v3.26.3
Stockholders' Equity
 9 Months Ended
Aug. 31, 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 and nine months ended August 31, 2026 and 2025:
Three Months Ended August 31, 2026
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid-in Capital		Treasury
Stock		Accumulated Other Comprehensive IncomeRetained
Earnings		Noncontrolling
Interests
Balance at May 31, 2026$21,765,726 26,309 3,660 6,020,306 (7,194,402)5,676 22,759,089 145,088 
Net earnings (including net earnings attributable to noncontrolling interests)285,487 — — — — — 283,876 1,611 
Employee stock and directors plans
3,611 3 — 409 3,199 — — — 
Purchases of treasury stock(259,103)— — — (259,103)— — — 
Amortization of restricted stock
29,259 — — 29,259 — — — — 
Cash dividends(119,401)— — — — — (119,401)— 
Receipts related to noncontrolling interests
1,662 — — — — — — 1,662 
Payments related to noncontrolling interests
(10,900)— — — — — — (10,900)
Total other comprehensive income, net of tax79 — — — — 79 — — 
Balance at August 31, 2026$21,696,420 26,312 3,660 6,049,974 (7,450,306)5,755 22,923,564 137,461 
Three Months Ended August 31, 2025
(In thousands)Total
Equity		Class A
Common Stock		Class B
Common Stock		Additional
Paid-in Capital		Treasury
Stock		Accumulated Other Comprehensive IncomeRetained
Earnings		Noncontrolling
Interests
Balance at May 31, 2025$22,731,882 26,136 3,660 5,842,732 (4,945,458)6,019 21,645,991 152,802 
Net earnings (including net earnings attributable to noncontrolling interests)599,811 — — — — — 590,967 8,844 
Employee stock and directors plans
15,563 17 — 16,291 (745)— — — 
Purchases of treasury stock(511,673)— — — (511,673)— — — 
Amortization of restricted stock
25,505 — — 25,505 — — — — 
Cash dividends(129,122)— — — — — (129,122)— 
Receipts related to noncontrolling interests
4,953 — — — — — — 4,953 
Payments related to noncontrolling interests
(1,812)— — — — — — (1,812)
Non-cash purchase or activity of noncontrolling interests, net16,448 — — — — — — 16,448 
Balance at August 31, 2025$22,751,555 26,153 3,660 5,884,528 (5,457,876)6,019 22,107,836 181,235 
Nine Months Ended August 31, 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)826,977 — — — — — 818,031 8,946 
Employee stock and directors plans
(20,297)154 — 22,341 (42,792)— — — 
Purchases of treasury stock(949,905)— — — (949,905)— — — 
Amortization of restricted stock
117,907 — — 117,907 — — — — 
Cash dividends(365,938)— — — — — (365,938)— 
Receipts related to noncontrolling interests
4,205 — — — — — — 4,205 
Payments related to noncontrolling interests
(37,309)— — — — — — (37,309)
Non-cash purchase or activity of noncontrolling interests, net(19,573)— — — — — — (19,573)
Total other comprehensive loss, net of tax(256)— — — — (256)— — 
Balance at August 31, 2026$21,696,420 26,312 3,660 6,049,974 (7,450,306)5,755 22,923,564 137,461 
Nine Months Ended August 31, 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)1,610,344 — — — — — 1,587,942 22,402 
Employee stock and directors plans
(48,108)155 — 17,680 (65,943)— — — 
Purchases of treasury stock(1,742,369)— — — (1,742,369)— — — 
Amortization of restricted stock
138,363 — — 138,363 — — — — 
Cash dividends(394,357)— — — — — (394,357)— 
Receipts related to noncontrolling interests
25,982 — — — — — — 25,982 
Payments related to noncontrolling interests
(7,777)— — — — — — (7,777)
Millrose Properties, Inc. spin-off(4,838,827)— — — — — (4,838,827)— 
Non-cash purchase or activity of noncontrolling interests, net(11,411)— — (949)— — — (10,462)
Total other comprehensive loss, net of tax(1,510)— — — — (1,510)— — 
Balance at August 31, 2025$22,751,555 26,153 3,660 5,884,528 (5,457,876)6,019 22,107,836 181,235 
On September 23, 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 October 22, 2026 to holders of record at the close of business on October 7, 2026. On July 24, 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 July 10, 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 August 31, 2026, the Company has a remaining authorization to repurchase $751 million 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 August 31,Nine Months Ended August 31,
2026202520262025
(Dollars in thousands, except price per share amounts)Class AClass BClass AClass BClass AClass BClass AClass B
Shares repurchased2,634,878 365,122 3,931,000 188,066 8,807,004 1,192,996 13,202,936 851,386 
Total purchase price$225,693 $30,785 $484,372 $22,154 $833,747 $106,555 $1,624,220 $101,779 
Average price per share$85.66 $84.31 $123.22 $117.80 $94.67 $89.32 $123.02 $119.55