Lennar Financials

LEN

Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE November

This page shows Lennar (LEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

Rhea AI LEN FY2025 2026-06-29

Lennar’s profits stayed positive while cash conversion collapsed, revealing a business whose reported earnings can diverge sharply from cash.

In FY2025, net income was still $2.1B but free cash flow fell to $28M; with cash lower and long-term debt higher than FY2024, shareholder payouts were effectively supported by the balance sheet instead of by current-year cash creation.

Across FY2023-FY2025, cash conversion deteriorated faster than reported profitability: net margin fell from 11.5% to 6.1%, but operating cash flow dropped far more sharply, so accounting earnings became a weaker guide to near-term liquidity. That was not a reinvestment spike: free cash flow reached only $28M even though capex was just $189M, which points to cash being absorbed inside operations rather than by expansion spending.

The balance sheet still looks sturdier than earlier in the period—debt-to-equity was 0.3x in FY2025 versus 0.6x in FY2021—so this is not a story of chronic overleverage. But capital returns remained aggressive, with buybacks of $1.8B in a year when operating cash flow was only $217M, revealing a willingness to keep distributing cash even as internal generation thinned.

Financial Health Signals

Financial health score pending refresh

We are recalculating Lennar's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Piotroski F-Score Partial

3/6

Lennar passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.10x

For every $1 of reported earnings, Lennar generates $0.10 in operating cash flow ($216.8M OCF vs $2.1B net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$34.2B

YoY-3.5%

5Y CAGR+8.7%

10Y CAGR+13.7%

Lennar generated $34.2B in revenue in fiscal year 2025. This represents a decrease of 3.5% from the prior year.

EBITDA

N/A

Net Income

$2.1B

YoY-47.2%

5Y CAGR-3.4%

10Y CAGR+10.0%

Lennar reported $2.1B in net income in fiscal year 2025. This represents a decrease of 47.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$28.2M

YoY-98.7%

5Y CAGR-63.1%

Lennar generated $28.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 98.7% from the prior year.

Cash & Debt

$3.8B

YoY-23.5%

5Y CAGR+5.6%

10Y CAGR+12.5%

Lennar held $3.8B in cash against $5.9B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

6.1%

YoY-5.0pp

5Y CAGR-4.9pp

10Y CAGR-2.4pp

Lennar's net profit margin was 6.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.0 percentage points from the prior year.

Return on Equity

9.5%

YoY-4.7pp

5Y CAGR-4.2pp

10Y CAGR-4.8pp

Lennar's ROE was 9.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$1.8B

YoY-19.9%

5Y CAGR+41.3%

10Y CAGR+54.6%

Lennar spent $1.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 19.9% from the prior year.

Capital Expenditures

$188.6M

YoY+10.0%

5Y CAGR+21.0%

10Y CAGR+7.5%

Lennar invested $188.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 10.0% from the prior year.

LEN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$34.2B-3.5%	$35.4B+3.5%	$34.2B+1.7%	$33.7B+24.1%	$27.1B+20.6%	$22.5B
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.7B+8.0%	$2.5B+11.2%	$2.2B	N/A	$398.4M+19.5%	$333.4M
Operating Income	N/A	N/A	N/A	N/A	N/A	$3.5B
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$705.6M-42.0%	$1.2B-1.9%	$1.2B-9.2%	$1.4B+0.3%	$1.4B+107.6%	$656.2M
Net Income	$2.1B-47.2%	$3.9B-0.2%	$3.9B-14.6%	$4.6B+4.2%	$4.4B+79.7%	$2.5B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$7.9B+19.9%	$6.6B-29.3%	$9.4B+6.3%	$8.8B+5.2%	$8.4B+9.8%	$7.6B-23.3%	$9.9B+5.6%	$9.4B
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	$698.4M+13.1%	$617.5M-48.6%	$1.2B+601.5%	$171.4M-75.1%	$688.8M+11.9%	$615.7M-69.2%	$2.0B+1115.3%	$164.7M
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	$105.1M+52.1%	$69.1M-62.7%	$185.1M-3.0%	$190.9M+19.3%	$160.1M-5.6%	$169.5M-52.7%	$358.1M+2.9%	$347.9M
Net Income	$304.8M+32.9%	$229.4M-53.2%	$490.2M-17.0%	$591.0M+23.8%	$477.4M-8.1%	$519.5M-52.6%	$1.1B-5.7%	$1.2B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LEN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$34.4B-16.7%	$41.3B+5.3%	$39.2B+3.3%	$38.0B+14.4%	$33.2B+10.9%	$29.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.8B-23.5%	$4.9B-25.3%	$6.6B+36.4%	$4.8B+62.9%	$3.0B+3.2%	$2.9B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.5B-11.0%	$1.7B	N/A	N/A	N/A	$938.1M
Goodwill	$3.6B0.0%	$3.6B	N/A	N/A	N/A	$3.6B
Total Liabilities	$12.3B-7.5%	$13.3B+6.1%	$12.5B-8.8%	$13.7B+12.5%	$12.2B+3.2%	$11.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.9B+40.2%	$4.2B	N/A	N/A	N/A	$7.4B
Total Equity	$22.0B-21.2%	$27.9B+4.9%	$26.6B+10.3%	$24.1B+15.8%	$20.8B+15.7%	$18.0B
Retained Earnings	$22.5B-12.7%	$25.8B+15.1%	$22.4B+18.6%	$18.9B+28.4%	$14.7B+39.0%	$10.6B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$33.7B+1.5%	$33.2B-3.5%	$34.4B-1.3%	$34.9B+1.5%	$34.4B-1.7%	$35.0B-15.3%	$41.3B+4.0%	$39.7B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$2.2B-9.2%	$2.4B-36.2%	$3.8B+113.8%	$1.8B+18.8%	$1.5B-42.9%	$2.6B-47.3%	$4.9B+13.9%	$4.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$1.5B	N/A	N/A	N/A	$1.7B	N/A
Goodwill	N/A	N/A	$3.6B	N/A	N/A	N/A	$3.6B	N/A
Total Liabilities	$11.9B+6.8%	$11.2B-9.0%	$12.3B+1.3%	$12.1B+4.2%	$11.6B-3.9%	$12.1B-8.8%	$13.3B+9.1%	$12.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	$5.9B	N/A	N/A	N/A	$4.2B	N/A
Total Equity	$21.6B-1.2%	$21.9B-0.4%	$22.0B-2.7%	$22.6B0.0%	$22.6B-0.7%	$22.7B-18.5%	$27.9B+1.7%	$27.4B
Retained Earnings	$22.8B+0.8%	$22.6B+0.5%	$22.5B+1.6%	$22.1B+2.1%	$21.6B+1.6%	$21.3B-17.3%	$25.8B+3.9%	$24.8B

LEN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$216.8M-91.0%	$2.4B-53.6%	$5.2B+58.6%	$3.3B+28.9%	$2.5B-39.6%	$4.2B
Capital Expenditures	$188.6M+10.0%	$171.5M+71.8%	$99.8M+74.4%	$57.2M-12.2%	$65.2M-10.4%	$72.8M
Free Cash Flow	$28.2M-98.7%	$2.2B-56.1%	$5.1B+58.3%	$3.2B+30.0%	$2.5B-40.1%	$4.1B
Investing Cash Flow	$221.6M+173.2%	-$302.6M-71.0%	-$177.0M-37.9%	-$128.3M-22.1%	-$105.1M+62.5%	-$280.2M
Financing Cash Flow	-$1.6B+56.6%	-$3.7B-13.4%	-$3.2B-154.3%	-$1.3B+46.9%	-$2.4B+1.7%	-$2.4B
Dividends Paid	$521.0M-5.1%	$548.8M+27.5%	$430.6M-1.7%	$438.0M+41.4%	$309.8M+58.8%	$195.0M
Share Buybacks	$1.8B-19.9%	$2.3B+90.8%	$1.2B+13.8%	$1.0B-27.3%	$1.4B+344.8%	$321.5M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$284.4M+34.4%	-$433.5M-124.6%	$1.8B+1209.3%	-$158.6M+85.5%	-$1.1B-278.8%	-$289.0M-129.7%	$974.5M+19.0%	$819.2M
Capital Expenditures	$18.9M-37.1%	$30.0M-64.8%	$85.2M+164.9%	$32.2M+111.4%	$15.2M-72.8%	$56.0M+35.5%	$41.4M+124.7%	$18.4M
Free Cash Flow	-$303.2M+34.6%	-$463.5M-127.7%	$1.7B+977.6%	-$190.8M+82.8%	-$1.1B-221.7%	-$345.1M-137.0%	$933.1M+16.5%	$800.8M
Investing Cash Flow	-$15.9M-117.1%	$93.4M+103.3%	$45.9M+733.8%	-$7.2M-104.5%	$161.4M+651.0%	$21.5M+117.1%	-$125.7M-228.4%	$98.0M
Financing Cash Flow	$79.3M+107.2%	-$1.1B-508.4%	$268.3M-39.5%	$443.8M+353.1%	-$175.4M+91.8%	-$2.1B-1157.8%	-$169.7M+67.8%	-$527.4M
Dividends Paid	$123.1M-0.3%	$123.5M-2.5%	$126.6M-2.0%	$129.1M-3.3%	$133.6M+1.5%	$131.6M-2.2%	$134.7M-0.9%	$135.8M
Share Buybacks	$467.1M+73.2%	$269.7M+473070.2%	$57K-100.0%	$512.4M-1.7%	$521.4M-32.7%	$774.5M+46.9%	$527.2M+0.5%	$524.6M

LEN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	15.5%
Net Margin	6.1%-5.0pp	11.1%-0.4pp	11.5%-2.2pp	13.7%-2.6pp	16.3%+5.4pp	11.0%
Return on Equity	9.5%-4.7pp	14.1%-0.7pp	14.8%-4.3pp	19.1%-2.1pp	21.3%+7.6pp	13.7%
Return on Assets	6.0%-3.5pp	9.5%-0.5pp	10.0%-2.1pp	12.2%-1.2pp	13.3%+5.1pp	8.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.27+0.1	0.15-0.3	0.47-0.1	0.57-0.0	0.59+0.2	0.41
FCF Margin	0.1%-6.2pp	6.3%-8.5pp	14.8%+5.3pp	9.5%+0.4pp	9.1%-9.2pp	18.3%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
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	3.8%+0.4pp	3.5%-1.8pp	5.2%-1.5pp	6.7%+1.0pp	5.7%-1.1pp	6.8%-4.2pp	11.0%-1.3pp	12.3%
Return on Equity	1.4%+0.4pp	1.1%-1.2pp	2.2%-0.4pp	2.6%+0.5pp	2.1%-0.2pp	2.3%-1.6pp	3.9%-0.3pp	4.2%
Return on Assets	0.9%+0.2pp	0.7%-0.7pp	1.4%-0.3pp	1.7%+0.3pp	1.4%-0.1pp	1.5%-1.2pp	2.6%-0.3pp	2.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.55+0.0	0.51+0.2	0.27-0.3	0.54+0.0	0.52-0.0	0.53+0.4	0.15-0.3	0.44
FCF Margin	-3.8%+3.2pp	-7.0%-24.9pp	17.9%+20.0pp	-2.2%+11.1pp	-13.3%-8.7pp	-4.5%-13.9pp	9.4%+0.9pp	8.5%

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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 -3.5% 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 declined by 3.5% year-over-year, from $35.4B 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 -98.7% 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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

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. Learn more in our complete guide to financial health indicators.