This page shows Lennar (LEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Lennar generated $34.2B in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Lennar generated $28.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 99.1% from the prior year.
Lennar reported $2.1B in net income in fiscal year 2025. This represents a decrease of 55.0% from the prior year.
Lennar held $3.8B in cash against $5.9B in long-term debt as of fiscal year 2025.
Lennar's net profit margin was 6.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.6 percentage points from the prior year.
Lennar's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 9.6 percentage points from the prior year.
Lennar spent $1.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 74.0% from the prior year.
Lennar invested $188.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 229.7% from the prior year.
LEN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.4B+6.3% | $8.8B+5.2% | $8.4B+9.8% | $7.6B-30.4% | $11.0B+25.6% | $8.7B+8.5% | $8.0B+24.0% | $6.5B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.2B+1185.7% | $171.4M+10.0% | $155.9M+5.8% | $147.4M-92.1% | $1.9B+1534.8% | $114.1M-8.5% | $124.8M-1.1% | $126.1M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $185.1M-3.0% | $190.9M+19.3% | $160.1M-5.6% | $169.5M-59.3% | $416.8M+16.4% | $358.2M+27.5% | $280.9M+51.7% | $185.1M |
| Net Income | $490.2M-17.0% | $591.0M+23.8% | $477.4M-8.1% | $519.5M-61.8% | $1.4B+22.7% | $1.1B+27.2% | $871.7M+46.1% | $596.5M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LEN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $34.4B-1.3% | $34.9B+1.5% | $34.4B-1.7% | $35.0B-10.8% | $39.2B+4.8% | $37.4B+1.6% | $36.9B+0.8% | $36.6B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $3.8B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.5B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $3.6B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.3B+1.3% | $12.1B+4.2% | $11.6B-3.9% | $12.1B-3.3% | $12.5B+7.6% | $11.6B-0.4% | $11.7B-2.7% | $12.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $5.9B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $22.0B-2.7% | $22.6B-0.7% | $22.7B-0.6% | $22.9B-14.4% | $26.7B+3.5% | $25.8B+2.5% | $25.2B+2.5% | $24.6B |
| Retained Earnings | $22.5B+1.6% | $22.1B+2.1% | $21.6B+1.6% | $21.3B-4.8% | $22.4B+5.9% | $21.1B+5.0% | $20.1B+3.9% | $19.4B |
LEN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A | -$289.0M | N/A | N/A | N/A | $978.2M |
| Capital Expenditures | N/A | N/A | N/A | $56.0M | N/A | N/A | N/A | $5.4M |
| Free Cash Flow | N/A | N/A | N/A | -$345.1M | N/A | N/A | N/A | $972.8M |
| Investing Cash Flow | N/A | N/A | N/A | $21.5M | N/A | N/A | N/A | -$36.4M |
| Financing Cash Flow | N/A | N/A | N/A | -$2.1B | N/A | N/A | N/A | -$1.5B |
| Dividends Paid | N/A | N/A | N/A | $131.6M | N/A | N/A | N/A | $107.9M |
| Share Buybacks | N/A | N/A | N/A | $774.5M | N/A | N/A | N/A | $258.0M |
LEN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 5.2%-1.5pp | 6.7%+1.0pp | 5.7%-1.1pp | 6.8%-5.6pp | 12.4%-0.3pp | 12.7%+1.9pp | 10.8%+1.7pp | 9.2% |
| Return on Equity | 2.2%-0.4pp | 2.6%+0.5pp | 2.1%-0.2pp | 2.3%-2.8pp | 5.1%+0.8pp | 4.3%+0.8pp | 3.5%+1.0pp | 2.4% |
| Return on Assets | 1.4%-0.3pp | 1.7%+0.3pp | 1.4%-0.1pp | 1.5%-2.0pp | 3.5%+0.5pp | 3.0%+0.6pp | 2.4%+0.7pp | 1.6% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.27-0.3 | 0.54+0.0 | 0.51-0.0 | 0.53+0.1 | 0.47+0.0 | 0.45-0.0 | 0.46-0.0 | 0.49 |
| FCF Margin | N/A | N/A | N/A | -4.5% | N/A | N/A | N/A | 15.0% |
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks.
Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.
Operating cash flow vs net income. Above 1.0x = cash-backed earnings.
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Frequently Asked Questions
What is Lennar's annual revenue?
Lennar (LEN) reported $34.2B in total revenue for fiscal year 2025. This represents a 1.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lennar's revenue growing?
Lennar (LEN) revenue grew by 1.5% year-over-year, from $33.7B to $34.2B in fiscal year 2025.
Is Lennar profitable?
Yes, Lennar (LEN) reported a net income of $2.1B in fiscal year 2025, with a net profit margin of 6.1%.
How much debt does Lennar have?
As of fiscal year 2025, Lennar (LEN) had $3.8B in cash and equivalents against $5.9B in long-term debt.
What is Lennar's net profit margin?
Lennar (LEN) had a net profit margin of 6.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Lennar's return on equity (ROE)?
Lennar (LEN) has a return on equity of 9.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lennar's free cash flow?
Lennar (LEN) generated $28.2M in free cash flow during fiscal year 2025. This represents a -99.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lennar's operating cash flow?
Lennar (LEN) generated $216.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lennar's total assets?
Lennar (LEN) had $34.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lennar's capital expenditures?
Lennar (LEN) invested $188.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Lennar buy back shares?
Yes, Lennar (LEN) spent $1.8B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
What is Lennar's debt-to-equity ratio?
Lennar (LEN) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lennar's return on assets (ROA)?
Lennar (LEN) had a return on assets of 6.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lennar's Piotroski F-Score?
Lennar (LEN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.
Are Lennar's earnings high quality?
Lennar (LEN) has an earnings quality ratio of 0.10x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.
How financially healthy is Lennar?
Lennar (LEN) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.