LENNAR CORP /NEW/

Listed Company

LEN-BCIK 0000920760NYSELarge AcceleratedGeneral Bldg Contractors - Residential BldgsDelawareFY ends Nov 30

Period

FY 2025

Revenue

$34.19B

Net Income

$2.08B

Total Assets

$34.43B

Equity

$21.96B

Shares Out

—

Op. Cash Flow

$216.81M

+ 13F Filer

Business

LENNAR CORP /NEW/ is a leading U.S. homebuilder that also originates residential and commercial mortgages, provides title and closing services, develops multifamily rental properties and sponsors and manages real estate funds and joint ventures. It offers construction and sale of single‑family attached and detached homes, residential land acquisition and development, mortgage origination and sale, title and closing services, multifamily development and property management, and strategic technology investments. Its principal reportable segments are Homebuilding, Financial Services, Multifamily and Lennar Other. It operates regional homebuilding divisions in East, Central, Texas, West and Other regions and sells through on‑site consultants, independent realtors, digital marketing and institutional fund channels nationwide.

Summary from filing dated 2025-01-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Total revenues	34,187	35,441	34,233	33,671	27,131
Corporate general and administrative	637	649	501	—	398
Contribution Expense	83	80	73	—	60
Total costs and expenses	31,519	30,672	28,867	—	22,052
Equity in earnings (losses) from unconsolidated entities	78	164	−145	−36	49
Other income (expense), net and other gains (losses), net	−62	226	31	−15	181
Lennar Other gains (losses) from technology investments	130	25	−50	—	—
Earnings before income taxes	2,814	5,185	5,202	6,015	5,819
Provision for income taxes	−706	−1,217	−1,241	−1,366	−1,363
Net earnings (including net earnings attributable to noncontrolling interests)	2,108	3,968	3,961	4,649	4,457
Less: Net earnings attributable to noncontrolling interests	30	35	23	34	26
Net earnings attributable to Lennar	2,078	3,933	3,939	4,614	4,430
Net unrealized gains (losses) on securities available-for-sale	−2	3	2	1	−536,000
Total other comprehensive income (loss), net of tax	−2	3	2	4	−536,000
Total comprehensive income attributable to Lennar	2,077	3,935	3,941	4,618	4,430
Total comprehensive income attributable to noncontrolling interests	30	35	23	34	26
Basic earnings per share (in USD per share)	7.98	14.31	13.73	15.74	14.28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Cash and cash equivalents	3,756	4,910	—	—	—
Restricted cash	74	81	—	—	—
Receivables, net	1,471	1,653	—	—	—
Inventory owned	9,921	15,635	15,360	17,367	—
Inventory owned and consolidated inventory not owned	11,841	20,312	—	—	—
Deposits and pre-acquisition costs on real estate	6,399	3,658	—	—	—
Investments in unconsolidated entities	2,422	2,228	—	—	1,972
Goodwill	3,632	3,632	—	—	—
Other assets	2,103	2,004	—	—	—
Total assets	34,430	41,313	39,234	37,984	33,208
Liabilities related to consolidated inventory not owned	1,476	3,564	—	—	—
Senior notes and other debts payable, net	5,875	4,189	—	—	—
Total liabilities	12,290	13,292	12,532	13,744	12,211
Preferred stock	0	0	0	0	0
Additional paid-in capital	5,910	5,729	5,570	5,418	8,808
Retained earnings	22,471	25,753	22,369	18,861	14,685
Treasury stock, at cost; 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock; 2024 - 23,814,148 shares of Class A common stock and 4,532,701 shares of Class B common stock	−6,458	−3,650	−1,393	−210	−2,709
Accumulated other comprehensive income	6	8	5	2	−1
Total stockholders equity	21,959	27,870	26,581	24,101	20,816
Noncontrolling interests	181	151	121	140	180
Total equity	22,141	28,021	26,702	24,240	20,996
Total liabilities and equity	34,430	41,313	39,234	37,984	33,208

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-11-30	FY 2024 2024-11-30	FY 2023 2023-11-30	FY 2022 2022-11-30	FY 2021 2021-11-30
Depreciation and amortization	134	116	110	87	86
Amortization of discount/premium on debt, net	88,000	148,000	−2	−2	−7
Equity in (earnings) losses from unconsolidated entities	−78	−164	145	36	−49
Distributions of earnings from unconsolidated entities	37	156	53	71	46
Share-based compensation expense	163	177	161	184	135
Deferred income tax expense (benefit)	77	60	−68	−247	192
Loans held-for-sale unrealized (gains) losses	−27	52	27	33	14
Loss on Millrose Properties, Inc. exchange offer	156	0	0	—	—
Gains on sale of operating properties and equipment and other assets and loans receivables	−78	−39	−7	−8	−28
Gain on redemption/repurchases of senior notes and other debts payable	0	−825,000	−10	0	−2
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	246	143	125	111	26
Decrease (increase) in receivables	67	−129	−329	−422	−290
(Increase) decrease in inventories, excluding valuation adjustments	−151	−285	2,274	−1,712	−1,184
Increase in deposits and pre-acquisition costs on real estate	−1,550	−1,632	−296	−672	−776
Increase in other assets	−186	−113	−85	−13	−121
Decrease (increase) in loans held-for-sale	124	−218	−367	−203	−161
(Decrease) increase in accounts payable and other liabilities	−691	380	−626	701	881
Net cash provided by operating activities	217	2,403	5,180	3,266	2,533
Net additions to operating properties and equipment	−189	−172	−100	−57	−65
Proceeds from sale of other assets	151	61	13	25	42
Proceeds from Divestiture of Interest in Joint Venture	259	0	0	0	32
Proceeds from sale of investments	100	0	0	—	—
Investments in and contributions to unconsolidated entities	−254	−426	−201	−447	−408
Distributions of capital from unconsolidated and consolidated entities	282	231	100	398	362
Proceeds from sale of loan receivables	115	0	0	—	—
Acquisitions, net of cash and restricted cash acquired	−254	0	0	—	—
Decrease (increase) in Financial Services loans held-for-investment	12	−734,000	14	19	29
Purchases of investment securities	−3	−5	−8	−94	−128
Proceeds from maturities/sales of investment securities	4	7	5	17	16
Net cash provided by (used in) investing activities	222	−303	−177	−128	−105
Proceeds from issuance of senior notes	700	0	0	—	—
Redemption/repurchases of senior notes	−500	−554	−1,121	−575	−1,160
Principal payments on notes payable and other borrowings	−58	−44	−105	−48	−195
Net cash distributed in connection with Millrose Properties, Inc spin-off	−416	0	0	—	—
Proceeds from liabilities related to consolidated inventory not owned	2	196	461	1,167	—
Payments for Turn of Inventory Not Owned, Financing Activities	−566	−209	−843	−682	−351
Payments related to other liabilities, net	−6	−6	−5	−21	26
Receipts related to noncontrolling interests	32	20	21	42	70
Payments related to noncontrolling interests	−20	−47	−71	−91	−25
Debt issuance costs	−7	0	0	—	—
Repurchases	−1,808	−2,256	−1,183	−1,039	−1,430
Dividends	−521	−549	−431	−438	−310
Net cash used in financing activities	−1,598	−3,682	−3,248	−1,277	−2,405
Net increase (decrease) in cash and cash equivalents	−1,159	−1,581	1,755	1,860	23
Cash paid for interest, net of amounts capitalized	50	55	81	68	48
Cash paid for income taxes, net	989	790	1,865	1,273	1,141
Purchases of inventories financed by sellers	320,000	35	14	37	141
Net non-cash contributions to unconsolidated entities	162	23	367,000	233	28

Filings

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Holdings (13F)

Portfolio as of 2025-12-31 · 5 positions

Reported AUM

$172.98M

Holdings

Top sector

$172.98M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$172.98M	100.0%

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