v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Feb. 28, 2026
Feb. 28, 2025
Cash flows from operating activities:    
Net earnings (including net earnings attributable to noncontrolling interests) $ 233,361 $ 528,713
Adjustments to reconcile net earnings to net cash used in operating activities:    
Depreciation and amortization 33,388 31,332
Amortization of discount/premium and accretion on debt, net 112 (91)
Equity in earnings from unconsolidated entities (63,268) (33,234)
Distributions of earnings from unconsolidated entities 26,656 11,586
Share-based compensation expense 62,377 84,085
Deferred income tax expense 44,205 23,472
Loans held-for-sale unrealized (gains) losses (32,402) (30,403)
Lennar Other (gains) losses from technology investments and other (gains) losses, net (14,838) 71,427
Gains on sale of operating properties and equipment and other assets (9,296) (23,411)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets 38,128 28,261
Changes in assets and liabilities:    
Decrease in receivables 296,232 117,753
Increase in inventories, excluding valuation adjustments (652,015) (513,257)
Increase In Deposits And Pre-acquisition Costs On Real Estate (353,721) (757,972)
Increase in other assets (36,460) (57,501)
Decrease in loans held-for-sale 397,801 445,233
Decrease in accounts payable and other liabilities (403,762) (215,035)
Net cash used in operating activities (433,502) (289,042)
Cash flows from investing activities:    
Net additions of operating properties and equipment (29,992) (56,043)
Proceeds from sale of other assets 26,163 40,258
Proceeds from sale of investments in unconsolidated joint venture 0 233,007
Proceeds from sales of investments 28,258 72,003
Investments in and contributions to unconsolidated entities (31,841) (78,709)
Distributions of capital from unconsolidated entities 104,999 35,455
Acquisition, net of cash and restricted cash acquired 0 (231,426)
Decrease in Financial Services loans held-for-investment 0 8,467
Purchases of investment securities (6,218) (3,456)
Proceeds from maturities/sales of investment securities 1,993 1,934
Net cash provided by investing activities 93,362 21,490
Cash flows from financing activities:    
Net repayments under warehouse facilities (599,303) (533,831)
Principal payments on notes payable and other borrowings (12,092) (27,600)
Net cash distributed in connection with Millrose Properties, Inc. spin-off 0 (416,006)
Proceeds from liabilities related to consolidated inventory not owned 0 259
Payments for liabilities related to consolidated inventory not owned (80,155) (255,862)
Payments related to other liabilities, net (1,421) (1,421)
Receipts related to noncontrolling interests 1,083 11,328
Payments related to noncontrolling interests (10,709) (5,389)
Common stock:    
Repurchases (269,707) (774,475)
Dividends (123,480) (131,646)
Net cash used in financing activities (1,095,784) (2,134,643)
Net decrease in cash and cash equivalents and restricted cash (1,435,924) (2,402,195)
Cash and cash equivalents and restricted cash at beginning of period 3,830,734 4,990,210
Cash and cash equivalents and restricted cash at end of period 2,394,810 2,588,015
Total cash and cash equivalents and restricted cash 2,394,810 2,588,015
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose    
Non-cash impact of Millrose Properties, Inc. spin-off:    
Inventories   (5,576,376)
Investments in unconsolidated entities   1,194,711
Other assets   (60,156)
Notes payable   19,000
Retained earnings   4,422,821
Operating Segments    
Common stock:    
Cash and cash equivalents and restricted cash at end of period 2,394,810 2,588,015
Cash and cash equivalents 2,352,642  
Restricted cash 42,168  
Total cash and cash equivalents and restricted cash 2,394,810 2,588,015
Homebuilding    
Common stock:    
Cash and cash equivalents [1] 2,085,384  
Restricted cash [1] 27,541  
Homebuilding | Operating Segments    
Common stock:    
Cash and cash equivalents 2,085,384 2,283,928
Restricted cash 27,541 22,487
Lennar Financial Services | Operating Segments    
Common stock:    
Cash and cash equivalents 210,147 188,833
Restricted cash 14,627 48,756
Multifamily | Operating Segments    
Common stock:    
Cash and cash equivalents 32,623 15,030
Restricted cash 0  
Lennar Other | Operating Segments    
Common stock:    
Cash and cash equivalents 24,488 28,981
Restricted cash 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments    
Homebuilding:    
Payments of inventories financed by sellers 1,235 320
Net non-cash contributions to unconsolidated entities 21,241 $ 17,330
Non-cash sale of investments in unconsolidated entities $ 90,730  
[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.