Lennar Corporation (LEN) financials

NYSE · Consumer Cyclical · Residential Construction · 12,532 employees · CEO Stuart A. Miller

Price: $86.94 +1.73%
Market cap: $20.7B
Enterprise value: $23.8B
Last report: Q3 '26 filed 2026-10-02
Next report: 2026-12-15 EPS est. $1.47

Revenue (TTM)$32B-8.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)5.3%-4.6 pp vs a year agoOperating income $1.71B

Net income (TTM)$1.31B-51.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$908M+227.4% vs a year agoCapex $134M

Diluted EPS (TTM)$5.29-47.7% vs a year agoSum of the last 4 quarters

Net cash-$3.15B+20.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $20.7B
Revenue: $32B
Revenue growth: -8%
Profit margin: 4.1%
P/E: 16.4×
P/S: 0.6×
EV / EBITDA: 11.9×
Free cash flow: $908M
Net income: $1.31B
Revenue estimate: $31.5B
Earnings: 2026-12-15
Dividend: $2.00

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-16): revenue missed by 3.8%, EPS missed by 3.9%Revenue $8B vs $8.32B expected (-3.8%); EPS $1.23 vs $1.28 (-3.9%).
Revenue growth steady: -8.7% year on yearQ3 '26 revenue $8.05B, against an average of -7.7% over the four quarters before.
Operating margin 5.3% (TTM), -4.6 pp on a year agoOperating income grew -50.8% while revenue grew -8.0%.
Capex 0.4% of revenue (a year ago 0.4%)$134M invested in the last 4 quarters (-7.4% on a year earlier). Free cash flow $908M = 69.2% of net income.
Returned $1.49B to shareholders = 163.5% of free cash flowBuybacks $993M (a year earlier $2.34B), dividends $493M, stock-based pay $143M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 7.0% in a year238M diluted shares in Q3 '26, 256M a year earlier.
Net debt $3.15BCash + short-term investments $1.15B, debt incl. leases $4.3B; a year ago net debt $3.94B.

Last quarter: Q3 '26

Quarter ended 2026-08-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$8.05B	$8.81B	-8.7%
Gross margin	16.6%	10.1%	+6.4 pp
Operating income	$460M	$721M	-36.2%
Operating margin	5.7%	8.2%	-2.5 pp
Net income	$284M	$591M	-52.0%
Diluted EPS	$1.19	$2.29	-48.0%
Operating cash flow	-$104M	-$159M	+34.2%
Capex	$0	$32.2M	-100.0%
Free cash flow	-$104M	-$191M	+45.3%
R&D	$0	$0	–
Stock-based compensation	$29.3M	$25.5M	+14.7%

Reported vs consensus

2026-09-16

	Actual	Consensus	vs consensus
Revenue	$8B	$8.32B	-3.8%
EPS (as estimated)	$1.23	$1.28	-3.9%

From the report of 2026-09-16 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Lennar Homebuilding East, Central, West, Houston, and Other	$7.76B	-6.0%	96.1%	$38.4B	–
Lennar Financial Services	$226M	-28.0%	2.8%	$1.29B	–
Lennar Multifamily	$40.9M	-82.9%	0.5%	$642M	–
Lennar - Other	$48.4M	+6.5%	0.6%	$246M	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Homebuilding West	$2.59B	-12.5%	40.6%	$13.7B	–
Homebuilding Central	$1.95B	-6.2%	30.5%	$9.08B	–
Homebuilding East	$1.83B	+7.6%	28.8%	$8.69B	–
Homebuilding Other Regions	$3.46M	-43.8%	0.1%	$26.5M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Lennar Homebuilding East Central West Houstonand Other	$7.76B	-6.0%	–	–	–	9.2%	–
Homebuilding West	$2.59B	-12.5%	–	–	–	9.1%	–
Homebuilding Central	$1.95B	-3.7%	–	–	–	9.4%	–
Homebuilding East	$1.83B	+4.4%	–	–	–	10.3%	–
Lennar Financial Services	$226M	-28.0%	–	–	–	56.6%	–
Lennar Multifamily	$38.5M	-83.2%	–	–	–	-7.2%	–
Lennar Other	$22M	+58.0%	–	–	–	448.2%	–
Homebuilding Other Regions	$3.46M	-43.8%	–	–	–	-191.2%	–
Corporate (unallocated)	–	–	–	–	–	–	–
Operating Segments And Corporate Non Segment	–	–	–	–	–	–	–
Homebuilding Texas	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.04B
Capex: -$134M
Buybacks: -$993M
Dividends: -$493M
Acquisitions: -$57.6M
Net debt issued: $355M
Stock-based compensation: $143M
Free cash flow: $908M
Returned to shareholders / FCF: 163.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	16.4×	10.2×	5.6× – 16.3×
EV / EBITDA	11.9×	7.6×	4.4× – 12.2×
EV / Sales	0.7×	1.1×	0.8× – 1.3×
Price / FCF	22.8×	248.1×	7.1× – 1,191.0×
Price / Book	1.0×	1.4×	1.1× – 1.7×
FCF yield	4.4%	7.8%	0.1% – 14.0%
Return on invested capital	4.0%	11.3%	6.6% – 15.2%
Return on equity	6.0%	15.8%	9.5% – 21.3%

Analysts

Consensus target $77.38 (-11.0%)
range $63.00 – $108.00 · rating Buy

Strong buy0

Buy23

Hold18

Sell9

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$31.5B	-8.0%	$4.82	-39.6%	18.0×	10
FY2027	$31.9B	+1.3%	$5.11	+5.8%	17.0×	12
FY2028	$33.7B	+5.6%	$6.40	+25.4%	13.6×	10

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 164 figures Lennar Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Receivable, after Allowance for Credit Loss	$1.47B2025-11-30	$1.65B	-11.0%	$1.47B	$1.65B	-11.0%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$315M2025-11-30	$291M	+8.2%	$315M	$291M	+8.2%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$5.76M	$6.02M	-4.4%	$6.01M	$7.53M	-20.2%
Additional Paid in Capital	$6.05B	$5.88B	+2.8%	$5.91B	$5.73B	+3.1%
Advertising Expense	–	–	–	$211M	$191M	+10.4%
Amortization of Debt Discount (Premium)	$1.18M	$109K	+979.8%	$88K	$148K	-40.5%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	02025-08-31	0	–	02015-11-30	0	–
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition	$29.3M	$25.5M	+14.7%	–	–	–
Assets	$33.7B2026-05-31	$34.4B	-2.0%	$34.4B	$41.3B	-16.7%
Cash and Cash Equivalents, at Carrying Value	$3.76B2025-11-30	$4.91B	-23.5%	$3.76B	$4.91B	-23.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.5B	$1.76B	-14.7%	$3.83B	$4.99B	-23.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$675M	$278M	-342.8%	-$1.16B	-$1.58B	+26.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$3.36M2026-05-31	$4.37M	-23.2%	$30.1M	$35.1M	-14.2%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$284M	$591M	-52.0%	$2.08B	$3.94B	-47.2%
Costs and Expenses	$7.59B	$8.11B	-6.5%	$31.5B	$30.7B	+2.8%
Current Federal Tax Expense (Benefit)	–	–	–	$474M	$864M	-45.1%
Current Income Tax Expense (Benefit)	–	–	–	$628M	$1.16B	-45.7%
Current State and Local Tax Expense (Benefit)	–	–	–	$154M	$293M	-47.3%
Debt Securities, Available-for-sale	$39.1M2025-11-30	$40.6M	-3.7%	$39.1M	$40.6M	-3.7%
Debt Securities, Held-to-maturity	$133M2025-11-30	$136M	-2.0%	$133M	$136M	-2.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$61.9M	$48.1M	+28.7%
Deferred Income Tax Expense (Benefit)	–	–	–	$77.3M	$60.4M	+27.9%
Deferred Income Taxes and Tax Credits	$64.1M	$39M	+64.7%	$77.3M	$60.4M	+27.9%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$15.4M	$12.3M	+24.8%
Deferred Tax Assets, Equity Method Investments	$47.5M2025-11-30	$62.4M	-23.9%	$47.5M	$62.4M	-23.9%
Deferred Tax Assets, Gross	$586M2025-11-30	$661M	-11.3%	$586M	$661M	-11.3%
Deferred Tax Assets, Inventory	$26.2M2025-11-30	$23M	+14.1%	$26.2M	$23M	+14.1%
Deferred Tax Assets, Net	$135M2025-11-30	$272M	-50.5%	$135M	$272M	-50.5%
Deferred Tax Assets, Net of Valuation Allowance	$584M2025-11-30	$658M	-11.3%	$584M	$658M	-11.3%
Deferred Tax Assets, Operating Loss Carryforwards	$38.2M2025-11-30	$43.9M	-12.9%	$38.2M	$43.9M	-12.9%
Deferred Tax Assets, Other	$23.3M2025-11-30	$39M	-40.2%	$23.3M	$39M	-40.2%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$35.7M2025-11-30	$49.7M	-28.0%	$35.7M	$49.7M	-28.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$189M2025-11-30	$199M	-4.9%	$189M	$199M	-4.9%
Deferred Tax Assets, Valuation Allowance	$2.55M2025-11-30	$2.59M	-1.8%	$2.55M	$2.59M	-1.8%
Deferred Tax Liabilities, Deferred Expense	$175M2025-11-30	$171M	+2.8%	$175M	$171M	+2.8%
Deferred Tax Liabilities, Gross	$449M2025-11-30	$386M	+16.3%	$449M	$386M	+16.3%
Deferred Tax Liabilities, Other	$30.1M2025-11-30	$28.9M	+4.4%	$30.1M	$28.9M	+4.4%
Deferred Tax Liabilities, Tax Deferred Income	$210M2025-11-30	$181M	+15.7%	$210M	$181M	+15.7%
Defined Contribution Plan, Cost	–	–	–	$78.5M	$69.7M	+12.6%
Depreciation, Amortization and Accretion, Net	$35.9M	$34.2M	+5.1%	$134M	$116M	+16.3%
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	–	–	–	-$156M	$0	–
Dividends, Common Stock, Cash	$119M	$129M	-7.5%	–	–	–
Earnings Per Share, Basic	$1.19	$2.29	-48.0%	$7.98	$14.31	-44.2%
Earnings Per Share, Diluted	$1.19	$2.29	-48.0%	$14.312024-11-30	$13.73	+4.2%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	–	–	–	21.0%	21.0%	0.0%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	–	–	–	0.0%	0.0%	–
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	–	–	–	0.1%	-0.2%	+141.7%
Effective Income Tax Rate Reconciliation, Percent	26.4%	24.4%	+8.2%	25.4%	23.6%	+7.2%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	–	–	–	4.9%	4.7%	+4.2%
Effective Income Tax Rate Reconciliation, Tax Credit, Percent	–	–	–	1.9%	1.9%	+1.1%
Equity Method Investment, Other than Temporary Impairment	$02025-08-31	–	–	$65M2023-11-30	–	–
Equity Method Investment, Realized Gain (Loss) on Disposal	$0	$645K	-100.0%	$165M2018-11-30	$0	–
Equity Method Investment, Underlying Equity in Net Assets	$1.79B2025-11-30	$1.64B	+9.4%	$1.79B	$1.64B	+9.4%
Equity Method Investments	$2.42B2025-11-30	$2.23B	+8.7%	$2.42B	$2.23B	+8.7%
Equity Securities without Readily Determinable Fair Value, Amount	$72.7M	$118M	-38.5%	$114M	$143M	-20.0%
Equity Securities, FV-NI	$347M2025-11-30	$348M	-0.3%	$347M	$348M	-0.3%
Escrow Deposit	$575M	$674M	-14.6%	$151M	$266M	-43.3%
Financing Receivable, Held-for-Sale, Not Part of Disposal Group, after Valuation Allowance	$2.21B2025-11-30	$2.25B	-1.7%	$2.21B	$2.25B	-1.7%
Gain (Loss) on Disposition of Property Plant Equipment	-$5.11M	-$511K	-900.2%	$77.7M	$38.8M	+100.2%
Gain (Loss) on Extinguishment of Debt	–	–	–	$0	$825K	-100.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-31, 10-Q 2026-05-31, 10-Q 2026-02-28, 10-K 2025-11-30, 10-Q 2025-08-31, 10-Q 2025-05-31, 10-Q 2025-02-28, 10-K 2024-11-30, 10-Q 2024-08-31

Data as of 2026-11-02