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Saturday 17 October 2026 Export LEN’s income statement to Excel — free account

Lennar Corporation

LEN Consumer Cyclical Residential Construction

Lennar Corporation’s revenue for fiscal 2025 (year ended November 2025) was $34.2 billion, down 3.54% from fiscal 2024. In the quarter to August 2026, revenue fell 8.67%, EPS fell 48.0%, free cash flow grew 50.1% and total debt rose 22.0%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years; insiders bought in the last twelve months.

77.08 0.61 −0.79%
Market cap
$18.5B
P/E
14.6×
Fwd P/E
14.8×
Dividend yield
2.59%
F-score
5/9
Altman Z
4.27
Beneish M
−2.02
Dividend safety
64/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Lennar Corporation (LEN) Financial Analysis

Updated · Covers results through Q3 FY2026 · Sources · How this is made

Snapshot

Lennar generated $34.2 billion of revenue, $2.8 billion of operating income and $2.1 billion of net income in FY2025. Diluted EPS was $7.98 in FY2025, and free cash flow was $179.0 million in FY2025.

In Q3 FY2026, revenue was $8.0 billion, gross profit was $618.5 million and operating income was $480.7 million. The reported net income metric was −$541.5 million in Q3 FY2026, while diluted EPS was $1.19 in Q3 FY2026. Market capitalisation was $19.0 billion as of October 2, 2026.

  • Revenue in Q3 FY2026 was below $8.8 billion in Q3 FY2025.
  • Revenue in Q3 FY2026 was above $7.9 billion in Q2 FY2026.

Growth

Revenue declined −3.54% in FY2025 against FY2024, to $34.2 billion in FY2025 from $35.4 billion in FY2024. Revenue compound annual growth was 0.51% in FY2022–FY2025 and 8.74% in FY2020–FY2025. Diluted EPS declined −44.2% in FY2025 against FY2024, to $7.98 in FY2025, while its compound annual growth was −20.2% in FY2022–FY2025 and 0.33% in FY2020–FY2025.

Free cash flow fell −92.2% in FY2025 against FY2024, to $179.0 million in FY2025. Free cash flow compound annual growth was −61.9% in FY2022–FY2025 and −46.7% in FY2020–FY2025.

  • Revenue declined −8.67% in Q3 FY2026 against Q3 FY2025 and increased 1.34% in Q3 FY2026 against Q2 FY2026.
  • Diluted EPS declined −48.0% in Q3 FY2026 against Q3 FY2025 and −4.03% in Q3 FY2026 against Q2 FY2026.
  • Revenue was $32.0 billion in TTM to Q3 FY2026, down −8.03% against TTM to Q3 FY2025.

Profitability

Gross margin was 9.91%, operating margin was 8.05%, pre-tax margin was 8.23% and net margin was 6.17% in FY2025. Over FY2020–FY2025, gross margin changed by −5.5 percentage points, operating margin by −5.9 percentage points, pre-tax margin by −5.7 percentage points and net margin by −4.8 percentage points.

Return on equity was 8.21%, return on assets was 5.43% and return on invested capital was 7.55% in FY2025. These measures were below their FY2021 levels of 22.4%, 13.9% and 14.0%, respectively.

  • Gross margin was 7.69% and operating margin was 5.97% in Q3 FY2026.
  • Gross margin increased 0.7 percentage points and operating margin increased 0.7 percentage points in Q3 FY2026 against Q2 FY2026.
  • No industry-median profitability measures are reported for comparison.

Balance sheet

Total debt was $4.1 billion, cash and short-term investments were $3.5 billion, and net debt was $617.4 million in FY2025. Shareholders’ equity was $22.1 billion, working capital was $12.8 billion and book value per share was $85.90 in FY2025. Net debt had been −$2.4 billion in FY2024.

At Q3 FY2026, net debt was $3.1 billion, compared with $2.2 billion in Q2 FY2026 and $2.1 billion in Q3 FY2025. The current ratio was 4.9× and debt to equity was 0.2× in Q3 FY2026.

  • Cash and cash equivalents and restricted cash were $1.5 billion at August 31, 2026, according to management.
  • Management reported that cash used in operating activities reflected inventory and real-estate deposit increases during the nine months ended August 31, 2026.

Cash flow & capital return

Operating cash flow was $216.8 million, capital expenditure was $37.8 million and free cash flow was $179.0 million in FY2025. Operating cash flow declined −91.0% and free cash flow declined −92.2% in FY2025 against FY2024. Free cash flow represented 8.49% of net income in FY2025.

Lennar paid $521.0 million in dividends and conducted $1.8 billion of net share repurchases in FY2025. Capital returned to shareholders was $2.3 billion in FY2025 and $10.0 billion in FY2021–FY2025. Weighted average shares were 257.7 million shares in FY2025, and share count changed −16.7% in FY2020–FY2025.

  • Free cash flow was −$437.3 million in Q1 FY2026 and −$303.2 million in Q2 FY2026.
  • Weighted average shares were 237.8 million shares in Q3 FY2026, down −6.98% against Q3 FY2025.

Valuation

The P/E was 15.5× as of October 2, 2026, higher than the 9.0× five-year median and 9.6× ten-year median as of October 2, 2026. The P/E was also higher than the 13.4× industry median as of October 2, 2026.

The P/S was 0.6×, P/B was 0.9× and EV/Sales was 0.7× as of October 2, 2026. Each was below its five-year and ten-year median as of October 2, 2026, and each was below its respective industry median as of October 2, 2026.

  • EV/Cash flow was 26.8× as of October 2, 2026, higher than the 13.2× five-year median and 15.0× ten-year median as of October 2, 2026.
  • The reported relative measures were 1.7× of the five-year P/E median and 2.0× of the five-year EV/Cash flow median as of October 2, 2026.

What changed since last quarter

Revenue increased 1.34% in Q3 FY2026 against Q2 FY2026, while diluted EPS declined −4.03% in Q3 FY2026 against Q2 FY2026. Gross margin and operating margin each increased 0.7 percentage points in Q3 FY2026 against Q2 FY2026. Net debt increased $911.0 million in Q3 FY2026 against Q2 FY2026, and weighted average shares changed −1.25% in Q3 FY2026 against Q2 FY2026.

Against Q3 FY2025, revenue declined −8.67%, diluted EPS declined −48.0%, gross margin declined −2.4 percentage points and operating margin declined −2.2 percentage points in Q3 FY2026. Management attributes lower home-sales revenue in Q3 FY2026 to lower average selling prices and fewer deliveries. Management attributes lower home-sales gross margin in Q3 FY2026 to lower revenue per square foot and higher land costs, partly offset by lower construction costs. Management also cites mark-to-market losses on technology investments and lower mortgage profit per locked loan and lock volume.

Open questions

  • How will mortgage affordability and competition from existing-home inventory affect demand and pricing?
  • To what extent will land costs and option maintenance fees continue to affect homebuilding margins?
  • How will inventory purchases, land deposits and construction costs affect operating cash flow?
  • What will be the ongoing effect of technology-investment mark-to-market movements on reported earnings?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.