v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Feb. 28, 2026
Nov. 30, 2025
Total assets [1] $ 33,210,342 $ 34,430,437
Total liabilities [2] $ 11,178,079 $ 12,289,828
Common Class A    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 263,189,720 261,579,253
Treasury stock, shares 47,945,322 45,804,348
Common Class B    
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares authorized 90,000,000 90,000,000
Common stock, shares issued 36,601,215 36,601,215
Treasury stock, shares 5,547,317 5,384,202
Homebuilding    
Total assets [1] $ 28,730,536 $ 29,253,256
Cash and cash equivalents [1] 2,085,384 3,441,324
Restricted cash [1] 27,541 25,930
Receivables, net [1] 960,912 1,002,629
Finished homes and construction in progress [1] 9,547,262 8,822,271
Land and land under development [1] 928,517 1,098,961
Consolidated inventory not owned [1] 1,646,284 1,696,401
Investments in unconsolidated entities [1] 1,479,812 1,545,370
Other assets [1] 1,787,517 1,794,378
Total liabilities [2] 9,604,090 10,065,422
Accounts payable [2] 1,737,575 1,812,484
Liabilities related to consolidated inventory not owned [2] 1,447,697 1,476,376
Senior notes and other debts payable, net [2] 4,065,459 4,084,686
Other liabilities [2] 2,353,359 2,691,876
Multifamily    
Total assets [1] 842,100 902,136
Total liabilities [2] 88,547 113,361
Lennar Other    
Total assets [1] 829,667 897,632
Total liabilities [2] 95,165 100,447
Variable Interest Entity, Primary Beneficiary    
Total assets 1,500,000 1,500,000
Total liabilities 1,000,000 962,400
Variable Interest Entity, Primary Beneficiary | Homebuilding    
Cash and cash equivalents 49,700 61,100
Receivables, net 200 2,000
Finished homes and construction in progress 38,200 45,600
Land and land under development 232,900 300,300
Consolidated inventory not owned 1,000,000 984,400
Investments in unconsolidated entities 300 300
Other assets 1,700 8,900
Accounts payable 15,500 23,800
Liabilities related to consolidated inventory not owned 961,700 930,100
Senior notes and other debts payable, net   6,000
Other liabilities 1,200 1,500
Inventory, Real Estate, Homebuilding Deposits and Pre-Acquisition Costs 94,100 88,300
Variable Interest Entity, Primary Beneficiary | Multifamily    
Total assets 24,700 25,000
Total liabilities $ 1,000 $ 1,000
[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 February 28, 2026, total assets include $1.5 billion related to consolidated VIEs of which $49.7 million is included in Homebuilding cash and cash equivalents, $0.2 million in Homebuilding receivables, net, $38.2 million in Homebuilding finished homes and construction in progress, $232.9 million in Homebuilding land and land under development, $1.0 billion in Homebuilding consolidated inventory not owned, $94.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $1.7 million in Homebuilding other assets and $24.7 million in Multifamily assets.
As of November 30, 2025, total assets include $1.5 billion related to consolidated VIEs of which $61.1 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $45.6 million in Homebuilding finished homes and construction in progress, $300.3 million in Homebuilding land and land under development, $984.4 million in Homebuilding consolidated inventory not owned, $88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $8.9 million in Homebuilding other assets and $25.0 million in Multifamily assets.
[2] As of February 28, 2026, total liabilities include $1.0 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $15.5 million is included in Homebuilding accounts payable, $961.7 million in Homebuilding liabilities related to consolidated inventory not owned, $1.2 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.
As of November 30, 2025, total liabilities include $962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $23.8 million is included in Homebuilding accounts payable, $930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $6.0 million in Homebuilding senior notes and other debts payable, net, $1.5 million in Homebuilding other liabilities, and $1.0 million in Multifamily liabilities.