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LennarLEN

Legal name
Lennar Corp.
Sector
Other
Industry
General Bldg Contractors - Residential Bldgs
Exchange
NYSE

Stock Price $LEN

Latest filings

You are here#39 of 42 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1210-Q338-K129

LEN filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 129 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Jan ’17Jan ’17
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $34.19B
YoY changeLargest recent move+62.7%in FY18Latest −3.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All LEN Financial Metrics48 metrics

Income Statement14

Balance Sheet16

Cash Flow13

Per Share5

02—Overview

Lennar Financial Overview 2021–2025

Updated Nov 4, 2026

Lennar delivered 82,583 homes in FY2025, yet earned only $7.98 per sharea, down from $14.31 in FY2024. That gap is the story. Demand is holding, but the company is paying for volume with price. The core thesis is that Lennar has chosen turns over margin, and profit per home has shrunk faster than unit sales have grown.

The long-term arc is stark. Net earnings attributable to Lennar fell from $4.4 billion in FY2021 to $2.1 billionb in FY2025. Over the same span, gross margin on home sales slid from 26.8% to 17.7%. The average sales price dropped to $391,000 from $423,000 in FY2024, while incentives climbed to 13.8% of revenue from 10.3%. Guidance for Q1 2026 points lower still, at a 15% to 16% gross margin.

The balance sheet absorbed real change. The Millrose spin-off and exchange offer cut stockholders' equity to $21.96 billionc from $27.87 billion. Homebuilding debt to total capital more than doubled to 15.7% from 7.5%. Operating cash flow shrank to $217 million from $2.4 billion, yet Lennar still repurchased $1.8 billion of stock. At the close of FY2025, shares traded at $131.30, about 16.5x that year's earnings, a multiple that already assumes margins stop falling.

Recent Developments (Q2 and Q3 2026)

Lennar's third quarter was weaker than the second. Net earnings fell to $283.9 milliond, or $1.19 per share, from $591.0 million, or $2.29, a year earlier. Gross margin was 15.8% versus 17.5%, and SG&A rose to 9.2% of home sales from 8.2%. In September, management cut 2026 delivery guidance to 80,000 to 81,000 homes from 82,000 to 83,000, citing mortgage rates near 7%. Jim Parker became COO in June 2026. Lennar also issued $600 million of senior notes in October and raised its revolver commitments to $3.795 billion.

Bull case: the stock traded at 5.6x earnings as of October 1, 2026, and Q4 2026 margin guidance of 15.5% to 16.0% suggests margins are stabilizing. Bear case: that multiple rests on older, higher earnings, while homebuilding cash fell to $1.15 billione and debt to total capital rose to 16.6%.

What to watch: Q4 2026 gross margin against the 15.5% low end; whether deliveries reach 22,000 to 23,000 on lower order guidance

03—Filings

Recent SEC Filings

  1. 8-KLennar 8-K Report, Material Agreement (Oct 29, 2026)Lennar Corporation filed this Current Report on Form 8-K to disclose two amended and restated credit facilities entered into on October 26, 2026. The company amended and restated its unsecured revolving credit facility through a tenth amended and restated credit agreement. Lenders' aggregate commitments increased to $3.795 billion, the Class A commitments totaling $3.545 billion had their maturity extended from November 2029 to November 2031, and the 0.10% SOFR credit spread adjustment was removed. Aggregate potential borrowing capacity under the revolver rose from $3.500 billion to $4.545 billion, including a $750 million accordion feature. The filing also adds Class B commitments of $225 million maturing in May 2027 and a new Class C commitment of $25 million maturing in November 2029. The company also amended and restated its unsecured delayed draw term loan facility. Lenders extended a $40 million additional delayed draw term loan from the accordion feature, raising aggregate outstanding term loans from $1.71 billion to $1.75 billion and reducing the remaining accordion capacity from $400 million to $360 million. The term loans mature in May 2028, with a one-time company option to extend to May 2029 subject to conditions. Both facilities may be used for working capital and general corporate purposes, including acquisitions, and both are guaranteed by primarily homebuilding subsidiaries. Both facilities also add a possible 0.10% margin reduction for SOFR-based loans if certain rating conditions are met. For investors, the filing shows expanded and extended liquidity sources under both facilities. The company also noted that affiliates of several lenders provide financial, advisory and investment banking services to it and underwrite its senior notes.
  2. 8-KLennar 8-K Report, Corporate Update (Oct 15, 2026)On October 15, 2026, Lennar Corporation settled a debt offering of $300 million aggregate principal amount of 5.700% Senior Notes due 2029 and $300 million aggregate principal amount of 5.950% Senior Notes due 2032, for a combined $600 million. The offering was underwritten by BBVA Securities Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the underwriters, under an underwriting agreement dated October 13, 2026. The Notes are guaranteed by certain of Lennar's wholly owned subsidiaries. The Company stated that it intends to use the net proceeds for general corporate purposes. The Notes were issued under a 1997 base indenture with The Bank of New York Mellon as trustee, as supplemented by the Sixteenth and Seventeenth Supplemental Indentures dated October 15, 2026. The offering was registered on Form S-3 (File No. 333-294985) and is described in the prospectus supplement dated October 13, 2026, filed on October 14, 2026. The filing is primarily a disclosure of the completed financing and its legal documentation. It contains no operating results, earnings or guidance. Investors seeking the terms of the Notes should refer to the indentures and the "Description of Notes" section of the prospectus supplement, as the 8-K describes these only in summary form.
  3. 8-KLennar 8-K Report, Financial Results (Sep 16, 2026)Lennar Corporation reported third-quarter 2026 results for the period ended August 31, 2026, with net earnings attributable to Lennar of $284 million, or $1.19 per diluted share, compared with $591 million, or $2.29 per diluted share, in the third quarter of 2025. Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in the Financial Services segment, adjusted earnings were $294 million, or $1.23 per diluted share. Management said results were below expectations as the environment deteriorated after the last earnings call, with mortgage rates rising to approximately 6.8% at quarter end and higher since. Deliveries were 20,840 homes, within guidance of 20,500 to 21,500, while new orders decreased 9% to 20,879 homes. Homebuilding performance was pressured by lower pricing and higher incentives. Revenues from home sales fell 6% to $7.7 billion, the average sales price was $372,000 (reflecting approximately 12.0% in incentives), and gross margin on home sales declined to 15.8% from 17.5%. SG&A rose to 9.2% of home sales revenue from 8.2%. Homebuilding operating earnings were $502 million. Management emphasized maintaining volume, with cycle time at a record low of 116 days and completed, unsold inventory reduced to 1.8 homes per community. Liquidity and capital actions included $1.2 billion of homebuilding cash, redemption of $400 million of 5.25% senior notes due June 2026, and repurchases of 3 million shares for $256 million. Homebuilding debt to total capital rose to 16.6% from 15.7% at November 30, 2025. Management lowered its full-year 2026 delivery target to approximately 80,000 to 81,000 homes, from 82,000 to 83,000, and guided fourth-quarter deliveries of 22,000 to 23,000 homes with gross margin of 15.5% to 16.0%.
  4. 8-KLennar 8-K Report, Regulation FD Disclosure (Jun 12, 2026)Lennar Corporation furnished an investor presentation dated June 2026 as Exhibit 99.1 to this Form 8-K, posted on its investor relations website on June 12, 2026 under Regulation FD. The presentation centers on what the company calls a completed transformation to an asset-light homebuilding model. It states that controlled homesites rose to 98% of total homesites by Q1 2026 from 28% in 2018, and that inventory owned by the company fell from $16.6 billion to $10.5 billion over the same period. Management says the company has grown deliveries by about 80% since 2018 while owned inventory plus deposits and ACORE rose by a smaller percentage, and that the balance sheet would be roughly twice as large in inventory had it not migrated to this structure. The presentation also points to returns and cash generation. It cites stock repurchases of $9.6 billion and retired senior notes of $6.9 billion since the start of 2018, and it presents an illustrative community comparison showing higher asset turn and return on equity under the asset-light model. Management emphasizes volume, even-flow production, technology investment, and a controlled land and manufacturing model, and argues that the share price does not yet reflect these changes. The presentation compares Lennar's average forward P/E with NVR and the S&P 500, and it notes that many factors affect stock prices and multiples.
  5. 8-KLennar 8-K Report, Financial Results (Jun 11, 2026)Lennar Corporation reported results for its second quarter ended May 31, 2026 in a press release furnished as Exhibit 99.1. Net earnings attributable to Lennar were $305 million, or $1.24 per diluted share, compared with $477 million, or $1.81 per diluted share, in the second quarter of 2025. Excluding pretax mark-to-market losses of $23 million on technology investments, earnings were $322 million, or $1.31 per diluted share. Total revenues were $7.9 billion, with 20,519 homes delivered (up 2% year over year), though new orders fell 4% to 21,749 homes and the average sales price declined to $371,000 from $389,000. Gross margin on home sales was 15.6%, down from 17.8% a year earlier, and SG&A rose to 9.2% of home sales revenue from 8.8%. The balance sheet remained strong on a homebuilding basis, with $1.8 billion of cash, no borrowings outstanding under the $3.1 billion revolving credit facility, and homebuilding debt to total capital of 15.8%. The company repurchased 5 million shares for $447 million and redeemed $400 million of 5.25% senior notes due June 2026 after quarter end. Management cited persistently elevated mortgage rates, constrained affordability, and an incentive level of 12.9%, and said it is moderating its full-year 2026 delivery target to approximately 82,000 to 83,000 homes. For the third quarter of 2026, guidance calls for 21,000 to 22,000 new orders, 20,500 to 21,500 deliveries, an average sales price of $375,000 to $380,000, gross margin of approximately 16%, and SG&A of 8.8% to 9.0% of home sales. Management also announced a new Investor Deck to be published on its investor relations website, and a conference call on June 12, 2026 at 11:00 a.m. Eastern Time.
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04—See also

Related Companies

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