Lennar Corp 10-Q for FY2026 Q1

Lennar Corp (LEN)

10-Q 2026-04-09 For: 2026-02-28

Added on April 09, 2026

About this 10-Q

Lennar Corp filed this 10-Q on April 9, 2026, covering the quarter ended February 28, 2026 (FY2026 Q1).

Headline figures

Quarter ended February 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $6.62B; down 13.3% from $7.63B a year earlier
Net income: $229.38M; down 55.8% from net income of $519.53M a year earlier
Diluted EPS: $0.93; down 52.6% from $1.96 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


	February 28,		November 30,
	2026 (1)		2025 (1)

ASSETS
Homebuilding:
Cash and cash equivalents	$	2,085,384	3,441,324
Restricted cash	27,541		25,930
Receivables, net	960,912		1,002,629
Inventories:
Finished homes and construction in progress	9,547,262		8,822,271
Land and land under development	928,517		1,098,961
Inventory owned	10,475,779		9,921,232
Consolidated inventory not owned	1,646,284		1,696,401
Inventory owned and consolidated inventory not owned	12,122,063		11,617,633
Deposits and pre-acquisition costs on real estate	6,824,948		6,383,633
Investments in unconsolidated entities	1,479,812		1,545,370
Goodwill	3,442,359		3,442,359
Other assets	1,787,517		1,794,378
	28,730,536		29,253,256
Financial Services	2,808,039		3,377,413
Multifamily	842,100		902,136
Lennar Other	829,667		897,632
Total assets	$	33,210,342	34,430,437


	February 28,		November 30,
	2026 (2)		2025 (2)

LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	1,737,575	1,812,484
Liabilities related to consolidated inventory not owned	1,447,697		1,476,376
Senior notes and other debts payable, net	4,065,459		4,084,686
Other liabilities	2,353,359		2,691,876
	9,604,090		10,065,422
Financial Services	1,390,277		2,010,598
Multifamily	88,547		113,361
Lennar Other	95,165		100,447
Total liabilities	11,178,079		12,289,828
Commitments and contingent liabilities (See Note 10)
Stockholders’ equity:
Preferred stock	—		—
Class A common stock of $0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 400,000,000 shares; Issued: February 28, 2026 - 263,189,720 shares and November 30, 2025 - 261,579,253 shares	26,319		26,158
Class B common stock of $0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 90,000,000 shares; Issued: February 28, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares	3,660		3,660
Additional paid-in capital	5,993,733		5,909,726
Retained earnings	22,577,374		22,471,471
Treasury stock, at cost; February 28, 2026 - 47,945,322 shares of Class A common stock and 5,547,317 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	(6,727,316)		(6,457,609)
Accumulated other comprehensive income	5,606		6,011
Total stockholders’ equity	21,879,376		21,959,417
Noncontrolling interests	152,887		181,192
Total equity	22,032,263		22,140,609
Total liabilities and equity	$	33,210,342	34,430,437


	Three Months Ended
	February 28,
	2026		2025
Revenues:
Homebuilding	$	6,298,563	7,283,870
Financial Services	215,555		277,077
Multifamily	82,499		63,196
Lennar Other	22,859		7,402
Total revenues	6,619,476		7,631,545
Costs and expenses:
Homebuilding	5,970,420		6,539,960
Financial Services	124,242		133,594
Multifamily	90,428		73,376
Lennar Other	43,684		23,564
Corporate general and administrative	157,638		147,378
Charitable foundation contribution	16,863		17,834
Total costs and expenses	6,403,275		6,935,706
Equity in earnings from unconsolidated entities	63,268		33,234
Other income, net and other gains, net	8,146		31,668



Lennar Other gains (losses) from technology investments	14,838		(62,503)
Earnings before income taxes	302,453		698,238
Provision for income taxes	(69,092)		(169,525)
Net earnings (including net earnings attributable to noncontrolling interests)	233,361		528,713
Less: Net earnings attributable to noncontrolling interests	3,978		9,187
Net earnings attributable to Lennar	$	229,383	519,526
Other comprehensive loss, net of tax:
Net unrealized losses on securities available-for-sale	$	(405)	(178)

Total other comprehensive loss, net of tax	$	(405)	(178)
Total comprehensive income attributable to Lennar	$	228,978	519,348
Total comprehensive income attributable to noncontrolling interests	$	3,978	9,187
Basic and diluted earnings per share	$	0.93	1.96


(In thousands)	At February 28, 2026
Assets:	Homebuilding		Financial Services	Multifamily	Lennar Other	Total
Cash and cash equivalents	$	2,085,384	210,147	32,623	24,488	2,352,642
Restricted cash	27,541		14,627	—	—	42,168
Receivables, net (1)	960,912		305,460	39,888		1,306,260
Inventory owned and consolidated inventory not owned	12,122,063		—	212,882	—	12,334,945
Deposits and pre-acquisition costs on real estate	6,824,948		—	7,756	—	6,832,704
Investments in unconsolidated entities	1,479,812		2,431	474,767	361,092	2,318,102
Loans held-for-sale (2)	—		1,847,078	—	—	1,847,078

Investments in equity securities (3)	—		—	—	222,460	222,460
Investments available-for-sale (4)	—		—	—	38,655	38,655

Investments held-to-maturity	—		130,997	—	—	130,997


Goodwill	3,442,359		189,699	—	—	3,632,058
Other assets	1,787,517		107,600	74,184	182,972	2,152,273
Total assets	$	28,730,536	2,808,039	842,100	829,667	33,210,342
Liabilities:
Senior notes and other debts payable, net	$	4,065,459	1,191,006	—	—	5,256,465
Liabilities related to consolidated inventory not owned	1,447,697		—	—	—	1,447,697
Accounts payable and other liabilities	4,090,934		199,271	88,547	95,165	4,473,917
Total liabilities	$	9,604,090	1,390,277	88,547	95,165	11,178,079


(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 February 28, 2026
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,512,078	1,345,033	1,160,180	2,251,747	3,884	6,272,922	—	—	—	6,272,922
Sales of land	8,074		873	4,023	2,188	—	15,158	—	—	—	15,158
Other revenues	4,869		1,153	660	1,202	2,599	10,483	215,555	82,499	22,859	331,396
Total revenues	1,525,021		1,347,059	1,164,863	2,255,137	6,483	6,298,563	215,555	82,499	22,859	6,619,476
Costs and expenses:
Costs of home sold	1,238,852		1,152,715	956,368	1,967,522	6,157	5,321,614	—	—	—	5,321,614
Costs of land sold	15,302		3,736	6,368	5,905	—	31,311	—	—	—	31,311
Other costs and expenses	—		—	—	—	—	—	124,242	90,428	43,684	258,354
Selling, general and administrative expenses	162,774		148,205	107,634	191,170	7,712	617,495	—	—	—	617,495
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	157,638
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	16,863
Total costs and expenses	1,416,928		1,304,656	1,070,370	2,164,597	13,869	5,970,420	124,242	90,428	43,684	6,403,275
Equity in earnings (losses) from unconsolidated entities	10,683		59	(15)	912	26,542	38,181	—	25,481	(394)	63,268
Other income (expense), net and other gains (losses), net	(3,821)		1,883	(1,669)	(2,032)	12,343	6,704	—	307	1,135	8,146
Lennar Other gains from technology investments	—		—	—	—	—	—	—	—	14,838	14,838
Earnings (loss) before income taxes	$	114,955	44,345	92,809	89,420	31,499	373,028	91,313	17,859	(5,246)	302,453


	Three Months Ended February 28, 2025
(In thousands)	East		Central	South Central	West	Other (2)	Homebuilding	Financial Services	Multifamily	Lennar Other	Total
Revenues:
Sales of homes	$	1,655,259	1,530,193	1,160,523	2,888,685	5,886	7,240,546	—	—	—	7,240,546
Sales of land	23,122		1,600	5,604	5,000	—	35,326	—	—	—	35,326
Other revenues	2,736		854	701	1,248	2,459	7,998	277,077	63,196	7,402	355,673
Total revenues	1,681,117		1,532,647	1,166,828	2,894,933	8,345	7,283,870	277,077	63,196	7,402	7,631,545
Costs and expenses:
Costs of home sold	1,303,019		1,245,610	946,529	2,386,679	6,307	5,888,144	—	—	—	5,888,144
Costs of land sold	23,511		3,040	2,940	6,586	—	36,077	—	—	—	36,077
Other costs and expenses	—		—	—	—	—	—	133,594	73,376	23,564	230,534
Selling, general and administrative expenses	162,186		152,324	94,822	202,381	4,026	615,739	—	—	—	615,739
Corporate general and administrative expenses (1)	—		—	—	—	—	—	—	—	—	147,378
Charitable foundation contribution (1)	—		—	—	—	—	—	—	—	—	17,834
Total costs and expenses	1,488,716		1,400,974	1,044,291	2,595,646	10,333	6,539,960	133,594	73,376	23,564	6,935,706
Equity in earnings (losses) from unconsolidated entities	6,638		(3)	(2)	(28)	28,399	35,004	—	727	(2,497)	33,234
Other income (expense), net and other gains (losses), net	25,315		2,050	(452)	(478)	3,924	30,359	—	9,430	(8,121)	31,668
Lennar Other losses from technology investments	—		—	—	—	—	—	—	—	(62,503)	(62,503)
Earnings (loss) before income taxes	$	224,354	133,720	122,083	298,781	30,335	809,273	143,483	(23)	(89,283)	698,238


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

March 2026 (1)	$	250,000	250,000	500,000
May 2026	250,000		250,000	500,000
July 2026	100,000		100,000	200,000
September 2026	200,000		200,000	400,000
November 2026	100,000		100,000	200,000
December 2026	—		375,000	375,000
Total residential facilities	$	900,000	1,275,000	2,175,000
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				$	2,475,000


	Three Months Ended
	February 28,
(Dollars in thousands)	2026		2025
Originations (1)	$	83,050	127,965


Sold	33,325		94,887
Securitizations	1		4


	At February 28, 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 February 28,

(In thousands)	2026		2025

General contractor services, net of deferrals	$	53,243	30,450
General contractor costs	51,880		28,314
Land sales to joint ventures	—		17,330
Management fee income, net of deferrals	2,843		6,941


	At February 28, 2026
(In thousands)	LMV I		LMV II
Lennar's carrying value of investments	$	71,667	194,320
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 three months ended February 28, 2026	37,083		24,425


	Three Months Ended February 28, 2026
(In thousands)	Total Equity		Class A Common Stock	Class B Common Stock	Additional Paid - in Capital	Treasury Stock	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interests
Balance at November 30, 2025	$	22,140,609	26,158	3,660	5,909,726	(6,457,609)	6,011	22,471,471	181,192
Net earnings (including net earnings attributable to noncontrolling interests)	233,361		—	—	—	—	—	229,383	3,978
Employee stock and directors plans	(8,419)		161	—	21,630	(30,210)	—	—	—

Purchases of treasury stock	(239,497)		—	—	—	(239,497)	—	—	—




Amortization of restricted stock	62,377		—	—	62,377	—	—	—	—
Cash dividends	(123,480)		—	—	—	—	—	(123,480)	—

Receipts related to noncontrolling interests	1,083		—	—	—	—	—	—	1,083
Payments related to noncontrolling interests	(10,709)		—	—	—	—	—	—	(10,709)

Non-cash purchase or activity of noncontrolling interests, net	(22,657)		—	—	—	—	—	—	(22,657)



Total other comprehensive loss, net of tax	(405)		—	—	—	—	(405)	—	—
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


	Three Months Ended
	February 28,
	2026		2025
Cash flows from operating activities:
Net earnings (including net earnings attributable to noncontrolling interests)	$	233,361	528,713
Adjustments to reconcile net earnings to net cash used in operating activities:
Depreciation and amortization	33,388		31,332
Amortization of discount/premium and accretion on debt, net	112		(91)
Equity in earnings from unconsolidated entities	(63,268)		(33,234)
Distributions of earnings from unconsolidated entities	26,656		11,586
Share-based compensation expense	62,377		84,085

Deferred income tax expense	44,205		23,472

Loans held-for-sale unrealized (gains) losses	(32,402)		(30,403)
Lennar Other (gains) losses from technology investments and other (gains) losses, net	(14,838)		71,427
Gains on sale of operating properties and equipment and other assets	(9,296)		(23,411)








Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets	38,128		28,261

Changes in assets and liabilities:

Decrease in receivables	296,232		117,753
Increase in inventories, excluding valuation adjustments	(652,015)		(513,257)
Increase in deposits and pre-acquisition costs on real estate	(353,721)		(757,972)
Increase in other assets	(36,460)		(57,501)
Decrease in loans held-for-sale	397,801		445,233
Decrease in accounts payable and other liabilities	(403,762)		(215,035)
Net cash used in operating activities	(433,502)		(289,042)
Cash flows from investing activities:

Net additions of operating properties and equipment	(29,992)		(56,043)


	Three Months Ended February 28,

	2026				2025
(Dollars in thousands, except price per share amounts)	Class A		Class B		Class A		Class B
Shares repurchased	1,836,885		163,115		4,770,000		458,805
Total purchase price	$	219,271	$	17,816	$	644,618	$	58,121
Average price per share	$	119.37	$	109.22	$	135.14	$	126.68


(Dollars in thousands)	At February 28, 2026		At November 30, 2025

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


5.25% senior notes due 2026	400,304		400,608
5.00% senior notes due 2027	350,494		350,590
4.75% senior notes due 2027	698,990		698,845
5.20% senior notes due 2030	694,478		694,165



Mortgage notes on land and other debt	211,193		230,478
	$	4,065,459	4,084,686


(In thousands)	At February 28, 2026		At November 30, 2025
Performance letters of credit	$	2,039,975	1,963,643
Financial letters of credit	853,997		926,304
Surety bonds	5,646,906		5,614,807
Anticipated future costs primarily for site improvements related to performance surety bonds	3,114,409		3,056,582


	Three Months Ended
	February 28,
(In thousands, except per share amounts)	2026		2025
Numerator:
Net earnings attributable to Lennar	$	229,383	519,526
Less: distributed earnings allocated to nonvested shares	1,170		955
Less: undistributed earnings allocated to nonvested shares	1,164		3,862
Numerator for basic and diluted earnings per share	227,049		514,709





Denominator:
Denominator for basic and diluted earnings per share - weighted average common shares outstanding	244,438		262,733




Basic and diluted earnings per share	$	0.93	1.96


(In thousands)	At February 28, 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)		February 28, 2026		November 30, 2025
Financial Services Assets:
Residential loans held-for-sale	Level 2	$	1,756,684	2,170,677

LMF Commercial loans held-for-sale	Level 3	74,793		26,401



Mortgage servicing rights	Level 3	2,783		3,266
Forward options	Level 1	2,076		986
Lennar Other Assets:
Investments in equity securities	Level 1	$	108,012	232,372
Investments available-for-sale	Level 3	38,655		39,060



	February 28, 2026	November 30, 2025
Unobservable inputs:
Mortgage prepayment rate	9%	9%
Discount rate	13%	13%
Delinquency rate	14%	11%


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

February 28, 2026	1,678	170	4	$	27,183	$	5,659
February 28, 2025	1,584	46	2	14,934		3,834


(In thousands)	Lease Payments
2026	$	65,382
2027	58,181
2028	40,592
2029	28,680
2030	25,193
Thereafter	66,331
Total future minimum lease payments (1)	$	284,359
Less: Interest (2)	34,508
Present value of lease liabilities (2)	$	249,851


	First Quarter 2026

(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	6,272,922	—	—	—	—	6,272,922
Sales of land	15,158		—	—	—	—	15,158
Other revenues	10,483		215,555	82,499	22,859	—	331,396
Total revenues	6,298,563		215,555	82,499	22,859	—	6,619,476
Costs and expenses:
Costs of homes sold	5,321,614		—	—	—	—	5,321,614
Costs of land sold	31,311		—	—	—	—	31,311
Selling, general and administrative expenses	617,495		—	—	—	—	617,495
Other costs and expenses	—		124,242	90,428	43,684	—	258,354
Total costs and expenses	5,970,420		124,242	90,428	43,684	—	6,228,774
Equity in earnings (losses) from unconsolidated entities	38,181		—	25,481	(394)	—	63,268
Other income, net and other gains, net	6,704		—	307	1,135	—	8,146
Lennar Other gains from technology investments	—		—	—	14,838	—	14,838



Operating earnings (loss)	$	373,028	91,313	17,859	(5,246)	—	476,954
Corporate general and administrative expenses	—		—	—	—	157,638	157,638
Charitable foundation contribution	—		—	—	—	16,863	16,863
Earnings (loss) before income taxes	$	373,028	91,313	17,859	(5,246)	(174,501)	302,453


	First Quarter 2025

(In thousands)	Homebuilding		Financial Services	Multifamily	Lennar Other	Corporate	Total
Revenues:
Sales of homes	$	7,240,546	—	—	—	—	7,240,546
Sales of land	35,326		—	—	—	—	35,326
Other revenues	7,998		277,077	63,196	7,402	—	355,673
Total revenues	7,283,870		277,077	63,196	7,402	—	7,631,545
Costs and expenses:
Costs of homes sold	5,888,144		—	—	—	—	5,888,144
Costs of land sold	36,077		—	—	—	—	36,077
Selling, general and administrative expenses	615,739		—	—	—	—	615,739
Other costs and expenses	—		133,594	73,376	23,564	—	230,534
Total costs and expenses	6,539,960		133,594	73,376	23,564	—	6,770,494
Equity in earnings (losses) from unconsolidated entities	35,004		—	727	(2,497)	—	33,234
Other income (expense), net and other gains (losses), net	30,359		—	9,430	(8,121)	—	31,668
Lennar Other losses from technology investments	—		—	—	(62,503)	—	(62,503)



Operating earnings (loss)	$	809,273	143,483	(23)	(89,283)	—	863,450
Corporate general and administrative expenses	—		—	—	—	147,378	147,378
Charitable foundation contribution	—		—	—	—	17,834	17,834
Earnings (loss) before income taxes	$	809,273	143,483	(23)	(89,283)	(165,212)	698,238


	First Quarter 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	$	1,512,078	1,238,852	18.1	%	110,452	(7,228)	4,869	10,683	(3,821)	114,955
Central	1,345,033		1,152,715	14.3	%	44,113	(2,863)	1,153	59	1,883	44,345
South Central	1,160,180		956,368	17.6	%	96,178	(2,345)	660	(15)	(1,669)	92,809
West	2,251,747		1,967,522	12.6	%	93,055	(3,717)	1,202	912	(2,032)	89,420
Other (2)	3,884		6,157	(58.5)	%	(9,985)	—	2,599	26,542	12,343	31,499
Totals	$	6,272,922	5,321,614	15.2	%	333,813	(16,153)	10,483	38,181	6,704	373,028


	First Quarter
	2026	2025	2026		2025	2026		2025
	Homes		Dollar Value (In thousands)			Average Sales Price


East	4,150	4,384	$	1,583,951	1,696,242	$	382,000	387,000
Central	3,801	3,956	1,345,033		1,530,193	354,000		387,000
South Central	5,039	4,730	1,160,180		1,160,523	230,000		245,000
West	3,868	4,756	2,251,747		2,888,685	582,000		607,000
Other	5	8	3,884		5,886	777,000		736,000
Total	16,863	17,834	$	6,344,795	7,281,529	$	374,000	408,000


Balance Sheets	At
(In thousands)	February 28, 2026		November 30, 2025


Multifamily investments in unconsolidated entities	$	474,767	506,573
Lennar's net investment in Multifamily	746,763		781,902


(Dollars in thousands)	Covenant Level		Level Achieved as of February 28, 2026
Minimum net worth test	$	10,000,000	16,103,853
Maximum leverage ratio	60.0%		13.7%
Liquidity test	1.00		36.00


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



Bank debt without recourse to Lennar	$	1,159,743	152,612	457,462	62,633	487,036	—
Land seller and other debt without recourse to Lennar	45,505		—	—	—	45,505	—
Maximum recourse debt exposure to Lennar	8,232		8,232	—	—	—	—
Debt issuance costs	(14,549)		—	—	—	—	(14,549)
Total	$	1,198,931	160,844	457,462	62,633	532,541	(14,549)


				Years of
February 28, 2026	Controlled Homesites	Owned Homesites	Total Homesites	Supply Owned (1)
East	113,874	1,741	115,615
Central	128,559	2,311	130,870
South Central	148,021	2,198	150,219
West	91,188	3,275	94,463
Other	4,649	1,561	6,210
Total homesites	486,291	11,086	497,377	0.1
% of total homesites	98%	2%


	Nine Months Ending November 30,			Years Ending November 30,														Fair Value at February 28,
(Dollars in millions)	2026			2027		2028		2029		2030		2031		Thereafter		Total		2026
LIABILITIES:
Homebuilding:
Senior Notes and other debts payable:
Fixed rate	$	439.4		1,083.5		113.3		11.5		701.9		11.6		—		2,361.2		2,396.2
Average interest rate	5.1		%	4.8	%	4.4	%	7.5	%	5.2	%	6.6	%	—		5.0	%	—
Variable rate	$	—		—		1,710.0		—		—		—		—		1,710.0		1,710.0
Average interest rate	—			—		4.8	%	—		—		—		—		4.8	%	—
Financial Services:
Notes and other debts payable:
Fixed rate	$	—		—		—		—		—		—		121.4		121.4		121.8
Average interest rate	—			—		—		—		—		—		3.4	%	3.4	%	—
Variable rate	$	1,069.6		—		—		—		—		—		—		1,069.6		1,069.6
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)
December 1 to December 31, 2025	—	$	—	—	$	1,691,075
January 1 to January 31, 2026	91,180	$	115.19	—	$	1,691,075
February 1 to February 28, 2026	2,143,898	$	118.79	2,000,000	$	1,453,989


10.1	* **	2026 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Stuart Miller.
10.2	* **	2026 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Diane Bessette.
10.3	* **	2026 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for Katherine Lee Martin.
10.4	* **	2026 Award Agreement under the Company’s 2016 Incentive Compensation Plan, as amended, for David Collins.
10.5	* **	Form of 2026 Award Agreement under the Company’s 2016 Equity Incentive Plan, as amended and restated, for Stuart Miller, Diane Bessette and Katherine Lee Martin.
10.6	* **	Offer Letter, dated as of July 28, 2025, between Lennar Corporation and Katherine Lee Martin.
10.7	* **	Form of Time-Based Award Agreement under the Company’s 2016 Equity Incentive Plan, as amended and restated.
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 February 28, 2026, filed on April 9, 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:	April 9, 2026	/s/ Diane Bessette
		Diane Bessette
		Vice President and Chief Financial Officer


Date:	April 9, 2026	/s/ David Collins
		David Collins
		Vice President and Controller



ASSOCIATE	ASSOCIATE ID#	TARGET BONUS OPPORTUNITY [1]
Stuart Miller	100003	0.20% of Lennar Corporation Pretax Income [2] after a 7.3% capital charge [3] (Total bonus opportunity not to exceed $7,000,000)


Signature:
Date:
	Stuart Miller Executive Chairman and Chief Executive Officer Lennar Corporation	Teri P. McClure Chair, Compensation Committee Lennar Corporation