Lennar income statement
In fiscal 2025, Lennar reported revenue of $34.19bn, down 3.5% on the year before and net income of $2.08bn. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Nov 2009 | 2010Nov 2010 | 2011Nov 2011 | 2012Nov 2012 | 2013Nov 2013 | 2014Nov 2014 | 2015Nov 2015 | 2016Nov 2016 | 2017Nov 2017 | 2018Nov 2018 | 2019Nov 2019 | 2020Nov 2020 | 2021Nov 2021 | 2022Nov 2022 | 2023Nov 2023 | 2024Nov 2024 | 2025Nov 2025 | LTMAug 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.1 | 3.1 | 3.1 | 4.1 | 5.9 | 7.8 | 9.5 | 10.9 | 12.6 | 20.6 | 22.3 | 22.5 | 27.1 | 33.7 | 34.2 | 35.4 | 34.2 | 32.0 |
| Selling, general and administrative | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 2.2 | 2.5 | 2.7 | 2.7 |
| General and administrative | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | — | — | — | — | — |
| Operating income | −0.6 | 0.2 | 0.2 | 0.3 | 0.8 | 1.1 | 1.4 | 1.6 | 1.5 | 2.5 | 2.8 | 3.5 | — | — | — | — | — | — |
| Interest expense | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.0 | 0.0 | 0.0 | — | — | — | — | — | — | — | — | — | — |
| Income before tax | −0.8 | 0.1 | 0.1 | 0.2 | 0.7 | 1.0 | 1.2 | 1.3 | 1.2 | 2.3 | 2.4 | 3.1 | 5.8 | 6.0 | 5.2 | 5.2 | 2.8 | 1.8 |
| Income tax | −0.3 | −0.0 | −0.0 | −0.4 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | 0.7 | 1.4 | 1.4 | 1.2 | 1.2 | 0.7 | 0.5 |
| Net income | −0.4 | 0.1 | 0.1 | 0.7 | 0.5 | 0.6 | 0.8 | 0.9 | 0.8 | 1.7 | 1.8 | 2.5 | 4.4 | 4.6 | 3.9 | 3.9 | 2.1 | 1.3 |
| Diluted EPS | −$2.45 | $0.51 | $0.47 | $3.06 | $2.11 | $2.75 | $3.39 | $3.86 | $3.38 | $5.44 | $5.74 | $7.85 | $14.27 | $15.72 | $13.73 | $14.31 | — | $5.37 |
| Diluted shares (average) | — | 189m | 195m | 219m | 226m | 228m | 235m | 235m | 237m | 309m | 318m | 309m | 307m | 290m | 283m | 272m | 258m | 244m |
| EBITDA | −0.6 | 0.2 | 0.2 | 0.4 | 0.9 | 1.2 | 1.5 | 1.6 | 1.5 | 2.6 | 2.9 | 3.6 | — | — | — | — | — | — |
| Quarter | 2024 Q4Nov 2024 | 2025 Q1Feb 2025 | 2025 Q2May 2025 | 2025 Q3Aug 2025 | 2025 Q4Nov 2025 | 2026 Q1Feb 2026 | 2026 Q2May 2026 | 2026 Q3Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,947 | 7,632 | 8,378 | 8,810 | 9,368 | 6,619 | 7,940 | 8,046 |
| Selling, general and administrative | — | 616 | 689 | 676 | 697 | 617 | 698 | 714 |
| General and administrative | 170 | — | — | — | — | — | — | — |
| Income before tax | 1,458 | 698 | 642 | 791 | 683 | 302 | 413 | 387 |
| Income tax | 358 | 170 | 160 | 191 | 185 | 69 | 105 | 102 |
| Net income | 1,096 | 520 | 477 | 591 | 490 | 229 | 305 | 284 |
| Diluted EPS | $4.05 | $1.96 | $1.81 | $2.29 | — | $0.93 | $1.24 | $1.19 |
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