v3.26.1
Stockholders' Equity
 3 Months Ended
Feb. 28, 2026
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 months ended February 28, 2026 and 2025:
Three Months Ended February 28, 2026
(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, 2025$22,140,609 26,158 3,660 5,909,726 (6,457,609)6,011 22,471,471 181,192 
Net earnings (including net earnings attributable to noncontrolling interests)233,361 — — — — — 229,383 3,978 
Employee stock and directors plans
(8,419)161 — 21,630 (30,210)— — — 
Purchases of treasury stock(239,497)— — — (239,497)— — — 
Amortization of restricted stock
62,377 — — 62,377 — — — — 
Cash dividends(123,480)— — — — — (123,480)— 
Receipts related to noncontrolling interests
1,083 — — — — — — 1,083 
Payments related to noncontrolling interests
(10,709)— — — — — — (10,709)
Non-cash purchase or activity of noncontrolling interests, net(22,657)— — — — — — (22,657)
Total other comprehensive loss, net of tax(405)— — — — (405)— — 
Balance at February 28, 2026$22,032,263 26,319 3,660 5,993,733 (6,727,316)5,606 22,577,374 152,887 
Three Months Ended February 28, 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)528,713 — — — — — 519,526 9,187 
Employee stock and directors plans
(64,393)135 — 232 (64,760)— — — 
Purchases of treasury stock(709,715)— — — (709,715)— — — 
Amortization of restricted stock
84,085 — — 84,085 — — — — 
Cash dividends(131,646)— — — — — (131,646)— 
Receipts related to noncontrolling interests
11,328 — — — — — — 11,328 
Payments related to noncontrolling interests
(5,389)— — — — — — (5,389)
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 loss, net of tax(178)— — — — (178)— — 
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 
On April 8, 2026, 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 May 6, 2026 to holders of record at the close of business on April 22, 2026. On February 19, 2026, 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 on February 4, 2026. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2025 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 February 28, 2026, the Company has a remaining authorization to repurchase $1.5 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 February 28,
20262025
(Dollars in thousands, except price per share amounts)Class AClass BClass AClass B
Shares repurchased1,836,885 163,115 4,770,000 458,805 
Total purchase price$219,271 $17,816 $644,618 $58,121 
Average price per share$119.37 $109.22 $135.14 $126.68