Lennar Corp 10-Q for FY2026 Q2

Lennar Corp (LEN)

10-Q 2026-06-29 For: 2026-05-31

Added on June 30, 2026

About this 10-Q

Lennar Corp filed this 10-Q on June 29, 2026, covering the quarter ended May 31, 2026 (FY2026 Q2).

Headline figures

Quarter ended May 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $7.94B; down 5.2% from $8.38B a year earlier
Net income: $304.77M; down 36.2% from net income of $477.45M a year earlier
Diluted EPS: $1.24; down 31.5% from $1.81 a year earlier

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Delaware						95-4337490
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $.10	LEN	New York Stock Exchange
Class B Common Stock, par value $.10	LEN.B	New York Stock Exchange


	May 31,		November 30,
	2026 (1)		2025 (1)

ASSETS
Homebuilding:
Cash and cash equivalents	$	1,816,248	3,441,324
Restricted cash	29,204		25,930
Receivables, net	978,796		1,002,629
Inventories:
Finished homes and construction in progress	10,093,878		8,822,271
Land and land under development	801,156		1,098,961
Inventory owned	10,895,034		9,921,232
Consolidated inventory not owned	1,488,684		1,696,401
Inventory owned and consolidated inventory not owned	12,383,718		11,617,633
Deposits and pre-acquisition costs on real estate	7,061,935		6,383,633
Investments in unconsolidated entities	1,478,719		1,545,370
Goodwill	3,442,359		3,442,359
Other assets	1,785,201		1,794,378
	28,976,180		29,253,256
Financial Services	3,123,509		3,377,413
Multifamily	801,356		902,136
Lennar Other	800,410		897,632
Total assets	$	33,701,455	34,430,437


	May 31,		November 30,
	2026 (2)		2025 (2)

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,784,916	1,812,484
Liabilities related to consolidated inventory not owned	1,312,689		1,476,376
Senior notes and other debts payable, net	4,047,487		4,084,686
Other liabilities	2,470,608		2,691,876
	9,615,700		10,065,422
Financial Services	2,151,670		2,010,598
Multifamily	76,768		113,361
Lennar Other	91,591		100,447
Total liabilities	11,935,729		12,289,828
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: May 31, 2026 and November 30, 2025 - 400,000,000 shares; Issued: May 31, 2026 - 263,086,837 shares and November 30, 2025 - 261,579,253 shares	26,309		26,158
Class B common stock of $0.10 par value; Authorized: May 31, 2026 and November 30, 2025 - 90,000,000 shares; Issued: May 31, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	6,020,306		5,909,726
Retained earnings	22,759,089		22,471,471
Treasury stock, at cost; May 31, 2026 - 52,580,834 shares of Class A common stock and 6,212,076 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock	(7,194,402)		(6,457,609)
Accumulated other comprehensive income	5,676		6,011
Total stockholders’ equity	21,620,638		21,959,417
Noncontrolling interests	145,088		181,192
Total equity	21,765,726		22,140,609
Total liabilities and equity	$	33,701,455	34,430,437


	Three Months Ended			Six Months Ended
	May 31,			May 31,
	2026		2025	2026	2025
Revenues:
Homebuilding	$	7,616,314	7,843,862	13,914,877	15,127,732
Financial Services	236,939		298,098	452,494	575,175
Multifamily	63,564		230,305	146,063	293,501
Lennar Other	23,055		5,237	45,914	12,639
Total revenues	7,939,872		8,377,502	14,559,348	16,009,047
Costs and expenses:
Homebuilding	7,132,558		7,147,552	13,102,978	13,687,512
Financial Services	135,836		140,818	260,078	274,412
Multifamily	72,788		254,677	163,216	328,053
Lennar Other	43,726		30,025	87,410	53,589
Corporate general and administrative	136,149		155,853	293,787	303,231
Charitable foundation contribution	20,519		20,131	37,382	37,965
Total costs and expenses	7,541,576		7,749,056	13,944,851	14,684,762
Equity in earnings from unconsolidated entities	34,087		12,116	97,355	45,351
Other income, net and other gains, net	4,056		30,759	12,202	62,426



Lennar Other losses from technology investments	(23,252)		(29,440)	(8,414)	(91,943)
Earnings before income taxes	413,187		641,881	715,640	1,340,119
Provision for income taxes	(105,058)		(160,061)	(174,150)	(329,586)
Net earnings (including net earnings attributable to noncontrolling interests)	308,129		481,820	541,490	1,010,533
Less: Net earnings attributable to noncontrolling interests	3,357		4,371	7,335	13,558
Net earnings attributable to Lennar	$	304,772	477,449	534,155	996,975
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available-for-sale	$	70	(1,332)	(335)	(1,510)

Total other comprehensive income (loss), net of tax	$	70	(1,332)	(335)	(1,510)
Total comprehensive income attributable to Lennar	$	304,842	476,117	533,820	995,465
Total comprehensive income attributable to noncontrolling interests	$	3,357	4,371	7,335	13,558
Basic and diluted earnings per share	$	1.24	1.81	2.17	3.77


(In thousands)	At May 31, 2026
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,816,248	242,588	10,657	22,202	2,091,695
Restricted cash	29,204		52,879	—	—	82,083
Receivables, net (1)	978,796		462,311	32,697	—	1,473,804
Inventory owned and consolidated inventory not owned	12,383,718		—	200,544	—	12,584,262
Deposits and pre-acquisition costs on real estate	7,061,935		—	4,395	—	7,066,330
Investments in unconsolidated entities	1,478,719		679	491,325	364,484	2,335,207
Loans held-for-sale (2)	—		1,939,919	—	—	1,939,919

Investments in equity securities (3)	—		—	—	202,758	202,758
Investments available-for-sale (4)	—		—	—	38,725	38,725

Investments held-to-maturity	—		129,320	—	—	129,320


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,785,201		106,114	61,738	172,241	2,125,294
Total assets	$	28,976,180	3,123,509	801,356	800,410	33,701,455
Liabilities:
Senior notes and other debts payable, net	$	4,047,487	1,963,746	—	—	6,011,233
Liabilities related to consolidated inventory not owned	1,312,689		—	—	—	1,312,689
Accounts payable and other liabilities	4,255,524		187,924	76,768	91,591	4,611,807
Total liabilities	$	9,615,700	2,151,670	76,768	91,591	11,935,729


(In thousands)	At November 30, 2025
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	3,441,324	258,873	34,172	21,936	3,756,305
Restricted cash	25,930		48,499	—	—	74,429
Receivables, net (1)	1,002,629		429,560	38,673	—	1,470,862
Inventory owned and consolidated inventory not owned	11,617,633		—	223,622	—	11,841,255
Deposits and pre-acquisition costs on real estate	6,383,633		—	15,096	—	6,398,729
Investments in unconsolidated entities	1,545,370		2,528	506,573	367,965	2,422,436
Loans held-for-sale (2) (5)	—		2,212,624	—	—	2,212,624

Investments in equity securities (3)	—		—	—	346,820	346,820
Investments available-for-sale (4)	—		—	—	39,060	39,060

Investments held-to-maturity	—		132,868	—	—	132,868


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,794,378		102,762	84,000	121,851	2,102,991
Total assets	$	29,253,256	3,377,413	902,136	897,632	34,430,437
Liabilities:
Senior notes and other debts payable, net	$	4,084,686	1,790,309	—	—	5,874,995
Liabilities related to consolidated inventory not owned	1,476,376		—	—	—	1,476,376
Accounts payable and other liabilities	4,504,360		220,289	113,361	100,447	4,938,457
Total liabilities	$	10,065,422	2,010,598	113,361	100,447	12,289,828


	Three Months Ended May 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,709,254	1,662,594	1,463,140	2,758,154	1,897	7,595,039	—	—	—	7,595,039
Sales of land	1,517		—	2,877	8,007	—	12,401	—	—	—	12,401
Other revenues	3,705		1,076	560	1,160	2,373	8,874	236,939	63,564	23,055	332,432
Total revenues	1,714,476		1,663,670	1,466,577	2,767,321	4,270	7,616,314	236,939	63,564	23,055	7,939,872
Costs and expenses:
Costs of homes sold	1,382,260		1,407,144	1,210,579	2,409,274	3,362	6,412,619	—	—	—	6,412,619
Costs of land sold	5,695		2,130	3,850	9,869	—	21,544	—	—	—	21,544
Other costs and expenses	—		—	—	—	—	—	135,836	72,788	43,726	252,350
Selling, general and administrative expenses	169,055		178,482	135,089	210,422	5,347	698,395	—	—	—	698,395
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	136,149
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,519
Total costs and expenses	1,557,010		1,587,756	1,349,518	2,629,565	8,709	7,132,558	135,836	72,788	43,726	7,541,576
Equity in earnings (losses) from unconsolidated entities	4,978		(18)	(10)	676	(2,956)	2,670	—	27,233	4,184	34,087
Other income (expense), net and other gains (losses), net	1,942		2,276	(2,712)	1,603	(164)	2,945	—	316	795	4,056
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(23,252)	(23,252)
Earnings (loss) before income taxes	$	164,386	78,172	114,337	140,035	(7,559)	489,371	101,103	18,325	(38,944)	413,187


	Three Months Ended May 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,715,407	1,743,304	1,505,750	2,818,980	4,834	7,788,275	—	—	—	7,788,275
Sales of land	14,384		—	16,589	12,222	—	43,195	—	—	—	43,195
Other revenues	3,714		1,963	1,058	2,095	3,562	12,392	298,098	230,305	5,237	546,032
Total revenues	1,733,505		1,745,267	1,523,397	2,833,297	8,396	7,843,862	298,098	230,305	5,237	8,377,502
Costs and expenses:
Costs of homes sold	1,390,760		1,417,197	1,241,884	2,346,962	5,729	6,402,532	—	—	—	6,402,532
Costs of land sold	14,237		1,143	18,004	22,789	—	56,173	—	—	—	56,173
Other costs and expenses	—		—	—	—	—	—	140,818	254,677	30,025	425,520
Selling, general and administrative expenses	167,318		165,828	125,911	217,155	12,635	688,847	—	—	—	688,847
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	155,853
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,131
Total costs and expenses	1,572,315		1,584,168	1,385,799	2,586,906	18,364	7,147,552	140,818	254,677	30,025	7,749,056
Equity in earnings (losses) from unconsolidated entities	8,295		(1)	(6)	1,038	8,390	17,716	—	(5,269)	(331)	12,116
Other income (expense), net and other gains (losses), net	7,161		1,099	(903)	(2,005)	8,856	14,208	—	14,887	1,664	30,759
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(29,440)	(29,440)
Earnings (loss) before income taxes	$	176,646	162,197	136,689	245,424	7,278	728,234	157,280	(14,754)	(52,895)	641,881


	Six Months Ended May 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	3,221,332	3,007,627	2,623,320	5,009,901	5,781	13,867,961	—	—	—	13,867,961
Sales of land	9,591		873	6,900	10,195	—	27,559	—	—	—	27,559
Other revenues	8,574		2,229	1,220	2,362	4,972	19,357	452,494	146,063	45,914	663,828
Total revenues	3,239,497		3,010,729	2,631,440	5,022,458	10,753	13,914,877	452,494	146,063	45,914	14,559,348
Costs and expenses:
Costs of homes sold	2,621,112		2,559,859	2,166,947	4,376,796	9,519	11,734,233	—	—	—	11,734,233
Costs of land sold	20,997		5,866	10,218	15,774	—	52,855	—	—	—	52,855
Other costs and expenses	—		—	—	—	—	—	260,078	163,216	87,410	510,704
Selling, general and administrative expenses	331,829		326,687	242,723	401,592	13,059	1,315,890	—	—	—	1,315,890
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	293,787
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	37,382
Total costs and expenses	2,973,938		2,892,412	2,419,888	4,794,162	22,578	13,102,978	260,078	163,216	87,410	13,944,851
Equity in earnings (losses) from unconsolidated entities	15,661		41	(25)	1,588	23,586	40,851	—	52,714	3,790	97,355
Other income (expense), net and other gains (losses), net	(1,879)		4,159	(4,381)	(429)	12,179	9,649	—	623	1,930	12,202
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(8,414)	(8,414)
Earnings (loss) before income taxes	$	279,341	122,517	207,146	229,455	23,940	862,399	192,416	36,184	(44,190)	715,640


	Six Months Ended May 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	3,370,667	3,273,496	2,666,273	5,707,665	10,720	15,028,821	—	—	—	15,028,821
Sales of land	37,506		1,600	22,193	17,222	—	78,521	—	—	—	78,521
Other revenues	6,449		2,817	1,759	3,343	6,022	20,390	575,175	293,501	12,639	901,705
Total revenues	3,414,622		3,277,913	2,690,225	5,728,230	16,742	15,127,732	575,175	293,501	12,639	16,009,047
Costs and expenses:
Costs of homes sold	2,693,780		2,662,807	2,188,413	4,733,641	12,035	12,290,676	—	—	—	12,290,676
Costs of land sold	37,748		4,183	20,944	29,375	—	92,250	—	—	—	92,250
Other costs and expenses	—		—	—	—	—	—	274,412	328,053	53,589	656,054
Selling, general and administrative expenses	329,504		318,152	220,733	419,536	16,661	1,304,586	—	—	—	1,304,586
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	303,231
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	37,965
Total costs and expenses	3,061,032		2,985,142	2,430,090	5,182,552	28,696	13,687,512	274,412	328,053	53,589	14,684,762
Equity in earnings (losses) from unconsolidated entities	14,933		(4)	(8)	1,010	36,789	52,720	—	(4,542)	(2,827)	45,351
Other income (expense), net and other gains (losses), net	32,477		3,150	(1,355)	(2,483)	12,778	44,567	—	24,317	(6,458)	62,426
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(91,943)	(91,943)
Earnings (loss) before income taxes	$	401,000	295,917	258,772	544,205	37,613	1,537,507	300,763	(14,777)	(142,178)	1,340,119


	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:

July 2026	$	350,000	350,000	700,000

September 2026	200,000		200,000	400,000
November 2026	100,000		100,000	200,000
December 2026	—		375,000	375,000
March 2027	200,000		300,000	500,000
May 2027	30,000		270,000	300,000
Total residential facilities	$	880,000	1,595,000	2,475,000
LMF commercial facilities maturing:

January 2027	100,000		—	100,000
December 2027	200,000		—	200,000
Total LMF commercial facilities	$	300,000	—	300,000
Total				$	2,775,000


(Dollars in thousands)	At May 31, 2026		At November 30, 2025
Carrying value	$	129,320	132,868
Outstanding debt, net of debt issuance costs	119,748		123,106
Incurred interest rate	3.4%		3.4%


	At May 31, 2026
	Range
Discount rates at purchase	6%	—	84%
Coupon rates	2.0%	—	5.3%
Distribution dates	October 2027	—	December 2028
Stated maturity dates	October 2050	—	December 2051


	Three Months Ended May 31,			Six Months Ended May 31,

(In thousands)	2026		2025	2026	2025

General contractor services, net of deferrals	$	40,896	28,264	94,139	58,714
General contractor costs	41,191		27,586	93,071	55,900
Land sales to joint ventures	20,185		145,118	46,585	162,447
Management fee income, net of deferrals	2,468		6,436	5,311	13,377


	Six Months Ended
	May 31,
	2026		2025
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	541,490	1,010,533
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	68,708		65,157
Amortization of discount/premium and accretion on debt, net	922		(142)
Equity in earnings from unconsolidated entities	(97,355)		(45,351)
Distributions of earnings from unconsolidated entities	51,047		20,070
Share-based compensation expense	88,648		112,858

Deferred income tax expense	63,449		38,381

Loans held-for-sale unrealized losses	25,490		2,350
Lennar Other losses from technology investments and other losses, net	8,074		100,006
Gains on sale of operating properties and equipment and other assets	(9,296)		(34,597)



Gain on sale of investments in unconsolidated entities and other	—		(35,033)




Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	108,319		89,727

Changes in assets and liabilities:

Decrease in receivables	128,525		69,599
Increase in inventories, excluding valuation adjustments	(1,088,860)		(1,624,586)
Increase in deposits and pre-acquisition costs on real estate	(554,766)		(781,716)
Increase in other assets	(27,175)		(132,671)
Decrease in loans held-for-sale	246,731		361,377
Decrease in accounts payable and other liabilities	(271,836)		(600,026)
Net cash used in operating activities	(717,885)		(1,384,064)
Cash flows from investing activities:

Net additions of operating properties and equipment	(48,848)		(71,259)


	At May 31, 2026
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	69,706	184,619
Equity commitments	2,204,016		1,257,700
Equity commitments called	2,154,328		1,229,585
Lennar's equity commitments	504,016		381,000
Lennar's equity commitments called	500,381		371,492
Lennar's remaining commitments (1)	3,635		9,508
Distributions to Lennar during the six months ended May 31, 2026	37,083		57,537


	Three Months Ended May 31,								Six Months Ended May 31,

	2026				2025				2026				2025
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B		Class A		Class B		Class A		Class B
Shares repurchased	4,335,241		664,759		4,501,936		204,515		6,172,126		827,874		9,271,936		663,320
Total purchase price	$	388,784	$	57,954	$	495,230	$	21,504	$	608,055	$	75,770	$	1,139,849	$	79,625
Average price per share	$	89.68	$	87.18	$	110.00	$	105.15	$	98.52	$	91.52	$	122.94	$	120.04


(Dollars in thousands)	At May 31, 2026		At November 30, 2025

Unsecured delayed draw term loan facility due 2028	$	1,704,487	1,710,000


5.25% senior notes due 2026 (1)	400,000		400,608
5.00% senior notes due 2027	350,399		350,590
4.75% senior notes due 2027	699,134		698,845
5.20% senior notes due 2030	694,791		694,165



Mortgage notes on land and other debt	198,676		230,478
	$	4,047,487	4,084,686


	Three Months Ended May 31, 2026
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Income	Retained Earnings	Noncontrolling Interests
Balance at February 28, 2026	$	22,032,263	26,319	3,660	5,993,733	(6,727,316)	5,606	22,577,374	152,887
Net earnings (including net earnings attributable to noncontrolling interests)	308,129		—	—	—	—	—	304,772	3,357
Employee stock and directors plans	(15,489)		(10)	—	302	(15,781)	—	—	—

Purchases of treasury stock	(451,305)		—	—	—	(451,305)	—	—	—




Amortization of restricted stock	26,271		—	—	26,271	—	—	—	—
Cash dividends	(123,057)		—	—	—	—	—	(123,057)	—

Receipts related to noncontrolling interests	1,460		—	—	—	—	—	—	1,460
Payments related to noncontrolling interests	(15,700)		—	—	—	—	—	—	(15,700)

Non-cash purchase or activity of noncontrolling interests, net	3,084		—	—	—	—	—	—	3,084



Total other comprehensive income, net of tax	70		—	—	—	—	70	—	—
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


(In thousands)	At May 31, 2026
Commitments - maturing in May 2027	$	225,000
Commitments - maturing in November 2029	2,900,000
Total commitments	$	3,125,000
Accordion feature	375,000
Total maximum borrowings capacity	$	3,500,000


	Fair Value Hierarchy	Fair Value at
(In thousands)		May 31, 2026		November 30, 2025
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,855,423	2,170,677

LMF Commercial loans held-for-sale	Level 3	70,296		26,401



Mortgage servicing rights	Level 3	2,983		3,266
Forward options	Level 1	124		986
Lennar Other Assets:
Investments in equity securities	Level 1	$	89,551	232,372
Investments available-for-sale	Level 3	38,725		39,060



	May 31, 2026	November 30, 2025
Unobservable inputs:
Mortgage prepayment rate	9%	9%
Discount rate	13%	13%
Delinquency rate	11%	11%


			Communities with valuation adjustments
At or for the Six Months Ended	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value (in thousands)		Valuation Adjustments (in thousands)

May 31, 2026	1,683	151	18	$	143,785	$	36,240
May 31, 2025	1,617	102	14	35,482		17,918


(In thousands)	Lease Payments
2026	$	42,105
2027	59,360
2028	41,836
2029	29,776
2030	26,212
Thereafter	66,805
Total future minimum lease payments (1)	$	266,094
Less: Interest (2)	32,319
Present value of lease liabilities (2)	$	233,775


	Three Months Ended May 31, 2026
	Gross Margins					Operating Earnings
($ in thousands)	Sales of Homes Revenue		Costs of Sales of Homes	Gross Margin (Loss) %		Net Margins (Losses) on Sales of Homes (1)	Gross Margins (Losses) on Sales of Land	Other Revenues	Equity in Earnings (Losses) from Unconsolidated Entities	Other Income (Expense), net	Operating Earnings (Losses)
East	$	1,709,254	1,382,260	19.1	%	157,939	(4,178)	3,705	4,978	1,942	164,386
Central	1,662,594		1,407,144	15.4	%	76,968	(2,130)	1,076	(18)	2,276	78,172
South Central	1,463,140		1,210,579	17.3	%	117,472	(973)	560	(10)	(2,712)	114,337
West	2,758,154		2,409,274	12.6	%	138,458	(1,862)	1,160	676	1,603	140,035
Other (2)	1,897		3,362	(77.2)	%	(6,812)	—	2,373	(2,956)	(164)	(7,559)
Totals	$	7,595,039	6,412,619	15.6	%	484,025	(9,143)	8,874	2,670	2,945	489,371


	As of May 31,		Three Months Ended May 31,
	2026	2025	2026	2025	2026		2025	2026		2025
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price


East	346	340	5,064	5,604	$	1,929,424	1,978,078	$	381,000	353,000
Central	462	443	5,218	5,266	1,896,583		1,987,955	363,000		378,000
South Central	433	391	6,293	6,626	1,475,500		1,607,319	234,000		243,000
West	441	441	5,173	5,098	2,906,234		2,997,528	562,000		588,000
Other	1	2	1	7	668		4,383	668,000		626,000
Total	1,683	1,617	21,749	22,601	$	8,208,409	8,575,263	$	377,000	379,000


	At May 31,
	2026	2025	2026		2025	2026		2025
	Homes		Dollar Value (In thousands)			Average Sales Price


East	5,455	3,900	$	2,069,490	1,562,457	$	379,000	401,000
Central	4,875	4,706	1,797,844		1,905,125	369,000		405,000
South Central	3,018	3,430	671,772		815,681	223,000		238,000
West	3,470	3,500	2,067,167		2,200,051	596,000		629,000
Other	—	2	—		1,176	—		588,000
Total	16,818	15,538	$	6,606,273	6,484,490	$	393,000	417,000


Balance Sheets	At
(In thousands)	May 31, 2026		November 30, 2025


Multifamily investments in unconsolidated entities	$	491,325	506,573
Lennar's net investment in Multifamily	717,720		781,902


(Dollars in thousands)	Covenant Level		Level Achieved as of May 31, 2026
Minimum net worth test	$	10,000,000	15,955,029
Maximum leverage ratio	60.0%		14.7%
Liquidity test	1.00		30.00


	Principal Maturities of Unconsolidated JVs by Period
(In thousands)	Total JV Debt		2026	2027	2028	Thereafter	Other



Bank debt without recourse to Lennar	$	1,160,077	59,742	453,250	151,945	495,140	—
Land seller and other debt without recourse to Lennar	44,877		—	—	—	44,877	—
Maximum recourse debt exposure to Lennar	8,150		8,150	—	—	—	—
Debt issuance costs	(14,203)		—	—	—	—	(14,203)
Total	$	1,198,901	67,892	453,250	151,945	540,017	(14,203)


				Years of
May 31, 2026	Controlled Homesites	Owned Homesites	Total Homesites	Supply Owned (1)
East	110,893	1,670	112,563
Central	125,920	2,965	128,885
South Central	149,744	1,657	151,401
West	93,185	3,222	96,407
Other	4,649	1,561	6,210
Total homesites	484,391	11,075	495,466	0.1
% of total homesites	98%	2%


	Six Months Ending November 30,			Years Ending November 30,														Fair Value at May 31,
(Dollars in millions)	2026			2027		2028		2029		2030		2031		Thereafter		Total		2026
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	454.6		1,158.5		12.8		11.5		701.7		9.6		—		2,348.7		2,362.2
Average interest rate	5.2		%	4.8	%	3.9	%	7.5	%	5.2	%	6.6	%	—		5.0	%	—
Variable rate	$	—		—		1,710.0		—		—		—		—		1,710.0		1,710.0
Average interest rate	—			—		4.7	%	—		—		—		—		4.7	%	—
Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		119.7		119.7		120.2
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,844.0		—		—		—		—		—		—		1,844.0		1,844.0
Average interest rate	5.0		%	—		—		—		—		—		—		5.0	%	—


Period:	Total Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) (In thousands)
March 1 to March 31, 2026	2,008,293	$	92.78	1,867,129	$	1,281,210
April 1 to April 30, 2026	1,997,760	$	88.74	1,994,210	$	1,104,235
May 1 to May 31, 2026	1,138,718	$	85.17	1,138,661	$	1,007,250



31.1	*	Rule 13a-14(a) certification by Stuart Miller.
31.2	*	Rule 13a-14(a) certification by Diane Bessette.
32.	**	Section 1350 certifications by Stuart Miller and Diane Bessette.
101.	*	The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended May 31, 2026, filed on June 29, 2026, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements.
104		Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101).


		Lennar Corporation
		(Registrant)


Date:	June 29, 2026	/s/ Diane Bessette
		Diane Bessette
		Vice President and Chief Financial Officer


Date:	June 29, 2026	/s/ David Collins
		David Collins
		Vice President and Controller


Date:	June 29, 2026	/s/ Stuart Miller
		Name:	Stuart Miller
		Title:	Executive Chairman, Chief Executive Officer and President