v3.26.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Aug. 31, 2026
Nov. 30, 2025
Preferred stock [1] $ 0 $ 0
Stockholders' Equity Attributable to Parent [1] 21,558,959 21,959,417
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [1] 21,696,420 22,140,609
Additional paid-in capital [1] 6,049,974 5,909,726
Retained earnings [1] 22,923,564 22,471,471
Treasury Stock, Value [1] (7,450,306) (6,457,609)
Accumulated other comprehensive income [1] 5,755 6,011
Noncontrolling interests [1] 137,461 181,192
Operating Segments    
Total assets [2] 33,378,225 34,430,437
Cash and cash equivalents 1,426,451 3,756,305
Restricted cash 72,439 74,429
Receivables, net 1,269,138 1,470,862
Investments in unconsolidated entities 2,323,271 2,422,436
Other assets 2,102,832 2,102,991
Total liabilities [1] 11,681,805 12,289,828
Liabilities related to consolidated inventory not owned $ 1,250,439 $ 1,476,376
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 263,124,142 261,579,253
Treasury stock, shares 55,247,920 45,804,348
Common stock [1] $ 26,312 $ 26,158
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 6,577,198 5,384,202
Common stock [1] $ 3,660 $ 3,660
Homebuilding    
Investments in unconsolidated entities 1,470,473 1,545,370
Senior notes and other debts payable, net 4,297,251 4,084,686
Homebuilding | Operating Segments    
Total assets [2] 29,096,334 29,253,256
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
Finished homes and construction in progress [2] 10,670,269 8,822,271
Land and land under development [2] 865,134 1,098,961
Consolidated inventory not owned [2] 1,408,036 1,696,401
Investments in unconsolidated entities [2] 1,470,473 1,545,370
Other assets [2] 1,803,804 1,794,378
Total liabilities [1] 9,792,599 10,065,422
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
Multifamily | Operating Segments    
Total assets [2] 815,039 902,136
Cash and cash equivalents 23,527 34,172
Restricted cash 0 0
Receivables, net 35,043 38,673
Investments in unconsolidated entities 488,775 506,573
Other assets 57,156 84,000
Total liabilities [1] 76,247 113,361
Liabilities related to consolidated inventory not owned 0 0
Lennar Other | Operating Segments    
Total assets [2] 696,200 897,632
Cash and cash equivalents 27,303 21,936
Restricted cash 0 0
Receivables, net 0 0
Investments in unconsolidated entities 363,379 367,965
Other assets 135,364 121,851
Total liabilities [1] 92,391 100,447
Liabilities related to consolidated inventory not owned 0 0
Lennar Financial Services | Operating Segments    
Total assets [2] 2,770,652 3,377,413
Cash and cash equivalents 225,506 258,873
Restricted cash 38,346 48,499
Receivables, net 309,237 429,560
Investments in unconsolidated entities 644 2,528
Other assets 106,508 102,762
Total liabilities [1] 1,720,568 2,010,598
Liabilities related to consolidated inventory not owned 0 0
Variable Interest Entity, Primary Beneficiary    
Total assets 1,400,000 1,500,000
Total liabilities 920,800 962,400
Variable Interest Entity, Primary Beneficiary | Homebuilding | Operating Segments    
Cash and cash equivalents 29,600 61,100
Receivables, net   2,000
Finished homes and construction in progress 16,400 45,600
Land and land under development 258,900 300,300
Consolidated inventory not owned 951,600 984,400
Investments in unconsolidated entities 300 300
Other assets   8,900
Accounts payable 8,200 23,800
Liabilities related to consolidated inventory not owned 901,900 930,100
Senior notes and other debts payable, net 6,900 6,000
Other liabilities 2,800 1,500
Inventory, Real Estate, Homebuilding Deposits and Pre-Acquisition Costs 108,500 88,300
Variable Interest Entity, Primary Beneficiary | Multifamily | Operating Segments    
Total assets 23,900 25,000
Total liabilities $ 1,000 $ 1,000
[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.