v3.25.2
Stockholders' Equity
 6 Months Ended
May 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and six months ended May 31, 2025 and 2024:
Three Months Ended May 31, 2025
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid - in Capital		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Retained
Earnings		Noncontrolling
Interests
Balance at February 28, 2025$22,867,344 26,133 3,660 5,812,802 (4,424,039)7,351 21,302,131 139,306 
Net earnings (including net earnings attributable to noncontrolling interests)481,820 — — — — — 477,449 4,371 
Employee stock and directors plans
722 3 — 1,157 (438)— — — 
Purchases of treasury stock(520,981)— — — (520,981)— — — 
Amortization of restricted stock
28,773 — — 28,773 — — — — 
Cash dividends(133,589)— — — — — (133,589)— 
Receipts related to noncontrolling interests
9,701 — — — — — — 9,701 
Payments related to noncontrolling interests
(576)— — — — — — (576)
Total other comprehensive loss, net of tax(1,332)— — — — (1,332)— — 
Balance at May 31, 2025$22,731,882 26,136 3,660 5,842,732 (4,945,458)6,019 21,645,991 152,802 
Three Months Ended May 31, 2024
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid - in Capital		Treasury
Stock		Accumulated Other Comprehensive IncomeRetained
Earnings		Noncontrolling
Interests
Balance at February 29, 2024$26,777,930 25,983 3,660 5,651,836 (1,988,200)5,241 22,949,315 130,095 
Net earnings (including net earnings attributable to noncontrolling interests)960,586 — — — — — 954,311 6,275 
Employee stock and directors plans
(1,046)13 — 1,277 (2,336)— — — 
Purchases of treasury stock(607,270)— — — (607,270)— — — 
Amortization of restricted stock
34,506 — — 34,506 — — — — 
Cash dividends(138,931)— — — — — (138,931)— 
Receipts related to noncontrolling interests
8,926 — — — — — — 8,926 
Payments related to noncontrolling interests
(24,667)— — — — — — (24,667)
Non-cash purchase or activity of noncontrolling interests, net4,364 — — (12,886)— — — 17,250 
Total other comprehensive income, net of tax1,355 — — — — 1,355 — — 
Balance at May 31, 2024$27,015,753 25,996 3,660 5,674,733 (2,597,806)6,596 23,764,695 137,879 
Six Months Ended May 31, 2025
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid - in Capital		Treasury
Stock		Accumulated Other Comprehensive Income (Loss)Retained
Earnings		Noncontrolling
Interests
Balance at November 30, 2024$28,021,225 25,998 3,660 5,729,434 (3,649,564)7,529 25,753,078 151,090 
Net earnings (including net earnings attributable to noncontrolling interests)1,010,533 — — — — — 996,975 13,558 
Employee stock and directors plans
(63,671)138 — 1,389 (65,198)— — — 
Retirement of treasury stock— — — — — — — — 
Purchases of treasury stock(1,230,696)— — — (1,230,696)— — — 
Amortization of restricted stock
112,858 — — 112,858 — — — — 
Cash dividends(265,235)— — — — — (265,235)— 
Receipts related to noncontrolling interests
21,029 — — — — — — 21,029 
Payments related to noncontrolling interests
(5,965)— — — — — — (5,965)
Millrose Properties, Inc. spin-off(4,838,827)— — — — — (4,838,827)— 
Non-cash purchase or activity of noncontrolling interests, net(27,859)— — (949)— — — (26,910)
Total other comprehensive income, net of tax(1,510)— — — — (1,510)— — 
Balance at May 31, 2025$22,731,882 26,136 3,660 5,842,732 (4,945,458)6,019 21,645,991 152,802 
Six Months Ended May 31, 2024
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid - in Capital		Treasury
Stock		Accumulated Other Comprehensive IncomeRetained
Earnings		Noncontrolling
Interests
Balance at November 30, 2023$26,701,966 25,848 3,660 5,570,009 (1,393,100)4,879 22,369,368 121,302 
Net earnings (including net earnings attributable to noncontrolling interests)1,680,507 — — — — — 1,673,645 6,862 
Employee stock and directors plans
(84,519)148 — 1,212 (85,879)— — — 
Purchases of treasury stock(1,118,827)— — — (1,118,827)— — — 
Amortization of restricted stock
122,186 — — 122,186 — — — — 
Cash dividends(278,318)— — — — — (278,318)— 
Receipts related to noncontrolling interests
14,722 — — — — — — 14,722 
Payments related to noncontrolling interests
(26,646)— — — — — — (26,646)
Non-cash purchase or activity of noncontrolling interests, net2,965 — — (18,674)— — — 21,639 
Total other comprehensive income, net of tax1,717 — — — — 1,717 — — 
Balance at May 31, 2024$27,015,753 25,996 3,660 5,674,733 (2,597,806)6,596 23,764,695 137,879 
On June 19, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on July 18, 2025 to holders of record at the close of business on July 3, 2025. On May 7, 2025, the Company paid a quarterly cash dividend of 0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business day April 23, 2025. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2024 for both its Class A and Class B common stock.
In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At May 31, 2025, we have a remaining authorization to repurchase $2.2 billion in value of the Company's Class A or Class B common stock. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:
Three Months Ended May 31,Six Months Ended May 31,
2025202420252024
(Dollars in thousands, except price per share amounts)Class AClass BClass AClass BClass AClass BClass AClass B
Shares repurchased4,501,936 204,515 3,393,475 406,525 9,271,936 663,320 6,419,603 780,397 
Total purchase price$495,230 $21,504 $543,276 $59,570 $1,139,849 $79,625 $998,064 $111,207 
Average price per share$110.00 $105.15 $160.09 $146.54 $122.94 $120.04 $155.47 $142.50