v3.26.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Aug. 31, 2026
Nov. 30, 2025
Stockholders' equity:    
Preferred stock [1] $ 0 $ 0
Additional paid-in capital [1] 6,049,974 5,909,726
Retained earnings [1] 22,923,564 22,471,471
Treasury stock at cost [1] (7,450,306) (6,457,609)
Accumulated other comprehensive income [1] 5,755 6,011
Total stockholders’ equity [1] 21,558,959 21,959,417
Noncontrolling interests [1] 137,461 181,192
Total equity [1] 21,696,420 22,140,609
Total liabilities and equity [1] 33,378,225 34,430,437
Common Class A    
Stockholders' equity:    
Common stock [1] 26,312 26,158
Common Class B    
Stockholders' equity:    
Common stock [1] 3,660 3,660
Homebuilding    
Inventories:    
Inventory owned and consolidated inventory not owned [2] 12,943,439 11,617,633
Investments in unconsolidated entities 1,470,473 1,545,370
LIABILITIES AND EQUITY    
Senior notes and other debts payable, net 4,297,251 4,084,686
Operating Segments    
ASSETS    
Cash and cash equivalents 1,426,451 3,756,305
Restricted cash 72,439 74,429
Receivables, net 1,269,138 1,470,862
Inventories:    
Inventory owned and consolidated inventory not owned 13,149,578 11,841,255
Deposits and pre-acquisition costs on real estate 7,331,592 6,398,729
Investments in unconsolidated entities 2,323,271 2,422,436
Goodwill 3,632,058 3,632,058
Other assets 2,102,832 2,102,991
Total assets [2] 33,378,225 34,430,437
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 1,250,439 1,476,376
Stockholders' equity:    
Total liabilities [1] 11,681,805 12,289,828
Operating Segments | Homebuilding    
ASSETS    
Cash and cash equivalents [2] 1,150,115 3,441,324
Restricted cash [2] 34,093 25,930
Receivables, net [2] 924,858 1,002,629
Inventories:    
Finished homes and construction in progress [2] 10,670,269 8,822,271
Land and land under development [2] 865,134 1,098,961
Inventory owned 11,535,403 9,921,232
Consolidated inventory not owned [2] 1,408,036 1,696,401
Inventory owned and consolidated inventory not owned 12,943,439 11,617,633
Deposits and pre-acquisition costs on real estate 7,327,193 6,383,633
Investments in unconsolidated entities [2] 1,470,473 1,545,370
Goodwill [2] 3,442,359 3,442,359
Other assets [2] 1,803,804 1,794,378
Total assets [2] 29,096,334 29,253,256
LIABILITIES AND EQUITY    
Accounts payable [1] 1,795,955 1,812,484
Liabilities related to consolidated inventory not owned [1] 1,250,439 1,476,376
Senior notes and other debts payable, net [1] 4,297,251 4,084,686
Other liabilities [1] 2,448,954 2,691,876
Stockholders' equity:    
Total liabilities [1] 9,792,599 10,065,422
Operating Segments | Lennar Financial Services    
ASSETS    
Cash and cash equivalents 225,506 258,873
Restricted cash 38,346 48,499
Receivables, net 309,237 429,560
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 644 2,528
Goodwill 189,699 189,699
Other assets 106,508 102,762
Total assets [2] 2,770,652 3,377,413
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Stockholders' equity:    
Total liabilities [1] 1,720,568 2,010,598
Operating Segments | Multifamily    
ASSETS    
Cash and cash equivalents 23,527 34,172
Restricted cash 0 0
Receivables, net 35,043 38,673
Inventories:    
Inventory owned and consolidated inventory not owned 206,139 223,622
Deposits and pre-acquisition costs on real estate 4,399 15,096
Investments in unconsolidated entities 488,775 506,573
Goodwill 0 0
Other assets 57,156 84,000
Total assets [2] 815,039 902,136
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Stockholders' equity:    
Total liabilities [1] 76,247 113,361
Operating Segments | Lennar Other    
ASSETS    
Cash and cash equivalents 27,303 21,936
Restricted cash 0 0
Receivables, net 0 0
Inventories:    
Inventory owned and consolidated inventory not owned 0 0
Deposits and pre-acquisition costs on real estate 0 0
Investments in unconsolidated entities 363,379 367,965
Goodwill 0 0
Other assets 135,364 121,851
Total assets [2] 696,200 897,632
LIABILITIES AND EQUITY    
Liabilities related to consolidated inventory not owned 0 0
Stockholders' equity:    
Total liabilities [1] $ 92,391 $ 100,447
[1] As of August 31, 2026, total liabilities include $920.8 million related to consolidated VIEs as to which there was no recourse against the Company, of which $8.2 million is included in Homebuilding accounts payable, $901.9 million in Homebuilding liabilities related to consolidated inventory not owned, $6.9 million in Homebuilding senior notes and other debts payable, net, $2.8 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.
[2] 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 August 31, 2026, total assets include $1.4 billion related to consolidated VIEs of which $29.6 million is included in Homebuilding cash and cash equivalents, $16.4 million in Homebuilding finished homes and construction in progress, $258.9 million in Homebuilding land and land under development, $951.6 million in Homebuilding consolidated inventory not owned, $108.5 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities and $23.9 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.