Company file · LEN
Lennar
Lennar - Other was Lennar's fastest-growing segment in FY2025, up 191.2%
Revenue fell 3.5% to $34.2B in FY2025, from $35.4B in FY2024. Net income fell 47.2% to $2.1B. Lennar Homebuilding East, Central, West, Houston, and Other was the largest segment, at 94% of revenue.
Key facts
In fiscal 2025, which ended Nov 30, 2025, Lennar (NYSE: LEN) took in $34.2B of revenue (down 3.5% on fiscal 2024); net income was $2.1B (down 47.2%). The most recent quarter, ended Aug 31, 2026, brought revenue of $8.0B, down 8.7% year over year, with net income of $284M. Lennar Homebuilding East, Central, West, Houston, and Other was the biggest single line by segment: 94% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 28, 2026) and 10-Q for the quarter ended Aug 31, 2026 (filed Oct 2, 2026).
Source: 10-K FY2025, filed Jan 28, 2026
Source: 10-Q filed Apr 9, 2026 · 10-Q filed Jun 29, 2026 · 10-Q filed Oct 2, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Lennar Homebuilding East, Central, West, Houston, and Other$32.3B94%−4.8%
- Lennar Financial Services$1.2B4%+8.0%
- Lennar Multifamily$681M2%+65.4%
- Lennar - Other$41M0%+191.2%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Lennar Homebuilding East, Central, West, Houston, and Other (94%), Lennar Financial Services (4%), Lennar Multifamily (2%) and Lennar - Other (0%), as shares of total revenue. Total revenue was $34.2B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 FY2026 (Jun to Aug 2026) compared with Q3 FY2025 (Jun to Aug 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
Company
Source: Lennar 10-Q for the quarter ended Aug 31, 2026, filed Oct 2, 2026
By segment
Source: Lennar 10-Q for the quarter ended Aug 31, 2026, filed Oct 2, 2026
The bull case and the bear case
The bull case
- Lennar - Other revenue grew 191.2% in FY2025 to $41M. 10-K, FY2025
- Net income was $2.1B in FY2025. 10-K, FY2025
The bear case
- Revenue fell 3.5% in FY2025 to $34.2B, from $35.4B a year earlier. 10-K, FY2025
- Net income fell 47.2% in FY2025 to $2.1B, from $3.9B. 10-K, FY2025
- Operating cash flow fell 91.0% in FY2025 to $217M. 10-K, FY2025
- Total debt rose 40.2% in FY2025 to $5.9B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Lennar is in the homebuilding industry, part of the consumer discretionary sector. The SEC files it under General Bldg Contractors - Residential Bldgs.
Lennar reports 4 segments: Lennar Homebuilding East, Central, West, Houston, and Other, Lennar Financial Services, Lennar Multifamily and Lennar - Other.
Its fiscal year ends in November; the latest, FY2025, ended Nov 30, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the homebuilding industry. They are not a summary of Lennar’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $34.2B | $35.4B | $34.2B |
| Net income | $3.9B | $3.9B | $2.1B |
| Operating cash flow | $5.2B | $2.4B | $217M |
| Cash & equivalents (year end) | – | $4.9B | $3.8B |
| Total debt (year end) | – | $4.2B | $5.9B |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Long-term debt, at carrying value.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Supplier finance programs
- Short selling
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 2, 2026 | Aug 31, 2026 |
| 10-Q | Jun 29, 2026 | May 31, 2026 |
| 10-Q | Apr 9, 2026 | Feb 28, 2026 |
| DEF 14A | Feb 26, 2026 | Apr 8, 2026 |
| 10-K | Jan 28, 2026 | Nov 30, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Lennar
How does Lennar make money?
In fiscal 2025, revenue totaled $34.2B. By segment in FY2025: Lennar Homebuilding East, Central, West, Houston, and Other (94%), Lennar Financial Services (4%), Lennar Multifamily (2%) and Lennar - Other (0%), as shares of total revenue. Total revenue was $34.2B. Source: 10-K for fiscal 2025, filed Jan 28, 2026.
What was Lennar's revenue in fiscal 2025?
Revenue came to $34.2B in the year ended Nov 30, 2025. Going back two years, it was $34.2B in fiscal 2023 and $35.4B in fiscal 2024, so the latest year was down 3.5%. Source: 10-K for fiscal 2025, filed Jan 28, 2026.
Is Lennar profitable?
Yes, by US accounting rules (GAAP): net income was $2.1B in fiscal 2025, down 47.2% from $3.9B a year earlier. For the quarter ended Aug 31, 2026, net income was $284M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 28, 2026.
What did Lennar report in its latest quarterly filing?
The 10-Q for the quarter ended Aug 31, 2026 shows revenue of $8.0B, against $8.8B in the same quarter a year before (down 8.7%), and net income of $284M, against $591M (down 52.0%). Source: 10-Q for the quarter ended Aug 31, 2026, filed Oct 2, 2026.
How much cash and debt does Lennar have?
On Nov 30, 2025, cash and cash equivalents stood at $3.8B and total debt at $5.9B. Total debt here is long-term debt, at carrying value. Source: 10-K filed Jan 28, 2026.
What are the main risks Lennar faces?
Lennar's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Jan 28, 2026. Risks that are common among companies in the homebuilding industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these Lennar numbers come from?
Two filings Lennar made with the SEC: its fiscal 2025 10-K, filed Jan 28, 2026, and its 10-Q for the quarter ended Aug 31, 2026, filed Oct 2, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Lennar
- Berkshire Hathaway Class A: 13,111,741 shares, reported value $1.19B at Jun 30, 2026 (+29.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 2,571,015 shares, reported value $232.7M at Jun 30, 2026 (−1.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Brave Warrior Advisors: 2,373,177 shares, reported value $214.7M at Jun 30, 2026 (−1.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors Class A: 341,592 shares, reported value $30.9M at Jun 30, 2026 (−8.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Renaissance Technologies Class A: 322,139 shares, reported value $29.2M at Jun 30, 2026 (−14.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Millennium Management: 142,855 shares, reported value $12.9M at Jun 30, 2026 (−51.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 15,239 shares, reported value $1.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in LEN
- The editor holds no position in Lennar (LEN). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell LEN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 10, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold LEN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| LennarLEN | FY2025 | $34.2B | −3.5% | $2.1B |
| D. R. HortonDHI | FY2025 | $34.3B | −6.9% | $3.6B |
| PulteGroupPHM | FY2025 | $17.3B | −3.5% | $2.2B |
| NVR | FY2025 | $10.3B | −1.9% | $1.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.