Lennar Corporation (LEN) Q3 FY2026 Financial Statements: Revenue $8.05B, Net earnings $283.88M
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PeriodQ3 FY2026
Published
Lennar reported $8.05 billion in total revenues for Q3 FY2026, the quarter ended August 31, 2026, down 8.7% from a year earlier, on 20,840 homes delivered, down 3.4%. Net earnings attributable to Lennar were $283.88 million, or $1.19 per diluted share, down 52.0% from $590.97 million. The decline reflected a gross margin on home sales of 15.8%, down 1.7 points from a year earlier, higher selling, general and administrative costs as a share of home-sales revenue, and mark-to-market losses on technology investments that compared with gains in the year-ago quarter.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $8,046,119,000 | down 8.7% |
| Net earnings | $283,876,000 | down 52.0% |
| Diluted EPS | $1.19 | down 48.0% |
| Gross margin on home sales | 15.8% | down 1.7 points |
| Homes delivered | 20,840 | down 3.4% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | LEN |
|---|---|
| CIK | 0000920760 |
| Company | Lennar Corporation |
| Business type | homebuilder |
| Schema template | homebuilder: consolidated statements by business line (Homebuilding, Financial Services, Multifamily, Lennar Other), plus home-sales margins, deliveries, new orders and backlog |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual US dollars (not thousands); share counts in actual shares; per-share amounts in dollars; percentages as printed (15.8 means 15.8%) |
LEN annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2024-12-01 | 2023-12-01 | 2022-12-01 |
| Period end | 2025-11-30 | 2024-11-30 | 2023-11-30 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Income statement | |||
| Total revenues | 34,186,934,000 | 35,441,452,000 | 34,233,366,000 |
| Corporate general and administrative | 636,718,000 | 648,986,000 | 501,338,000 |
| Charitable foundation contribution | 82,583,000 | 80,210,000 | 73,087,000 |
| Total costs and expenses | 31,519,110,000 | 30,671,689,000 | 28,866,807,000 |
| Equity in earnings losses from unconsolidated entities | 78,225,000 | 164,099,000 | -144,610,000 |
| Other income expense net and other gains losses net | -62,352,000 | 225,866,000 | 30,517,000 |
| Lennar other gains losses from technology investments | 130,166,000 | 25,180,000 | -50,162,000 |
| Earnings before income taxes | 2,813,863,000 | 5,184,908,000 | 5,202,304,000 |
| Provision for income taxes | -705,563,000 | -1,217,253,000 | -1,241,013,000 |
| Net earnings including noncontrolling interests | 2,108,300,000 | 3,967,655,000 | 3,961,291,000 |
| Net earnings attributable to noncontrolling interests | 30,121,000 | 35,122,000 | 22,780,000 |
| Net earnings attributable to lennar | 2,078,179,000 | 3,932,533,000 | 3,938,511,000 |
| Earnings available to common stockholders | 2,058,083,000 | 3,893,710,000 | 3,889,975,000 |
| Basic EPS | 7.98 | 14.31 | 13.73 |
| Diluted EPS | 7.98 | 14.31 | 13.73 |
| Basic weighted average shares | 257,746,000 | 272,019,000 | 283,319,000 |
| Diluted shares | 257,746,000 | 272,019,000 | 283,319,000 |
| Revenues by segment | |||
| Homebuilding | 32,266,680,000 | 33,906,426,000 | 32,660,987,000 |
| Financial services | 1,198,197,000 | 1,109,263,000 | 976,859,000 |
| Multifamily | 680,627,000 | 411,537,000 | 573,485,000 |
| Lennar other | 41,430,000 | 14,226,000 | 22,035,000 |
| Costs and expenses by segment | |||
| Homebuilding | 29,284,622,000 | 28,809,464,000 | 27,223,645,000 |
| Financial services | 585,731,000 | 532,079,000 | 467,398,000 |
| Multifamily | 750,011,000 | 521,455,000 | 573,658,000 |
| Lennar other | 179,445,000 | 79,495,000 | 27,681,000 |
| Operating earnings by segment | |||
| Homebuilding | 3,015,252,000 | 5,342,252,000 | |
| Financial services | 612,466,000 | 577,184,000 | |
| Multifamily | -75,455,000 | 42,635,000 | |
| Lennar other | -19,099,000 | -47,967,000 | |
| Total operating earnings | 3,533,164,000 | 5,914,104,000 | |
| Homebuilding segment | |||
| Sales of homes revenue | 32,097,245,000 | 33,778,149,000 | |
| Sales of land revenue | 130,232,000 | 93,384,000 | |
| Other revenues | 39,203,000 | 34,893,000 | |
| Costs of homes sold | 26,423,605,000 | 26,255,353,000 | |
| Costs of land sold | 182,680,000 | 73,802,000 | |
| Selling general and administrative | 2,678,337,000 | 2,480,309,000 | |
| Operating earnings | 3,015,252,000 | 5,342,252,000 | |
| Gross margin pct on home sales | 17.7 | 22.3 | |
| Net margin on sales of homes | 2,995,303,000 | 5,042,487,000 | |
| Gross margin on home sales | 5,673,640,000 | 7,522,796,000 | |
| Sga pct of home sales revenue | 8.3 | 7.3 | |
| Operating metrics | |||
| Deliveries homes | 82,583 | 80,210 | |
| Deliveries dollar value | 32,307,991,000 | 33,964,575,000 | |
| Deliveries average sales price | 391,000 | 423,000 | |
| Average sales incentive per home delivered | 62,700 | 48,800 | |
| Sales incentives pct of home sales revenue | 13.8 | 10.3 | |
| Active communities | 1,708 | 1,447 | |
| New orders homes | 83,978 | 76,951 | |
| New orders dollar value | 31,950,821,000 | 32,678,481,000 | |
| New orders average sales price | 380,000 | 425,000 | |
| Cancellation rate % | 14% | 14% | |
| Backlog homes | 13,936 | 11,633 | |
| Backlog dollar value | 5,244,406,000 | 5,372,784,000 | |
| Backlog average sales price | 376,000 | 462,000 | |
| Balance sheet | |||
| Homebuilding cash and cash equivalents | 3,441,324,000 | 4,662,643,000 | |
| Homebuilding restricted cash | 25,930,000 | 11,799,000 | |
| Homebuilding receivables net | 1,002,629,000 | 1,053,211,000 | |
| Finished homes and construction in progress | 8,822,271,000 | 10,884,861,000 | |
| Land and land under development | 1,098,961,000 | 4,750,025,000 | |
| Inventory owned | 9,921,232,000 | 15,634,886,000 | |
| Consolidated inventory not owned | 1,696,401,000 | 4,084,665,000 | |
| Inventory owned and consolidated inventory not owned | 11,617,633,000 | 19,719,551,000 | |
| Deposits and pre acquisition costs on real estate | 6,383,633,000 | 3,625,372,000 | |
| Homebuilding investments in unconsolidated entities | 1,545,370,000 | 1,344,836,000 | |
| Goodwill | 3,442,359,000 | 3,442,359,000 | |
| Homebuilding other assets | 1,794,378,000 | 1,734,698,000 | |
| Total homebuilding assets | 29,253,256,000 | 35,594,469,000 | |
| Financial services assets | 3,377,413,000 | 3,516,550,000 | |
| Multifamily assets | 902,136,000 | 1,306,818,000 | |
| Lennar other assets | 897,632,000 | 894,944,000 | |
| Total assets | 34,430,437,000 | 41,312,781,000 | |
| Homebuilding accounts payable | 1,812,484,000 | 1,839,440,000 | |
| Liabilities related to consolidated inventory not owned | 1,476,376,000 | 3,563,934,000 | |
| Homebuilding senior notes and other debts payable | 4,084,686,000 | 2,258,283,000 | |
| Homebuilding other liabilities | 2,691,876,000 | 3,201,552,000 | |
| Total homebuilding liabilities | 10,065,422,000 | 10,863,209,000 | |
| Financial services liabilities | 2,010,598,000 | 2,140,708,000 | |
| Multifamily liabilities | 113,361,000 | 181,883,000 | |
| Lennar other liabilities | 100,447,000 | 105,756,000 | |
| Total liabilities | 12,289,828,000 | 13,291,556,000 | |
| Additional paid in capital | 5,909,726,000 | 5,729,434,000 | |
| Retained earnings | 22,471,471,000 | 25,753,078,000 | |
| Treasury stock at cost | -6,457,609,000 | -3,649,564,000 | |
| Total stockholders equity | 21,959,417,000 | 27,870,135,000 | |
| Noncontrolling interests | 181,192,000 | 151,090,000 | |
| Total equity | 22,140,609,000 | 28,021,225,000 | |
| Total liabilities and equity | 34,430,437,000 | 41,312,781,000 | |
| Class a shares outstanding | 215,774,905 | 236,165,305 | |
| Class b shares outstanding | 31,217,013 | 32,068,514 | |
| Total common shares outstanding | 246,991,918 | 268,233,819 | |
| Leverage | |||
| Total capital | 26,044,103,000 | 30,128,418,000 | |
| Homebuilding debt to total capital % | 15.7% | 7.5% | |
| Non GAAP measures | |||
| Net homebuilding debt | 643,362,000 | -2,404,360,000 | |
| Net homebuilding debt to total capital % | 2.8% | -9.4% | |
| Cash flow | |||
| Depreciation and amortization | 134,310,000 | 115,528,000 | 110,164,000 |
| Share based compensation expense | 163,494,000 | 176,676,000 | 160,720,000 |
| Change in inventories excluding valuation adjustments | -150,921,000 | -285,095,000 | 2,274,083,000 |
| Increase in deposits and pre acquisition costs on real estate | -1,549,664,000 | -1,631,783,000 | -295,761,000 |
| Operating cash flow | 216,812,000 | 2,403,379,000 | 5,179,738,000 |
| Capital expenditures | -188,629,000 | -171,503,000 | -99,799,000 |
| Investing cash flow | 221,568,000 | -302,557,000 | -176,981,000 |
| Common stock repurchases | -1,808,369,000 | -2,256,464,000 | -1,182,711,000 |
| Dividends paid | -520,959,000 | -548,823,000 | -430,560,000 |
| Financing cash flow | -1,597,856,000 | -3,681,550,000 | -3,247,589,000 |
| Net change in cash and restricted cash | -1,159,476,000 | -1,580,728,000 | 1,755,168,000 |
| Cash and restricted cash end of period | 3,830,734,000 | 4,990,210,000 | 6,570,938,000 |
| Free cash flow | 28,183,000 | 2,231,876,000 | 5,079,939,000 |
| Shareholder returns | |||
| Class a shares repurchased | 13,202,936 | 11,942,725 | |
| Class b shares repurchased | 851,386 | 1,612,501 | |
| Class a repurchase cost | 1,624,220,000 | 1,906,049,000 | |
| Class b repurchase cost | 101,779,000 | 243,860,000 | |
| Dividends per share | 2.0 | 2.0 | 1.5 |
LEN quarterly income statement, balance sheet and cash flow
| Q3 FY2026 | Q3 FY2025 | |
|---|---|---|
| Fiscal quarter | 3 | 3 |
| Period start | 2026-06-01 | 2025-06-01 |
| Period end | 2026-08-31 | 2025-08-31 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Total revenues | 8,046,119,000 | 8,810,278,000 |
| Corporate general and administrative | 137,883,000 | 171,397,000 |
| Charitable foundation contribution | 20,840,000 | 21,584,000 |
| Total costs and expenses | 7,586,305,000 | 8,110,664,000 |
| Equity in earnings losses from unconsolidated entities | 3,165,000 | 10,822,000 |
| Other income expense net and other gains losses net | -22,565,000 | -18,956,000 |
| Lennar other gains losses from technology investments | -53,335,000 | 99,223,000 |
| Earnings before income taxes | 387,079,000 | 790,703,000 |
| Provision for income taxes | -101,592,000 | -190,892,000 |
| Net earnings including noncontrolling interests | 285,487,000 | 599,811,000 |
| Net earnings attributable to noncontrolling interests | 1,611,000 | 8,844,000 |
| Net earnings attributable to lennar | 283,876,000 | 590,967,000 |
| Earnings available to common stockholders | 281,983,000 | 585,719,000 |
| Basic EPS | 1.19 | 2.29 |
| Diluted EPS | 1.19 | 2.29 |
| Basic weighted average shares | 237,756,000 | 255,601,000 |
| Diluted shares | 237,756,000 | 255,601,000 |
| Revenues by segment | ||
| Homebuilding | 7,759,497,000 | 8,253,675,000 |
| Financial services | 226,121,000 | 314,195,000 |
| Multifamily | 38,475,000 | 228,465,000 |
| Lennar other | 22,026,000 | 13,943,000 |
| Costs and expenses by segment | ||
| Homebuilding | 7,242,516,000 | 7,497,119,000 |
| Financial services | 95,805,000 | 136,323,000 |
| Multifamily | 40,868,000 | 238,791,000 |
| Lennar other | 48,393,000 | 45,450,000 |
| Operating earnings by segment | ||
| Homebuilding | 501,962,000 | 759,785,000 |
| Financial services | 130,316,000 | 177,872,000 |
| Multifamily | -2,869,000 | -16,471,000 |
| Lennar other | -83,607,000 | 62,498,000 |
| Total operating earnings | 545,802,000 | 983,684,000 |
| Homebuilding segment | ||
| Sales of homes revenue | 7,733,588,000 | 8,213,580,000 |
| Sales of land revenue | 18,442,000 | 30,521,000 |
| Other revenues | 7,467,000 | 9,574,000 |
| Costs of homes sold | 6,512,260,000 | 6,779,563,000 |
| Costs of land sold | 16,216,000 | 41,065,000 |
| Selling general and administrative | 714,040,000 | 676,491,000 |
| Operating earnings | 501,962,000 | 759,785,000 |
| Gross margin pct on home sales | 15.8 | 17.5 |
| Net margin on sales of homes | 507,288,000 | 757,526,000 |
| Gross margin on home sales | 1,221,328,000 | 1,434,017,000 |
| Sga pct of home sales revenue | 9.2 | 8.2 |
| Operating metrics | ||
| Deliveries homes | 20,840 | 21,584 |
| Deliveries dollar value | 7,771,085,000 | 8,278,660,000 |
| Deliveries average sales price | 372,000 | 383,000 |
| Average sales incentive per home delivered | 51,000 | 64,100 |
| Sales incentives pct of home sales revenue | 12.0 | 14.3 |
| Active communities | 1,713 | 1,664 |
| New orders homes | 20,879 | 23,004 |
| New orders dollar value | 7,504,389,000 | 8,439,732,000 |
| New orders average sales price | 359,000 | 367,000 |
| Cancellation rate % | 15% | 14% |
| Backlog homes | 16,857 | 16,953 |
| Backlog dollar value | 6,345,460,000 | 6,647,990,000 |
| Backlog average sales price | 376,000 | 392,000 |
| Balance sheet | ||
| Homebuilding cash and cash equivalents | 1,150,115,000 | 1,406,215,000 |
| Homebuilding restricted cash | 34,093,000 | |
| Homebuilding receivables net | 924,858,000 | |
| Finished homes and construction in progress | 10,670,269,000 | |
| Land and land under development | 865,134,000 | |
| Inventory owned | 11,535,403,000 | |
| Consolidated inventory not owned | 1,408,036,000 | |
| Inventory owned and consolidated inventory not owned | 12,943,439,000 | |
| Deposits and pre acquisition costs on real estate | 7,327,193,000 | |
| Homebuilding investments in unconsolidated entities | 1,470,473,000 | |
| Goodwill | 3,442,359,000 | |
| Homebuilding other assets | 1,803,804,000 | |
| Total homebuilding assets | 29,096,334,000 | |
| Financial services assets | 2,770,652,000 | |
| Multifamily assets | 815,039,000 | |
| Lennar other assets | 696,200,000 | |
| Total assets | 33,378,225,000 | |
| Homebuilding accounts payable | 1,795,955,000 | |
| Liabilities related to consolidated inventory not owned | 1,250,439,000 | |
| Homebuilding senior notes and other debts payable | 4,297,251,000 | 3,523,766,000 |
| Homebuilding other liabilities | 2,448,954,000 | |
| Total homebuilding liabilities | 9,792,599,000 | |
| Financial services liabilities | 1,720,568,000 | |
| Multifamily liabilities | 76,247,000 | |
| Lennar other liabilities | 92,391,000 | |
| Total liabilities | 11,681,805,000 | |
| Additional paid in capital | 6,049,974,000 | 5,884,528,000 |
| Retained earnings | 22,923,564,000 | 22,107,836,000 |
| Treasury stock at cost | -7,450,306,000 | -5,457,876,000 |
| Total stockholders equity | 21,558,959,000 | 22,570,320,000 |
| Noncontrolling interests | 137,461,000 | 181,235,000 |
| Total equity | 21,696,420,000 | 22,751,555,000 |
| Total liabilities and equity | 33,378,225,000 | |
| Class a shares outstanding | 207,876,222 | |
| Class b shares outstanding | 30,024,017 | |
| Total common shares outstanding | 237,900,239 | |
| Leverage | ||
| Total capital | 25,856,210,000 | 26,094,086,000 |
| Homebuilding debt to total capital % | 16.6% | 13.5% |
| Non GAAP measures | ||
| Net homebuilding debt | 3,147,136,000 | 2,117,551,000 |
| Net homebuilding debt to total capital % | 12.7% | 8.6% |
| Shareholder returns | ||
| Class a shares repurchased | 2,634,878 | 3,931,000 |
| Class b shares repurchased | 365,122 | 188,066 |
| Class a repurchase cost | 225,693,000 | 484,372,000 |
| Class b repurchase cost | 30,785,000 | 22,154,000 |
| Cash dividends | -119,401,000 | -129,122,000 |
| Dividends per share | 0.5 | 0.5 |
LEN year-to-date income statement and cash flow
| Nine months FY2026 (nine months ended August 31, 2026) | Nine months FY2025 (nine months ended August 31, 2025) | |
|---|---|---|
| Period start | 2025-12-01 | 2024-12-01 |
| Period end | 2026-08-31 | 2025-08-31 |
| Period type | nine months | nine months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Total revenues | 22,605,467,000 | 24,819,325,000 |
| Corporate general and administrative | 431,670,000 | 474,628,000 |
| Charitable foundation contribution | 58,222,000 | 59,549,000 |
| Total costs and expenses | 21,531,156,000 | 22,795,426,000 |
| Equity in earnings losses from unconsolidated entities | 100,520,000 | 56,172,000 |
| Other income expense net and other gains losses net | -10,363,000 | 43,471,000 |
| Lennar other gains losses from technology investments | -61,749,000 | 7,280,000 |
| Earnings before income taxes | 1,102,719,000 | 2,130,822,000 |
| Provision for income taxes | -275,742,000 | -520,478,000 |
| Net earnings including noncontrolling interests | 826,977,000 | 1,610,344,000 |
| Net earnings attributable to noncontrolling interests | 8,946,000 | 22,402,000 |
| Net earnings attributable to lennar | 818,031,000 | 1,587,942,000 |
| Earnings available to common stockholders | 808,716,000 | 1,571,586,000 |
| Basic EPS | 3.36 | 6.06 |
| Diluted EPS | 3.36 | 6.06 |
| Basic weighted average shares | 240,990,000 | 259,540,000 |
| Diluted shares | 240,990,000 | 259,540,000 |
| Revenues by segment | ||
| Homebuilding | 21,674,374,000 | 23,381,407,000 |
| Financial services | 678,615,000 | 889,370,000 |
| Multifamily | 184,538,000 | 521,966,000 |
| Lennar other | 67,940,000 | 26,582,000 |
| Costs and expenses by segment | ||
| Homebuilding | 20,345,494,000 | 21,184,631,000 |
| Financial services | 355,883,000 | 410,735,000 |
| Multifamily | 204,084,000 | 566,844,000 |
| Lennar other | 135,803,000 | 99,039,000 |
| Operating earnings by segment | ||
| Homebuilding | 1,364,361,000 | 2,297,292,000 |
| Financial services | 322,732,000 | 478,635,000 |
| Multifamily | 33,315,000 | -31,248,000 |
| Lennar other | -127,797,000 | -79,680,000 |
| Total operating earnings | 1,592,611,000 | 2,664,999,000 |
| Homebuilding segment | ||
| Sales of homes revenue | 21,601,549,000 | 23,242,401,000 |
| Sales of land revenue | 46,001,000 | 109,042,000 |
| Other revenues | 26,824,000 | 29,964,000 |
| Costs of homes sold | 18,246,493,000 | 19,070,239,000 |
| Costs of land sold | 69,071,000 | 133,315,000 |
| Selling general and administrative | 2,029,930,000 | 1,981,077,000 |
| Operating earnings | 1,364,361,000 | 2,297,292,000 |
| Gross margin pct on home sales | 15.5 | 18.0 |
| Net margin on sales of homes | 1,325,126,000 | 2,191,085,000 |
| Gross margin on home sales | 3,355,056,000 | 4,172,162,000 |
| Sga pct of home sales revenue | 9.4 | 8.5 |
| Operating metrics | ||
| Deliveries homes | 58,222 | 59,549 |
| Deliveries dollar value | 21,758,782,000 | 23,399,515,000 |
| Deliveries average sales price | 372,000 | 393,000 |
| Average sales incentive per home delivered | 55,400 | 61,500 |
| Sales incentives pct of home sales revenue | 13.0 | 13.5 |
| New orders homes | 61,143 | 63,960 |
| New orders dollar value | 22,852,183,000 | 24,445,727,000 |
| New orders average sales price | 373,000 | 382,000 |
| Cancellation rate % | 14% | 14% |
| Cash flow | ||
| Depreciation and amortization | 104,610,000 | 99,326,000 |
| Share based compensation expense | 117,907,000 | 138,363,000 |
| Change in inventories excluding valuation adjustments | -1,738,751,000 | -1,314,933,000 |
| Increase in deposits and pre acquisition costs on real estate | -794,939,000 | -1,248,390,000 |
| Operating cash flow | -822,184,000 | -1,542,675,000 |
| Capital expenditures | -40,829,000 | -103,424,000 |
| Investing cash flow | 114,391,000 | 175,634,000 |
| Common stock repurchases | -992,697,000 | -1,808,312,000 |
| Dividends paid | -365,938,000 | -394,357,000 |
| Financing cash flow | -1,624,051,000 | -1,866,172,000 |
| Net change in cash and restricted cash | -2,331,844,000 | -3,233,213,000 |
| Cash and restricted cash end of period | 1,498,890,000 | 1,756,997,000 |
| Free cash flow | -863,013,000 | -1,646,099,000 |
| Shareholder returns | ||
| Class a shares repurchased | 8,807,004 | 13,202,936 |
| Class b shares repurchased | 1,192,996 | 851,386 |
| Class a repurchase cost | 833,747,000 | 1,624,220,000 |
| Class b repurchase cost | 106,555,000 | 101,779,000 |
| Cash dividends | -365,938,000 | -394,357,000 |
LEN trailing twelve month income statement and cash flow
| Twelve months ended August 31, 2026 (derived) | |
|---|---|
| Period start | 2025-09-01 |
| Period end | 2026-08-31 |
| Period type | trailing twelve months |
| Source accession | 10-Q |
| Sources | |
| FY2025 | 0001628280-26-003870 |
| Nine months FY2026 and FY2025 | 0001628280-26-064557 |
| Income statement | |
| Total revenues | 31,973,076,000 |
| Corporate general and administrative | 593,760,000 |
| Charitable foundation contribution | 81,256,000 |
| Total costs and expenses | 30,254,840,000 |
| Equity in earnings losses from unconsolidated entities | 122,573,000 |
| Other income expense net and other gains losses net | -116,186,000 |
| Lennar other gains losses from technology investments | 61,137,000 |
| Earnings before income taxes | 1,785,760,000 |
| Provision for income taxes | -460,827,000 |
| Net earnings including noncontrolling interests | 1,324,933,000 |
| Net earnings attributable to noncontrolling interests | 16,665,000 |
| Net earnings attributable to lennar | 1,308,268,000 |
| Revenues by segment | |
| Homebuilding | 30,559,647,000 |
| Financial services | 987,442,000 |
| Multifamily | 343,199,000 |
| Lennar other | 82,788,000 |
| Homebuilding segment | |
| Sales of homes revenue | 30,456,393,000 |
| Costs of homes sold | 25,599,859,000 |
| Selling general and administrative | 2,727,190,000 |
| Operating earnings | 2,082,321,000 |
| Gross margin on home sales | 4,856,534,000 |
| Cash flow | |
| Operating cash flow | 937,303,000 |
| Capital expenditures | -126,034,000 |
| Investing cash flow | 160,325,000 |
| Financing cash flow | -1,355,735,000 |
| Common stock repurchases | -992,754,000 |
| Dividends paid | -492,540,000 |
| Depreciation and amortization | 139,594,000 |
| Free cash flow | 811,269,000 |
| Operating metrics | |
| Deliveries homes | 81,256 |
| New orders homes | 81,161 |
- Derivation. Fiscal 2025 from the FY2025 10-K, plus the nine months ended August 31, 2026 and less the nine months ended August 31, 2025, both from the third-quarter fiscal 2026 10-Q. These are arithmetic combinations of reported periods, not amounts Lennar itself presents.
Adjustments
| Splits applied | none |
|---|---|
| Split note | No stock split adjustment applied. Neither filing records a stock split, and every per-share amount here is as Lennar printed it. |
| ADR ratio | n/a |
| FX | None. Lennar reports in US dollars. |
Notes
- Lennar's fiscal year ends November 30. Fiscal years 2025, 2024 and 2023 come from the FY2025 Form 10-K (accession 0001628280-26-003870); the quarters ended August 31, 2026 and 2025, the nine-month periods and the August 31, 2026 balance sheet come from the third-quarter fiscal 2026 Form 10-Q (accession 0001628280-26-064557).
- Both filings state amounts in thousands of dollars; every money figure here is in actual US dollars. Share counts are actual shares. Percentages are as printed (15.8 means 15.8%).
- Signs follow the statements: figures the filing prints in parentheses are negative here. That covers the provision for income taxes, losses, cash outflows (capital expenditures, share repurchases, dividends paid), treasury stock, and cash dividends in the equity rollforward.
- Lennar's statement of operations has no consolidated gross profit or operating income line. It lists revenues and costs by business line (Homebuilding, Financial Services, Multifamily and Lennar Other), then corporate general and administrative expense and the charitable foundation contribution. Those business-line amounts are under revenues_by_segment and costs_and_expenses_by_segment. Operating earnings by segment come from the MD&A tables and are struck before corporate expenses and the foundation contribution.
- The Financial Services operating earnings in operating_earnings_by_segment include the noncontrolling interests' share, as the MD&A table prints them. The MD&A text quotes the segment's earnings net of noncontrolling interests: $129.5 million for Q3 FY2026 and $177.4 million for Q3 FY2025.
- homebuilding_segment.gross_margin_on_home_sales is sales of homes revenue less costs of homes sold, computed here from the two printed lines. The filings print the margin as a percentage (gross_margin_pct_on_home_sales) and quote the dollar amount only rounded, for example $1.2 billion for Q3 FY2026. net_margin_on_sales_of_homes is the filing's own figure after selling, general and administrative expenses. sga_pct_of_home_sales_revenue is taken from the MD&A text.
- Earnings per share: Lennar reports a single basic and diluted figure under the two-class method, covering Class A and Class B shares together. The numerator (earnings_available_to_common_stockholders) is net earnings attributable to Lennar less earnings allocated to nonvested restricted shares, as printed in the earnings per share note. Basic and diluted weighted average shares are the same figure.
- Debt: homebuilding_senior_notes_and_other_debts_payable is the balance sheet's homebuilding debt line (senior notes, term loan, revolving credit facility and other debt). Financial Services warehouse borrowings are included in financial_services_liabilities and are not broken out, so no consolidated total debt is shown. Homebuilding debt to total capital is as Lennar prints it. Net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) and its ratio to total capital are non-GAAP measures as Lennar defines them.
- capital_expenditures is the cash flow statement's 'net additions to operating properties and equipment'. Lennar does not report free cash flow. free_cash_flow here is operating cash flow less that line. For a homebuilder, spending on land and home construction runs through operating cash flow (changes in inventories and in deposits on real estate), not capital expenditures.
- Operating metrics: homes and dollar values for deliveries, new orders and backlog include homes from unconsolidated entities (51 of the 20,840 homes delivered in Q3 FY2026). Sales incentive figures exclude them. Active communities and backlog are counted at period end. New orders are net of cancellations.
- Q3 FY2025 carries only a partial balance sheet. The 10-Q does not print a balance sheet at August 31, 2025. The figures shown for that date come from its stockholders' equity rollforward (total equity, noncontrolling interests, retained earnings, treasury stock, additional paid-in capital) and its debt to total capital table (homebuilding debt, stockholders' equity, homebuilding cash and cash equivalents).
- Shares outstanding at August 31, 2026 are from the 10-Q cover (Class A 207,876,222; Class B 30,024,017), which agrees with shares issued less treasury shares on that balance sheet. The November 30, 2025 and 2024 counts are computed here the same way, as shares issued less treasury shares from the balance sheet captions.
- Dividends: $0.50 per share each quarter on both classes. The fiscal-year totals of $2.00 (2025), $2.00 (2024) and $1.50 (2023) are from the 10-K's statement of equity. The quarterly cash_dividends figures are from the 10-Q's equity rollforward.
- Share repurchases (shareholder_returns) cover the authorized repurchase program, as tabled in the stockholders' equity notes. The FY2025 count excludes 8,049,594 Class A shares accepted in November 2025 in the non-cash exchange for Millrose Properties, Inc. Class A shares. The cash flow line common_stock_repurchases also includes shares withheld under equity compensation plans.
- Fiscal 2025 includes the spin-off of Millrose Properties, Inc., which reduced retained earnings by $4.84 billion. It also includes the November 2025 Millrose exchange offer, which reduced investments in unconsolidated entities and stockholders' equity by $1.1 billion and produced a one-time $156.1 million loss in other income (expense). These account for much of the drop in inventories and equity between November 30, 2024 and November 30, 2025.
- The trailing-twelve-months block is fiscal 2025 plus the nine months ended August 31, 2026, less the nine months ended August 31, 2025. Lennar does not present it. It carries no per-share figure, because summing per-share amounts across periods with different share counts does not give a true twelve-month EPS.
- Fiscal 2023 appears only in the 10-K's statements of operations and cash flows. That filing does not print a fiscal 2023 balance sheet or fiscal 2023 homebuilding operating data, so that year carries neither.
Uncertainties
- There is no three-month cash flow for either quarter. The 10-Q prints cash flows for the nine-month periods only, and Lennar's third-quarter earnings release (Form 8-K, accession 0001628280-26-062287) does not include a cash flow statement. Quarterly cash flow is left out rather than estimated.
- No consolidated total debt is shown, because Financial Services warehouse borrowings are not separated from the segment's other liabilities on the balance sheet.
- Fiscal quarters other than Q3 (Q1 and Q2 of fiscal 2026, and Q4 of fiscal 2025) are not printed in these filings and are not included.
Company details
| Name | Lennar Corp /New/ |
|---|---|
| Ticker | LEN |
| CIK | 0000920760 |
| Exchange | NYSE |
| State | Florida |
| Incorporation | Delaware |
| SIC | 1520 |
| Office | Real Estate & Construction |
| Industry | General Bldg Contractors - Residential Bldgs |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q3 |
| Tag | FY26Q3 |
| Period end | 2026-08-31 |
| Form | 10-Q |
| Accession | 0001628280-26-064557 |
| Fiscal year end | 1130 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-11-30 | 2026-01-28 | 0001628280-26-003870 | reported |
| quarterly | yes | 10-Q | 2026 | Q3 | FY26Q3 | 2026-08-31 | 2026-10-02 | 0001628280-26-064557 | facts |
FAQ · Lennar financial statements
How much revenue did Lennar make in Q3 FY2026?
Lennar reported total revenues of $8.05 billion for Q3 FY2026, the quarter ended August 31, 2026, down 8.7% from $8.81 billion a year earlier. Lennar delivered 20,840 homes in the quarter, against 21,584 a year earlier.
What were Lennar's earnings per share in Q3 FY2026?
Lennar earned $1.19 per diluted share in Q3 FY2026, the quarter ended August 31, 2026, against $2.29 a year earlier. Net earnings attributable to Lennar were $283.88 million, down 52.0% from $590.97 million.
What was Lennar's gross margin on home sales in Q3 FY2026?
Lennar's gross margin on home sales was 15.8% in Q3 FY2026, down 1.7 points from 17.5% a year earlier. Lennar says it prices homes to market to protect sales volume, accepting a lower margin in a difficult housing market.
Why did Lennar's profit fall in Q3 FY2026?
Net earnings attributable to Lennar fell to $283.88 million in Q3 FY2026 from $590.97 million a year earlier. Lennar's gross margin on home sales narrowed to 15.8% from 17.5%, selling, general and administrative costs rose as a share of home-sales revenue, and its technology investments posted mark-to-market losses after gains in the year-ago quarter.
Where can I get Lennar Corporation (LEN) financial data in machine-readable form?
Ticker Scout publishes Lennar Corporation's financial statements as JSON at https://tickerscout.ai/len/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/len/narrative.md and https://tickerscout.ai/len/events.md. Lennar Corporation's SEC CIK is 0000920760. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Lennar Corporation (LEN) next file with the SEC?
Lennar Corporation (LEN) is expected to file its next Form 10-K with the SEC on or around January 27, 2027. That date is a projection rather than a company-announced date: it is derived from Lennar Corporation's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-08-31, SEC accession 0001628280-26-064557.
How this page was built
This page was built from three of Lennar Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names three such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Lennar Corporation's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.