Opening its latest reports…Reading every line of the four statements…Putting it into plain words…
LENLennar Corp
The four financial statements
Every company that sells shares in the US files four statements with the SEC. Together they show whether Lennar made money, what it owns and owes, where its cash went, and what changed for its shareholders. Below is every line exactly as Lennar filed it, with what each one means in plain English.
As filed with the SEC on Jan 28, 2026 · the full report · SEC's figures viewer
Income statement · also called the statement of operations, statement of earnings or profit and loss
Did it make money?
Read it from the top down. It starts with everything customers paid (sales), takes away the cost of making what was sold, then the costs of running the company, then interest and tax. What is left at the bottom is profit (net income), the part that belongs to shareholders. It covers a stretch of time: a year, or a quarter.
- People usually check: Are sales growing compared with a year earlier?
- People usually check: How much of each dollar of sales is left at each step (the margins)?
- People usually check: Is profit growing faster or slower than sales?
Point at or tap a bar to see the lines inside it.
Out of every $100 of sales
- costs, and money set aside for bad loans: $92
- income tax: $2
- kept as profit: $6.1
Every line, explained
| Line (tap for what it means) | 12 months to Nov 30, 2025 | 12 months to Nov 30, 2024 | 12 months to Nov 30, 2023 |
|---|---|---|---|
| Revenues | |||
| $34.2B▼ 3.5% | $35.4B | $34.2B | |
| Costs and expenses | |||
| $636.7M▼ 1.9% | $649.0M | $501.3M | |
| $82.6M▲ 3.0% | $80.2M | $73.1M | |
| $31.5B▲ 2.8% | $30.7B | $28.9B | |
| $78.2M▼ 52% | $164.1M | −$144.6M | |
| −$62.4M | $225.9M | $30.5M | |
| $130.2M▲ 417% | $25.2M | −$50.2M | |
| $2.8B▼ 46% | $5.2B | $5.2B | |
| −$705.6M▲ 42% | −$1.2B | −$1.2B | |
| $2.1B▼ 47% | $4.0B | $4.0B | |
| $30.1M▼ 14% | $35.1M | $22.8M | |
| $2.1B▼ 47% | $3.9B | $3.9B | |
| Other comprehensive income (loss), net of tax | |||
| −$1.5M | $2.6M | $2.5M | |
| −$1.5M | $2.6M | $2.5M | |
| $2.1B▼ 47% | $3.9B | $3.9B | |
| $30.1M▼ 14% | $35.1M | $22.8M | |
| $7.98▼ 44% | $14.31 | $13.73 | |
Split by Homebuilding, Financial Services, Multifamily, Lennar Other
| Homebuilding | |||
|---|---|---|---|
| Sales (Total revenues) | $32.3B | $33.9B | $32.7B |
| Cost of making what it sold (Costs and expenses) | $29.3B | $28.8B | $27.2B |
| Total costs (Total costs and expenses) | $29.3B | $28.8B | $27.2B |
| Share of profit from part-owned businesses (Equity in earnings (losses) from unconsolidated entities) | $83.7M | $66.4M | −$3.9M |
| Other income and costs (Other income (expense), net and other gains (losses), net) | −$50.5M | $178.8M | $94.3M |
| Gains or losses (Lennar Other gains (losses) from technology investments) | $0 | $0 | $0 |
| Profit before tax (Earnings before income taxes) | $3.0B | $5.3B | $5.5B |
| Financial Services | |||
| Sales (Total revenues) | $1.2B | $1.1B | $976.9M |
| Cost of making what it sold (Costs and expenses) | $585.7M | $532.1M | $467.4M |
| Total costs (Total costs and expenses) | $585.7M | $532.1M | $467.4M |
| Share of profit from part-owned businesses (Equity in earnings (losses) from unconsolidated entities) | $0 | $0 | $0 |
| Other income and costs (Other income (expense), net and other gains (losses), net) | $0 | $0 | $0 |
| Gains or losses (Lennar Other gains (losses) from technology investments) | $0 | $0 | $0 |
| Profit before tax (Earnings before income taxes) | $612.5M | $577.2M | $509.5M |
| Multifamily | |||
| Sales (Total revenues) | $680.6M | $411.5M | $573.5M |
| Cost of making what it sold (Costs and expenses) | $750.0M | $521.5M | $573.7M |
| Total costs (Total costs and expenses) | $750.0M | $521.5M | $573.7M |
| Share of profit from part-owned businesses (Equity in earnings (losses) from unconsolidated entities) | −$18.8M | $150.8M | −$52.1M |
| Other income and costs (Other income (expense), net and other gains (losses), net) | $12.7M | $1.8M | $1.6M |
| Gains or losses (Lennar Other gains (losses) from technology investments) | $0 | $0 | $0 |
| Profit before tax (Earnings before income taxes) | −$75.5M | $42.6M | −$50.7M |
| Lennar Other | |||
| Sales (Total revenues) | $41.4M | $14.2M | $22.0M |
| Cost of making what it sold (Costs and expenses) | $179.4M | $79.5M | $27.7M |
| Total costs (Total costs and expenses) | $179.4M | $79.5M | $27.7M |
| Share of profit from part-owned businesses (Equity in earnings (losses) from unconsolidated entities) | $13.3M | −$53.1M | −$88.7M |
| Other income and costs (Other income (expense), net and other gains (losses), net) | −$24.6M | $45.2M | −$65.3M |
| Gains or losses (Lennar Other gains (losses) from technology investments) | $130.2M | $25.2M | −$50.2M |
| Profit before tax (Earnings before income taxes) | −$19.1M | −$48.0M | −$209.8M |
Every line as the company filed it (USD ($), $ in Thousands), shown in full dollars. See this statement on SEC.