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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
May 31, 2026
Nov. 30, 2025
Inventories:    
Total assets [1] $ 33,701,455 $ 34,430,437
Stockholders' equity:    
Preferred stock [2] 0 0
Additional paid-in capital [2] 6,020,306 5,909,726
Retained earnings [2] 22,759,089 22,471,471
Treasury stock at cost [2] (7,194,402) (6,457,609)
Accumulated other comprehensive income [2] 5,676 6,011
Total stockholders’ equity [2] 21,620,638 21,959,417
Noncontrolling interests [2] 145,088 181,192
Total equity [2] 21,765,726 22,140,609
Total liabilities [2] 11,935,729 12,289,828
Total liabilities and equity [2] 33,701,455 34,430,437
Common Class A    
Stockholders' equity:    
Common stock [2] 26,309 26,158
Common Class B    
Stockholders' equity:    
Common stock [2] 3,660 3,660
Homebuilding    
ASSETS    
Cash and cash equivalents [1] 1,816,248 3,441,324
Restricted cash [1] 29,204 25,930
Receivables, net [1] 978,796 1,002,629
Inventories:    
Finished homes and construction in progress [1] 10,093,878 8,822,271
Land and land under development [1] 801,156 1,098,961
Inventory owned 10,895,034 9,921,232
Consolidated inventory not owned [1] 1,488,684 1,696,401
Inventory owned and consolidated inventory not owned [1] 12,383,718 11,617,633
Deposits and pre-acquisition costs on real estate 7,061,935 6,383,633
Investments in unconsolidated entities [1] 1,478,719 1,545,370
Goodwill [1] 3,442,359 3,442,359
Other assets [1] 1,785,201 1,794,378
Total assets [1] 28,976,180 29,253,256
LIABILITIES AND EQUITY    
Accounts payable [2] 1,784,916 1,812,484
Liabilities related to consolidated inventory not owned [2] 1,312,689 1,476,376
Senior notes and other debts payable, net [2] 4,047,487 4,084,686
Other liabilities [2] 2,470,608 2,691,876
Stockholders' equity:    
Total liabilities [2] 9,615,700 10,065,422
Lennar Financial Services    
Inventories:    
Total assets [1] 3,123,509 3,377,413
Stockholders' equity:    
Total liabilities [2] 2,151,670 2,010,598
Multifamily    
Inventories:    
Total assets [1] 801,356 902,136
Stockholders' equity:    
Total liabilities [2] 76,768 113,361
Lennar Other    
Inventories:    
Total assets [1] 800,410 897,632
Stockholders' equity:    
Total liabilities [2] 91,591 100,447
Operating Segments    
ASSETS    
Cash and cash equivalents 2,091,695 3,756,305
Restricted cash 82,083 74,429
Receivables, net 1,473,804 1,470,862
Inventories:    
Inventory owned and consolidated inventory not owned 12,584,262 11,841,255
Deposits and pre-acquisition costs on real estate 7,066,330 6,398,729
Investments in unconsolidated entities 2,335,207 2,422,436
Goodwill 3,632,058 3,632,058
Other assets 2,125,294 2,102,991
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 1,312,689 1,476,376
Senior notes and other debts payable, net 6,011,233 5,874,995
Operating Segments | Homebuilding    
ASSETS    
Cash and cash equivalents 1,816,248 3,441,324
Restricted cash 29,204 25,930
Receivables, net 978,796 1,002,629
Inventories:    
Inventory owned and consolidated inventory not owned 12,383,718 11,617,633
Deposits and pre-acquisition costs on real estate 7,061,935 6,383,633
Investments in unconsolidated entities 1,478,719 1,545,370
Goodwill 3,442,359 3,442,359
Other assets 1,785,201 1,794,378
Total assets 28,976,180 29,253,256
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 1,312,689 1,476,376
Senior notes and other debts payable, net 4,047,487 4,084,686
Stockholders' equity:    
Total liabilities 9,615,700 10,065,422
Operating Segments | Lennar Financial Services    
ASSETS    
Cash and cash equivalents 242,588 258,873
Restricted cash 52,879 48,499
Receivables, net 462,311 429,560
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 679 2,528
Goodwill 189,699 189,699
Other assets 106,114 102,762
Total assets 3,123,509 3,377,413
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Senior notes and other debts payable, net 1,963,746 1,790,309
Stockholders' equity:    
Total liabilities 2,151,670 2,010,598
Operating Segments | Multifamily    
ASSETS    
Cash and cash equivalents 10,657 34,172
Restricted cash 0 0
Receivables, net 32,697 38,673
Inventories:    
Inventory owned and consolidated inventory not owned 200,544 223,622
Deposits and pre-acquisition costs on real estate 4,395 15,096
Investments in unconsolidated entities 491,325 506,573
Goodwill 0 0
Other assets 61,738 84,000
Total assets 801,356 902,136
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 76,768 113,361
Operating Segments | Lennar Other    
ASSETS    
Cash and cash equivalents 22,202 21,936
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 364,484 367,965
Goodwill 0 0
Other assets 172,241 121,851
Total assets 800,410 897,632
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 $ 91,591 $ 100,447
[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 May 31, 2026, total assets include $1.4 billion related to consolidated VIEs of which $45.6 million is included in Homebuilding cash and cash equivalents, $31.5 million in Homebuilding finished homes and construction in progress, $223.3 million in Homebuilding land and land under development, $958.4 million in Homebuilding consolidated inventory not owned, $102.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities and $24.2 million in Multifamily assets.
As of November 30, 2025, total assets include $1.5 billion related to consolidated VIEs of which $61.1 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $45.6 million in Homebuilding finished homes and construction in progress, $300.3 million in Homebuilding land and land under development, $984.4 million in Homebuilding consolidated inventory not owned, $88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $25.0 million in Multifamily assets.
[2] As of May 31, 2026, total liabilities include $920.2 million related to consolidated VIEs as to which there was no recourse against the Company, of which $9.3 million is included in Homebuilding accounts payable, $907.7 million in Homebuilding liabilities related to consolidated inventory not owned, $2.5 million in Homebuilding other liabilities, and $0.7 million in Multifamily liabilities.
As of November 30, 2025, total liabilities include $962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $23.8 million is included in Homebuilding accounts payable, $930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $1.5 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.