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Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding South Central, Homebuilding West, Financial Services, Multifamily, and Lennar Other segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land; and development, construction, and management of multifamily rental properties. It also offers residential mortgage financing, title insurance, and closing services for home buyers and others, as well as originating and selling securitization commercial mortgage loans. In addition, the company is involved in fund investment activities. It primarily serves first-time, move-up, active adult, and luxury homebuyers. The company was founded in 1954 and is based in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $34.2B | $2.9B | $2.1B | $28M | 9.5% | -3.5% | -47.2% |
| 2024 | $35.4B | $5.0B | $3.9B | $2.2B | 14.1% | 3.5% | -0.2% |
| 2023 | $34.2B | $5.5B | $3.9B | $5.1B | 14.8% | 1.7% | -14.6% |
| 2022 | $33.7B | $6.9B | $4.6B | $3.2B | 19.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 33,671.01 | 34,233.37 | 35,441.45 | 34,186.93 |
| Operating Revenue | - | 33,671.01 | 34,233.37 | 35,441.45 | 34,186.93 |
| Cost Of Revenue | - | 26,468.87 | 28,292.38 | 29,942.49 | 30,799.81 |
| Gross Profit | - | 7,202.14 | 5,940.98 | 5,498.96 | 3,387.12 |
| Operating Expense | - | 414.50 | 501.34 | 648.99 | 636.72 |
| Selling General And Administration | - | 414.50 | 501.34 | 648.99 | 636.72 |
| Total Expenses | - | 26,883.36 | 28,793.72 | 30,591.48 | 31,436.53 |
| Operating Income | - | 6,787.65 | 5,439.65 | 4,849.97 | 2,750.41 |
| EBITDA | - | 6,874.72 | 5,549.81 | 4,965.50 | 2,884.72 |
| Normalized EBITDA | - | 7,529.82 | 5,599.97 | 4,940.32 | 2,754.55 |
| EBIT | - | 6,787.65 | 5,439.65 | 4,849.97 | 2,750.41 |
| Other Non Operating Income Expenses | - | -81.68 | -42.57 | 145.66 | -144.94 |
| Other Income Expense | - | -773.08 | -237.34 | 334.94 | 63.46 |
| Pretax Income | - | 6,014.57 | 5,202.30 | 5,184.91 | 2,813.86 |
| Tax Provision | - | 1,366.06 | 1,241.01 | 1,217.25 | 705.56 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -149.62 | -12.02 | 5.95 | 33 |
| Net Income Continuous Operations | - | 4,648.50 | 3,961.29 | 3,967.66 | 2,108.30 |
| Net Income From Continuing And Discontinued Operation | - | 4,614.12 | 3,938.51 | 3,932.53 | 2,078.18 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,614.12 | 3,938.51 | 3,932.53 | 2,078.18 |
| Net Income | - | 4,614.12 | 3,938.51 | 3,932.53 | 2,078.18 |
| Net Income Common Stockholders | - | 4,562.15 | 3,889.98 | 3,893.71 | 2,058.08 |
| Net Income Including Noncontrolling Interests | - | 4,648.50 | 3,961.29 | 3,967.66 | 2,108.30 |
| Normalized Income | - | 5,119.60 | 3,976.65 | 3,913.31 | 1,981.01 |
| Diluted NI Availto Com Stockholders | - | 4,557.23 | 3,889.98 | 3,893.71 | 2,058.08 |
| Basic Average Shares | - | 289.82 | 283.32 | 272.02 | 257.75 |
| Diluted Average Shares | - | 289.82 | 283.32 | 272.02 | 257.75 |
| Reconciled Depreciation | - | 87.08 | 110.16 | 115.53 | 134.31 |
| Reconciled Cost Of Revenue | - | 26,468.87 | 28,292.38 | 29,942.49 | 30,799.81 |
| Total Unusual Items | - | -655.09 | -50.16 | 25.18 | 130.17 |
| Total Unusual Items Excluding Goodwill | - | -655.09 | -50.16 | 25.18 | 130.17 |
| Minority Interests | - | -34.38 | -22.78 | -35.12 | -30.12 |
| Special Income Charges | 158.07 | 0 | - | - | - |
| Gain On Sale Of Business | 158.07 | 0 | - | - | - |
| Other Special Charges | 59.82 | 66.40 | - | - | - |
| Gain On Sale Of Security | - | -655.09 | -50.16 | 25.18 | 130.17 |
| General And Administrative Expense | - | 414.50 | 501.34 | 648.99 | 636.72 |
| Other Gand A | - | 414.50 | 501.34 | 648.99 | 636.72 |
| Otherunder Preferred Stock Dividend | - | 51.98 | 48.54 | 38.82 | 20.10 |
| Earnings From Equity Interest | - | -36.30 | -144.61 | 164.10 | 78.22 |
| Average Dilution Earnings | -2.91 | -4.92 | 0 | 0 | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lennar Corporationthis co. | LEN | $22.6B | 10.89↓ discount | 1.03 | 9.5% | 8.58 |
| Williams-Sonoma, Inc. | WSM | $24.5B | 22.51 | 11.77 | 52.3% | 15.14 |
| PulteGroup, Inc. | PHM | $22.5B | 10.15 | 1.73 | 17.1% | 7.55 |
| Rollins, Inc. | ROL | $22.4B | 42.51 | 16.29 | 38.3% | 27.31 |
| Smurfit Westrock Plc | SW | $22.2B | 31.72 |
| - |
| - |
| - |
| - |
| - |
| 1.21 |
| 3.8% |
| 8.06 |
| Darden Restaurants, Inc. | DRI | $22.2B | 21.11 | 9.59 | 45.4% | 14.96 |
| Ralph Lauren Corporation | RL | $21.8B | 23.19 | 7.68 | 33.1% | 15.60 |
| Packaging Corporation of America | PKG | $20.0B | 25.86 | 4.35 | 16.8% | 13.56 |
| Ulta Beauty, Inc. | ULTA | $19.9B | 17.24 | 7.09 | 41.1% | 11.70 |
| Peer Median | - | 22.85 | 7.39 | 35.7% | 14.26 | |