LENNAR CORP /NEW/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LENNAR CORP /NEW/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,950	12,646	20,572	22,260	22,489	27,131	33,671	34,233	35,441	34,187
Selling, general and administrative								2,231	2,480	2,678
General and administrative	233	286	344	321	333	398		501	649	637
Operating income	1,563	1,476	2,463	2,775	3,482
Interest expense	4.63
Other non-operating income						181	-15.3	30.5	226	-62.4
Pre-tax income	1,330	1,190	2,263	2,434	3,124	5,819	6,015	5,202	5,185	2,814
Income tax	417	418	545	592	656	1,363	1,366	1,241	1,217	706
Net income to minority interests	1.25	-38.7	21.7	-6.93	2.52	26.4	34.4	22.8	35.1	30.1
Net income	912	810	1,696	1,849	2,465	4,430	4,614	3,939	3,933	2,078
EBITDA	1,613	1,542	2,554	2,868	3,577
EPS, basic	4.05	3.38	5.46	5.76	7.88	14.28	15.74	13.73	14.31	7.98
EPS, diluted	3.86	3.38	5.44	5.74	7.85	14.27	15.72	13.73	14.31	7.98
Shares, basic (weighted)	223	237	308	318	309	307	290	283	272	258
Shares, diluted (weighted)	235	237	309	318	309	307	290	283	272	258

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,330	2,651	1,558	1,446	2,863	2,956	4,816	6,571	4,910	3,756
Property, plant and equipment	174	215	320	280	412	340	355	405	516	643
Lease right-of-use assets					113	156	150	146	275	269
Goodwill				3,658	3,632				3,632	3,632
Total assets	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234	41,313	34,430
Total liabilities	8,150	10,759	13,883	13,326	11,836	12,211	13,744	12,532	13,292	12,290
Total debt				9,574	7,422				4,189	5,875
Paid-in capital	2,805	3,142	8,497	8,578	8,676	8,808	5,418	5,570	5,729	5,910
Retained earnings	4,306	4,841	6,488	8,295	10,565	14,685	18,861	22,369	25,753	22,471
Treasury stock	-109	-136	-436	-958	-1,279	-2,709	-210	-1,393	-3,650	-6,458
Other comprehensive income	-0.31	1.03	-0.37	0.5	-0.81	-1.34	2.41	4.88	7.53	6.01
Shareholders' equity	7,026	7,872	14,582	15,950	17,995	20,816	24,101	26,581	27,870	21,959
Minority interests	186	114	101	84.3	105	180	140	121	151	181
Total equity	7,212	7,986	14,683	16,034	18,099	20,996	24,240	26,702	28,021	22,141
Total liabilities and equity	15,362	18,745	28,566	29,360	29,935	33,208	37,984	39,234	41,313	34,430

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	913	772	1,718	1,842	2,468	4,457	4,649	3,961	3,968	2,108
Depreciation and amortization	50.2	66.3	91.2	92.2	94.6	86	87.1	110	116	134
Stock-based compensation	55.5	61.4	72.7	86.9	107	135	184	161	177	163
Deferred income tax	97.5	91.1	268	240	92.1	192	-247	-68	60.4	77.3
Change in receivables	-261	253	-431	312	25.9	-290	-422	-329	-129	66.8
Change in inventory	-504	-661	-136	-624	781	-1,184	-1,712	2,274	-285	-151
Change in payables	21.4	357	413	-14.6	266	881	701	-626	380	-691
Cash from operations	508	982	1,692	1,482	4,191	2,533	3,266	5,180	2,403	217
Capital expenditures	-76.4	-112	-130	-86.5	-72.8	-65.2	-57.2	-99.8	-172	-189
Acquisitions	-0.73	-604	-1,078	0	0			0	0	-254
Purchases of investments	-37.8	-53.6	-47.3	-36.3	-45.5	-128	-93.8	-8	-4.52	-3.46
Sales and maturities of investments	24	41.8	85.2	52.6	52.9	16.3	16.9	4.67	7.22	4.26
Cash from investing	-85.8	-845	-594	19.6	-280	-105	-128	-177	-303	222
Debt issued	499	2,450	0	0				0	0	700
Debt repaid	-250	-1,059	-1,100	-1,101	-1,500	-1,160	-575	-1,121	-554	-500
Stock issued	19.5	0.72	3.06	0.49	0	0
Share buybacks	-19.9	-27.1	-300	-523	-322	-1,430	-1,039	-1,183	-2,256	-1,808
Dividends paid	-35.3	-37.6	-49.2	-51.5	-195	-310	-438	-431	-549	-521
Cash from financing	-251	1,194	-2,196	-1,629	-2,447	-2,405	-1,277	-3,248	-3,682	-1,598
Net change in cash	171	1,332	-1,098	-127	1,464	23	1,860	1,755	-1,581	-1,159
Free cash flow	431	871	1,561	1,396	4,118	2,468	3,208	5,080	2,232	28.2
Interest paid	66.6	89.5	129	49.9	97.3	47.7	67.8	81.2	54.9	50.1
Income taxes paid	375	200	377	261	402	1,141	1,273	1,865	790	989

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to May 31, 2026; growth uses fiscal years. Valuation uses the share price of $82.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	6.7%	Pre-tax income / revenue.
Net margin	4.9%	Net income / revenue.
FCF margin	2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.7%	Cash from operations / revenue.
Effective tax rate	25.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.5%	Capital expenditures / revenue.
D&A / revenue	0.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-47.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-44.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-91.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-59.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-44.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-98.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-79.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-63.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-21.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-16.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	35.4%	Total liabilities / total assets.
Tangible book value	$21.62B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.97x	Revenue / average total assets.
FCF conversion	44.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$135.97	Revenue / diluted weighted shares.
FCF per share	$2.98	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.67	Cash from operations / diluted weighted shares.
Book value per share	$89.80	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$89.80	Tangible book value / shares outstanding.
Cash per share	$9.03	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	70.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	174.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$19.79B	Share price x shares outstanding.
Enterprise value	$17.62B	Market cap + total debt - cash - short-term investments.
P/E	12.3x	Market cap / net income. Only when net income is positive.
P/S	0.60x	Market cap / revenue.
P/B	0.92x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.92x	Market cap / tangible book value, when positive.
P/FCF	27.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	22.4x	Market cap / cash from operations, when positive.
EV/Sales	0.54x	Enterprise value / revenue.
EV/FCF	24.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.6%	Free cash flow / market cap.
Earnings yield	8.2%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.

What was LENNAR CORP /NEW/'s revenue in fiscal 2025?

LENNAR CORP /NEW/ reported revenue of $34.19B for fiscal 2025, 3.5% lower than the year before.

Was LENNAR CORP /NEW/ profitable in fiscal 2025?

Yes. Net income was $2.08B, a net margin of 6.1%.

How much free cash flow did LENNAR CORP /NEW/ generate in fiscal 2025?

Cash from operations of $216.8M minus capital expenditures of $188.6M left free cash flow of $28.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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