Lennar
LEN · NYSEGeneral Bldg Contractors - Residential Bldgs · Fiscal year ends Nov 30
Lennar reported revenue of $34.2B in the fiscal year ended Nov 2025, down 3.5% from the year before. Net income was $2.1B. Operating cash flow of $217M less capital expenditure of $189M left free cash flow of $28M. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $27.1B | $33.7B | $34.2B | $35.4B | $34.2B |
| Selling, general & admin | – | – | $2.2B | $2.5B | $2.7B |
| Pre-tax income | $5.8B | $6B | $5.2B | $5.2B | $2.8B |
| Income tax | $1.4B | $1.4B | $1.2B | $1.2B | $706M |
| Net income | $4.4B | $4.6B | $3.9B | $3.9B | $2.1B |
| Diluted EPS | 14.27 | 15.72 | 13.73 | 14.31 | 7.98 |
| Diluted shares | 307M | 290M | 283M | 272M | – |
Balance sheet
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3B | $4.8B | $6.6B | $4.9B | $3.8B |
| Net PP&E | $340M | $355M | $405M | $516M | $643M |
| Goodwill | – | – | – | $3.6B | $3.6B |
| Total assets | $33.2B | $38B | $39.2B | $41.3B | $34.4B |
| Long-term debt | – | – | – | $4.2B | $5.9B |
| Total liabilities | $12.2B | $13.7B | $12.5B | $13.3B | $12.3B |
| Shareholders' equity | $20.8B | $24.1B | $26.6B | $27.9B | $22B |
Cash flow
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $3.3B | $5.2B | $2.4B | $217M |
| Capital expenditure | $65M | $57M | $100M | $172M | $189M |
| Free cash flow | $2.5B | $3.2B | $5.1B | $2.2B | $28M |
| Depreciation & amortisation | $86M | $87M | $110M | $116M | $134M |
| Stock-based compensation | $135M | $184M | $161M | $177M | $163M |
| Acquisitions | – | – | $0 | $0 | $254M |
| Share buybacks | $1.4B | $1B | $1.2B | $2.3B | $1.8B |
| Dividends paid | $310M | $438M | $431M | $549M | $521M |
| Dividend per share | 0.25 | – | – | – | – |
Key ratios
| Fiscal year | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.1% | 1.7% | 3.5% | −3.5% |
| EPS growth (YoY) | – | 10.2% | −12.7% | 4.2% | −44.2% |
| Net margin | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% |
| Return on equityBlank when equity is negative | 21.3% | 19.1% | 14.8% | 14.1% | 9.5% |
| Free cash flow margin | 9.1% | 9.5% | 14.8% | 6.3% | 0.1% |
| Cash conversion (CFO ÷ net income) | 0.57x | 0.71x | 1.32x | 0.61x | 0.10x |
| Debt ÷ equity | – | – | – | 0.15x | 0.27x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −$720M | $2.1B |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.