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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2025
Nov. 30, 2024
Inventories:    
Total assets [1] $ 34,878,401 $ 41,312,781
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 5,884,528 5,729,434
Retained earnings [2] 22,107,836 25,753,078
Treasury stock at cost [2] (5,457,876) (3,649,564)
Accumulated other comprehensive income [2] 6,019 7,529
Total stockholders’ equity [2] 22,570,320 27,870,135
Noncontrolling interests [2] 181,235 151,090
Total equity [2] 22,751,555 28,021,225
Total liabilities [2] 12,126,846 13,291,556
Total liabilities and equity [2] 34,878,401 41,312,781
Common Class A    
Stockholders' equity:    
Common stock [2] 26,153 25,998
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,660
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 1,406,215 4,662,643
Restricted cash [1] 29,928 11,799
Receivables, net [1] 948,295 1,053,211
Inventories:    
Finished homes and construction in progress [1] 10,049,466 10,884,861
Land and land under development [1] 1,069,620 4,750,025
Inventory owned 11,119,086 15,634,886
Consolidated inventory not owned [1] 2,258,568 4,084,665
Inventory owned and consolidated inventory not owned [1] 13,377,654 19,719,551
Deposits and pre-acquisition costs on real estate 6,012,493 3,625,372
Investments in unconsolidated entities [1] 2,648,329 1,344,836
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,798,459 1,734,698
Total assets [1] 29,663,732 35,594,469
LIABILITIES AND EQUITY    
Accounts payable [2] 1,521,244 1,839,440
Liabilities related to consolidated inventory not owned [2] 1,987,263 3,563,934
Senior notes and other debts payable, net [2] 3,523,766 2,258,283
Other liabilities [2] 2,809,923 3,201,552
Stockholders' equity:    
Total liabilities [2] 9,842,196 10,863,209
Lennar Financial Services    
Inventories:    
Total assets [1] 3,368,588 3,516,550
Stockholders' equity:    
Total liabilities [2] 2,070,051 2,140,708
Multifamily    
Inventories:    
Total assets [1] 1,001,478 1,306,818
Stockholders' equity:    
Total liabilities [2] 116,014 181,883
Lennar Other    
Inventories:    
Total assets [1] 844,603 894,944
Stockholders' equity:    
Total liabilities [2] 98,585 105,756
Operating Segments    
ASSETS    
Cash and cash equivalents 1,662,213 4,909,664
Restricted cash 94,784 80,546
Receivables, net 1,550,283 1,652,558
Inventories:    
Inventory owned and consolidated inventory not owned 13,700,156 20,312,430
Deposits and pre-acquisition costs on real estate 6,027,918 3,658,015
Investments in unconsolidated entities 3,542,752 2,227,574
Goodwill 3,632,058 3,632,058
Other assets 2,128,393 2,004,215
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 1,987,263 3,563,934
Senior notes and other debts payable, net 5,387,611 4,189,239
Operating Segments | Homebuilding    
ASSETS    
Cash and cash equivalents 1,406,215 4,662,643
Restricted cash 29,928 11,799
Receivables, net 948,295 1,053,211
Inventories:    
Inventory owned and consolidated inventory not owned 13,377,654 19,719,551
Deposits and pre-acquisition costs on real estate 6,012,493 3,625,372
Investments in unconsolidated entities 2,648,329 1,344,836
Goodwill 3,442,359 3,442,359
Other assets 1,798,459 1,734,698
Total assets 29,663,732 35,594,469
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 1,987,263 3,563,934
Senior notes and other debts payable, net 3,523,766 2,258,283
Stockholders' equity:    
Total liabilities 9,842,196 10,863,209
Operating Segments | Lennar Financial Services    
ASSETS    
Cash and cash equivalents 216,129 175,382
Restricted cash 64,856 68,747
Receivables, net 556,273 545,752
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 2,657 0
Goodwill 189,699 189,699
Other assets 123,788 89,637
Total assets 3,368,588 3,516,550
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Senior notes and other debts payable, net 1,863,845 1,930,956
Stockholders' equity:    
Total liabilities 2,070,051 2,140,708
Operating Segments | Multifamily    
ASSETS    
Cash and cash equivalents 17,337 30,948
Restricted cash 0 0
Receivables, net 45,715 53,595
Inventories:    
Inventory owned and consolidated inventory not owned 322,502 592,879
Deposits and pre-acquisition costs on real estate 15,425 32,643
Investments in unconsolidated entities 519,510 503,303
Goodwill 0 0
Other assets 80,989 93,450
Total assets 1,001,478 1,306,818
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Senior notes and other debts payable, net 0 0
Stockholders' equity:    
Total liabilities 116,014 181,883
Operating Segments | Lennar Other    
ASSETS    
Cash and cash equivalents 22,532 40,691
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 372,256 379,435
Goodwill 0 0
Other assets 125,157 86,430
Total assets 844,603 894,944
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Senior notes and other debts payable, net 0 0
Stockholders' equity:    
Total liabilities $ 98,585 $ 105,756
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2025, total assets include $2.1 billion related to consolidated VIEs of which $77.6 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $51.7 million in Homebuilding finished homes and construction in progress, $336.1 million in Homebuilding land and land under development, $1.5 billion in Homebuilding consolidated inventory not owned, $83.6 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.1 million in Homebuilding investments in unconsolidated entities, $8.6 million in Homebuilding other assets and $25.3 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.
[2] As of August 31, 2025, total liabilities include $1.4 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $39.0 million is included in Homebuilding accounts payable, $1.4 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debt payable, $1.3 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2024, total liabilities include $2.7 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $67.3 million is included in Homebuilding accounts payable, $2.6 billion in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $45.8 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.