v3.25.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 6 Months Ended
May 31, 2025
USD ($)
May 31, 2025
USD ($)
May 31, 2024
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 481,820 $ 1,010,533 $ 1,680,507
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Depreciation and amortization   65,157 55,746
Amortization of discount/premium and accretion on debt, net   (142) 336
Equity in (earnings) losses from unconsolidated entities   (45,351) 34,854
Distributions of earnings from unconsolidated entities   20,070 20,894
Share-based compensation expense   112,858 122,186
Deferred income tax expense   38,381 36,848
Gains on redemption/repurchase of senior notes   0 (825)
Loans held-for-sale unrealized losses   2,350 28,865
Lennar Other realized and unrealized losses from technology investments and other losses, net   100,006 6,515
Gains on sale of other assets and loans receivables   (34,597) (13,585)
Gain on sale of investments in unconsolidated entities and other   (35,033) 0
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets   89,727 26,526
Changes in assets and liabilities:      
Decrease in receivables   69,599 30,956
Increase in inventories, excluding valuation adjustments   (1,624,586) (631,180)
Increase In Deposits And Pre-acquisition Costs On Real Estate   (781,716) (755,232)
(Increase) decrease in other assets   (132,671) 11,393
Decrease in loans held-for-sale   361,377 335,788
Decrease in accounts payable and other liabilities   (600,026) (380,966)
Net cash (used in) provided by operating activities   (1,384,064) 609,626
Cash flows from investing activities:      
Net additions of operating properties and equipment   (71,259) (111,733)
Proceeds from sale of other assets   50,696 18,709
Proceeds from sale of investments in unconsolidated joint ventures   233,007 0
Proceeds from sales of investments   72,003 0
Investments in and contributions to unconsolidated entities   (145,494) (247,785)
Distributions of capital from unconsolidated entities   175,203 61,807
Proceeds from sale of loans receivables   114,661 0
Acquisition, net of cash and restricted cash acquired   (254,492) 0
Decrease in Financial Services loans held-for-investment   9,466 2,960
Purchases of investment securities   (3,456) (2,063)
Proceeds from maturities/sales of investment securities   2,546 3,321
Net cash provided by (used in) investing activities   182,881 (274,784)
Cash flows from financing activities:      
Net borrowings under revolving line of credit   400,000 0
Net repayments under warehouse facilities   (514,818) (753,703)
Proceeds from issuance of senior notes   700,000 0
Redemption/repurchases of senior notes   (500,000) (553,865)
Principal payments on notes payable and other borrowings   (40,329) (40,672)
Net cash distributed in connection with Millrose Properties, Inc. spin-off   (416,006) 0
Proceeds from liabilities related to consolidated inventory not owned   259 105,635
Proceeds from other borrowings   0 6,231
Payments for liabilities related to consolidated inventory not owned   (385,794) (250,232)
Payments related to other liabilities, net   (2,842) (2,842)
Receipts related to noncontrolling interests   21,029 14,722
Payments related to noncontrolling interests   (5,965) (26,646)
Debt issuance costs   (4,417) 0
Common stock:      
Repurchases   (1,295,894) (1,204,706)
Dividends   (265,235) (278,318)
Net cash used in financing activities   (2,310,012) (2,984,396)
Net decrease in cash and cash equivalents and restricted cash   (3,511,195) (2,649,554)
Cash and cash equivalents and restricted cash at beginning of period   4,990,210 6,570,938
Cash and cash equivalents and restricted cash at end of period 1,479,015 1,479,015 3,921,384
Total cash and cash equivalents and restricted cash 1,479,015 1,479,015 3,921,384
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose      
Non-cash impacts 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 1,479,015 1,479,015 3,921,384
Cash and cash equivalents 1,407,694 1,407,694  
Restricted cash 71,321 71,321  
Total cash and cash equivalents and restricted cash 1,479,015 1,479,015 3,921,384
Homebuilding      
Common stock:      
Cash and cash equivalents 1,168,143 [1] 1,168,143 [1]  
Restricted cash 23,987 [1] 23,987 [1]  
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 1,168,143 1,168,143 3,597,493
Restricted cash 23,987 23,987 11,572
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 202,647 202,647 245,784
Restricted cash 47,334 47,334 37,796
Multifamily | Operating Segments      
Common stock:      
Cash and cash equivalents 14,211 14,211 11,555
Restricted cash 0 0  
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 22,693 22,693 17,184
Restricted cash $ 0 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding:      
Payments of inventories financed by sellers   320 9,245
Net non-cash contributions to unconsolidated entities   $ 162,454 $ 0
[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, 2025, total assets include $2.3 billion related to consolidated VIEs of which $56.0 million is included in Homebuilding cash and cash equivalents, $3.1 million in Homebuilding receivables, net, $37.8 million in Homebuilding finished homes and construction in progress, $342.0 million in Homebuilding land and land under development, $1.8 billion in Homebuilding consolidated inventory not owned, $72.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $8.2 million in Homebuilding other assets and $35.1 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.