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Lennar cash flow statement

In fiscal 2025, Lennar's operations generated $217m of cash; it spent $189m on capital projects, leaving free cash flow of $28.2m. It returned $521m in dividends and $1.81bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Nov 20092010Nov 20102011Nov 20112012Nov 20122013Nov 20132014Nov 20142015Nov 20152016Nov 20162017Nov 20172018Nov 20182019Nov 20192020Nov 20202021Nov 20212022Nov 20222023Nov 20232024Nov 20242025Nov 2025LTMAug 2026
Cash from operations421274−259−425−808−788−4205089821,6921,4824,1912,5333,2665,1802,403217937
Depreciation and amortisation2014222830394450669192958687110116134140
Stock-based pay3028243234414456617387107135184161177163143
Capital spending————923917611213086736557100172189126
Free cash flow————−817−811−5114318711,5611,3964,1182,4683,2085,0802,23228811
Free cash flow after stock pay————−851−852−5553768091,4891,3094,0112,3333,0244,9192,055−135668
Dividends paid2830303031333335384951195310438431549521493
Share buybacks2261712202320273005233221,4301,0391,1832,2561,808993
Shares issued2212732341491913000—————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Lennar's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lennar.