,158 35,326 -57.1%
Land · South Central 4,023 5,604 -28.2%
Land · West 2,188 5,000 -56.2%
Management Service · Multifamily 2,843 6,941 -59.0%
Other revenues 331,396 355,673 -6.8%
Other revenues · Central 1,153 854 +35.0%
Other revenues · East 4,869 2,736 +78.0%
Other revenues · Homebuilding 10,483 7,998 +31.1%
Other revenues · Lennar Financial Services 215,555 277,077 -22.2%
Other revenues · Lennar Other 22,859 7,402 +208.8%
Other revenues · Multifamily 82,499 63,196 +30.5%
Other revenues · Other 2,599 2,459 +5.7%
Other revenues · South Central 660 701 -5.8%
Other revenues · West 1,202 1,248 -3.7%
Real Estate Other 6,272,922 7,240,546 -13.4%
Real Estate Other · Central 1,345,033 1,530,193 -12.1%
Real Estate Other · East 1,512,078 1,655,259 -8.7%
Real Estate Other · Homebuilding 6,272,922 7,240,546 -13.4%
Real Estate Other · Other 3,884 5,886 -34.0%
Real Estate Other · South Central 1,160,180 1,160,523 -0.0%
Real Estate Other · West 2,251,747 2,888,685 -22.0%
Show Business Segments breakouts
Central 1,347,059 1,532,647 -12.1%
East 1,525,021 1,681,117 -9.3%
Homebuilding 6,298,563 7,283,870 -13.5%
Homebuilding · Operating Segments 6,298,563 7,283,870 -13.5%
Lennar Financial Services 215,555 277,077 -22.2%
Lennar Financial Services · Operating Segments 215,555 277,077 -22.2%
Lennar Other 22,859 7,402 +208.8%
Lennar Other · Operating Segments 22,859 7,402 +208.8%
Multifamily 82,499 63,196 +30.5%
Multifamily · Operating Segments 82,499 63,196 +30.5%
Other 6,483 8,345 -22.3%
South Central 1,164,863 1,166,828 -0.2%
West 2,255,137 2,894,933 -22.1%
Show Consolidation Items breakouts
Operating Segments 6,619,476 7,631,545 -13.3%
Cost of Revenue (Q) — — —
Show Business Segments breakouts
Homebuilding · Operating Segments 5,970,420 6,539,960 -8.7%
Lennar Financial Services · Operating Segments 124,242 133,594 -7.0%
Lennar Other · Operating Segments 43,684 23,564 +85.4%
Multifamily · Operating Segments 90,428 73,376 +23.2%
General & Administrative 157,638 147,378 +7.0%
Contribution Expense 16,863 17,834 -5.4%
Total Costs & Expenses 6,403,275 6,935,706 -7.7%
Show Business Segments breakouts
Central 1,304,656 1,400,974 -6.9%
East 1,416,928 1,488,716 -4.8%
Homebuilding 5,970,420 6,539,960 -8.7%
Lennar Financial Services 124,242 133,594 -7.0%
Lennar Other 43,684 23,564 +85.4%
Multifamily 90,428 73,376 +23.2%
Other 13,869 10,333 +34.2%
South Central 1,070,370 1,044,291 +2.5%
West 2,164,597 2,595,646 -16.6%
Income Loss From Equity Method Investments And Other Nonoperating Income Expense 63,268 33,234 +90.4%
Show Business Segments breakouts
Central 59 -3 +2066.7%
East 10,683 6,638 +60.9%
Homebuilding 38,181 35,004 +9.1%
Lennar Other -394 -2,497 +84.2%
Multifamily 25,481 727 +3405.0%
Other 26,542 28,399 -6.5%
South Central -15 -2 -650.0%
West 912 -28 +3357.1%
Non-Operating Income (Expense) 8,146 31,668 -74.3%
Show Business Segments breakouts
Central 1,883 2,050 -8.1%
East -3,821 25,315 -115.1%
Homebuilding 6,704 30,359 -77.9%
Lennar Other 1,135 -8,121 +114.0%
Multifamily 307 9,430 -96.7%
Other 12,343 3,924 +214.6%
South Central -1,669 -452 -269.2%
West -2,032 -478 -325.1%
Unrealized Gain Loss On Investments 14,838 -62,503 +123.7%
Show Business Segments breakouts
Lennar Other 14,838 -62,503 +123.7%
Lennar Other · Equity Securities 14,838 -62,503 +123.7%
Lennar Other · Operating Segments 14,838 -62,503 +123.7%
Income Before Taxes 302,453 698,238 -56.7%
Show Business Segments breakouts
Central 44,345 133,720 -66.8%
East 114,955 224,354 -48.8%
Homebuilding 373,028 809,273 -53.9%
Lennar Financial Services 91,313 143,483 -36.4%
Lennar Other -5,246 -89,283 +94.1%
Multifamily 17,859 -23 +77747.8%
Other 31,499 30,335 +3.8%
South Central 92,809 122,083 -24.0%
West 89,420 298,781 -70.1%
Income Tax Expense (Benefit) -69,092 -169,525 +59.2%
Net Income 233,361 528,713 -55.9%
Show Equity Components breakouts
Noncontrolling Interest 3,978 9,187 -56.7%
Retained Earnings 229,383 519,526 -55.8%
Net Income Loss Attributable To Noncontrolling Interest 3,978 9,187 -56.7%
Net Income 229,383 519,526 -55.8%
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax -405 -178 -127.5%
Show Business Segments breakouts
Lennar Other · Fair Value Measurements Recurring -405 -178 -127.5%
Other Comprehensive Income -405 -178 -127.5%
Comprehensive Income 228,978 519,348 -55.9%
Cost of Revenue (Q) — — —
Show Product Lines breakouts
General Contractor · Multifamily 51,880 28,314 +83.2%
Selling, General & Administrative 617,495 615,739 +0.3%
Show Business Segments breakouts
Central 148,205 152,324 -2.7%
East 162,774 162,186 +0.4%
Homebuilding 617,495 615,739 +0.3%
Other 7,712 4,026 +91.6%
South Central 107,634 94,822 +13.5%
West 191,170 202,381 -5.5%
EPS (Basic) 0.93 1.96 -52.6%
EPS (Diluted) 0.93 1.96 -52.6%
Wtd Avg Shares (Basic) 244,438 262,733 -7.0%
Wtd Avg Shares (Diluted) 244,438 262,733 -7.0%
Net Income Loss Available To Common Stockholders Basic 227,049 514,709 -55.9%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents (Q) — — —
Show Business Segments breakouts
Homebuilding 2,085,384 2,283,928 -8.7%
Homebuilding · Operating Segments 2,085,384 2,283,928 -8.7%
Homebuilding · Variable Interest Entity Primary Beneficiary 49.7 72.3 -31.3%
Lennar Financial Services · Operating Segments 210,147 188,833 +11.3%
Lennar Other · Operating Segments 24,488 28,981 -15.5%
Multifamily · Operating Segments 32,623 15,030 +117.1%
Show Consolidation Items breakouts
Operating Segments 2,352,642 2,516,772 -6.5%
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 33,210,342 34,986,103 -5.1%
Show Business Segments breakouts
Central · Operating Segments 4,686,323 4,415,791 +6.1%
East · Operating Segments 5,510,902 5,615,263 -1.9%
Homebuilding 28,730,536 29,885,928 -3.9%
Homebuilding · Operating Segments 28,730,536 29,885,928 -3.9%
Lennar Financial Services 2,808,039 3,000,778 -6.4%
Lennar Financial Services · Operating Segments 2,808,039 3,000,778 -6.4%
Lennar Other 829,667 824,245 +0.7%
Lennar Other · Operating Segments 829,667 824,245 +0.7%
Multifamily 842,100 1,275,152 -34.0%
Multifamily · Operating Segments 842,100 1,275,152 -34.0%
Multifamily · Variable Interest Entity Primary Beneficiary 24.7 35.5 -30.4%
Other · Operating Segments 1,800,785 2,938,045 -38.7%
South Central · Operating Segments 4,553,494 4,214,025 +8.1%
West · Operating Segments 9,775,856 10,280,135 -4.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1.5 3 -50.0%
Show Consolidation Items breakouts
Corporate Non Segment 2,403,176 2,422,669 -0.8%
Operating Lease Right-of-Use Assets 252,317 270,683 -6.8%
Other Assets
Restricted Cash And Cash Equivalents (Q) — — —
Show Business Segments breakouts
Homebuilding 27,541 22,487 +22.5%
Homebuilding · Operating Segments 27,541 22,487 +22.5%
Lennar Financial Services · Operating Segments 14,627 48,756 -70.0%
Show Consolidation Items breakouts
Operating Segments 42,168 71,243 -40.8%
Accounts Receivable Net (Q) — — —
Show Business Segments breakouts
Homebuilding 960,912 1,063,934 -9.7%
Homebuilding · Operating Segments 960,912 1,063,934 -9.7%
Homebuilding · Variable Interest Entity Primary Beneficiary 0.2 4.4 -95.5%
Lennar Financial Services · Operating Segments 305,460 426,410 -28.4%
Multifamily · Operating Segments 39,888 43,264 -7.8%
Show Consolidation Items breakouts
Operating Segments 1,306,260 1,533,608 -14.8%
Inventory Homesunder Constructionand Finished Homes (Q) — — —
Show Business Segments breakouts
Homebuilding 9,547,262 9,091,705 +5.0%
Homebuilding · Variable Interest Entity Primary Beneficiary 38.2 5.6 +582.1%
Inventory Real Estate Land And Land Development Costs (Q) — — —
Show Business Segments breakouts
Homebuilding 928,517 1,062,369 -12.6%
Homebuilding · Variable Interest Entity Primary Beneficiary 232.9 342.4 -32.0%
Inventory Owned (Q) — — —
Show Business Segments breakouts
Homebuilding 10,475,779 10,154,074 +3.2%
Inventory Operative Builders (Q) — — —
Show Business Segments breakouts
Homebuilding 12,122,063 13,608,716 -10.9%
Homebuilding · Operating Segments 12,122,063 13,608,716 -10.9%
Multifamily · Operating Segments 212,882 643,214 -66.9%
Show Consolidation Items breakouts
Operating Segments 12,334,945 14,251,930 -13.5%
Equity Method Investments (Q) — — —
Show Business Segments breakouts
Homebuilding 1,479,812 2,645,734 -44.1%
Homebuilding · Operating Segments 1,479,812 2,645,734 -44.1%
Homebuilding · Variable Interest Entity Primary Beneficiary 0.3 0.3 0.0%
Lennar Financial Services · Operating Segments 2,431 — —
Lennar Other · Operating Segments 361,092 375,393 -3.8%
Lennar Other · Rialto Funds and Investment Vehicles 128.6 136.6 -5.9%
Lennar Other · Strategic Technology Investments 232.5 238.8 -2.6%
Multifamily · Lennar Multifamily Fund 28.2 27.4 +2.9%
Multifamily · LMV I 71,667 114,067 -37.2%
Multifamily · LMV II 194,320 224,072 -13.3%
Multifamily · Operating Segments 474,767 472,668 +0.4%
Multifamily · TPG Fund 41.1 — —
Show Consolidation Items breakouts
Operating Segments 2,318,102 3,493,795 -33.7%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
FivePoint Unconsolidated Entity 605.6 524.8 +15.4%
Upward America Venture 12.4 16.7 -25.7%
Other Assets (Q) — — —
Show Business Segments breakouts
Homebuilding 1,787,517 1,657,511 +7.8%
Homebuilding · Operating Segments 1,787,517 1,657,511 +7.8%
Homebuilding · Variable Interest Entity Primary Beneficiary 1.7 11.7 -85.5%
Lennar Financial Services · Operating Segments 107,600 124,140 -13.3%
Lennar Other · Operating Segments 182,972 133,842 +36.7%
Multifamily · Operating Segments 74,184 90,151 -17.7%
Show Consolidation Items breakouts
Operating Segments 2,152,273 2,005,644 +7.3%
Non-Current Liabilities
Accounts Payable Current And Noncurrent (Q) — — —
Show Business Segments breakouts
Homebuilding 1,737,575 1,926,358 -9.8%
Homebuilding · Variable Interest Entity Primary Beneficiary 15.5 67.8 -77.1%
Long-Term Debt (Q) — — —
Show Business Segments breakouts
Homebuilding 4,065,459 2,211,272 +83.9%
Homebuilding · 4.75% senior notes due 2027 698,990 — —
Homebuilding · 5.00% senior notes due 2027 350,494 350,878 -0.1%
Homebuilding · 5.20% senior notes due 2030 694,478 — —
Homebuilding · 5.25% senior notes due 2026 400,304 401,520 -0.3%
Homebuilding · Mortgage notes on land and other debt 211,193 260,573 -19.0%
Homebuilding · Operating Segments 4,065,459 2,211,272 +83.9%
Lennar Financial Services · Financing Agreement to Purchase Commercial Mortgage Backed Securities 121,379 124,651 -2.6%
Lennar Financial Services · Operating Segments 1,191,006 1,397,125 -14.8%
Show Consolidation Items breakouts
Operating Segments 5,256,465 3,608,397 +45.7%
Show Credit Facility breakouts
Revolving Credit Facility · Delayed Draw Term Loan 1,710,000 — —
Total Liabilities 11,178,079 12,118,759 -7.8%
Show Business Segments breakouts
Homebuilding 9,604,090 10,251,491 -6.3%
Homebuilding · Operating Segments 9,604,090 10,251,491 -6.3%
Lennar Financial Services 1,390,277 1,626,271 -14.5%
Lennar Financial Services · Operating Segments 1,390,277 1,626,271 -14.5%
Lennar Other 95,165 99,617 -4.5%
Lennar Other · Operating Segments 95,165 99,617 -4.5%
Multifamily 88,547 141,380 -37.4%
Multifamily · Operating Segments 88,547 141,380 -37.4%
Multifamily · Variable Interest Entity Primary Beneficiary 1 1 0.0%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1 2.4 -58.3%
Other Liabilities
Deposits And Pre Acquisition Costs (Q) — — —
Show Business Segments breakouts
Homebuilding 6,824,948 5,161,259 +32.2%
Homebuilding · Land Bank 2.8 2.2 +27.3%
Homebuilding · Operating Segments 6,824,948 5,161,259 +32.2%
Multifamily · Operating Segments 7,756 10,825 -28.4%
Show Consolidation Items breakouts
Operating Segments 6,832,704 5,172,084 +32.1%
Liabilitiesfor Land Under Purchase Options Recorded (Q) — — —
Show Business Segments breakouts
Homebuilding 1,447,697 3,037,085 -52.3%
Homebuilding · Land Bank 349.8 633.4 -44.8%
Homebuilding · Operating Segments 1,447,697 3,037,085 -52.3%
Homebuilding · Variable Interest Entity Primary Beneficiary 961.7 2.3 +41713.0%
Show Consolidation Items breakouts
Operating Segments 1,447,697 3,037,085 -52.3%
Other Liabilities (Q) — — —
Show Business Segments breakouts
Homebuilding 2,353,359 3,076,776 -23.5%
Homebuilding · Variable Interest Entity Primary Beneficiary 1.2 0.8 +50.0%
Stockholders' Equity
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 26,319 26,133 +0.7%
Common Class B 3,660 3,660 0.0%
Additional Paid-In Capital 5,993,733 5,812,802 +3.1%
Retained Earnings 22,577,374 21,302,131 +6.0%
Treasury Stock Value -6,727,316 -4,424,039 -52.1%
Accumulated Other Comprehensive Income 5,606 7,351 -23.7%
Total Stockholders' Equity 21,879,376 22,728,038 -3.7%
Minority Interest 152,887 139,306 +9.7%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 22,032,263 22,867,344 -3.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 5,606 7,351 -23.7%
Additional Paid In Capital 5,993,733 5,812,802 +3.1%
Common Stock · Common Class A 26,319 26,133 +0.7%
Common Stock · Common Class B 3,660 3,660 0.0%
Noncontrolling Interest 152,887 139,306 +9.7%
Retained Earnings 22,577,374 21,302,131 +6.0%
Treasury Stock Common -6,727,316 -4,424,039 -52.1%
Total Liabilities & Equity 33,210,342 34,986,103 -5.1%
Land Under Purchase Options Recorded (Q) — — —
Show Business Segments breakouts
Homebuilding 1,646,284 3,454,642 -52.3%
Homebuilding · Land Bank 449.6 815.9 -44.9%
Homebuilding · Variable Interest Entity Primary Beneficiary 1 2.5 -60.0%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 1 2.5 -60.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Depreciation Amortization And Accretion Net 33,388 31,332 +6.6%
Amortization Of Debt Discount Premium 112 -91 +223.1%
Income Loss From Equity Method Investments -63,268 -33,234 -90.4%
Equity Method Investment Dividends Or Distributions 26,656 11,586 +130.1%
Show Business Segments breakouts
Multifamily · LMV I 37,083 — —
Multifamily · LMV II 24,425 — —
Stock-Based Compensation 62,377 84,085 -25.8%
Deferred Income Taxes And Tax Credits 44,205 23,472 +88.3%
Unrealized Gain Loss On Financing Receivables Held For Sale -32,402 -30,403 -6.6%
Unrealized Gain Loss On Investments And Other Gain Loss -14,838 71,427 -120.8%
Gain Loss On Sale Of Property Plant Equipment -9,296 -23,411 +60.3%
Valuation Adjustmentsand Writeoffsof Option Deposits Preacquisitions Costsand Other Assets 38,128 28,261 +34.9%
Increase Decrease In Receivables 296,232 117,753 +151.6%
Change in Inventory -652,015 -513,257 -27.0%
Increase In Deposits And Pre Acquisition Costs On Real Estate -353,721 -757,972 +53.3%
Increase Decrease In Other Operating Assets -36,460 -57,501 +36.6%
Increase Decrease In Loans Held For Sale 397,801 445,233 -10.7%
Increase Decrease In Accounts Payable And Accrued Liabilities -403,762 -215,035 -87.8%
Net Cash from Operations -433,502 -289,042 -50.0%
Investing Activities
Capital Expenditures -29,992 -56,043 +46.5%
Proceeds From Sale Of Property Plant And Equipment 26,163 40,258 -35.0%
Proceeds From Sale Of Available For Sale Securities Debt 28,258 72,003 -60.8%
Payments To Acquire Equity Method Investments -31,841 -78,709 +59.5%
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital 104,999 35,455 +196.1%
Payments To Acquire Marketable Securities -6,218 -3,456 -79.9%
Proceeds From Sale And Maturity Of Marketable Securities 1,993 1,934 +3.1%
Net Cash from Investing 93,362 21,490 +334.4%
Financing Activities
Repayments Of Lines Of Credit -599,303 -533,831 -12.3%
Repaymentsof Mortgageand Other Debts -12,092 -27,600 +56.2%
Payments For Turn Of Inventory Not Owned Financing Activities -80,155 -255,862 +68.7%
Proceeds From Payments For Other Financing Activities -1,421 -1,421 0.0%
Proceeds From Minority Shareholders 1,083 11,328 -90.4%
Payments To Minority Shareholders -10,709 -5,389 -98.7%
Share Repurchases -269,707 -774,475 +65.2%
Payments Of Dividends Common Stock -123,480 -131,646 +6.2%
Net Cash from Financing -1,095,784 -2,134,643 +48.7%
Other Cash Flow
Net Change in Cash -1,435,924 -2,402,195 +40.2%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,394,810 2,588,015 -7.5%
Show Consolidation Items breakouts
Operating Segments 2,394,810 2,588,015 -7.5%
Noncash Purchaseof Inventoriesand Other Assets (Q) — — —
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 1,235 320 +285.9%
Non Cash Contributions To Unconsolidated Entities (Q) — — —
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 21,241 17,330 +22.6%
Non Cash Sales Of Unconsolidated Entities (Q) — — —
Show Business Segments breakouts
Lennar Homebuilding and Lennar Multifamily · Operating Segments 90,730 — —

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

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