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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 31, 2026
May 31, 2025
May 31, 2026
May 31, 2025
Cash flows from operating activities:        
Net earnings (including net earnings attributable to noncontrolling interests) $ 308,129 $ 481,820 $ 541,490 $ 1,010,533
Adjustments to reconcile net earnings to net cash used in operating activities:        
Depreciation and amortization     68,708 65,157
Amortization of discount/premium and accretion on debt, net     922 (142)
Equity in earnings from unconsolidated entities     (97,355) (45,351)
Distributions of earnings from unconsolidated entities     51,047 20,070
Share-based compensation expense     88,648 112,858
Deferred income tax expense     63,449 38,381
Loans held-for-sale unrealized losses     25,490 2,350
Lennar Other losses from technology investments and other losses, net     8,074 100,006
Gains on sale of operating properties and equipment and other assets     (9,296) (34,597)
Gain on sale of investments in unconsolidated entities and other     0 (35,033)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets     108,319 89,727
Changes in assets and liabilities:        
Decrease in receivables     128,525 69,599
Increase in inventories, excluding valuation adjustments     (1,088,860) (1,624,586)
Increase In Deposits And Pre-acquisition Costs On Real Estate     (554,766) (781,716)
Increase in other assets     (27,175) (132,671)
Decrease in loans held-for-sale     246,731 361,377
Decrease in accounts payable and other liabilities     (271,836) (600,026)
Net cash used in operating activities     (717,885) (1,384,064)
Cash flows from investing activities:        
Net additions of operating properties and equipment     (48,848) (71,259)
Proceeds from sale of other assets     26,238 50,696
Proceeds from sale of investments in unconsolidated joint venture     0 233,007
Proceeds from sales of investments     28,258 72,003
Investments in and contributions to unconsolidated entities     (59,410) (145,494)
Distributions of capital from unconsolidated entities     133,541 175,203
Proceeds from sale of loan receivables     0 114,661
Acquisition, net of cash and restricted cash acquired     0 (254,492)
Decrease in Financial Services loans held-for-investment     0 9,466
Purchases of investment securities     (6,218) (3,456)
Proceeds from maturities/sales of investment securities     3,879 2,546
Net cash provided by investing activities     77,440 182,881
Cash flows from financing activities:        
Net borrowings under revolving credit facility     0 400,000
Net borrowings (repayments) under warehouse facilities     173,437  
Net borrowings (repayments) under warehouse facilities       (514,818)
Proceeds from issuance of senior notes     0 700,000
Redemption/repurchases of senior notes     0 (500,000)
Principal payments on notes payable and other borrowings     (24,665) (40,329)
Net cash distributed in connection with Millrose Properties, Inc. spin-off     0 (416,006)
Proceeds from liabilities related to consolidated inventory not owned     11,574 259
Payments for liabilities related to consolidated inventory not owned     (166,819) (385,794)
Payments related to other liabilities, net     (2,842) (2,842)
Receipts related to noncontrolling interests     2,543 21,029
Payments related to noncontrolling interests     (26,409) (5,965)
Debt issuance costs     0 (4,417)
Common stock:        
Repurchases     (736,793) (1,295,894)
Dividends     (246,537) (265,235)
Net cash used in financing activities     (1,016,511) (2,310,012)
Net decrease in cash and cash equivalents and restricted cash     (1,656,956) (3,511,195)
Cash and cash equivalents and restricted cash at beginning of period     3,830,734 4,990,210
Cash and cash equivalents and restricted cash at end of period 2,173,778 1,479,015 2,173,778 1,479,015
Total cash and cash equivalents and restricted cash 2,173,778 1,479,015 2,173,778 1,479,015
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose        
Non-cash impact of Millrose Properties, Inc. spin-off:        
Inventories   (5,578,704)   (5,578,704)
Investments in unconsolidated entities   1,197,039   1,197,039
Other assets   (60,156)   (60,156)
Notes payable   19,000   19,000
Retained earnings   4,422,821   4,422,821
Operating Segments        
Common stock:        
Cash and cash equivalents and restricted cash at end of period 2,173,778 1,479,015 2,173,778 1,479,015
Cash and cash equivalents 2,091,695   2,091,695  
Restricted cash 82,083   82,083  
Total cash and cash equivalents and restricted cash 2,173,778 1,479,015 2,173,778 1,479,015
Homebuilding        
Common stock:        
Cash and cash equivalents [1] 1,816,248   1,816,248  
Restricted cash [1] 29,204   29,204  
Homebuilding | Operating Segments        
Common stock:        
Cash and cash equivalents 1,816,248 1,168,143 1,816,248 1,168,143
Restricted cash 29,204 23,987 29,204 23,987
Lennar Financial Services | Operating Segments        
Common stock:        
Cash and cash equivalents 242,588 202,647 242,588 202,647
Restricted cash 52,879 47,334 52,879 47,334
Multifamily | Operating Segments        
Common stock:        
Cash and cash equivalents 10,657 14,211 10,657 14,211
Restricted cash 0   0  
Lennar Other | Operating Segments        
Common stock:        
Cash and cash equivalents 22,202 $ 22,693 22,202 22,693
Restricted cash $ 0   0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments        
Homebuilding:        
Payments of inventories financed by sellers     1,235 320
Net non-cash contributions to unconsolidated entities     42,070 $ 162,454
Non-cash sale of investments in unconsolidated entities     $ 90,785  
[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.