$83.27−0.69 (−0.82%)
At close: Oct 26, 2026, 4:00 PM ET· NYSE · USD
Lennar (LEN-B) Income Statement
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Sources Company filings FilingsHow we compute thisNot investment advice
Business engineChoppy: revenue fell 3.5% in FY25, net margin 6.2%; free cash flow runs at 1% of net income. Check the accrual gap. Worth your attention in FY25: Returns vs FCF (8336%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▼3.5%
34,186.9
FY21→FY25CAGR +5.9%/yr
Net income ($M)▼46.9%
2,108.3
FY21→FY25CAGR −17.1%/yr
Free cash flow ($M)▼98.7%
28.2
FY21→FY25CAGR −67.3%/yr
Diluted EPS▼43.2%
8.41
buyback-liftedCAGR −12.4%/yr
What the receipts whisper · what a headline number hides
Share count
−17.4%
298.9mn → 247.0mn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$188.6M
steady at 0.6% of revenue (+10.0% YoY).
Returns vs FCF
8336%
$2.3B returned vs $0.0B of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
6¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 20.4% → 9.9%. Net margin 6.2% is below the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
USD millions except per-share & ratios
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 31,973.1 | 34,186.9 | 35,441.5 | 34,233.4 | 33,671.0 | 27,130.7 | ▼3.5% | +5.9% |
Cost of revenue | 29,579.8 | 30,799.8 | 29,942.5 | 28,292.4 | 26,468.9 | 21,594.0 | ▲2.9% | +9.3% |
Gross profit | 2,393.3 | 3,387.1 | 5,499.0 | 5,941.0 | 7,202.1 | 5,536.6 | ▼38.4% | −11.6% |
Selling, general & admin | 593.8 | 636.7 | 649.0 | 501.3 | 414.5 | 398.4 | ▼1.9% | +12.4% |
Total operating expenses | 675.0 | 719.3 | 729.2 | 574.4 | 480.9 | 458.2 | ▼1.4% | +11.9% |
Operating incomefeeds ROC rank | 1,718.2 | 2,667.8 | 4,769.8 | 5,366.6 | 6,721.2 | 5,078.4 | ▼44.1% | −14.9% |
Other income, net | 67.5 | 146.0 | 415.1 | −164.3 | −706.7 | 740.6 | — | — |
Pretax income | 1,785.8 | 2,813.9 | 5,184.9 | 5,202.3 | 6,014.6 | 5,819.1 | ▼45.7% | −16.6% |
Income tax | 460.8 | 705.6 | 1,217.3 | 1,241.0 | 1,366.1 | 1,362.5 | ▼42.0% | −15.2% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 1,324.9 | 2,108.3 | 3,967.7 | 3,961.3 | 4,648.5 | 4,456.5 | ▼46.9% | −17.1% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 5.50 | 8.41c | 14.81c | 14.03c | 15.72 | 14.27 | ▼43.2% | −12.4% |
Diluted shares (mn) | 237.90 | 246.99 | 265.52 | 280.82 | 289.70 | 298.88 | ▼7.0% | −4.7% |
| Margins | ||||||||
Gross margin5th pct in Industrials | 7.5% | 9.9% | 15.5% | 17.4% | 21.4% | 20.4% | ▼5.6pp | −10.5pp |
Operating margin | 5.4% | 7.8% | 13.5% | 15.7% | 20.0% | 18.7% | ▼5.7pp | −10.9pp |
Net margin47th pct in Industrials | 4.1% | 6.2% | 11.2% | 11.6% | 13.8% | 16.4% | ▼5.0pp | −10.3pp |
† TTM = trailing four quarters through 2026-08-31.c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-01-28 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Common questions
What was Lennar's revenue last fiscal year?
Lennar reported revenue of $34,186.9M in fiscal 2025, down 3.5% from fiscal 2024.
What was Lennar's net income?
Lennar reported net income of $2,108.3M in fiscal 2025, a net margin of 6.2%.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.