Operating and Reporting Segments (Tables)

6 Months Ended

May 31, 2026

Segment Reporting [Abstract]

Disclosure Of Financial Information Relating To Company's Operations

The assets and liabilities related to the Company’s segments were as follows:

(In thousands)	At May 31, 2026
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,816,248	242,588	10,657	22,202	2,091,695
Restricted cash	29,204		52,879	—	—	82,083
Receivables, net (1)	978,796		462,311	32,697	—	1,473,804
Inventory owned and consolidated inventory not owned	12,383,718		—	200,544	—	12,584,262
Deposits and pre-acquisition costs on real estate	7,061,935		—	4,395	—	7,066,330
Investments in unconsolidated entities	1,478,719		679	491,325	364,484	2,335,207
Loans held-for-sale (2)	—		1,939,919	—	—	1,939,919
Investments in equity securities (3)	—		—	—	202,758	202,758
Investments available-for-sale (4)	—		—	—	38,725	38,725
Investments held-to-maturity	—		129,320	—	—	129,320
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,785,201		106,114	61,738	172,241	2,125,294
Total assets	$	28,976,180	3,123,509	801,356	800,410	33,701,455
Liabilities:
Senior notes and other debts payable, net	$	4,047,487	1,963,746	—	—	6,011,233
Liabilities related to consolidated inventory not owned	1,312,689		—	—	—	1,312,689
Accounts payable and other liabilities	4,255,524		187,924	76,768	91,591	4,611,807
Total liabilities	$	9,615,700	2,151,670	76,768	91,591	11,935,729

(In thousands)	At November 30, 2025
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	3,441,324	258,873	34,172	21,936	3,756,305
Restricted cash	25,930		48,499	—	—	74,429
Receivables, net (1)	1,002,629		429,560	38,673	—	1,470,862
Inventory owned and consolidated inventory not owned	11,617,633		—	223,622	—	11,841,255
Deposits and pre-acquisition costs on real estate	6,383,633		—	15,096	—	6,398,729
Investments in unconsolidated entities	1,545,370		2,528	506,573	367,965	2,422,436
Loans held-for-sale (2) (5)	—		2,212,624	—	—	2,212,624
Investments in equity securities (3)	—		—	—	346,820	346,820
Investments available-for-sale (4)	—		—	—	39,060	39,060
Investments held-to-maturity	—		132,868	—	—	132,868
Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,794,378		102,762	84,000	121,851	2,102,991
Total assets	$	29,253,256	3,377,413	902,136	897,632	34,430,437
Liabilities:
Senior notes and other debts payable, net	$	4,084,686	1,790,309	—	—	5,874,995
Liabilities related to consolidated inventory not owned	1,476,376		—	—	—	1,476,376
Accounts payable and other liabilities	4,504,360		220,289	113,361	100,447	4,938,457
Total liabilities	$	10,065,422	2,010,598	113,361	100,447	12,289,828

(1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of both May 31, 2026 and November 30, 2025.

(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $13.8 million and $15.5 million of residential loans are carried at lower of cost or fair value as of May 31, 2026 and November 30, 2025, respectively.

(3)Investments in equity securities include investments of $113.2 million and $114.4 million without readily available fair values as of May 31, 2026 and November 30, 2025, respectively.

(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.

(5)During the year ended November 30, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.

The assets related to the Company’s Homebuilding segments were as follows:

(In thousands)	At May 31, 2026		At November 30, 2025
East	$	5,738,233	5,413,918
Central	4,926,333		4,565,781
South Central	4,523,414		4,195,858
West	9,847,315		9,519,804
Other	1,793,234		1,692,453
Corporate and Unallocated	2,147,651		3,865,442
Total Homebuilding	$	28,976,180	29,253,256

Financial information relating to the Company’s segments was as follows:

	Three Months Ended May 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,709,254	1,662,594	1,463,140	2,758,154	1,897	7,595,039	—	—	—	7,595,039
Sales of land	1,517		—	2,877	8,007	—	12,401	—	—	—	12,401
Other revenues	3,705		1,076	560	1,160	2,373	8,874	236,939	63,564	23,055	332,432
Total revenues	1,714,476		1,663,670	1,466,577	2,767,321	4,270	7,616,314	236,939	63,564	23,055	7,939,872
Costs and expenses:
Costs of homes sold	1,382,260		1,407,144	1,210,579	2,409,274	3,362	6,412,619	—	—	—	6,412,619
Costs of land sold	5,695		2,130	3,850	9,869	—	21,544	—	—	—	21,544
Other costs and expenses	—		—	—	—	—	—	135,836	72,788	43,726	252,350
Selling, general and administrative expenses	169,055		178,482	135,089	210,422	5,347	698,395	—	—	—	698,395
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	136,149
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,519
Total costs and expenses	1,557,010		1,587,756	1,349,518	2,629,565	8,709	7,132,558	135,836	72,788	43,726	7,541,576
Equity in earnings (losses) from unconsolidated entities	4,978		(18)	(10)	676	(2,956)	2,670	—	27,233	4,184	34,087
Other income (expense), net and other gains (losses), net	1,942		2,276	(2,712)	1,603	(164)	2,945	—	316	795	4,056
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(23,252)	(23,252)
Earnings (loss) before income taxes	$	164,386	78,172	114,337	140,035	(7,559)	489,371	101,103	18,325	(38,944)	413,187

	Three Months Ended May 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,715,407	1,743,304	1,505,750	2,818,980	4,834	7,788,275	—	—	—	7,788,275
Sales of land	14,384		—	16,589	12,222	—	43,195	—	—	—	43,195
Other revenues	3,714		1,963	1,058	2,095	3,562	12,392	298,098	230,305	5,237	546,032
Total revenues	1,733,505		1,745,267	1,523,397	2,833,297	8,396	7,843,862	298,098	230,305	5,237	8,377,502
Costs and expenses:
Costs of homes sold	1,390,760		1,417,197	1,241,884	2,346,962	5,729	6,402,532	—	—	—	6,402,532
Costs of land sold	14,237		1,143	18,004	22,789	—	56,173	—	—	—	56,173
Other costs and expenses	—		—	—	—	—	—	140,818	254,677	30,025	425,520
Selling, general and administrative expenses	167,318		165,828	125,911	217,155	12,635	688,847	—	—	—	688,847
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	155,853
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,131
Total costs and expenses	1,572,315		1,584,168	1,385,799	2,586,906	18,364	7,147,552	140,818	254,677	30,025	7,749,056
Equity in earnings (losses) from unconsolidated entities	8,295		(1)	(6)	1,038	8,390	17,716	—	(5,269)	(331)	12,116
Other income (expense), net and other gains (losses), net	7,161		1,099	(903)	(2,005)	8,856	14,208	—	14,887	1,664	30,759
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(29,440)	(29,440)
Earnings (loss) before income taxes	$	176,646	162,197	136,689	245,424	7,278	728,234	157,280	(14,754)	(52,895)	641,881

	Six Months Ended May 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	3,221,332	3,007,627	2,623,320	5,009,901	5,781	13,867,961	—	—	—	13,867,961
Sales of land	9,591		873	6,900	10,195	—	27,559	—	—	—	27,559
Other revenues	8,574		2,229	1,220	2,362	4,972	19,357	452,494	146,063	45,914	663,828
Total revenues	3,239,497		3,010,729	2,631,440	5,022,458	10,753	13,914,877	452,494	146,063	45,914	14,559,348
Costs and expenses:
Costs of homes sold	2,621,112		2,559,859	2,166,947	4,376,796	9,519	11,734,233	—	—	—	11,734,233
Costs of land sold	20,997		5,866	10,218	15,774	—	52,855	—	—	—	52,855
Other costs and expenses	—		—	—	—	—	—	260,078	163,216	87,410	510,704
Selling, general and administrative expenses	331,829		326,687	242,723	401,592	13,059	1,315,890	—	—	—	1,315,890
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	293,787
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	37,382
Total costs and expenses	2,973,938		2,892,412	2,419,888	4,794,162	22,578	13,102,978	260,078	163,216	87,410	13,944,851
Equity in earnings (losses) from unconsolidated entities	15,661		41	(25)	1,588	23,586	40,851	—	52,714	3,790	97,355
Other income (expense), net and other gains (losses), net	(1,879)		4,159	(4,381)	(429)	12,179	9,649	—	623	1,930	12,202
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(8,414)	(8,414)
Earnings (loss) before income taxes	$	279,341	122,517	207,146	229,455	23,940	862,399	192,416	36,184	(44,190)	715,640

	Six Months Ended May 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	3,370,667	3,273,496	2,666,273	5,707,665	10,720	15,028,821	—	—	—	15,028,821
Sales of land	37,506		1,600	22,193	17,222	—	78,521	—	—	—	78,521
Other revenues	6,449		2,817	1,759	3,343	6,022	20,390	575,175	293,501	12,639	901,705
Total revenues	3,414,622		3,277,913	2,690,225	5,728,230	16,742	15,127,732	575,175	293,501	12,639	16,009,047
Costs and expenses:
Costs of homes sold	2,693,780		2,662,807	2,188,413	4,733,641	12,035	12,290,676	—	—	—	12,290,676
Costs of land sold	37,748		4,183	20,944	29,375	—	92,250	—	—	—	92,250
Other costs and expenses	—		—	—	—	—	—	274,412	328,053	53,589	656,054
Selling, general and administrative expenses	329,504		318,152	220,733	419,536	16,661	1,304,586	—	—	—	1,304,586
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	303,231
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	37,965
Total costs and expenses	3,061,032		2,985,142	2,430,090	5,182,552	28,696	13,687,512	274,412	328,053	53,589	14,684,762
Equity in earnings (losses) from unconsolidated entities	14,933		(4)	(8)	1,010	36,789	52,720	—	(4,542)	(2,827)	45,351
Other income (expense), net and other gains (losses), net	32,477		3,150	(1,355)	(2,483)	12,778	44,567	—	24,317	(6,458)	62,426
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(91,943)	(91,943)
Earnings (loss) before income taxes	$	401,000	295,917	258,772	544,205	37,613	1,537,507	300,763	(14,777)	(142,178)	1,340,119

(1)Primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable contributions to the Lennar Foundation. These corporate expenses cannot be attributed to any specific segment, thus they are presented within the Total column in the table above.

(2)The Other segment includes operating results from the Company's Urban divisions, which are not considered reportable segments.

Schedule of Line of Credit Facilities

At May 31, 2026, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:

	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:
July 2026	$	350,000	350,000	700,000
September 2026	200,000		200,000	400,000
November 2026	100,000		100,000	200,000
December 2026	—		375,000	375,000
March 2027	200,000		300,000	500,000
May 2027	30,000		270,000	300,000
Total residential facilities	$	880,000	1,595,000	2,475,000
LMF commercial facilities maturing:
January 2027	100,000		—	100,000
December 2027	200,000		—	200,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	2,775,000

Borrowings and collateral under the facilities were as follows:

(In thousands)	At May 31, 2026		At November 30, 2025
Borrowings under residential facilities	$	1,791,758	1,653,484
Collateral under residential facilities	2,058,429		1,718,338
Borrowings under LMF Commercial facilities	52,240		13,719

The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:

(In thousands)	At May 31, 2026
Commitments - maturing in May 2027	$	225,000
Commitments - maturing in November 2029	2,900,000
Total commitments	$	3,125,000
Accordion feature	375,000
Total maximum borrowings capacity	$	3,500,000

The Company's outstanding letters of credit and surety bonds are disclosed below:

(In thousands)	At May 31, 2026		At November 30, 2025
Performance letters of credit	$	2,069,635	1,963,643
Financial letters of credit	802,809		926,304
Surety bonds	5,712,218		5,614,807
Anticipated future costs primarily for site improvements related to performance surety bonds	3,276,374		3,056,582

Schedule of Loans Held for Sale

LMF Commercial originated commercial loans as follows:

	Three Months Ended			Six Months Ended
	May 31,			May 31,
(Dollars in thousands)	2026		2025	2026	2025
Originations (1)	$	73,300	180,875	156,350	308,840
Sold	76,250		190,936	109,575	285,823
Securitizations	2		2	3	6

(1)During both the three and six months ended May 31, 2026 and 2025, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.

Schedule of Commercial Mortgage-Backed Securities

Details related to Financial Services' CMBS were as follows:

(Dollars in thousands)	At May 31, 2026		At November 30, 2025
Carrying value	$	129,320	132,868
Outstanding debt, net of debt issuance costs	119,748		123,106
Incurred interest rate	3.4%		3.4%

Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities

	At May 31, 2026
	Range
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 2050	—	December 2051

The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:

	May 31, 2026	November 30, 2025
Unobservable inputs:
Mortgage prepayment rate	9%	9%
Discount rate	13%	13%
Delinquency rate	11%	11%

The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:

	Six Months Ended May 31,
	2026			2025
Unobservable inputs	Range			Range
Average selling price (1)	$129,000	—	1,015,000	168,000	—	872,000
Absorption rate per quarter (homes)	5	—	19	2	—	7
Discount rate	20%			20%

(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the six months ended May 31, 2026 and 2025.