Lennar Corp 10-Q for FY2026 Q3

Lennar Corp (LEN)

10-Q 2026-10-02 For: 2026-08-31

Added on October 03, 2026

About this 10-Q

Lennar Corp filed this 10-Q on October 2, 2026, covering the quarter ended August 31, 2026 (FY2026 Q3).

Headline figures

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

Revenue: $8.05B; down 8.7% from $8.81B a year earlier
Net income: $283.88M; down 52.0% from net income of $590.97M a year earlier
Diluted EPS: $1.19; down 48.0% from $2.29 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


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

ASSETS
Homebuilding:
Cash and cash equivalents	$	1,150,115	3,441,324
Restricted cash	34,093		25,930
Receivables, net	924,858		1,002,629
Inventories:
Finished homes and construction in progress	10,670,269		8,822,271
Land and land under development	865,134		1,098,961
Inventory owned	11,535,403		9,921,232
Consolidated inventory not owned	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	1,470,473		1,545,370
Goodwill	3,442,359		3,442,359
Other assets	1,803,804		1,794,378
	29,096,334		29,253,256
Financial Services	2,770,652		3,377,413
Multifamily	815,039		902,136
Lennar Other	696,200		897,632
Total assets	$	33,378,225	34,430,437


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

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,795,955	1,812,484
Liabilities related to consolidated inventory not owned	1,250,439		1,476,376
Senior notes and other debts payable, net	4,297,251		4,084,686
Other liabilities	2,448,954		2,691,876
	9,792,599		10,065,422
Financial Services	1,720,568		2,010,598
Multifamily	76,247		113,361
Lennar Other	92,391		100,447
Total liabilities	11,681,805		12,289,828
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: August 31, 2026 and November 30, 2025 - 400,000,000 shares; Issued: August 31, 2026 - 263,124,142 shares and November 30, 2025 - 261,579,253 shares	26,312		26,158
Class B common stock of $0.10 par value; Authorized: August 31, 2026 and November 30, 2025 - 90,000,000 shares; Issued: August 31, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	6,049,974		5,909,726
Retained earnings	22,923,564		22,471,471
Treasury stock, at cost; August 31, 2026 - 55,247,920 shares of Class A common stock and 6,577,198 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	(7,450,306)		(6,457,609)
Accumulated other comprehensive income	5,755		6,011
Total stockholders’ equity	21,558,959		21,959,417
Noncontrolling interests	137,461		181,192
Total equity	21,696,420		22,140,609
Total liabilities and equity	$	33,378,225	34,430,437


	Three Months Ended			Nine Months Ended
	August 31,			August 31,
	2026		2025	2026	2025
Revenues:
Homebuilding	$	7,759,497	8,253,675	21,674,374	23,381,407
Financial Services	226,121		314,195	678,615	889,370
Multifamily	38,475		228,465	184,538	521,966
Lennar Other	22,026		13,943	67,940	26,582
Total revenues	8,046,119		8,810,278	22,605,467	24,819,325
Costs and expenses:
Homebuilding	7,242,516		7,497,119	20,345,494	21,184,631
Financial Services	95,805		136,323	355,883	410,735
Multifamily	40,868		238,791	204,084	566,844
Lennar Other	48,393		45,450	135,803	99,039
Corporate general and administrative	137,883		171,397	431,670	474,628
Charitable foundation contribution	20,840		21,584	58,222	59,549
Total costs and expenses	7,586,305		8,110,664	21,531,156	22,795,426
Equity in earnings from unconsolidated entities	3,165		10,822	100,520	56,172
Other income (expense), net and other gains (losses), net	(22,565)		(18,956)	(10,363)	43,471



Lennar Other gains (losses) from technology investments	(53,335)		99,223	(61,749)	7,280
Earnings before income taxes	387,079		790,703	1,102,719	2,130,822
Provision for income taxes	(101,592)		(190,892)	(275,742)	(520,478)
Net earnings (including net earnings attributable to noncontrolling interests)	285,487		599,811	826,977	1,610,344
Less: Net earnings attributable to noncontrolling interests	1,611		8,844	8,946	22,402
Net earnings attributable to Lennar	$	283,876	590,967	818,031	1,587,942
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities available-for-sale	$	79	—	(256)	(1,510)

Total other comprehensive income (loss), net of tax	$	79	—	(256)	(1,510)
Total comprehensive income attributable to Lennar	$	283,955	590,967	817,775	1,586,432
Total comprehensive income attributable to noncontrolling interests	$	1,611	8,844	8,946	22,402
Basic and diluted earnings per share	$	1.19	2.29	3.36	6.06


(In thousands)	At August 31, 2026
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	1,150,115	225,506	23,527	27,303	1,426,451
Restricted cash	34,093		38,346	—	—	72,439
Receivables, net (1)	924,858		309,237	35,043	—	1,269,138
Inventory owned and consolidated inventory not owned	12,943,439		—	206,139	—	13,149,578
Deposits and pre-acquisition costs on real estate	7,327,193		—	4,399	—	7,331,592
Investments in unconsolidated entities	1,470,473		644	488,775	363,379	2,323,271
Loans held-for-sale (2)	—		1,776,305	—	—	1,776,305

Investments in equity securities (3)	—		—	—	131,350	131,350
Investments available-for-sale (4)	—		—	—	38,804	38,804

Investments held-to-maturity	—		124,407	—	—	124,407


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,803,804		106,508	57,156	135,364	2,102,832
Total assets	$	29,096,334	2,770,652	815,039	696,200	33,378,225
Liabilities:
Senior notes and other debts payable, net	$	4,297,251	1,584,448	—	—	5,881,699
Liabilities related to consolidated inventory not owned	1,250,439		—	—	—	1,250,439
Accounts payable and other liabilities	4,244,909		136,120	76,247	92,391	4,549,667
Total liabilities	$	9,792,599	1,720,568	76,247	92,391	11,681,805


(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)	—		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 August 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,828,048	1,943,777	1,372,191	2,588,288	1,284	7,733,588	—	—	—	7,733,588
Sales of land	1,759		3,163	11,622	1,898	—	18,442	—	—	—	18,442
Other revenues	3,444		416	758	670	2,179	7,467	226,121	38,475	22,026	294,089
Total revenues	1,833,251		1,947,356	1,384,571	2,590,856	3,463	7,759,497	226,121	38,475	22,026	8,046,119
Costs and expenses:
Costs of homes sold	1,446,037		1,646,381	1,140,782	2,275,863	3,197	6,512,260	—	—	—	6,512,260
Costs of land sold	2,485		3,787	6,425	3,519	—	16,216	—	—	—	16,216
Other costs and expenses	—		—	—	—	—	—	95,805	40,868	48,393	185,066
Selling, general and administrative expenses	176,793		187,535	135,681	208,129	5,902	714,040	—	—	—	714,040
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	137,883
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	20,840
Total costs and expenses	1,625,315		1,837,703	1,282,888	2,487,511	9,099	7,242,516	95,805	40,868	48,393	7,586,305
Equity in earnings (losses) from unconsolidated entities	(5,736)		5	(12)	(48)	10,599	4,808	—	(1,342)	(301)	3,165
Other income (expense), net and other gains (losses), net	(2,269)		1,525	(2,054)	(17,585)	556	(19,827)	—	866	(3,604)	(22,565)
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(53,335)	(53,335)
Earnings (loss) before income taxes	$	199,931	111,183	99,617	85,712	5,519	501,962	130,316	(2,869)	(83,607)	387,079


	Three Months Ended August 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,732,008	2,020,519	1,507,314	2,950,118	3,621	8,213,580	—	—	—	8,213,580
Sales of land	20,140		1,300	346	8,735	—	30,521	—	—	—	30,521
Other revenues	3,521		1,030	610	1,877	2,536	9,574	314,195	228,465	13,943	566,177
Total revenues	1,755,669		2,022,849	1,508,270	2,960,730	6,157	8,253,675	314,195	228,465	13,943	8,810,278
Costs and expenses:
Costs of homes sold	1,409,575		1,647,159	1,247,502	2,470,021	5,306	6,779,563	—	—	—	6,779,563
Costs of land sold	18,121		3,825	2,651	16,468	—	41,065	—	—	—	41,065
Other costs and expenses	—		—	—	—	—	—	136,323	238,791	45,450	420,564
Selling, general and administrative expenses	154,719		188,662	125,119	201,204	6,787	676,491	—	—	—	676,491
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	171,397
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	21,584
Total costs and expenses	1,582,415		1,839,646	1,375,272	2,687,693	12,093	7,497,119	136,323	238,791	45,450	8,110,664
Equity in earnings (losses) from unconsolidated entities	14,338		40	(5)	563	(4,746)	10,190	—	(6,790)	7,422	10,822
Other income (expense), net and other gains (losses), net	(1,208)		1,479	(2,864)	(3,277)	(1,091)	(6,961)	—	645	(12,640)	(18,956)
Lennar Other gains from technology investments	—		—	—	—	—	—	—	—	99,223	99,223
Earnings (loss) before income taxes	$	186,384	184,722	130,129	270,323	(11,773)	759,785	177,872	(16,471)	62,498	790,703


	Nine Months Ended August 31, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	5,049,380	4,951,404	3,995,511	7,598,189	7,065	21,601,549	—	—	—	21,601,549
Sales of land	11,350		4,036	18,522	12,093	—	46,001	—	—	—	46,001
Other revenues	12,018		2,645	1,978	3,032	7,151	26,824	678,615	184,538	67,940	957,917
Total revenues	5,072,748		4,958,085	4,016,011	7,613,314	14,216	21,674,374	678,615	184,538	67,940	22,605,467
Costs and expenses:
Costs of homes sold	4,067,149		4,206,240	3,307,729	6,652,659	12,716	18,246,493	—	—	—	18,246,493
Costs of land sold	23,482		9,653	16,643	19,293	—	69,071	—	—	—	69,071
Other costs and expenses	—		—	—	—	—	—	355,883	204,084	135,803	695,770
Selling, general and administrative expenses	508,622		514,222	378,404	609,721	18,961	2,029,930	—	—	—	2,029,930
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	431,670
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	58,222
Total costs and expenses	4,599,253		4,730,115	3,702,776	7,281,673	31,677	20,345,494	355,883	204,084	135,803	21,531,156
Equity in earnings (losses) from unconsolidated entities	9,925		46	(37)	1,540	34,185	45,659	—	51,372	3,489	100,520
Other income (expense), net and other gains (losses), net	(4,148)		5,684	(6,435)	(18,014)	12,735	(10,178)	—	1,489	(1,674)	(10,363)
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(61,749)	(61,749)
Earnings (loss) before income taxes	$	479,272	233,700	306,763	315,167	29,459	1,364,361	322,732	33,315	(127,797)	1,102,719


	Nine Months Ended August 31, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	5,102,675	5,294,015	4,173,587	8,657,783	14,341	23,242,401	—	—	—	23,242,401
Sales of land	57,646		2,900	22,539	25,957	—	109,042	—	—	—	109,042
Other revenues	9,970		3,847	2,369	5,220	8,558	29,964	889,370	521,966	26,582	1,467,882
Total revenues	5,170,291		5,300,762	4,198,495	8,688,960	22,899	23,381,407	889,370	521,966	26,582	24,819,325
Costs and expenses:
Costs of homes sold	4,103,355		4,309,966	3,435,915	7,203,662	17,341	19,070,239	—	—	—	19,070,239
Costs of land sold	55,869		8,008	23,595	45,843	—	133,315	—	—	—	133,315
Other costs and expenses	—		—	—	—	—	—	410,735	566,844	99,039	1,076,618
Selling, general and administrative expenses	484,223		506,814	345,852	620,740	23,448	1,981,077	—	—	—	1,981,077
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	474,628
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	59,549
Total costs and expenses	4,643,447		4,824,788	3,805,362	7,870,245	40,789	21,184,631	410,735	566,844	99,039	22,795,426
Equity in earnings (losses) from unconsolidated entities	29,271		36	(13)	1,573	32,043	62,910	—	(11,332)	4,594	56,172
Other income (expense), net and other gains (losses), net	31,269		4,629	(4,219)	(5,760)	11,687	37,606	—	24,962	(19,097)	43,471
Lennar Other gains from technology investments	—		—	—	—	—	—	—	—	7,280	7,280
Earnings (loss) before income taxes	$	587,384	480,639	388,901	814,528	25,840	2,297,292	478,635	(31,248)	(79,680)	2,130,822


	Maximum Aggregate Commitment
(In thousands)	Committed Amount		Uncommitted Amount	Total
Residential facilities maturing:
September 2026 (1)	$	250,000	250,000	500,000
November 2026	300,000		900,000	1,200,000
December 2026	—		375,000	375,000
March 2027	200,000		300,000	500,000
May 2027	30,000		270,000	300,000
July 2027	80,000		170,000	250,000

Total residential facilities	$	860,000	2,265,000	3,125,000
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				$	3,425,000


(Dollars in thousands)	At August 31, 2026		At November 30, 2025
Carrying value	$	124,407	132,868
Outstanding debt, net of debt issuance costs	114,899		123,106
Incurred interest rate	3.4%		3.4%


	At August 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 August 31,			Nine Months Ended August 31,

(In thousands)	2026		2025	2026	2025

General contractor services, net of deferrals	$	36,112	42,150	130,251	100,864
General contractor costs	34,060		41,766	127,131	97,665
Land sales to joint ventures	—		—	46,585	162,447
Management fee income, net of deferrals	2,312		5,126	7,622	18,503


	Nine Months Ended
	August 31,
	2026		2025
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	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	—		(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)


	At August 31, 2026
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	68,672	184,365
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 nine months ended August 31, 2026	38,075		57,537


	Three Months Ended August 31,								Nine Months Ended August 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	2,634,878		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


(Dollars in thousands)	At August 31, 2026		At November 30, 2025
Unsecured revolving credit facility	$	650,000	—
Unsecured delayed draw term loan facility due 2028	1,705,202		1,710,000


5.00% senior notes due 2027	350,302		350,590
4.75% senior notes due 2027	699,279		698,845
5.20% senior notes due 2030	695,104		694,165
5.25% senior notes due 2026 (1)	—		400,608
Mortgage notes on land and other debt	197,364		230,478
	$	4,297,251	4,084,686


	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 Income	Retained 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 tax	79		—	—	—	—	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


(In thousands)	At August 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)		August 31, 2026		November 30, 2025
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,725,686	2,170,677

LMF Commercial loans held-for-sale	Level 3	35,896		26,401



Mortgage servicing rights	Level 3	3,094		3,266
Forward options	Level 1	91		986
Lennar Other Assets:
Investments in equity securities	Level 1	$	58,693	232,372
Investments available-for-sale	Level 3	38,804		39,060



	August 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 Nine Months Ended	# of active communities	# of communities with potential indicator of impairment	# of communities	Fair Value (in thousands)		Valuation Adjustments (in thousands)

August 31, 2026	1,713	184	38	$	313,150	$	99,985
August 31, 2025	1,664	113	21	49,884		25,633


(In thousands)	Lease Payments
2026	$	23,006
2027	71,836
2028	47,857
2029	31,764
2030	26,889
Thereafter	66,805
Total future minimum lease payments (1)	$	268,157
Less: Interest (2)	31,166
Present value of lease liabilities (2)	$	236,991


	Three Months Ended August 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
East	$	1,828,048	1,446,037	20.9	%	205,218	(726)	3,444	(5,736)	(2,269)	199,931
Central	1,943,777		1,646,381	15.3	%	109,861	(624)	416	5	1,525	111,183
South Central	1,372,191		1,140,782	16.9	%	95,728	5,197	758	(12)	(2,054)	99,617
West	2,588,288		2,275,863	12.1	%	104,296	(1,621)	670	(48)	(17,585)	85,712
Other (2)	1,284		3,197	(149.0)	%	(7,815)	—	2,179	10,599	556	5,519
Totals	$	7,733,588	6,512,260	15.8	%	507,288	2,226	7,467	4,808	(19,827)	501,962


	At August 31,		Three Months Ended August 31,
	2026	2025	2026	2025	2026		2025	2026		2025
	Active Communities		Homes		Dollar Value (In thousands)			Average Sales Price


East	344	360	4,831	5,792	$	1,800,978	2,081,377	$	373,000	359,000
Central	464	452	5,625	5,428	1,927,876		1,958,262	343,000		361,000
South Central	479	411	6,100	7,055	1,387,570		1,582,753	227,000		224,000
West	425	440	4,319	4,725	2,386,135		2,814,895	552,000		596,000
Other	1	1	4	4	1,830		2,445	457,000		611,000
Total	1,713	1,664	20,879	23,004	$	7,504,389	8,439,732	$	359,000	367,000


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


Multifamily investments in unconsolidated entities	$	488,775	506,573
Lennar's net investment in Multifamily	732,015		781,902


(Dollars in thousands)	Covenant Level		Level Achieved as of August 31, 2026
Minimum net worth test	$	10,000,000	15,946,331
Maximum leverage ratio	60.0%		19.1%
Liquidity test	1.00		21.00


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



Bank debt without recourse to Lennar	$	1,142,371	59,502	428,439	154,582	499,848	—
Land seller and other debt without recourse to Lennar	43,820		—	—	—	43,820	—
Maximum recourse debt exposure to Lennar	9,085		9,085	—	—	—	—
Debt issuance costs	(13,476)		—	—	—	—	(13,476)
Total	$	1,181,800	68,587	428,439	154,582	543,668	(13,476)


				Years of
August 31, 2026	Controlled Homesites	Owned Homesites	Total Homesites	Supply Owned (1)
East	107,892	1,979	109,871
Central	126,702	3,253	129,955
South Central	145,045	1,478	146,523
West	91,865	3,377	95,242
Other	4,649	1,721	6,370
Total homesites	476,153	11,808	487,961	0.1
% of total homesites	98%	2%


	Three Months Ending November 30,			Years Ending November 30,														Fair Value at August 31,
(Dollars in millions)	2026			2027		2028		2029		2030		2031		Thereafter		Total		2026
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	22.1		1,190.8		12.3		11.5		701.5		9.3		—		1,947.5		1,950.5
Average interest rate	2.9		%	4.8	%	3.9	%	7.5	%	5.2	%	6.6	%	—		5.0	%	—
Variable rate	$	650.0		—		1,710.0		—		—		—		—		2,360.0		2,360.0
Average interest rate	4.7		%	—		4.7	%	—		—		—		—		4.7	%	—
Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		114.9		114.9		115.3
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,469.5		—		—		—		—		—		—		1,469.5		1,469.5
Average interest rate	5.1		%	—		—		—		—		—		—		5.1	%	—


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)
June 1 to June 30, 2026	—	$	—	—	$	1,007,250
July 1 to July 31, 2026	929,006	$	85.00	928,595	$	928,321
August 1 to August 31, 2026	2,072,595	$	85.72	2,071,405	$	750,773
Total	3,001,601	$	85.49	3,000,000



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 August 31, 2026, filed on October 2, 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:	October 2, 2026	/s/ Diane Bessette
		Diane Bessette
		Vice President and Chief Financial Officer


Date:	October 2, 2026	/s/ David Collins
		David Collins
		Vice President and Controller


Date:	October 2, 2026	/s/ Stuart Miller
		Name:	Stuart Miller
		Title:	Executive Chairman, Chief Executive Officer and President