Saturday 31 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.

86.94 1.48 +1.73%

Follow LEN

Alert me

Market cap: $20.3B
P/E: 16.5×
Fwd P/E: 17.9×
Dividend yield: 2.29%
F-score: 5/9
Altman Z: 4.27
Beneish M: −2.02
Dividend safety: 64/100

Overview Business Profile Earnings & Analysis Segments Filings

Lennar Corporation (LEN) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
West	11,909	34.84%
Central	7,756	22.69%
East	6,970	20.39%
South Central	5,604	16.39%
Lennar Financial Services	1,198	3.50%
Multifamily	681	1.99%
Lennar Other	41	0.12%
Other	27	0.08%
Gross margin		9.91%
Operating margin		8.05%
Pre-tax margin		8.23%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023
Home	32,097 93.89%	33,778 95.31%	32,459 94.82%
Other revenues	1,959 5.73%	1,570 4.43%	1,664 4.86%
Land	130 0.38%	93 0.26%	110 0.32%
Revenue	34,187	35,441	34,233

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
West	11,909 34.84%	12,956 36.56%	12,086 35.31%	12,571 37.34%	10,564 38.94%	8,437 37.52%	8,227 36.96%	8,060 39.18%
Central	7,756 22.69%	7,875 22.22%	7,305 21.34%	6,723 19.97%	4,827 17.79%	4,094 18.20%	4,120 18.51%	3,524 17.13%
East	6,970 20.39%	8,255 23.29%	8,524 24.90%	8,389 24.92%	6,871 25.33%	5,715 25.41%	5,718 25.69%	5,017 24.39%
South Central	5,604 16.39%	4,787 13.51%	4,707 13.75%	4,228 12.56%	3,241 11.95%	2,710 12.05%	2,579 11.59%	2,421 11.77%
Lennar Financial Services	1,198 3.50%	1,109 3.13%	977 2.85%	810 2.40%	899 3.31%	890 3.96%	825 3.71%	955 4.64%
Multifamily	681 1.99%	412 1.16%	573 1.68%	866 2.57%	665 2.45%	576 2.56%	605 2.72%	421 2.05%
Lennar Other	41 0.12%	14 0.04%	22 0.06%	44 0.13%	21 0.08%	41 0.18%	37 0.17%	118 0.57%
Other	27 0.08%	33 0.09%	39 0.11%	40 0.12%	43 0.16%	26 0.11%	149 0.67%	56 0.27%
Homebuilding	32,267	33,906	32,661	31,951	25,545	20,981	20,793	19,078
Revenue	34,187	35,441	34,233	33,671	27,131	22,489	22,260	20,572

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
West	‡	‡	‡	‡	‡	‡	‡	‡
East	‡	‡	‡	‡	‡	‡	‡	‡
Central	‡	‡	‡	‡	‡	‡	‡	‡
South Central	‡	‡	‡	‡	‡	‡	‡	‡
Lennar Financial Services	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡
Multifamily	‡	‡	‡	‡	‡	‡	‡	‡
Lennar Other	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Active communities	Q3 FY2026	1.7K	1.7K	+2.94%
Average sales price	Q3 FY2026	$359,000.00	—	—
Average sales price, net of incentives, per home delivered	Q3 FY2026	$372,000.00	—	—
Backlog	Q3 FY2026	16.9K	17.0K	−0.57%
Backlog average sales price	Q3 FY2026	$376,000.00	—	—
Backlog dollar value	Q3 FY2026	$6.3B	$6.6B	−4.55%
Cycle time	Q3 FY2026	116.00	126.00	−7.94%
Deliveries	Q3 FY2026	20.8K	21.6K	−3.45%
Inventory turn	Q3 FY2026	2.4×	1.9×	+26.32%
New orders	Q3 FY2026	20.9K	23.0K	−9.24%
New orders dollar value	Q3 FY2026	$7.5B	$8.4B	−11.08%
Sales pace	Q3 FY2026	4.10	4.70	−12.77%
Starts pace	Q1 FY2026	3.40	4.00	−15.00%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Active communities	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average sales price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average sales price, net of incentives, per home delivered	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Backlog average sales price	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Backlog dollar value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cycle time	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Deliveries	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Inventory turn	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New orders	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New orders dollar value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sales pace	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Starts pace	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.