Lennar Corp. Class A Common Stock (LEN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.23	$1.31	+6.5%	—	—	—
Q3 26	$0.95	$0.88	-7.4%	—	—	—
Q2 26	$2.09	$2	-4.3%	—	—	—
Q1 26	$1.94	$1.9	-2.1%	—	—	—
Q4 25	$1.71	$2.14	+25.1%	—	—	—
Q3 25	$4.12	$4.03	-2.2%	—	—	—
Q2 25	$3.62	$3.9	+7.7%	—	—	—
Q1 25	$3.23	$3.38	+4.6%	—	—	—
Q4 24	$2.22	$2.61	+17.6%	—	—	—
Q3 24	$4.59	$4.82	+5.0%	—	—	—
Q2 24	$3.53	$3.91	+10.8%	—	—	—
Q1 24	$2.32	$3.01	+29.7%	—	—	—
Q4 23	$1.55	$2.06	+32.9%	—	—	—
Q3 23	$4.9	$4.55	-7.1%	—	—	—
Q2 23	$4.87	$5.19	+6.6%	—	—	—
Q1 23	$3.95	$4.69	+18.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.98	—	—	$34.2B	—
FY24	—	$14.3	—	—	$35.4B	—
FY23	—	$13.7	—	—	$34.2B	—
FY22	—	$15.7	—	—	$33.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.9B	$12.6B	$20.6B	$22.3B	$22.5B	$27.1B	$33.7B	$34.2B	$35.4B	$34.2B
YoY change	+15.6%	+15.5%	+62.7%	+8.21%	+1.03%	+20.6%	+24.1%	+1.67%	+3.53%	-3.54%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.9B	12.6B	20.6B	22.3B	22.5B	27.1B	33.7B	34.2B	35.4B	34.2B
Cost of revenue	9.5B	11B	18.2B	19.5B	19B	21.6B	26.5B	28.3B	29.9B	30.8B
Gross profit	1.5B	1.6B	2.3B	2.8B	3.5B	5.5B	7.2B	5.9B	5.5B	3.4B
Gross margin	13.7%	12.8%	11.3%	12.6%	15.4%	20.4%	21.4%	17.4%	15.5%	9.91%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	232.6M	285.9M	343.9M	321.2M	333.4M	398.4M	414.5M	501.3M	649M	636.7M
Operating expenses	232.6M	285.9M	343.9M	321.2M	333.4M	398.4M	414.5M	501.3M	649M	636.7M
Operating income	1.3B	1.3B	2B	2.5B	3.1B	5.1B	6.8B	5.4B	4.8B	2.8B
Operating margin	11.5%	10.6%	9.67%	11.1%	14%	18.9%	20.2%	15.9%	13.7%	8.05%
Non-operating income, net	68.1M	-149.4M	272.4M	-46.8M	-16.9M	680.8M	-773.1M	-237.3M	334.9M	63.5M
Pretax income	1.3B	1.2B	2.3B	2.4B	3.1B	5.8B	6B	5.2B	5.2B	2.8B
Income tax	417.4M	417.9M	545.2M	592.2M	656.2M	1.4B	1.4B	1.2B	1.2B	705.6M
Net income	913.1M	771.8M	1.7B	1.8B	2.5B	4.5B	4.6B	4B	4B	2.1B
Net margin	8.34%	6.1%	8.35%	8.28%	11%	16.4%	13.8%	11.6%	11.2%	6.17%
EBITDA	1.3B	1.5B	1.9B	2.6B	3.2B	4.7B	7.5B	5.6B	4.9B	2.8B
EPS	4.05	3.38	5.46	5.76	7.88	14.3	15.7	13.7	14.3	7.98
Diluted EPS	3.85	3.38	5.44	5.74	7.85	14.3	15.7	13.7	14.3	7.98

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	8.7B	11B	7.3B	8.8B	9.4B	9.9B	7.6B	8.4B	8.8B	9.4B	6.6B	7.9B
Cost of revenue	7.1B	8.9B	6.2B	7.4B	7.9B	8.4B	6.8B	7.6B	7.9B	8.5B	6.2B	7.4B
Gross profit	1.6B	2B	1.1B	1.4B	1.5B	1.6B	861.1M	804.4M	892.6M	829M	390.7M	555M
Gross margin	18.4%	18.7%	14.7%	15.9%	15.6%	15.6%	11.3%	9.6%	10.1%	8.85%	5.9%	6.99%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	114.1M	136.3M	157.3M	157M	164.7M	170M	147.4M	155.9M	171.4M	162.1M	157.6M	136.1M
Operating expenses	114.1M	136.3M	157.3M	157M	164.7M	170M	147.4M	155.9M	171.4M	162.1M	157.6M	136.1M
Operating income	1.5B	1.9B	917.9M	1.2B	1.3B	1.4B	713.7M	648.6M	721.2M	667M	233.1M	418.8M
Operating margin	17.1%	17.4%	12.6%	14.1%	13.9%	13.9%	9.35%	7.74%	8.19%	7.12%	3.52%	5.27%
Non-operating income, net	-14.1M	-126.5M	12.9M	22.7M	227.6M	71.8M	-15.4M	-6.7M	69.5M	16.1M	69.4M	-5.6M
Pretax income	1.5B	1.8B	930.8M	1.3B	1.5B	1.5B	698.2M	641.9M	790.7M	683M	302.5M	413.2M
Income tax	358.2M	416.8M	210.9M	300.5M	347.9M	358.1M	169.5M	160.1M	190.9M	185.1M	69.1M	105.1M
Net income	1.1B	1.4B	719.9M	960.6M	1.2B	1.1B	528.7M	481.8M	599.8M	498M	233.4M	308.1M
Net margin	12.8%	12.5%	9.84%	11%	12.6%	11.1%	6.93%	5.75%	6.81%	5.32%	3.53%	3.88%
EBITDA	1.5B	2B	950.2M	1.3B	1.3B	1.4B	807.5M	711.8M	656.1M	579.1M	251.6M	477.4M
EPS	3.87	4.82	2.57	3.45	4.26	4.06	1.96	1.81	2.29	1.93	0.93	1.24
Diluted EPS	3.87	4.82	2.57	3.45	4.26	4.06	1.96	1.81	2.29	1.93	0.93	1.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9B	14.4B	—	18.4B	22.7B	31.2B	24.6B	35.1B	45.9B	33.8B	19.8B
Enterprise value	13.9B	19.7B	—	26.5B	27.2B	34.6B	26B	33.6B	45.2B	35.9B	24.5B
Shares outstanding	222.8M	237.2M	308M	318.4M	309.4M	306.6M	289.8M	283.3M	272M	257.7M	257.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	9.88	18.7	—	9.98	9.21	7	5.3	8.86	11.6	16.1	15.9
P/S	0.82	1.14	—	0.83	1.01	1.15	0.73	1.02	1.3	0.99	0.63
P/B	1.25	1.8	—	1.15	1.26	1.49	1.02	1.31	1.64	1.53	0.92
EV/EBITDA	10.6	12.7	—	10.3	8.58	7.34	3.46	5.99	9.14	13	12.3
EV/Sales	1.27	1.56	—	1.19	1.21	1.28	0.77	0.98	1.27	1.05	0.77
Earnings yield	10.1%	5.35%	—	10%	10.9%	14.3%	18.9%	11.3%	8.64%	6.23%	6.31%
FCF yield	4.78%	6.04%	—	7.59%	18.1%	7.91%	13%	14.5%	4.86%	0.08%	10.4%
PEG	—	—	—	—	—	—	—	—	—	—	-0.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	13.7%	12.8%	11.3%	12.6%	15.4%	20.4%	21.4%	17.4%	15.5%	9.91%	6.99%
Operating margin	11.5%	10.6%	9.67%	11.1%	14%	18.9%	20.2%	15.9%	13.7%	8.05%	5.77%
Net margin	8.34%	6.1%	8.35%	8.28%	11%	16.4%	13.8%	11.6%	11.2%	6.17%	4.09%
ROE	12.7%	9.66%	11.7%	11.5%	13.6%	21.2%	19.2%	14.8%	14.2%	9.52%	5.96%
ROA	5.94%	4.12%	6.01%	6.27%	8.24%	13.4%	12.2%	10.1%	9.6%	6.12%	3.4%
ROIC	7.16%	6.56%	6.5%	7.79%	11%	16.1%	20.5%	16.5%	13.6%	8.51%	5.96%
Return on tangible assets	5.97%	4.21%	8.1%	8.36%	10.9%	17.2%	15.1%	12.4%	11.7%	7.76%	6.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	21	20.3	18.4	20.8	21.8	19	17.6	18	15.9	10.7	11.4
Quick ratio	5.66	5.89	3.4	3.88	5.29	4.52	5.13	6.4	4.89	4.17	3.15
Debt / equity	0.87	1	0.69	0.6	0.41	0.3	0.26	0.19	0.15	0.27	0.28
Debt / assets	0.41	0.43	0.35	0.33	0.25	0.19	0.16	0.13	0.1	0.17	0.18
Net debt / EBITDA	3.71	3.41	4.41	3.14	1.42	0.72	0.18	-0.27	-0.15	0.75	1.98
Interest coverage	272.9	186.9	176.8	140.8	140.2	—	—	—	—	—	—
Effective tax rate	31.4%	35.1%	24.1%	24.3%	21%	23.4%	22.7%	23.9%	23.5%	25.1%	25.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	49.1	53.3	66.8	69.9	72.7	88.5	116.2	120.8	130.3	132.6	131.1
EPS (basic)	4.05	3.38	5.46	5.76	7.88	14.3	15.7	13.7	14.3	7.98	7.98
EPS (diluted)	3.85	3.38	5.44	5.74	7.85	14.3	15.7	13.7	14.3	7.98	5.28
Book value per share	32.4	33.7	47.7	50.4	58.5	68.5	83.6	94.2	103	85.9	90.7
FCF per share	1.94	3.67	5.07	4.38	13.3	8.05	11.1	17.9	8.2	0.11	2.98
Cash per share	6.21	11.4	5.07	4.7	9.43	9.66	16.6	23	18.2	14.7	4.84
Capex per share	0.23	0.47	0.42	0.02	0.13	0.21	0.11	0.31	0.4	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.47%	0.88%	0.63%	0.03%	0.17%	0.24%	0.1%	0.25%	0.31%	—	—
Capex / operating cash flow	11.5%	13.7%	6.63%	0.54%	0.94%	1.63%	1.08%	1.72%	2.78%	—	—
Payout ratio	3.87%	4.87%	2.86%	2.79%	7.9%	6.95%	9.42%	10.9%	13.8%	24.7%	37.9%
Dividend yield	0.39%	0.26%	—	0.28%	0.86%	0.99%	1.78%	1.23%	1.2%	1.54%	2.44%

Yield

2.44%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.50

ex-dividend Jul 10, 2026

Payout ratio

38%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 10, 2026	$0.50
Apr 22, 2026	$0.50
Feb 4, 2026	$0.50

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$8.7B	$11B	$7.3B	$8.8B	$9.4B	$9.9B	$7.6B	$8.4B	$8.8B	$9.4B	$6.6B	$7.9B
YoY change	-2.29%	+7.8%	+12.7%	+8.95%	+7.86%	-9.31%	+4.36%	-4.43%	-6.43%	-5.82%	-13.3%	-5.22%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	2.7B	1.6B	1.5B	2.9B	3B	4.8B	6.5B	5B	3.8B
Receivables	330.7M	129.4M	920.6M	707M	773M	1.1B	1.4B	1.4B	1.5B	1.3B
Inventory	9.2B	10.9B	17.4B	18.1B	17.2B	19.2B	20.1B	18.9B	20.3B	11.8B
Total current assets	12.6B	15.3B	21.3B	22.2B	22.7B	25.1B	28.4B	29.3B	29.3B	19.4B
Property, plant & equipment	173.6M	215.1M	319.9M	279.5M	411.5M	339.9M	2.1B	2.4B	4.2B	7B
Goodwill & intangibles	79.7M	392.8M	7.4B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B
Total assets	15.4B	18.7B	28.6B	29.4B	29.9B	33.2B	38B	39.2B	41.3B	34.4B
Accounts payable	596.5M	754.7M	1.2B	1.1B	1B	1.3B	1.6B	1.6B	1.8B	1.8B
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	596.5M	754.7M	1.2B	1.1B	1B	1.3B	1.6B	1.6B	1.8B	1.8B
Long-term debt	6.3B	8B	10.1B	9.6B	7.4B	6.4B	6.2B	5B	4.2B	5.9B
Total liabilities	8.2B	10.8B	13.9B	13.3B	11.8B	12.2B	13.7B	12.5B	13.3B	12.3B
Shareholders' equity	7.2B	8B	14.7B	16B	18.1B	21B	24.2B	26.7B	28B	22.1B
Total debt	6.3B	8B	10.1B	9.6B	7.4B	6.4B	6.2B	5B	4.2B	5.9B
Net debt	4.9B	5.3B	8.6B	8.1B	4.6B	3.5B	1.4B	-1.5B	-720.4M	2.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	4.1B	6.5B	5.3B	3.9B	4.3B	5B	2.6B	1.4B	1.7B	3.8B	2.4B	2.1B
Receivables	1.3B	1.4B	1.3B	1.6B	1.6B	1.5B	1.5B	1.5B	1.6B	1.3B	1.3B	1.5B
Inventory	22.6B	18.9B	19.9B	20.5B	20.6B	20.3B	14.3B	14.5B	13.7B	11.8B	12.3B	12.6B
Total current assets	29.4B	29.3B	28.6B	27.8B	28.5B	29.3B	20.3B	19.4B	19.1B	19.4B	17.9B	18.2B
Property, plant & equipment	—	2.4B	2.4B	2.8B	3B	4.2B	5.2B	14M	15.4M	7B	6.8B	7.1B
Goodwill & intangibles	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B	7.3B
Total assets	37.4B	39.2B	39B	38.7B	39.7B	41.3B	35B	34.4B	34.9B	34.4B	33.2B	33.7B
Accounts payable	1.7B	1.6B	1.6B	1.7B	1.8B	1.8B	1.9B	2.1B	1.5B	1.8B	1.7B	1.8B
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.7B	1.6B	1.6B	1.7B	1.8B	1.8B	1.9B	2.1B	1.5B	1.8B	1.7B	1.8B
Long-term debt	4.5B	5B	4.4B	3.7B	3.8B	4.2B	3.6B	4.2B	5.4B	5.9B	5.3B	6B
Total liabilities	11.6B	12.5B	12.2B	11.7B	12.2B	13.3B	12.1B	11.6B	12.1B	12.3B	11.2B	11.9B
Shareholders' equity	25.8B	26.7B	26.8B	27B	27.6B	28B	22.9B	22.7B	22.8B	22.1B	22B	21.8B
Total debt	4.5B	5B	4.4B	3.7B	3.8B	4.2B	3.6B	4.2B	5.4B	5.9B	5.3B	6B
Net debt	388.7M	-1.5B	-819.1M	-220.4M	-444M	-720.4M	1.1B	2.8B	3.7B	2.1B	2.9B	3.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	913.1M	771.8M	1.7B	1.8B	2.5B	4.5B	4.6B	4B	4B	2.1B
Depreciation & amortization	50.2M	66.3M	91.2M	92.2M	94.6M	86M	87.1M	110.2M	115.5M	134.3M
Stock-based compensation	55.5M	61.4M	72.7M	86.9M	107.1M	134.6M	184.1M	160.7M	176.7M	163.5M
Change in working capital	-685.1M	-187.4M	-157.2M	-891.9M	1.4B	-874.4M	-1.6B	867.3M	-365.6M	-837.2M
Operating cash flow	445.9M	814.4M	2B	1.3B	4.1B	4B	3B	5B	4B	216.8M
Capital expenditure	-51.2M	-111.8M	-130.4M	-7.2M	-38.8M	-65.2M	-32.5M	-86.6M	-110.1M	—
Investing cash flow	-506.9M	-1.1B	-988.7M	-386.1M	-500.9M	-467.3M	-526.7M	-276.6M	-533.7M	-22.2M
Dividends paid	-35.3M	-37.6M	-49.2M	-51.5M	-195M	-309.8M	-438M	-430.6M	-548.8M	-521M
Share repurchases	-19.9M	-27.1M	-299.8M	-523.1M	-321.5M	-1.4B	-1B	-1.2B	-2.3B	-1.8B
Financing cash flow	-250.9M	994.6M	-2.7B	-1.6B	-2.4B	-2.4B	-1.3B	-3.2B	-3.7B	-1.6B
Net change in cash	-311.9M	670.1M	-1.7B	-681.5M	1.2B	1.1B	1.2B	1.5B	-260.4M	-1.4B
Free cash flow	431.4M	870.6M	1.6B	1.4B	4.1B	2.5B	3.2B	5.1B	2.2B	28.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.1B	1.4B	719.9M	960.6M	1.2B	1.1B	528.7M	—	599.8M	498M	233.4M	308.1M
Depreciation & amortization	37.1M	29M	27.1M	28.6M	29.4M	30.4M	31.3M	—	34.2M	35M	33.4M	35.3M
Stock-based compensation	12.9M	21.1M	87.7M	34.5M	31.9M	22.6M	84.1M	—	25.5M	25.1M	62.4M	26.3M
Change in working capital	-257.1M	1.3B	-159.5M	-474.5M	-114.1M	382.5M	-222.8M	—	-346.5M	1.4B	-398.2M	-614.4M
Operating cash flow	908.1M	2.7B	735.9M	554.6M	1.2B	1.5B	485.7M	-1.1B	-158.6M	1.8B	-433.5M	-284.4M
Capital expenditure	-9.1M	-46.2M	-72.9M	-38.8M	13M	-11.4M	-56M	—	—	—	—	—
Investing cash flow	-57.9M	-91.7M	-183.2M	-153.3M	-76.8M	-120.3M	-14M	—	-90.3M	-10.8M	18.4M	-25.6M
Dividends paid	-107.1M	-105.2M	-139.4M	-138.9M	-135.8M	-134.7M	-131.6M	—	-129.1M	-126.6M	-123.5M	-123.1M
Share repurchases	-376.3M	-341.1M	-595.1M	-609.6M	-524.6M	-527.2M	-774.5M	—	-512.4M	-57K	-269.7M	-467.1M
Financing cash flow	-1.1B	900.7M	-2.1B	-1.6B	-392.1M	454.9M	-2.7B	—	891.5M	335.4M	-1.7B	678.6M
Net change in cash	-261.9M	3.5B	-1.6B	-1.2B	698.5M	1.8B	-2.2B	-1.1B	642.7M	2.1B	-2.1B	368.6M
Free cash flow	929.5M	2.5B	294.9M	203M	800.8M	933.1M	-345.1M	—	-190.8M	1.7B	-463.5M	-303.2M

Date	Ratio
Jan 21, 2025	1033:1000
Nov 9, 2017	1017:1000
Jan 21, 2004	2:1
Apr 22, 2003	1:1
Apr 21, 1994	3:2
Feb 26, 1992	2:1
Oct 31, 1980	2:1

Lennar Corp. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history