v3.26.1
Operating and Reporting Segments (Tables)
 3 Months Ended
Feb. 28, 2026
Segment Reporting [Abstract]  
Disclosure Of Financial Information Relating To Company's Operations
The assets and liabilities related to the Company’s segments were as follows:
(In thousands)At February 28, 2026
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$2,085,384 210,147 32,623 24,488 2,352,642 
Restricted cash27,541 14,627 — — 42,168 
Receivables, net (1)960,912 305,460 39,888 1,306,260 
Inventory owned and consolidated inventory not owned12,122,063 — 212,882 — 12,334,945 
Deposits and pre-acquisition costs on real estate6,824,948 — 7,756 — 6,832,704 
Investments in unconsolidated entities1,479,812 2,431 474,767 361,092 2,318,102 
Loans held-for-sale (2)— 1,847,078 — — 1,847,078 
Investments in equity securities (3)— — — 222,460 222,460 
Investments available-for-sale (4)— — — 38,655 38,655 
Investments held-to-maturity— 130,997 — — 130,997 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,787,517 107,600 74,184 182,972 2,152,273 
Total assets$28,730,536 2,808,039 842,100 829,667 33,210,342 
Liabilities:
Senior notes and other debts payable, net$4,065,459 1,191,006 — — 5,256,465 
Liabilities related to consolidated inventory not owned1,447,697 — — — 1,447,697 
Accounts payable and other liabilities4,090,934 199,271 88,547 95,165 4,473,917 
Total liabilities$9,604,090 1,390,277 88,547 95,165 11,178,079 
(In thousands)At November 30, 2025
Assets:HomebuildingFinancial
Services		MultifamilyLennar
Other		Total
Cash and cash equivalents$3,441,324 258,873 34,172 21,936 3,756,305 
Restricted cash25,930 48,499 — — 74,429 
Receivables, net (1)1,002,629 429,560 38,673 — 1,470,862 
Inventory owned and consolidated inventory not owned11,617,633 — 223,622 — 11,841,255 
Deposits and pre-acquisition costs on real estate6,383,633 — 15,096 — 6,398,729 
Investments in unconsolidated entities1,545,370 2,528 506,573 367,965 2,422,436 
Loans held-for-sale (2) (5)— 2,212,624 — — 2,212,624 
Investments in equity securities (3)— — — 346,820 346,820 
Investments available-for-sale (4)— — — 39,060 39,060 
Investments held-to-maturity— 132,868 — — 132,868 
Goodwill3,442,359 189,699 — — 3,632,058 
Other assets1,794,378 102,762 84,000 121,851 2,102,991 
Total assets$29,253,256 3,377,413 902,136 897,632 34,430,437 
Liabilities:
Senior notes and other debts payable, net$4,084,686 1,790,309 — — 5,874,995 
Liabilities related to consolidated inventory not owned1,476,376 — — — 1,476,376 
Accounts payable and other liabilities4,504,360 220,289 113,361 100,447 4,938,457 
Total liabilities$10,065,422 2,010,598 113,361 100,447 12,289,828 
(1)Financial Services, receivables, net, are primarily related to loans sold to investors for which the Company had not yet been paid as of both February 28, 2026 and November 30, 2025.
(2)Loans held-for-sale related to unsold residential and commercial loans carried at fair value, of which $15.3 million and $15.5 million of residential loans are carried at lower of cost or fair value as of February 28, 2026 and November 30, 2025, respectively.
(3)Investments in equity securities include investments of $114.4 million without readily available fair values as of both February 28, 2026 and November 30, 2025.
(4)Investments available-for-sale are carried at fair value with changes in fair value recorded as a component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets.
(5)During the year ended November 30, 2025, the Financial Services segment transferred its loans held-for-investment of $61.0 million (fair value of $50.3 million) to held-for-sale, based on the Company’s intent to sell the loans in the near future.
The assets related to the Company’s Homebuilding segments were as follows:
(In thousands)At February 28, 2026At November 30, 2025
East$5,510,902 5,413,918 
Central4,686,323 4,565,781 
South Central4,553,494 4,195,858 
West 9,775,856 9,519,804 
Other1,800,785 1,692,453 
Corporate and Unallocated 2,403,176 3,865,442 
Total Homebuilding$28,730,536 29,253,256 
Financial information relating to the Company’s segments was as follows:
Three Months Ended February 28, 2026
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,512,078 1,345,033 1,160,180 2,251,747 3,884 6,272,922 — — — 6,272,922 
Sales of land8,074 873 4,023 2,188 — 15,158 — — — 15,158 
Other revenues4,869 1,153 660 1,202 2,599 10,483 215,555 82,499 22,859 331,396 
Total revenues1,525,021 1,347,059 1,164,863 2,255,137 6,483 6,298,563 215,555 82,499 22,859 6,619,476 
Costs and expenses:
Costs of home sold1,238,852 1,152,715 956,368 1,967,522 6,157 5,321,614 — — — 5,321,614 
Costs of land sold15,302 3,736 6,368 5,905 — 31,311 — — — 31,311 
Other costs and expenses— — — — — — 124,242 90,428 43,684 258,354 
Selling, general and administrative expenses162,774 148,205 107,634 191,170 7,712 617,495 — — — 617,495 
Corporate general and administrative expenses (1)— — — — — — — — — 157,638 
Charitable foundation contribution (1)— — — — — — — — — 16,863 
Total costs and expenses1,416,928 1,304,656 1,070,370 2,164,597 13,869 5,970,420 124,242 90,428 43,684 6,403,275 
Equity in earnings (losses) from unconsolidated entities10,683 59 (15)912 26,542 38,181 — 25,481 (394)63,268 
Other income (expense), net and other gains (losses), net(3,821)1,883 (1,669)(2,032)12,343 6,704 — 307 1,135 8,146 
Lennar Other gains from technology investments— — — — — — — — 14,838 14,838 
Earnings (loss) before income taxes$114,955 44,345 92,809 89,420 31,499 373,028 91,313 17,859 (5,246)302,453 
Three Months Ended February 28, 2025
(In thousands)EastCentralSouth CentralWestOther (2)HomebuildingFinancial ServicesMultifamilyLennar OtherTotal
Revenues:
Sales of homes$1,655,259 1,530,193 1,160,523 2,888,685 5,886 7,240,546 — — — 7,240,546 
Sales of land23,122 1,600 5,604 5,000 — 35,326 — — — 35,326 
Other revenues2,736 854 701 1,248 2,459 7,998 277,077 63,196 7,402 355,673 
Total revenues1,681,117 1,532,647 1,166,828 2,894,933 8,345 7,283,870 277,077 63,196 7,402 7,631,545 
Costs and expenses:
Costs of home sold1,303,019 1,245,610 946,529 2,386,679 6,307 5,888,144 — — — 5,888,144 
Costs of land sold23,511 3,040 2,940 6,586 — 36,077 — — — 36,077 
Other costs and expenses— — — — — — 133,594 73,376 23,564 230,534 
Selling, general and administrative expenses162,186 152,324 94,822 202,381 4,026 615,739 — — — 615,739 
Corporate general and administrative expenses (1)— — — — — — — — — 147,378 
Charitable foundation contribution (1)— — — — — — — — — 17,834 
Total costs and expenses1,488,716 1,400,974 1,044,291 2,595,646 10,333 6,539,960 133,594 73,376 23,564 6,935,706 
Equity in earnings (losses) from unconsolidated entities6,638 (3)(2)(28)28,399 35,004 — 727 (2,497)33,234 
Other income (expense), net and other gains (losses), net 25,315 2,050 (452)(478)3,924 30,359 — 9,430 (8,121)31,668 
Lennar Other losses from technology investments— — — — — — — — (62,503)(62,503)
Earnings (loss) before income taxes$224,354 133,720 122,083 298,781 30,335 809,273 143,483 (23)(89,283)698,238 
(1)Primarily represent costs of operations at the Company's corporate headquarters in Miami. These operations include the Company's executive offices, information technology, treasury, corporate accounting and tax, legal, internal audit and human resources. Also included are property expenses related to the leases of corporate offices, data processing, general corporate expenses and charitable foundation contributions to the Lennar Foundation. These corporate expenses cannot be attributed to any specific segment, thus they are presented within the Total column in the table above.
(2)The Other segment includes operating results from the Company's Urban divisions, which are not considered reportable segments.
Schedule of Line of Credit Facilities
At February 28, 2026, the Financial Services segment had warehouse facilities which were all 364-day repurchase facilities and were used to fund residential mortgages or commercial mortgages for LMF Commercial as follows:
Maximum Aggregate Commitment
(In thousands)Committed AmountUncommitted AmountTotal
Residential facilities maturing:
March 2026 (1)$250,000 250,000 500,000 
May 2026250,000 250,000 500,000 
July 2026100,000 100,000 200,000 
September 2026200,000 200,000 400,000 
November 2026100,000 100,000 200,000 
December 2026— 375,000 375,000 
Total residential facilities$900,000 1,275,000 2,175,000 
LMF commercial facilities maturing:
January 2027100,000 — 100,000 
December 2027200,000 — 200,000 
Total LMF commercial facilities$300,000 — 300,000 
Total$2,475,000 
(1)Subsequent to February 28, 2026, the maturity date was extended to March 2027.
Borrowings and collateral under the facilities were as follows:
(In thousands)At February 28, 2026At November 30, 2025
Borrowings under residential facilities$1,008,627 1,653,484 
Collateral under residential facilities1,794,339 1,718,338 
Borrowings under LMF Commercial facilities61,000 13,719 
The maximum available borrowings on the Company's unsecured revolving credit facility (the "Credit Facility") were as follows:
(In thousands)At February 28, 2026
Commitments - maturing in May 2027$225,000 
Commitments - maturing in November 20292,900,000 
Total commitments$3,125,000 
Accordion feature375,000 
Total maximum borrowings capacity$3,500,000 
The Company's outstanding letters of credit and surety bonds are disclosed below:
(In thousands)At February 28, 2026At November 30, 2025
Performance letters of credit$2,039,975 1,963,643 
Financial letters of credit853,997 926,304 
Surety bonds5,646,906 5,614,807 
Anticipated future costs primarily for site improvements related to performance surety bonds3,114,409 3,056,582 
Schedule of Loans Held for Sale
LMF Commercial originated commercial loans as follows:
Three Months Ended
February 28,
(Dollars in thousands)20262025
Originations (1)$83,050 127,965 
Sold33,325 94,887 
Securitizations14
(1)During both the three months ended February 28, 2026 and 2025, the commercial loans originated were recorded as loans held-for-sale, which are held at fair value.
Schedule of Commercial Mortgage-Backed Securities
Details related to Financial Services' CMBS were as follows:
(Dollars in thousands)At February 28, 2026At November 30, 2025
Carrying value$130,997 132,868 
Outstanding debt, net of debt issuance costs121,379 123,106 
Incurred interest rate3.4%3.4%
Schedule of Fair Value Inputs for Commercial Mortgage-Backed Securities
At February 28, 2026
Range
Discount rates at purchase6%—84%
Coupon rates2.0%—5.3%
Distribution datesOctober 2027—December 2028
Stated maturity datesOctober 2050—December 2051
The key assumptions, which are generally unobservable inputs, used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates and are noted below:
February 28, 2026November 30, 2025
Unobservable inputs:
Mortgage prepayment rate9%9%
Discount rate13%13%
Delinquency rate 14%11%
The table below summarizes the most significant unobservable inputs used in the Company's discounted cash flow model to determine the fair value of its communities for which the Company recorded valuation adjustments:
Three Months Ended February 28,
20262025
Unobservable inputsRangeRange
Average selling price (1)$166,000—310,000215,000—571,000
Absorption rate per quarter (homes)7—195—7
Discount rate20%20%
(1)Represents the projected average selling price on future deliveries for communities in which the Company recorded valuation adjustments during both the three months ended February 28, 2026 and 2025.