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How Lennar (LEN) makes money: Q3 FY2026 revenue breakdown
The quarter in brief
Revenue fell 8.7% y/y to $8.05B, pre-tax margin 4.8% vs 9.0%, net income $284M (−52.0% y/y).
Key growth driver: Lennar Other — the fastest-growing revenue line: $22, +58% y/y. · by the Q3 FY2026 report
Net earnings attributable to Lennar
$284M
down 52.0% y/y
Total revenues
$8,046M
down 8.7% y/y
Next report
not announced yet
How does Lennar make money?
Lennar brought in $8.05 billion of revenue in Q3 FY2026, down 8.7% year over year. The largest source was Homebuilding: $7.76 billion, or 96% of the total, followed by Financial Services ($226M, 3%); other lines add the remaining 0.8%. Net income for the quarter was $284 million, down 52.0% year over year.
Revenue by source, Q3 FY2026
- Homebuilding$7.76B · 96% · −6.0%
- Financial Services$226M · 3% · −28.0%
- Multifamily$38.5M · 0.5% · −83.2%
- Lennar Other$22.0M · 0.3% · +58.0%
Shares of $8.05B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Homebuilding | $7,759 · −6.0% |
| Financial Services | $226 · −28.0% |
| Multifamily | $38.5 · −83.2% |
| Lennar Other | $22 · +58.0% |
| Total revenues | $8,046 · −8.7% |
| Segment costs and expenses (revenues less segment operating earnings, calculated) | $7,500 · −4.2% |
| Corporate general and administrative expenses | $138 · −19.6% |
| Charitable foundation contribution | $20.8 · −3.4% |
| Earnings before income taxes | $387 · −51.0% · 4.8% margin |
| Provision for income taxes | $102 · −46.8% · 26.2% effective rate |
| Net earnings attributable to noncontrolling interests | $1.6 · −81.8% |
| Net earnings attributable to Lennar | $284 · −52.0% · $1.19/sh · 3.5% margin |
Verdict: revenue fell 8.7% y/y to $8.05B, pre-tax margin 4.8% vs 9.0%, net income $284M (−52.0% y/y).
Diluted EPS $1.19 vs $2.29 a year earlier ($1.23 excluding mark-to-market losses on technology investments and one-time items); deliveries 20,840 homes, down 3%; backlog 16,857 homes worth $6.3 billion; homebuilding debt to total capital 16.6%.
Source and notation
Source: Lennar earnings release, 8-K EX-99 of 09/16/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Gross margin on home sales was 15.8% and the net margin on home sales 6.6%: homebuilding operating earnings fell to $502 million from $760 million as prices were pressured in a challenging market.
- Total revenues were $8.0 billion.
- Pre-tax income was $387M, a 4.8% margin vs 9.0% a year earlier.
- The effective tax rate was 26.2% vs 24.1% a year earlier.
- Diluted EPS was $1.19 vs $2.29 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
- Stuart MillerExecutive Chairman, Chief Executive Officer and President [1]
- Diane BessetteVice President and Chief Financial Officer [2]
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-10-02 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-10-02 · SEC EDGAR · 10/20/2026
Lennar Corporation (LEN), commonly known as Lennar, is an American home construction company based in Miami-Dade County, Florida. · Text: Wikipedia, CC BY-SA 4.0, abridged
Heads-up
- net income fell 52% y/y in Q3 FY2026
- revenue fell 9% y/y in Q3 FY2026
Most likely because gross margin on home sales was 15.8% and the net margin on home sales 6.6%: homebuilding operating earnings fell to $502…; the effective tax rate was 26.2% vs 24.1% a year earlier; pre-tax income was $387M, a 4.8% margin vs 9.0% a year earlier. Based on the Q3 FY2026 report.
The company's report ↗Most likely because the drop came from Homebuilding −6% y/y, Financial Services −28% y/y, Multifamily −83% y/y; gross margin on home sales was 15.8% and the net margin on home sales 6.6%: homebuilding operating earnings fell to $502 million from $760 million as prices were…; total revenues were $8.0 billion. Based on the Q3 FY2026 report.
The company's report ↗Company guidance
Same quarter a year ago (ended November 30, 2025): revenue $9.37B
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
LEN earnings history: past report dates
| Sep 16, 2026 Wed | 4:42 pmafter market close | Aug 31, 2026 | $8.0B−9% y/y | $1.19−48% y/y |
| Jun 11, 2026 Thu | 4:48 pmafter market close | May 31, 2026 | $7.9B−5% y/y | $1.24−31% y/y |
| Mar 12, 2026 Thu | 4:34 pmafter market close | Feb 28, 2026 | $6.6B−13% y/y | $0.93−53% y/y |
| Dec 16, 2025 Tue | 4:33 pmafter market close | Nov 30, 2025 | ≈$9.4B−6% y/y | — |
| Sep 18, 2025 Thu | 5:52 pmafter market close | Aug 31, 2025 | $8.8B−6% y/y | $2.29−46% y/y |
| Jun 16, 2025 Mon | 5:53 pmafter market close | May 31, 2025 | $8.4B−4% y/y | $1.81−48% y/y |
| Mar 20, 2025 Thu | 5:15 pmafter market close | Feb 28, 2025 | $7.6B+4% y/y | $1.96−24% y/y |
| Dec 18, 2024 Wed | 4:33 pmafter market close | Nov 30, 2024 | ≈$9.9B−9% y/y | ≈$4.03−16% y/y |
| Sep 19, 2024 Thu | 4:31 pmafter market close | Aug 31, 2024 | $9.4B+8% y/y | $4.26+10% y/y |
| Jun 17, 2024 Mon | 4:31 pmafter market close | May 31, 2024 | $8.8B+9% y/y | $3.45+15% y/y |
| Mar 13, 2024 Wed | 4:34 pmafter market close | Feb 29, 2024 | $7.3B+13% y/y | $2.57+25% y/y |
| Dec 14, 2023 Thu | 5:07 pmafter market close | Nov 30, 2023 | ≈$11.0B+8% y/y | ≈$4.79+6% y/y |
| Sep 14, 2023 Thu | 4:33 pmafter market close | Aug 31, 2023 | $8.7B−2% y/y | $3.87−23% y/y |
| Jun 14, 2023 Wed | 4:36 pmafter market close | May 31, 2023 | $8.0B−4% y/y | $3.01−33% y/y |
| Mar 14, 2023 Tue | 4:32 pmafter market close | Feb 28, 2023 | $6.5B+5% y/y | $2.06+22% y/y |
| Dec 14, 2022 Wed | 5:20 pmafter market close | Nov 30, 2022 | ≈$10.2B+21% y/y | ≈$4.54+16% y/y |
| Sep 21, 2022 Wed | 4:45 pmafter market close | Aug 31, 2022 | $8.9B+29% y/y | $5.03+11% y/y |
| Jun 21, 2022 Tue | 10:03 amduring market hours | May 31, 2022 | $8.4B+30% y/y | $4.49+69% y/y |
| Mar 16, 2022 Wed | 4:42 pmafter market close | Feb 28, 2022 | $6.2B+16% y/y | $1.69−47% y/y |
| Dec 15, 2021 Wed | 4:42 pmafter market close | Nov 30, 2021 | ≈$8.4B+24% y/y | ≈$3.91+39% y/y |
| Sep 20, 2021 Mon | 5:00 pmafter market close | Aug 31, 2021 | $6.9B+18% y/y | $4.52+113% y/y |
| Jun 16, 2021 Wed | 4:54 pmafter market close | May 31, 2021 | $6.4B+22% y/y | $2.65+61% y/y |
| Mar 16, 2021 Tue | 4:47 pmafter market close | Feb 28, 2021 | $5.3B+18% y/y | $3.20+152% y/y |
| Dec 16, 2020 Wed | 5:06 pmafter market close | Nov 30, 2020 | $6.8B−2% y/y | $2.82+32% y/y |
| Sep 14, 2020 Mon | 5:22 pmafter market close | Aug 31, 2020 | $5.9B+0% y/y | $2.12+33% y/y |
| Jun 15, 2020 Mon | 4:50 pmafter market close | May 31, 2020 | $5.3B−5% y/y | $1.65+27% y/y |
| Mar 19, 2020 Thu | 8:29 ambefore market open | Feb 29, 2020 | $4.5B+16% y/y | $1.27+72% y/y |
| Jan 8, 2020 Wed | 8:41 ambefore market open | Nov 30, 2019 | $7.0B+8% y/y | $2.13−12% y/y |
| Oct 2, 2019 Wed | 8:35 ambefore market open | Aug 31, 2019 | $5.9B+3% y/y | $1.59+16% y/y |
| Jun 25, 2019 Tue | 8:47 ambefore market open | May 31, 2019 | $5.6B+2% y/y | $1.30+38% y/y |
| Mar 27, 2019 Wed | 8:50 ambefore market open | Feb 28, 2019 | $3.9B+30% y/y | $0.74+40% y/y |
| Jan 9, 2019 Wed | 9:16 ambefore market open | Nov 30, 2018 | $6.5B+71% y/y | $2.42+88% y/y |
| Oct 3, 2018 Wed | 8:56 ambefore market open | Aug 31, 2018 | $5.7B+74% y/y | $1.37+32% y/y |
| Jun 26, 2018 Tue | 9:19 ambefore market open | May 31, 2018 | $5.5B+67% y/y | $0.94+6% y/y |
| Apr 4, 2018 Wed | 6:03 ambefore market open | Feb 28, 2018 | $3.0B+28% y/y | $0.53+231% y/y |
| Jan 10, 2018 Wed | 9:55 amduring market hours | Nov 30, 2017 | $3.8B+12% y/y | $1.29−2% y/y |
| Sep 14, 2017 Thu | 6:31 ambefore market open | Aug 31, 2017 | $3.3B+15% y/y | $1.04+5% y/y |
| Jun 20, 2017 Tue | 10:18 amduring market hours | May 31, 2017 | $3.3B+19% y/y | $0.89−4% y/y |
| Mar 21, 2017 Tue | 10:15 amduring market hours | Feb 28, 2017 | $2.3B+17% y/y | $0.16−74% y/y |
| Dec 19, 2016 Mon | 10:33 amduring market hours | Nov 30, 2016 | $3.4B+15% y/y | $1.31+8% y/y |
| Sep 20, 2016 Tue | 10:30 amduring market hours | Aug 31, 2016 | $2.8B+14% y/y | $0.99+3% y/y |
| Jun 21, 2016 Tue | 10:40 amduring market hours | May 31, 2016 | $2.7B+15% y/y | $0.93+18% y/y |
| Mar 29, 2016 Tue | 10:38 amduring market hours | Feb 29, 2016 | $2.0B+21% y/y | $0.62+24% y/y |
| Dec 18, 2015 Fri | 9:32 amduring market hours | Nov 30, 2015 | $2.9B+14% y/y | $1.21+13% y/y |
| Sep 21, 2015 Mon | 9:16 ambefore market open | Aug 31, 2015 | $2.5B+24% y/y | $0.96+23% y/y |
| Jun 24, 2015 Wed | 10:02 amduring market hours | May 31, 2015 | $2.4B+32% y/y | $0.79+30% y/y |
| Mar 19, 2015 Thu | 9:15 ambefore market open | Feb 28, 2015 | $1.6B+21% y/y | $0.50+43% y/y |
| Jan 15, 2015 Thu | 11:14 amduring market hours | Nov 30, 2014 | $2.6B+35% y/y | $1.07+47% y/y |
| Sep 17, 2014 Wed | 10:46 amduring market hours | Aug 31, 2014 | $2.0B+26% y/y | $0.78+44% y/y |
| Jun 26, 2014 Thu | 10:21 amduring market hours | May 31, 2014 | $1.8B+27% y/y | $0.61+0% y/y |
| Mar 20, 2014 Thu | 10:45 amduring market hours | Feb 28, 2014 | $1.4B+38% y/y | $0.35+35% y/y |
| Dec 18, 2013 Wed | 10:38 amduring market hours | Nov 30, 2013 | $1.9B+42% y/y | $0.73+30% y/y |
| Sep 24, 2013 Tue | 9:51 amduring market hours | Aug 31, 2013 | $1.6B+46% y/y | $0.54+35% y/y |
| Jun 25, 2013 Tue | 10:36 amduring market hours | May 31, 2013 | $1.4B+53% y/y | $0.61−70% y/y |
| Mar 20, 2013 Wed | 10:14 amduring market hours | Feb 28, 2013 | $990M+37% y/y | $0.26+225% y/y |
| Jan 15, 2013 Tue | 12:11 pmduring market hours | Nov 30, 2012 | $1.4B+42% y/y | $0.56+250% y/y |
| Sep 24, 2012 Mon | 10:44 amduring market hours | Aug 31, 2012 | $1.1B+34% y/y | $0.40+264% y/y |
| Jun 27, 2012 Wed | 11:02 amduring market hours | May 31, 2012 | $930M+22% y/y | $2.06 |
| Mar 27, 2012 Tue | 10:42 amduring market hours | Feb 29, 2012 | $725M+30% y/y | $0.08−43% y/y |
| Jan 11, 2012 Wed | 10:58 amduring market hours | Nov 30, 2011 | $953M | $0.16 |
| Sep 19, 2011 Mon | 10:57 amduring market hours | Aug 31, 2011 | $820M | $0.11 |
| Jun 23, 2011 Thu | 10:56 amduring market hours | May 31, 2011 | $764M | $0.07 |
Show all 62 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Lennar: 15-year financials
| FY2025 | 34,187 | — | 2,078 | 28.2 | 521 |
| FY2024 | 35,442 | — | 3,933 | 2,232 | 549 |
| FY2023 | 34,233 | — | 3,939 | 5,080 | 431 |
| FY2022 | 33,671 | — | 4,614 | 3,209 | 438 |
| FY2021 | 27,131 | — | 4,430 | 2,468 | 310 |
| FY2020 | 22,489 | 3,482 | 2,465 | 4,118 | 195 |
| FY2019 | 22,260 | 2,775 | 1,849 | 1,396 | 51.5 |
| FY2018 | 20,572 | 2,463 | 1,696 | 1,561 | 49.2 |
| FY2017 | 12,646 | 1,476 | 811 | 871 | 37.6 |
| FY2016 | 10,950 | 1,563 | 912 | 431 | 35.3 |
| FY2015 | 9,474 | 1,426 | 803 | −511 | 33.2 |
| FY2014 | 7,780 | 1,147 | 639 | −811 | 32.8 |
| FY2013 | 5,935 | 828 | 480 | — | 30.9 |
| FY2012 | 4,105 | 350 | 679 | — | 30.4 |
| FY2011 | 3,095 | 193 | 92.2 | — | 29.9 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The company’s fiscal year doesn’t match the calendar year, so years follow the company’s own labels. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Aug 31, 2026: $21.6B. Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
Lennar (LEN) earnings: FAQ
How does Lennar make money?
Lennar brought in $8.05 billion of revenue in Q3 FY2026, down 8.7% year over year. The largest source was Homebuilding: $7.76 billion, or 96% of the total, followed by Financial Services ($226M, 3%); other lines add the remaining 0.8%. Net income for the quarter was $284 million, down 52.0% year over year.
When is LEN's next earnings date?
We have not yet seen an announcement of the date from Lennar (LEN). Based on last year's report on Dec 16, 2025, the next report is expected around Dec 15, 2026.
What time does LEN report earnings?
Lennar usually reports after market close: its latest results release was filed with the SEC at 4:42 pm ET on Sep 16, 2026.
When did LEN last report earnings?
Lennar reported Q3 FY2026 results on Sep 16, 2026.
Where can I find Lennar's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to LEN's filings; this page breaks the latest report down in a Sankey chart.
What was LEN's net income in Q3 FY2026?
Lennar reported net income of $284M for Q3 FY2026 (−52.0% year over year), under US GAAP.
Does Lennar pay dividends?
Yes. In fiscal 2025, Lennar paid $521M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Lennar's revenue changed since 2011?
Per its 10-K filings, revenue grew 11x: $3,095M in fiscal 2011 and $34,187M in fiscal 2025. The peak was $35,442M in fiscal 2024. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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