Lennar (LEN) financial statements
Lennar reported revenue of $34.2B in fiscal 2025, up 13.5% a year over 9 years.
Net income was $2.1B and the operating margin 7.8%, against 14.3% in 2016.
Free cash flow was $28M, and the company returned $521M in dividends and $1.8B in net buybacks.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lennar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.9B | $12.6B | $20.6B | $22.3B | $22.5B | $27.1B | $33.7B | $34.2B | $35.4B | $34.2B |
| Selling, general and admin | $233M | $286M | $344M | $321M | $333M | $398M | — | $2.2B | $2.5B | $2.7B |
| Operating income | $1.6B | $1.5B | $2.5B | $2.8B | $3.5B | $5.1B | — | $5.4B | $4.8B | $2.7B |
| Interest expense | $5M | — | — | — | — | — | — | — | — | — |
| Pre-tax income | $1.3B | $1.2B | $2.3B | $2.4B | $3.1B | $5.8B | $6.0B | $5.2B | $5.2B | $2.8B |
| Income tax | $417M | $418M | $545M | $592M | $656M | $1.4B | $1.4B | $1.2B | $1.2B | $706M |
| Net income | $912M | $810M | $1.7B | $1.8B | $2.5B | $4.4B | $4.6B | $3.9B | $3.9B | $2.1B |
| EPS (diluted) | $3.86 | $3.38 | $5.44 | $5.74 | $7.85 | $14.27 | $15.72 | $13.73 | $14.31 | $7.98 |
| Diluted shares | 235M | 237M | 309M | 318M | 309M | 307M | 290M | 283M | 272M | 258M |
| Operating margin | 14.3% | 11.7% | 12.0% | 12.5% | 15.5% | 18.7% | — | 15.7% | 13.5% | 7.8% |
| Net margin | 8.3% | 6.4% | 8.2% | 8.3% | 11.0% | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% |
Balance sheet
Fiscal years, from Lennar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $2.7B | $1.6B | $1.4B | $2.9B | $3.0B | $4.8B | $6.6B | $4.9B | $3.8B |
| Property, plant and equipment | $174M | $215M | $320M | $280M | $412M | $340M | $355M | $405M | $516M | $643M |
| Goodwill | — | — | — | $3.7B | $3.6B | — | — | — | $3.6B | $3.6B |
| Total assets | $15.4B | $18.7B | $28.6B | $29.4B | $29.9B | $33.2B | $38.0B | $39.2B | $41.3B | $34.4B |
| Total liabilities | $8.2B | $10.8B | $13.9B | $13.3B | $11.8B | $12.2B | $13.7B | $12.5B | $13.3B | $12.3B |
| Shareholders' equity | $7.0B | $7.9B | $14.6B | $15.9B | $18.0B | $20.8B | $24.1B | $26.6B | $27.9B | $22.0B |
| Net debt | -$1.3B | -$2.7B | -$1.6B | -$1.4B | -$2.9B | -$3.0B | -$4.8B | -$6.6B | -$4.9B | -$3.8B |
Cash flow
Fiscal years, from Lennar's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $508M | $982M | $1.7B | $1.5B | $4.2B | $2.5B | $3.3B | $5.2B | $2.4B | $217M |
| Capital spending | $76M | $112M | $130M | $86M | $73M | $65M | $57M | $100M | $172M | $189M |
| Free cash flow | $431M | $871M | $1.6B | $1.4B | $4.1B | $2.5B | $3.2B | $5.1B | $2.2B | $28M |
| Stock-based compensation | $56M | $61M | $73M | $87M | $107M | $135M | $184M | $161M | $177M | $163M |
| Dividends paid | $35M | $38M | $49M | $51M | $195M | $310M | $438M | $431M | $549M | $521M |
| Share buybacks (net) | -$20M | -$27M | -$300M | -$523M | -$322M | -$1.4B | -$1.0B | -$1.2B | -$2.3B | -$1.8B |
| Free cash flow margin | 3.9% | 6.9% | 7.6% | 6.3% | 18.3% | 9.1% | 9.5% | 14.8% | 6.3% | 0.1% |
| Dividends per share | $0.15 | $0.16 | $0.16 | $0.16 | $0.63 | $1.01 | $1.51 | $1.52 | $2.02 | $2.02 |
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Open LEN in InvestinglyQuestions
What was Lennar's revenue in 2025?
$34.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lennar generate?
$28M in fiscal 2025 (operating cash flow minus capital spending).
From Lennar's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.