v3.26.3
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
USD ($)
Aug. 31, 2026
USD ($)
Aug. 31, 2025
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 599,811 $ 826,977 $ 1,610,344
Adjustments to reconcile net earnings to net cash used in operating activities:      
Depreciation and amortization   104,610 99,326
Amortization of discount/premium and accretion on debt, net   2,099 (33)
Equity in earnings from unconsolidated entities   (100,520) (56,172)
Distributions of earnings from unconsolidated entities   52,857 28,266
Share-based compensation expense   117,907 138,363
Deferred income tax expense   127,589 77,332
Loans held-for-sale unrealized (gains) losses   43,709 (10,293)
Lennar Other losses from technology investments and other losses, net   65,807 14,218
Gains on sale of other assets and loans receivable   (4,185) (34,086)
Gain on sale of investments in unconsolidated entities and other   0 (35,678)
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets   223,922 146,893
Changes in assets and liabilities:      
Decrease (increase) in receivables   333,172 (10,286)
Increase in inventories, excluding valuation adjustments   (1,738,751) (1,314,933)
Increase In Deposits And Pre-acquisition Costs On Real Estate   (794,939) (1,248,390)
Increase in other assets   (103,469) (209,892)
Decrease in loans held-for-sale   392,267 240,394
Decrease in accounts payable and other liabilities   (371,236) (978,048)
Net cash used in operating activities   (822,184) (1,542,675)
Cash flows from investing activities:      
Net additions of operating properties and equipment   (40,829) (103,424)
Proceeds from sale of other assets   29,453 54,803
Proceeds from sale of investment in unconsolidated entity   0 233,007
Investments in and contributions to unconsolidated entities   (87,871) (203,010)
Distributions of capital from unconsolidated entities   182,632 235,593
Proceeds from sales of investments   28,258 86,862
Proceeds from sale of loan receivables   0 114,661
Acquisition, net of cash and restricted cash acquired   0 (254,492)
Decrease in Financial Services loans held-for-investment   0 11,572
Purchases of investment securities   (6,218) (3,456)
Proceeds from maturities/sales of investment securities   8,966 3,518
Net cash provided by investing activities   114,391 175,634
Cash flows from financing activities:      
Net borrowings under revolving credit facility   650,000 1,140,000
Net repayments under warehouse facilities   (205,861) (67,111)
Proceeds from issuance of senior notes   0 700,000
Redemption/repurchases of senior notes   (400,000) (500,000)
Principal payments on notes payable and other borrowings   (33,853) (48,659)
Net cash distributed in connection with Millrose Properties, Inc. spin-off   0 (416,006)
Proceeds from liabilities related to consolidated inventory not owned   11,574 259
Payments for liabilities related to consolidated inventory not owned   (249,909) (479,426)
Payments related to other liabilities, net   (4,263) (4,263)
Receipts related to noncontrolling interests   4,205 25,982
Payments related to noncontrolling interests   (37,309) (7,777)
Debt issuance costs   0 (6,502)
Common stock:      
Repurchases   (992,697) (1,808,312)
Dividends   (365,938) (394,357)
Net cash used in financing activities   (1,624,051) (1,866,172)
Net decrease in cash and cash equivalents and restricted cash   (2,331,844) (3,233,213)
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 1,756,997 1,498,890 1,756,997
Total cash and cash equivalents and restricted cash 1,756,997 1,498,890 1,756,997
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose      
Non-cash impact of Millrose Properties, Inc. spin-off:      
Inventories (5,578,704)   (5,578,704)
Investments in unconsolidated entities 1,197,039   1,197,039
Other assets (60,156)   (60,156)
Notes payable 19,000   19,000
Retained earnings 4,422,821   4,422,821
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 1,756,997 1,498,890 1,756,997
Cash and cash equivalents   1,426,451  
Restricted cash   72,439  
Total cash and cash equivalents and restricted cash 1,756,997 1,498,890 1,756,997
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 1,406,215 1,150,115 [1] 1,406,215
Restricted cash 29,928 34,093 [1] 29,928
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 216,129 225,506 216,129
Restricted cash 64,856 38,346 64,856
Multifamily | Operating Segments      
Common stock:      
Cash and cash equivalents 17,337 23,527 17,337
Restricted cash   0  
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents $ 22,532 27,303 22,532
Restricted cash   0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding:      
Payments of inventories financed by sellers   335 320
Net non-cash contributions to unconsolidated entities   42,070 162,454
Non-cash sale of investments in unconsolidated entities   $ 90,785 $ 0
[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 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.