Revenue by quarter
US$ · last 8| Quarter | Revenue | Net income | EPS |
|---|---|---|---|
| Q3 FY2026 | $8.0B | $283.9M | 1.19 |
| Q2 FY2026 | $7.9B | $304.8M | 1.24 |
| Q1 FY2026 | $6.6B | $229.4M | 0.93 |
| Q4 FY2025 | $9.4B | $490.2M | 1.93 |
Newest filings
All 774| Form | Filed | Accepted (ET) | |
|---|---|---|---|
| 8-K | 15 Oct 2026 | 15 Oct, 4:20 PM | |
| 10-Q | 2 Oct 2026 | 2 Oct, 4:32 PM | |
| 8-K | 16 Sep 2026 | ||
| N-PX | 28 Aug 2026 | ||
| 10-Q | 29 Jun 2026 | ||
| 8-K | 12 Jun 2026 | ||
| 8-K | 11 Jun 2026 | ||
| 8-K | 8 Jun 2026 |
Description
- Ticker
- LEN-US
- Exchange
- NYSE
- Index
- S&P 500
- Industry
- General Bldg Contractors - Residential Bldgs
- SIC division
- Construction
- CIK
- 0000920760
- LEI
- 529900G61XVRLX5TJX09
- FIGI
- BBG000BN5HF7
- Share class FIGI
- BBG001S5SRK3
- Fiscal year ends
- Nov
- Filings held
- 774 since 1996
- 8-K events
- 276
- Shares short
- 19.1M, 30 Sep 2026
Financial statements
The income statement, balance sheet and cash flow by year and by quarter, line by line as the company reports them. Each column names the filing it comes from.
| Fiscal period | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Period ending | Nov 2013 | Nov 2014 | Nov 2015 | Nov 2016 | Nov 2017 | Nov 2018 | Nov 2019 | Nov 2020 | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Filed | 22 Jan 2016 | 20 Jan 2017 | 25 Jan 2018 | 28 Jan 2019 | 27 Jan 2020 | 22 Jan 2021 | 28 Jan 2022 | 28 Jan 2022 | 26 Jan 2024 | 23 Jan 2025 | 28 Jan 2026 | 28 Jan 2026 | 28 Jan 2026 |
| +Total revenues | 5,935M | 7,780M | 9,474M | 10,950M | 12,646M | 20,572M | 22,260M | 22,489M | 27,131M | 33,671M | 34,233M | 35,442M | 34,187M |
| Acquisition and integration costs related to CalAtlantic | – | – | – | 0M | 0M | 153M | 0M | 0M | – | – | – | – | – |
| +Corporate general and administrative | 146M | 177M | 216M | 233M | 286M | 344M | 321Mr | 333Mr | 398M | – | 501M | 649M | 637M |
| +Contribution Expense | – | – | – | – | – | – | 20M | 25M | 60M | – | 73M | 80M | 83M |
| −Total costs and expenses | 5,249M | 6,858M | 8,388M | 9,688M | 11,307M | 18,734M | 19,798M | 19,373M | 22,052M | – | 28,867M | 30,672M | 31,519M |
| Equity in earnings from unconsolidated entities | 46M | 73M | 105M | 55M | 50M | -31M | 2.5M | -22M | 49M | -36M | -145M | 164M | 78M |
| +Equity in earnings from unconsolidated entities | – | – | – | – | – | – | – | – | 49M | -36M | -145M | 164M | 78M |
| +Other income, net and other gains, net | – | – | – | – | – | – | – | – | 181M | -15M | 31M | 226M | -62M |
| Financial Services gain on deconsolidation | – | – | – | – | – | 0M | 0M | 61M | – | – | – | – | – |
| Multifamily equity in earnings from unconsolidated entities and other gain | – | – | – | – | – | -15M | 13M | -14M | – | – | – | – | – |
| +Lennar Other gains from technology investments | – | – | – | – | – | – | – | – | – | – | -50M | 25M | 130M |
| Earnings before income taxes | 682M | 970M | 1,210M | 1,331M | 1,190M | 2,263M | 2,434M | 3,124M | 5,819M | 6,015M | 5,202M | 5,185M | 2,814M |
| % of total revenues | 11.5% | 12.5% | 12.8% | 12.2% | 9.4% | 11.0% | 10.9% | 13.9% | 21.4% | 17.9% | 15.2% | 14.6% | 8.2% |
| −Provision for income taxes | 177M | 341M | 390M | 417M | 418M | 545M | 592M | 656M | 1,363M | 1,366M | 1,241M | 1,217M | 706M |
| Net earnings | 505M | 629M | 819M | 913M | 772M | 1,718M | 1,842M | 2,468M | 4,457M | 4,649M | 3,961M | 3,968M | 2,108M |
| % of total revenues | 8.5% | 8.1% | 8.6% | 8.3% | 6.1% | 8.3% | 8.3% | 11.0% | 16.4% | 13.8% | 11.6% | 11.2% | 6.2% |
| −Less: Net earnings attributable to noncontrolling interests | 25M | -10M | 16M | 1.2M | -39M | 22M | -6.9M | 2.5M | 26M | 34M | 23M | 35M | 30M |
| Net earnings attributable to Lennar | 480M | 639M | 803M | 912M | 811M | 1,696M | 1,849M | 2,465M | 4,430M | 4,614M | 3,939M | 3,933M | 2,078M |
| % of total revenues | 8.1% | 8.2% | 8.5% | 8.3% | 6.4% | 8.2% | 8.3% | 11.0% | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% |
| +Net unrealized gains on securities available-for-sale | 0M | 0.1M | -0.1M | -0.3M | 1.3M | -1.6M | 1M | -0.9M | -0.5M | 1.5M | 2.5M | 2.7M | -1.5M |
| Reclassification adjustments for gains included in net earnings | 0M | 0M | 0M | 0.1M | -0M | -0.2M | 0.2M | 0.5M | 0M | -2.3M | 0M | 0M | – |
| Total other comprehensive income, net of tax | – | – | -0.1M | -0.3M | 1.3M | -1.4M | 0.9M | -1.3M | -0.5M | 3.7M | 2.5M | 2.7M | -1.5M |
| Total comprehensive income attributable to Lennar | 480M | 639Mr | 803M | 912M | 812M | 1,694M | 1,850M | 2,464M | 4,430M | 4,618M | 3,941M | 3,935M | 2,077M |
| Total comprehensive income attributable to noncontrolling interests | 25M | -10M | 16M | 1.2M | -39M | 22M | -6.9M | 2.5M | 26M | 34M | 23M | 35M | 30M |
| Basic earnings per share | 2.48 | 3.12 | 3.78 | 4.05 | 3.38 | 5.46 | 5.76 | 7.88 | 14.28 | 15.74 | 13.73 | 14.31 | 7.98 |
| Diluted earnings per share | 2.15 | 2.80 | 3.39 | 3.86 | 3.38 | 5.44 | 5.74 | 7.85 | 14.27 | 15.72 | 13.73 | 14.31 | – |
Hover a figure for its source.r restated in a later filing– not reported in that period
Lines in the order and wording of the 10-K filed 28 Jan 2026. 152 of 152 subtotals add up to the company's own totals, and the balance sheet balances in 14 of 14 periods. Newest filing read: 29 Jun 2026.
Free for personal research, with credit (Data by Shikshan Nivesh) and a link. API access, bulk files and commercial use need a licence: the data licence.
Charts
Any figure or ratio in the record, by year, by quarter or on a trailing twelve months, as a value or as growth, against a peer if you like. Hover for the figures.
Revenue · quarterly · US$
Latest May 2026: $7.94B
Revenue = rev
Method. Each month-end, the trailing-twelve-month diluted EPS known that month (from filings filed by then) at the 10th, 50th and 90th percentile of this stock's own month-end P/E from 2013-03 to 2026-10. Months with the figure at or below zero are left out. A summary of the multiples the stock has traded at, not a value.
Ratios
Every ratio, worked out the same way for every company, by year or on a trailing twelve months. Hover a ratio for its formula.
| Fiscal year ending | Nov 2013 | Nov 2014 | Nov 2015 | Nov 2016 | Nov 2017 | Nov 2018 | Nov 2019 | Nov 2020 | Nov 2021 | Nov 2022 | Nov 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on common equity | – | – | – | – | – | – | – | 14.5% | – | – | – | – | 8.3% |
| Return on assets | – | – | – | – | – | – | – | 8.3% | – | – | – | – | 5.5% |
| Return on capital | – | – | – | – | – | – | – | 10.8% | – | – | – | – | 6.7% |
| Return on invested capital | – | – | – | – | – | – | – | 11.8% | – | – | – | – | 7.8% |
| EBITDA margin | 14.5% | 15.2% | 15.5% | 14.7% | 12.2% | 12.4% | 12.9% | 15.9% | 19.0% | – | 16.0% | 13.8% | 8.2% |
| Operating margin | 14.0% | 14.7% | 15.1% | 14.3% | 11.7% | 12.0% | 12.5% | 15.5% | 18.7% | – | 15.7% | 13.5% | 7.8% |
| Incremental operating margin | – | 17.3% | 16.5% | 9.3% | −5.2% | 12.5% | 18.5% | 308.3% | 34.4% | – | – | −49.4% | 167.5% |
| Pretax margin | 11.5% | 12.5% | 12.8% | 12.2% | 9.4% | 11.0% | 10.9% | 13.9% | 21.4% | 17.9% | 15.2% | 14.6% | 8.2% |
| Profit margin | 8.1% | 8.2% | 8.5% | 8.3% | 6.4% | 8.2% | 8.3% | 11.0% | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% |
| Net income to common margin | 8.1% | 8.2% | 8.5% | 8.3% | 6.4% | 8.2% | 8.3% | 11.0% | 16.3% | 13.7% | 11.5% | 11.1% | 6.1% |
| Effective tax rate | 26.0% | 35.2% | 32.3% | 31.4% | 35.1% | 24.1% | 24.3% | 21.0% | 23.4% | 22.7% | 23.9% | 23.5% | 25.1% |
| Dividend payout ratio | 6.4% | 5.1% | 4.1% | 3.9% | 4.6% | 2.9% | 2.8% | 7.9% | 7.0% | 9.5% | 10.9% | 14.0% | 25.1% |
| Sustainable growth rate | – | – | – | – | – | – | – | 13.4% | – | – | – | – | 6.3% |
What the company said with its results
The key points, guidance and management's own words from each of the last four results releases.
Key points
Diluted EPS down from prior year
Diluted EPS was $1.19 against $2.29 a year earlier. Excluding mark-to-market losses on technology investments and one-time Financial Services items, EPS was $1.23 against $2.00 excluding gains last year.
Deliveries and revenue both declined
Deliveries fell 3% year over year. Revenue from home sales was $7.7 billion, down 6%, with the average sales price down 3%. Total revenues were $8.0 billion.
Effective tax rate rose on spin-off
The effective tax rate was 26.4% against 24.4% a year earlier. Management attributed the increase primarily to the spin-off of Millrose Properties, Inc.
New orders down 9%
New orders were 20,879 homes, 9% below the prior year, at an average price of $359,000.
Backlog lower than prior year
Backlog ended the quarter at 16,857 homes valued at $6.3 billion, against 16,953 homes and $6.6 billion a year earlier.
Sales pace held at 4.1
Starts and sales pace were both 4.1 homes per community per month across 1,713 active communities. Management described this as the even-flow balance that drives efficiency.
Gross margin fell year over year
Gross margin on home sales was 15.8% against 17.5% a year earlier, and up sequentially from 15.6% in the second quarter.
Lower revenue per foot and higher land costs
Management attributed the year-over-year margin decline to lower revenue per square foot and higher land costs, partly offset by lower construction costs.
SG&A rose to 9.2% of sales
SG&A was $714 million against $676 million, and rose to 9.2% of home-sales revenue from 8.2% on less leverage and higher marketing and selling spend.
Net margin of 6.6%
Net margin on home sales was 6.6%, reflecting the 15.8% gross margin and 9.2% SG&A ratio.
Construction cost per foot down 14% since 2023
Construction cost per square foot fell 1% sequentially and 6% year over year, and is down 14% from the fourth quarter 2023 baseline.
Cycle time reached new record low
Cycle time was 116 days, a record low, down from 121 days last quarter and 126 days a year earlier.
Completed unsold inventory reduced
Completed, unsold inventory fell to 1.8 homes per community from 2.1 last quarter, and the inventory turn was 2.4 times.
Financial Services earnings include one-time items
Financial Services operating earnings were $129 million, including $39 million of net one-time items from a litigation accrual reversal, against $177 million a year earlier.
Guidance
- New orders19,500 to 20,500 homesFourth quarter of 2026 · new
- Average sales price$370,000 to $380,000Fourth quarter of 2026 · new
- SG&A as a percentage of home sales8.7% to 9.0%Fourth quarter of 2026 · new
- Financial Services operating earnings$90 million - $95 millionFourth quarter of 2026 · new
- Deliveriesapproximately 80,000 to 81,000 homesFull-year 2026 · lowered from 82,000 to 83,000 homes
- Deliveries22,000 to 23,000 homesFourth quarter of 2026 · new
- Gross margin on home sales15.5% to 16.0%Fourth quarter of 2026 · new
In their words
“While our earnings of $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating, which has deteriorated since our last earnings call.” Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar
“Mortgage rates increased through the quarter, with the 30-year rate at approximately 6.8% at quarter end and even higher since.” Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar
“Our consistent strategy has been to meet demand at affordability and build supply rather than wait the market out.” Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar
Coming up
Earnings call on September 17. Management will discuss third quarter results on a conference call at 11:00 a.m. Eastern Time on Thursday, September 17, 2026.
Fourth-quarter guidance ranges set. Management expects fourth-quarter new orders, deliveries, average sales price, gross margin and SG&A within the ranges given for the quarter.
Full-year delivery target reset. Full-year 2026 deliveries are now targeted at about 80,000 to 81,000 homes, a moderated target from the prior range.
Revenue by segment
As the company reports it in the segment note of each annual report: by business, by product and by region, latest year.
- Home$32.1B 93.9%
- Other revenues$2.0B 5.7%
- Land sales revenues$130.2M 0.4%
Company events
Every 8-K, sorted by the event it reports, with the moment the SEC accepted it in New York time.
| 15 Oct 2026 | 15 Oct, 4:20 PM ET | 8-K | Other events | 8.01, 9.01 | |
| 16 Sep 2026 | 8-K | Results | 2.02, 9.01 | ||
| 12 Jun 2026 | 8-K | Investor update | 7.01, 9.01 | ||
| 11 Jun 2026 | 8-K | Results | 2.02, 9.01 | ||
| 8 Jun 2026 | 8-K | Leadership changeInvestor update | 5.02, 7.01, 9.01 | ||
| 13 Apr 2026 | 8-K | Shareholder vote | 5.07, 9.01 | ||
| 12 Mar 2026 | 8-K | Results | 2.02, 9.01 | ||
| 16 Dec 2025 | 8-K | Results | 2.02, 9.01 | ||
| 14 Nov 2025 | 8-K | Leadership changeInvestor update | 5.02, 7.01, 9.01 | ||
| 19 Sep 2025 | 8-K | Results | 2.02, 9.01 | ||
| 4 Aug 2025 | 8-K | Leadership changeInvestor updateOther events | 5.02, 7.01, 8.01, 9.01 | ||
| 17 Jun 2025 | 8-K | Results | 2.02, 9.01 | ||
| 19 May 2025 | 8-K | Material agreementNew debtOther events | 1.01, 2.03, 8.01 | ||
| 11 Apr 2025 | 8-K | Shareholder vote | 5.07, 9.01 | ||
| 20 Mar 2025 | 8-K | Results | 2.02, 9.01 | ||
| 7 Feb 2025 | 8-K | Investor updateOther events | 7.01, 8.01, 9.01 | ||
| 21 Jan 2025 | 8-K | Other events | 8.01, 9.01 | ||
| 15 Jan 2025 | 8-K | Leadership change | 5.02, 9.01 | ||
| 13 Jan 2025 | 8-K | Other events | 8.01, 9.01 | ||
| 18 Dec 2024 | 8-K | Results | 2.02, 9.01 | ||
| 2 Dec 2024 | 8-K | Material agreementNew debt | 1.01, 2.03, 9.01 | ||
| 19 Sep 2024 | 8-K | Results | 2.02, 9.01 | ||
| 24 Jun 2024 | 8-K | Leadership change | 5.02, 9.01 | ||
| 17 Jun 2024 | 8-K | Results | 2.02, 9.01 | ||
| 11 Apr 2024 | 8-K | Shareholder vote | 5.07, 9.01 | ||
| 13 Mar 2024 | 8-K | Results | 2.02, 9.01 | ||
| 14 Dec 2023 | 8-K | Results | 2.02, 9.01 | ||
| 5 Dec 2023 | 8-K | Material agreement | 1.01, 9.01 | ||
| 26 Oct 2023 | 8-K | Other events | 8.01, 9.01 | ||
| 20 Sep 2023 | 8-K | Leadership change | 5.02, 9.01 | ||
| 14 Sep 2023 | 8-K | Results | 2.02, 9.01 | ||
| 3 Aug 2023 | 8-K | Leadership change | 5.02, 9.01 | ||
| 28 Jul 2023 | 8-K | Other events | 8.01, 9.01 | ||
| 14 Jul 2023 | 8-K | Leadership change | 5.02, 9.01 | ||
| 14 Jun 2023 | 8-K | Results | 2.02, 9.01 | ||
| 14 Apr 2023 | 8-K | Shareholder vote | 5.07, 9.01 | ||
| 14 Mar 2023 | 8-K | Results | 2.02, 9.01 | ||
| 6 Mar 2023 | 8-K | Leadership change | 5.02, 9.01 | ||
| 14 Dec 2022 | 8-K | Results | 2.02, 9.01 | ||
| 21 Nov 2022 | 8-K | Leadership change | 5.02, 9.01 | ||
| 30 Sep 2022 | 8-K | Bylaws or fiscal year change | 5.03, 9.01 | ||
| 21 Sep 2022 | 8-K | Results | 2.02, 9.01 | ||
| 21 Jun 2022 | 8-K | Results | 2.02, 9.01 | ||
| 26 May 2022 | 8-K | Material agreementNew debt | 1.01, 2.03, 9.01 | ||
| 14 Apr 2022 | 8-K | Leadership changeShareholder vote | 5.02, 5.07, 9.01 | ||
| 12 Apr 2022 | 8-K | Other events | 8.01, 9.01 | ||
| 6 Apr 2022 | 8-K | Leadership change | 5.02, 9.01 | ||
| 16 Mar 2022 | 8-K | Results | 2.02, 9.01 | ||
| 4 Mar 2022 | 8-K | Leadership change | 5.02, 9.01 | ||
| 15 Dec 2021 | 8-K | Results | 2.02, 9.01 |
Every filing
The company's filings with the SEC, newest first: 774 held. Insider, fund and large-holder filings have their own tables below.
| 15 Oct 2026 | 8-K | 15 Oct 2026 | 15 Oct, 4:20 PM ET | |
| 2 Oct 2026 | 10-Q | 31 Aug 2026 | 2 Oct, 4:32 PM ET | |
| 16 Sep 2026 | 8-K | 16 Sep 2026 | ||
| 28 Aug 2026 | N-PX | 30 Jun 2026 | ||
| 29 Jun 2026 | 10-Q | 31 May 2026 | ||
| 12 Jun 2026 | 8-K | 12 Jun 2026 | ||
| 11 Jun 2026 | 8-K | 11 Jun 2026 | ||
| 8 Jun 2026 | 8-K | 5 Jun 2026 | ||
| 13 Apr 2026 | 8-K | 8 Apr 2026 | ||
| 10 Apr 2026 | S-3ASR | – | ||
| 9 Apr 2026 | 10-Q | 28 Feb 2026 | ||
| 12 Mar 2026 | 8-K | 12 Mar 2026 | ||
| 26 Feb 2026 | ARS | 30 Nov 2025 | ||
| 26 Feb 2026 | DEFA14A | – | ||
| 26 Feb 2026 | DEF 14A | 8 Apr 2026 | ||
| 28 Jan 2026 | 10-K | 30 Nov 2025 | ||
| 16 Dec 2025 | 8-K | 16 Dec 2025 | ||
| 26 Nov 2025 | SC TO-I/A | – | ||
| 26 Nov 2025 | 425 | – | ||
| 24 Nov 2025 | SC TO-I/A | – | ||
| 24 Nov 2025 | 425 | – | ||
| 21 Nov 2025 | 425 | – | ||
| 21 Nov 2025 | 425 | – | ||
| 20 Nov 2025 | SC TO-I/A | – | ||
| 20 Nov 2025 | 425 | – | ||
| 19 Nov 2025 | 425 | – | ||
| 18 Nov 2025 | 425 | – | ||
| 18 Nov 2025 | 425 | – | ||
| 17 Nov 2025 | 425 | – | ||
| 17 Nov 2025 | SC TO-I/A | – | ||
| 14 Nov 2025 | 8-K | 12 Nov 2025 | ||
| 14 Nov 2025 | 425 | – | ||
| 13 Nov 2025 | 425 | – | ||
| 12 Nov 2025 | 425 | – | ||
| 12 Nov 2025 | 425 | – | ||
| 10 Nov 2025 | 425 | – | ||
| 10 Nov 2025 | SC TO-I/A | – | ||
| 10 Nov 2025 | 425 | – | ||
| 7 Nov 2025 | 425 | – | ||
| 6 Nov 2025 | 425 | – | ||
| 5 Nov 2025 | 425 | – | ||
| 5 Nov 2025 | SC TO-I/A | – | ||
| 4 Nov 2025 | 425 | – | ||
| 3 Nov 2025 | 425 | – | ||
| 3 Nov 2025 | SC TO-I/A | – | ||
| 31 Oct 2025 | 425 | – | ||
| 31 Oct 2025 | 425 | – | ||
| 30 Oct 2025 | 425 | – | ||
| 29 Oct 2025 | 425 | – | ||
| 28 Oct 2025 | 425 | – |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months, with the shares they held after.
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 448,113 | $78.37 | $35.1M | 27,188,239 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 342,553 | $79.03 | $27.1M | 27,530,792 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 842,753 | $80.04 | $67.5M | 28,373,545 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 44,300 | $81.14 | $3.6M | 28,417,845 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 20,200 | $81.90 | $1.7M | 28,438,045 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 2,290 | $77.12 | $176.6K | 560,142 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 2,452 | $77.93 | $191.1K | 562,594 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 5,135 | $78.77 | $404.5K | 567,729 | 5 Oct 2026 |
| 2 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 299 | $79.74 | $23.8K | 568,028 | 5 Oct 2026 |
| 1 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 425,869 | $79.49 | $33.9M | 26,460,305 | 5 Oct 2026 |
| 1 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 92,830 | $80.57 | $7.5M | 26,553,135 | 5 Oct 2026 |
| 1 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 186,991 | $81.46 | $15.2M | 26,740,126 | 5 Oct 2026 |
| 1 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 3,802 | $78.26 | $297.5K | 556,802 | 5 Oct 2026 |
| 1 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 950 | $79.51 | $75.5K | 557,752 | 5 Oct 2026 |
| 1 Oct 2026 | Berkshire Hathaway Inc10% owner | Purchase | 100 | $80.00 | $8.0K | 557,852 | 5 Oct 2026 |
| 30 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 638,813 | $81.59 | $52.1M | 26,034,436 | 30 Sep 2026 |
| 30 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 4,008 | $79.98 | $320.6K | 553,000 | 30 Sep 2026 |
| 29 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 12,289 | $81.95 | $1.0M | 25,395,623 | 30 Sep 2026 |
| 29 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 100 | $80.00 | $8.0K | 548,992 | 30 Sep 2026 |
| 28 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 5,200 | $81.96 | $426.2K | 25,383,334 | 30 Sep 2026 |
| 25 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 313,379 | $80.90 | $25.4M | 25,206,411 | 25 Sep 2026 |
| 25 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 171,723 | $81.60 | $14.0M | 25,378,134 | 25 Sep 2026 |
| 25 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 7,022 | $79.53 | $558.5K | 548,892 | 25 Sep 2026 |
| 24 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 399,238 | $80.58 | $32.2M | 24,651,340 | 25 Sep 2026 |
| 24 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 241,692 | $81.44 | $19.7M | 24,893,032 | 25 Sep 2026 |
| 24 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 9,415 | $79.42 | $747.7K | 538,895 | 25 Sep 2026 |
| 24 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 2,975 | $79.91 | $237.7K | 541,870 | 25 Sep 2026 |
| 23 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 532,993 | $81.65 | $43.5M | 24,252,102 | 25 Sep 2026 |
| 23 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 1,263 | $79.99 | $101.0K | 529,480 | 25 Sep 2026 |
| 21 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 160,275 | $77.23 | $12.4M | 23,235,300 | 21 Sep 2026 |
| 21 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 483,809 | $77.97 | $37.7M | 23,719,109 | 21 Sep 2026 |
| 21 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 4,888 | $75.76 | $370.3K | 510,071 | 21 Sep 2026 |
| 21 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 18,146 | $76.62 | $1.4M | 528,217 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 1,218,429 | $76.39 | $93.1M | 22,946,779 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 51,586 | $77.06 | $4.0M | 22,998,365 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 68,760 | $78.09 | $5.4M | 23,067,125 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 7,900 | $78.88 | $623.2K | 23,075,025 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 33,122 | $74.80 | $2.5M | 503,583 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 390 | $75.76 | $29.5K | 503,973 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 710 | $76.98 | $54.7K | 504,683 | 21 Sep 2026 |
| 18 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 500 | $78.38 | $39.2K | 505,183 | 21 Sep 2026 |
| 17 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 267,585 | $78.41 | $21.0M | 21,318,186 | 21 Sep 2026 |
| 17 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 410,164 | $79.41 | $32.6M | 21,728,350 | 21 Sep 2026 |
| 17 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 8,959 | $76.96 | $689.5K | 462,155 | 21 Sep 2026 |
| 17 Sep 2026 | Berkshire Hathaway Inc10% owner | Purchase | 8,306 | $77.94 | $647.4K | 470,461 | 21 Sep 2026 |
| 31 Aug 2026 | Sonnenfeld JeffreyDirector | Took pay in stock | 341 | $84.11 | $28.7K | – | 2 Sep 2026 |
| 31 Aug 2026 | Olivera Armando JDirector | Took pay in stock | 535 | $84.11 | $45.0K | – | 2 Sep 2026 |
| 29 May 2026 | Sonnenfeld JeffreyDirector | Took pay in stock | 320 | $89.78 | $28.7K | – | 2 Jun 2026 |
| 29 May 2026 | Olivera Armando JDirector | Took pay in stock | 501 | $89.78 | $45.0K | – | 2 Jun 2026 |
| 27 Feb 2026 | Sonnenfeld JeffreyDirector | Took pay in stock | 251 | $114.36 | $28.7K | – | 3 Mar 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| 19 Feb 2026 | JAFFE JONATHAN MFormer Affiliate | 58,000 | $6.8M | 19 Feb 2026 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| 7 Oct 2026 | Warren E. Buffett | 13G amended | 12.5% | 26.0M |
| 14 Aug 2026 | Warren E. Buffett | 13G | 6.2% | 13.1M |
| 15 May 2026 | Eagle Capital Management, LLC | 13G | 5.03% | 10.9M |
| 4 May 2026 | Greenhaven Associates, Inc. | 13G | 5.08% | 10.9M |
| 30 Apr 2026 | Vanguard Capital Management | 13G | 6.94% | 15.0M |
| 27 Mar 2026 | The Vanguard Group | 13G amended | 0% | 0 |
| 21 Jan 2026 | BlackRock, Inc. | 13G amended | 7.6% | 16.9M |
| 13 Jan 2026 | GAMCO INVESTORS, INC. ET AL | 13D amended | 3.6% | 1.1M |
Trades by members of the House
From each member's periodic transaction report: the amount is the band the report gives.
| 9 Jan 2026 | Gilbert CisnerosCA31 | Sale | $1,001 - $15,000 | Self | 13 Feb 2026 |
| 19 Dec 2025 | Gilbert CisnerosCA31 | Sale (partial) | $1,001 - $15,000 | Self | 12 Jan 2026 |
| 18 Nov 2025 | Gilbert CisnerosCA31 | Purchase | $1,001 - $15,000 | Self | 15 Dec 2025 |
| 23 Sep 2025 | Valerie HoyleOR04 | Sale | $1,001 - $15,000 | SP | 10 Oct 2025 |
| 26 Jun 2025 | Valerie HoyleOR04 | Purchase | $1,001 - $15,000 | SP | 12 Sep 2025 |
| 26 Sep 2024 | Ritchie John TorresNY15 | Sale | $1,001 - $15,000 | Self | 20 Aug 2025 |
| 26 Sep 2024 | Ritchie John TorresNY15 | Purchase | $1,001 - $15,000 | Self | 20 Aug 2025 |
| 8 May 2025 | Jefferson ShreveIN06 | Purchase | $15,001 - $50,000 | Self | 22 Jun 2025 |
| 12 May 2025 | Jefferson ShreveIN06 | Sale | $15,001 - $50,000 | Self | 22 Jun 2025 |
| 30 May 2025 | Gilbert CisnerosCA31 | Purchase | $1,001 - $15,000 | Self | 6 Jun 2025 |
| 8 Apr 2025 | Rob BresnahanPA08 | Sale | $1,001 - $15,000 | Self | 28 Apr 2025 |
| 31 Mar 2025 | Jefferson ShreveIN06 | Sale | $15,001 - $50,000 | Self | 11 Apr 2025 |
| 24 Feb 2025 | Jefferson ShreveIN06 | Sale (partial) | $15,001 - $50,000 | Self | 9 Mar 2025 |
| 19 Jun 2020 | Donna ShalalaFL27 | Sale (partial) | $100,001 - $250,000 | Self | 23 Jun 2020 |
| 7 May 2020 | Donna ShalalaFL27 | Sale (partial) | $250,001 - $500,000 | Self | 15 May 2020 |
| 13 May 2020 | Donna ShalalaFL27 | Sale (partial) | $100,001 - $250,000 | Self | 15 May 2020 |
| 18 Mar 2020 | Gilbert CisnerosCA39 | Sale | $1,001 - $15,000 | Self | 16 Apr 2020 |
Short interest
Shares sold short and not yet bought back, on every FINRA settlement date.
| 30 Sep 2026 | 19.1M | +5.34% | 3.03 |
| 15 Sep 2026 | 18.2M | -0.36% | 5.15 |
| 31 Aug 2026 | 18.2M | +5.68% | 7.4 |
| 14 Aug 2026 | 17.3M | +2.96% | 9.01 |
| 31 Jul 2026 | 16.8M | -1.26% | 6.45 |
| 15 Jul 2026 | 17.0M | -3.72% | 7.28 |
| 30 Jun 2026 | 17.6M | -2.66% | 5.71 |
| 15 Jun 2026 | 18.1M | +7.87% | 5.92 |
| 29 May 2026 | 16.8M | +6.97% | 6.49 |
| 15 May 2026 | 15.7M | +7.95% | 6.16 |
Funds that hold it
Every fund's holding from its latest Form 13F, largest first, with what it added or trimmed in the quarter.
Funds holding
1,049
quarter to 30 Jun 2026
Added or new
482
since 31 Mar 2026
Trimmed
301
in the quarter
Largest holder
BlackRock, Inc.
$1.7B
| BlackRock, Inc. | $1.7B | 18.3M | +89.5K | Added | 0.03% | Filing ↗ |
| Berkshire Hathaway Inc | $1.2B | 13.1M | +3.0M | Added | 0.40% | Filing ↗ |
| Vanguard Capital Management LLC | $1.2B | 13.0M | +74.2K | Added | 0.03% | Filing ↗ |
| Greenhaven Associates Inc. | $1.0B | 11.3M | +684.1K | Added | 11.82% | Filing ↗ |
| Eagle Capital Management LLC | $967.1M | 10.7M | -193.5K | Trimmed | 2.95% | Filing ↗ |
| State Street Corp. | $943.6M | 10.4M | +389.7K | Added | 0.03% | Filing ↗ |
| Vanguard Portfolio Management LLC | $863.9M | 9.5M | +20.7K | Added | 0.04% | Filing ↗ |
| Aristotle Capital Management, LLC | $709.1M | 7.8M | -509.8K | Trimmed | 1.49% | Filing ↗ |
| Manufacturers Life Insurance Company, the | $604.8M | 6.7M | +706.5K | Added | 0.47% | Filing ↗ |
| Geode Capital Management, LLC | $525.8M | 5.8M | +80.2K | Added | 0.03% | Filing ↗ |
| ACR Alpine Capital Research, LLC | $429.2M | 4.7M | +531.1K | Added | 6.09% | Filing ↗ |
| Goldman Sachs Group Inc. | $324.5M | 3.6M | +1.1M | Added | 0.03% | Filing ↗ |
| Morgan Stanley | $320.5M | 3.5M | +336.8K | Added | 0.02% | Filing ↗ |
| Invesco Ltd. | $316.2M | 3.5M | +744.7K | Added | 0.03% | Filing ↗ |
| Principal Financial Group Inc. | $309.5M | 3.4M | -72.1K | Trimmed | 0.15% | Filing ↗ |
| Capital World Investors | $299.0M | 3.3M | +33.7K | Added | 0.04% | Filing ↗ |
| AQR Capital Management LLC | $252.9M | 2.8M | +673.3K | Added | 0.09% | Filing ↗ |
| Van Lanschot Kempen Investment Management N.V. | $243.6M | 2.7M | +30.1K | Added | 1.86% | Filing ↗ |
| Bank of America Corp. | $240.4M | 2.7M | -149.9K | Trimmed | 0.01% | Filing ↗ |
| Two Sigma Investments, LP | $232.7M | 2.6M | -32.9K | Trimmed | 0.18% | Filing ↗ |
| Norges Bank | $222.6M | 2.5M | – | Held | 0.02% | Filing ↗ |
| Dimensional Fund Advisors LP | $219.2M | 2.4M | +120.9K | Added | 0.04% | Filing ↗ |
| Brave Warrior Advisors, LLC | $214.7M | 2.4M | -36.9K | Trimmed | 4.68% | Filing ↗ |
| Northern Trust Corp. | $187.0M | 2.1M | -42.3K | Trimmed | 0.02% | Filing ↗ |
| Smead Capital Management, Inc. | $182.8M | 2.0M | +434.2K | Added | 3.92% | Filing ↗ |
| Charles Schwab Investment Management Inc. | $170.3M | 1.9M | +99.0K | Added | 0.02% | Filing ↗ |
| JPMorgan Chase & Co. | $164.6M | 1.8M | -1.3K | Held | 0.01% | Filing ↗ |
| FMR LLC | $138.1M | 1.5M | +106.5K | Added | 0.01% | Filing ↗ |
| Envestnet Asset Management Inc. | $123.0M | 1.4M | +63.1K | Added | 0.03% | Filing ↗ |
| Wells Fargo & Company | $119.8M | 1.3M | -238.3K | Trimmed | 0.02% | Filing ↗ |
| Tidal Investments LLC | $118.5M | 1.3M | +74.6K | Added | 0.29% | Filing ↗ |
| Jupiter Topco LLC | $117.3M | 1.3M | – | first | 0.05% | Filing ↗ |
| Legal & General Group Plc | $110.5M | 1.2M | -80.7K | Trimmed | 0.02% | Filing ↗ |
| Vanguard Fiduciary Trust Co. | $107.8M | 1.2M | -1.7K | Trimmed | 0.02% | Filing ↗ |
| UBS AM, a distinct business unit of UBS Asset Management Americas LLC | $100.7M | 1.1M | -210.1K | Trimmed | 0.02% | Filing ↗ |
| Neuberger Berman Group LLC | $94.8M | 1.0M | -83.6K | Trimmed | 0.06% | Filing ↗ |
| UBS Group AG | $94.0M | 1.0M | -539.7K | Trimmed | 0.01% | Filing ↗ |
| Bank of New York Mellon Corp | $91.1M | 1.0M | -35.9K | Trimmed | 0.01% | Filing ↗ |
| Prana Capital Management, LP | $86.4M | 955.3K | +106.8K | Added | 2.64% | Filing ↗ |
| Royal Bank of Canada | $86.3M | 954.3K | +150.2K | Added | 0.01% | Filing ↗ |
| AE Wealth Management LLC | $77.9M | 860.8K | +179.6K | Added | 0.36% | Filing ↗ |
| Barrow Hanley Mewhinney & Strauss LLC | $77.4M | 855.0K | -97.2K | Trimmed | 0.23% | Filing ↗ |
| Barclays PLC | $68.2M | 754.1K | +29.1K | Added | 0.02% | Filing ↗ |
| Oppenheimer Asset Management Inc. | $67.5M | 746.1K | +115.4K | Added | 0.70% | Filing ↗ |
| Citigroup Inc. | $65.7M | 726.2K | +93.7K | Added | 0.03% | Filing ↗ |
| State of Wisconsin Investment Board | $64.8M | 716.0K | +557.6K | Added | 0.13% | Filing ↗ |
| Jane Street Group, LLC | $64.7M | 714.8K | +688.1K | Added | 0.04% | Filing ↗ |
| HighTower Advisors, LLC | $64.2M | 709.4K | +681.7K | Added | 0.06% | Filing ↗ |
| Deutsche Bank AG | $60.0M | 662.8K | +13.2K | Added | 0.02% | Filing ↗ |
| Quantinno Capital Management LP | $58.9M | 651.3K | +505.1K | Added | 0.07% | Filing ↗ |
Executive pay and performance
What the chief executive and the other named officers were paid, as reported and as actually paid, next to the shareholder return and net income, from each proxy's pay-versus-performance table.
| Fiscal year | CEO pay, as reported | CEO pay, actually paid | Other officers, as reported (average) | Other officers, actually paid (average) | Shareholder return, $100 | Peer return, $100 | Net income | Pretax Income | Proxy |
|---|---|---|---|---|---|---|---|---|---|
| FY ending 30 Nov 2025 | $23.4MJonathan M. Jaffe$29.5MStuart Miller | $-12.8M$-11.8M | $5.2M | $3.8M | $201 | $232 | $2.11Bn | $2.78B | DEF 14A 26 Feb 2026 |
| FY ending 30 Nov 2024 | $25.1MJonathan M. Jaffe$29.5MStuart Miller | $24.7M$29.2M | $3.8M | $4.7M | $243 | $255 | $3.97Bn | $5.15B | DEF 14A 26 Feb 2026 |
| FY ending 30 Nov 2023 | $29.1MJonathan M. Jaffe$43.8MRick Beckwitt$34.3MStuart Miller | $62.1M$-0.7M$72.5M | $4.5M | $6.7M | $176 | $177 | $3.96Bn | $5.18B | DEF 14A 26 Feb 2026 |
| FY ending 30 Nov 2022 | $30.0MJonathan M. Jaffe$30.4MRick Beckwitt | $34.6M$34.0M | $12.3M | $12.9M | $119 | $113 | $4.65Bn | $5.98B | DEF 14A 26 Feb 2026 |
| FY ending 30 Nov 2021 | $34.0MJonathan M. Jaffe$34.0MRick Beckwitt | $53.5M$57.3M | $13.0M | $21.3M | $140 | $133 | $4.46Bn | $5.79B | DEF 14A 26 Feb 2026 |
Each year from the newest proxy that reports it. Pay actually paid follows the SEC's definition and can be below zero when share awards fall in value. n the proxy's net income differs from the 10-K or was tagged without its scale: hover for which.
Shareholder votes
The vote count on every proposal at each meeting, from the company's 8-K.
| Proposal | For | Against or withheld | Abstain | Broker non-votes | For, % of for and against | Result |
|---|---|---|---|---|---|---|
| 1. The following individuals were elected as directors to serve until the 2027 Annual Meeting of Stockholders: | ||||||
| Amy Banse | 440,721,103 | 15,338,645 | 17,026,135 | 20,349,156 | 96.6% | – |
| Theron I. ("Tig") Gilliam | 441,801,335 | 14,265,188 | 17,019,360 | 20,349,156 | 96.9% | – |
| Sherrill W. Hudson | 430,010,581 | 26,068,220 | 17,007,082 | 20,349,156 | 94.3% | – |
| Teri P. McClure | 435,853,920 | 20,214,624 | 17,017,339 | 20,349,156 | 95.6% | – |
| Stuart Miller | 407,971,669 | 48,110,316 | 17,003,898 | 20,349,156 | 89.5% | – |
| Armando Olivera | 444,703,858 | 11,372,252 | 17,009,773 | 20,349,156 | 97.5% | – |
| Dacona Smith | 447,811,835 | 8,247,991 | 17,026,057 | 20,349,156 | 98.2% | – |
| Jeffrey Sonnenfeld | 383,992,151 | 72,088,684 | 17,005,048 | 20,349,156 | 84.2% | – |
| Serena Wolfe | 452,976,642 | 3,103,260 | 17,005,981 | 20,349,156 | 99.3% | – |
| 2. Stockholders approved, on an advisory basis, the compensation of the Company's named executive officers described in the 2026 Proxy Statement. | ||||||
| All shares voting | 426,605,552 | 46,160,769 | 319,562 | 20,349,156 | 90.2% | – |
| 4. Stockholders did not approve a stockholder proposal on an Equal Voting Rights for Each Share. | ||||||
| All shares voting | 173,722,020 | 298,980,467 | 383,396 | 20,349,156 | 36.8% | – |
| 5. Stockholders did not approve a stockholder proposal on Disclosure of Voting Results by Share Class. | ||||||
| All shares voting | 119,820,521 | 335,906,299 | 17,359,063 | 20,349,156 | 26.3% | – |
Counts as the company reports them in its 8-K. A result shows when the filing states one. Meetings since 2023.
Dividends and buybacks
Dividend per share, the cash paid and the shares bought back, each fiscal year.
| FY2025 | – | $521.0M | $1.8B |
| FY2024 | – | $548.8M | $2.3B |
| FY2023 | – | $430.6M | $1.2B |
| FY2022 | – | $438.0M | $1.0B |
| FY2021 | $0.25 | $309.8M | $1.4B |
| FY2020 | – | $195.0M | $321.5M |
| FY2019 | – | $51.5M | $523.1M |
| FY2018 | – | $49.2M | $299.8M |
| FY2017 | – | $37.6M | $27.1M |
| FY2016 | – | $35.3M | $19.9M |
Peers
Companies in the same industry, largest first, on the same measures.
| Company | Market value | Revenue, 12 months | Revenue growth | Operating margin | Net margin | ROE | P/E | EV/EBITDA |
|---|---|---|---|---|---|---|---|---|
| Lennar Corp.this company | $20.2B | $32.0B | -8.0% | 5.4% | 4.1% | 6.1% | 16.1× | 10.1× |
| Installed Building Products, Inc. | $5.3B | $3.0B | 0.3% | 12.4% | 8.5% | 39.2% | 21.5× | 13.8× |
| GEO Group Inc. | $3.6B | $2.8B | 15.4% | 11.2% | 10.3% | 19.2% | 12.9× | 11.3× |
What the company does
Lennar is one of the largest homebuilders in the United States by deliveries, and also originates residential and commercial mortgage loans, provides title insurance and closing services and develops multifamily rental property. It sponsors and manages funds and joint ventures that build and own multifamily rentals and a fund that owns single-family rentals, and holds investments in companies applying technology to homebuilding and to real estate financial services. Homebuilding is the most substantial part of the business, at approximately 94% of consolidated revenues in fiscal 2025. It was founded as a local Miami homebuilder in 1954, floated in 1971 and listed on the New York Stock Exchange in 1972. Its homebuilding segments cover East, Central, South Central and West, with an Other grouping of urban divisions and related investments mainly in California, and its remaining segments are Financial Services, Multifamily and Lennar Other.
Building and selling homes
The homebuilding business builds and sells single-family attached and detached homes and buys, develops and sells residential land through entities it invests in, selling mostly into communities aimed at first-time, move-up, active adult and luxury buyers. New home deliveries, including those from unconsolidated entities, were 82,583 in fiscal 2025 against 80,210 in 2024. At 30 November 2025 it was actively building and marketing homes in 1,708 communities, up from 1,447 a year earlier, and held about 5,000 completed unsold homes, or 2.9 per community, against about 2,900, or 2.0 per community, in 2024. It is involved in every phase, from land acquisition and site planning to design, construction and marketing, but supervises with a relatively small labour force and hires subcontractors for site improvements and virtually all construction work, under arrangements setting price and time schedules and requiring compliance with building codes.
Free for your personal research, with credit and a link. For API access, bulk files or commercial use, tell us what you need. The data licence