Lennar (LEN) financials
Lennar revenue and earnings by year
Lennar's revenue was $34.2 billion in the fiscal year to November 30, 2025, down 3.5% from the year before. Net income was $2.08 billion, 6.1% of revenue. Since the fiscal year to November 30, 2016, revenue has grown 13.5% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 | Nov 2020 | Nov 2019 | Nov 2018 | Nov 2017 | Nov 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 34.2 | 35.4 | 34.2 | 33.7 | 27.1 | 22.5 | 22.3 | 20.6 | 12.6 | 10.9 |
| Revenue growth | -3.5% | 3.5% | 1.7% | 24.1% | 20.6% | 1.0% | 8.2% | 62.7% | 15.5% | — |
| Gross profit | 3.4 | 5.5 | 5.9 | 7.2 | 5.5 | 3.5 | 2.8 | 2.3 | 1.6 | 1.5 |
| Gross margin | 9.9% | 15.5% | 17.4% | 21.4% | 20.4% | 15.4% | 12.6% | 11.3% | 12.8% | 13.7% |
| Operating income | 2.7 | 4.8 | 5.4 | 6.7 | 5.1 | 3.1 | 2.5 | 1.8 | 1.3 | 1.3 |
| Operating margin | 7.8% | 13.5% | 15.7% | 20.0% | 18.7% | 13.9% | 11.1% | 8.9% | 10.6% | 11.5% |
| Net income | 2.1 | 3.9 | 3.9 | 4.6 | 4.4 | 2.5 | 1.8 | 1.7 | 0.8 | 0.9 |
| Net margin | 6.1% | 11.1% | 11.5% | 13.7% | 16.3% | 11.0% | 8.3% | 8.2% | 6.4% | 8.3% |
| Diluted EPS | $7.98 | $13.85 | $13.29 | $15.22 | $13.81 | $7.61 | $5.58 | $5.09 | $3.27 | $3.73 |
| Free cash flow | 0.0 | 2.2 | 5.1 | 3.2 | 2.5 | 4.2 | 1.5 | 1.6 | 0.9 | 0.5 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open LEN in Markets.
How Lennar makes money
Revenue by segment in the quarter to August 31, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Homebuilding West | $2.59B | 32.2% |
| Homebuilding Central | $1.95B | 24.2% |
| Homebuilding East | $1.83B | 22.8% |
| Homebuilding South Central | $1.38B | 17.2% |
| Lennar Financial Services | $226M | 2.8% |
| Lennar Multifamily | $38.5M | 0.5% |
| Lennar Other | $22.0M | 0.3% |
See also: LEN valuation and P/E history · LEN returns
No forecast, no recommendation. This page describes Lennar from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.