Published
{
"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": false,
"units": "actual US dollars (not thousands); share counts in actual shares; per-share amounts in dollars; percentages as printed (15.8 means 15.8%)",
"units_notes_seen": {
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"FY2025 10-K consolidated balance sheets, liabilities and equity": "(Dollars in thousands except share and per share amounts)",
"FY2025 10-K consolidated statements of operations and comprehensive income (loss)": "(Dollars in thousands, except per share amounts)",
"FY2025 10-K consolidated statements of equity": "(Dollars in thousands, except per share amounts)",
"FY2025 10-K consolidated statements of cash flows": "(In thousands)",
"FY2025 10-K earnings per share note": "(In thousands, except per share amounts)",
"FY2025 10-K MD&A financial information by business line": "(In thousands)",
"FY2025 10-K MD&A homebuilding selected financial and operational data": "(Dollars in thousands)",
"FY2025 10-K MD&A deliveries, new orders and backlog": "Dollar Value (In thousands); homes and average sales prices in units",
"FY2025 10-K MD&A debt to total capital": "(Dollars in thousands)",
"FY2025 10-K stock repurchase table": "(Dollars in thousands, except price per share)",
"Q3 FY2026 10-Q condensed consolidated balance sheets, assets": "(In thousands)",
"Q3 FY2026 10-Q condensed consolidated balance sheets, liabilities and equity": "(In thousands, except share amounts)",
"Q3 FY2026 10-Q condensed consolidated statements of operations and comprehensive income (loss)": "(In thousands, except per share amounts)",
"Q3 FY2026 10-Q condensed consolidated statements of cash flows": "(In thousands)",
"Q3 FY2026 10-Q earnings per share note": "(In thousands, except per share amounts)",
"Q3 FY2026 10-Q stockholders' equity note": "(In thousands)",
"Q3 FY2026 10-Q stock repurchase table": "(Dollars in thousands, except price per share amounts)",
"Q3 FY2026 10-Q MD&A financial information by business line": "(In thousands)",
"Q3 FY2026 10-Q MD&A homebuilding selected financial and operational data": "($ in thousands)",
"Q3 FY2026 10-Q MD&A deliveries, new orders and backlog": "Dollar Value (In thousands); homes and average sales prices in units",
"Q3 FY2026 10-Q MD&A debt to total capital": "(Dollars in thousands)",
"Q3 FY2026 10-Q cover page share counts": "actual shares (Common stock outstanding as of August 31, 2026)"
},
"adjustments": {
"splits_applied": [],
"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": null,
"fx": "None. Lennar reports in US dollars."
},
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{
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},
{
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},
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},
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}
],
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},
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},
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},
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},
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},
"homebuilding_segment": {
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},
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},
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"sources": {
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},
"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.",
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},
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},
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},
"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."
],
"headline": {
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"period_end_words": "August 31, 2026",
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{
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"text": "$8.05 billion",
"exact": "$8,046,119,000",
"compact": "$8.05B",
"abs": "$8.05 billion",
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},
{
"label": "Net earnings",
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"prior": "$590.97 million",
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},
{
"label": "Diluted EPS",
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"exact": "$1.19",
"compact": "$1.19",
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"source": {
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},
{
"label": "Gross margin on home sales",
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"value": 15.8,
"text": "15.8%",
"exact": "15.8%",
"compact": "15.8%",
"abs": "15.8%",
"prior_value": 17.5,
"prior": "17.5%",
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"yoy": "down 1.7 points",
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"prior_source_accession": "0001628280-26-064557",
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},
{
"label": "Homes delivered",
"format": "plain",
"value": 20840,
"text": "20,840",
"exact": "20,840",
"compact": "20,840",
"abs": "20,840",
"prior_value": 21584,
"prior": "21,584",
"priorabs": "21,584",
"yoy": "down 3.4%",
"source": {
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}
],
"summary": "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.",
"qa": [
{
"q": "How much revenue did Lennar make in Q3 FY2026?",
"a": "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."
},
{
"q": "What were Lennar's earnings per share in Q3 FY2026?",
"a": "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."
},
{
"q": "What was Lennar's gross margin on home sales in Q3 FY2026?",
"a": "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."
},
{
"q": "Why did Lennar's profit fall in Q3 FY2026?",
"a": "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."
}
]
},
"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"
},
"next_filing": {
"predicted_date": "2027-01-27",
"predicted_type": "10-K"
},
"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": [
{
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"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-11-30",
"filed": "2026-01-28",
"accession": "0001628280-26-003870",
"url": "https://www.sec.gov/Archives/edgar/data/920760/000162828026003870/len-20251130.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
"fiscal_year": 2026,
"fiscal_period": "Q3",
"tag": "FY26Q3",
"period_end": "2026-08-31",
"filed": "2026-10-02",
"accession": "0001628280-26-064557",
"url": "https://www.sec.gov/Archives/edgar/data/920760/000162828026064557/len-20260831.htm",
"source": "facts"
}
],
"figure_sources": {
"about": "Where each figure in this file is printed in its SEC filing. This block mirrors the paths of the figures: figure_sources.annual[0].income_statement.net_income is the source of annual[0].income_statement.net_income. Each entry reads '<document>#<anchor>', and the link is documents[<document>] + '#<anchor>': it opens the filing at the line that prints that number. A figure with no entry is not printed in a tagged filing, either because it was calculated (margins, free cash flow, trailing twelve months, a quarter derived by subtraction) or because it comes from an untagged earnings release.",
"documents": {
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"d2": "https://www.sec.gov/Archives/edgar/data/920760/000162828026064557/len-20260831.htm"
},
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"diluted_eps": "d2#f-1351",
"basic_weighted_average_shares": "d2#f-1343",
"diluted_shares": "d2#f-1343"
},
"revenues_by_segment": {
"homebuilding": "d2#f-155",
"financial_services": "d2#f-159",
"multifamily": "d2#f-163",
"lennar_other": "d2#f-167"
},
"costs_and_expenses_by_segment": {
"homebuilding": "d2#f-175",
"financial_services": "d2#f-179",
"multifamily": "d2#f-183",
"lennar_other": "d2#f-187"
},
"operating_earnings_by_segment": {
"homebuilding": "d2#f-779",
"financial_services": "d2#f-780",
"multifamily": "d2#f-781",
"lennar_other": "d2#f-782"
},
"homebuilding_segment": {
"sales_of_homes_revenue": "d2#f-690",
"sales_of_land_revenue": "d2#f-697",
"other_revenues": "d2#f-703",
"costs_of_homes_sold": "d2#f-724",
"costs_of_land_sold": "d2#f-730",
"selling_general_and_administrative": "d2#f-741",
"operating_earnings": "d2#f-779"
},
"operating_metrics": {
"active_communities": "d2#f-1603"
},
"balance_sheet": {
"homebuilding_cash_and_cash_equivalents": "d2#f-359",
"total_equity": "d2#f-1175",
"retained_earnings": "d2#f-1181",
"treasury_stock_at_cost": "d2#f-1179",
"additional_paid_in_capital": "d2#f-1178",
"noncontrolling_interests": "d2#f-1182"
},
"shareholder_returns": {
"class_a_shares_repurchased": "d2#f-1287",
"class_b_shares_repurchased": "d2#f-1288",
"class_a_repurchase_cost": "d2#f-1295",
"class_b_repurchase_cost": "d2#f-1296",
"cash_dividends": "d2#f-1166"
}
}
]
}
}