Lennar (LEN.B) Income Statement

Lennar reported revenue of $34.19B in fiscal 2025 (fiscal year ended Nov 30, 2025), down 3.5% from $35.44B a year earlier. Net income was $2.08B, down 47.2% year over year, a net margin of 6.1%. Gross margin was 9.9% and operating margin 7.8%. In the most recent quarter, Q3 fiscal 2026 (ended Aug 31, 2026), revenue was $8.05B, down 8.7% from the same quarter a year earlier.

Lennar Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Lennar Corporation income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period ending	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Revenue & Gross Profit
Revenue	34.19	35.44	34.23	33.67	27.13
Cost of Revenue	27.54	29.94	25.59	26.47	21.19
Gross Profit	3.39	5.50	5.94	7.20	5.54
Operating Expenses
Research & Development	-	-	-	-	-
Selling, General & Administrative	3.32	0.65	2.73	0.41	0.40
Operating Expenses	0.72	0.65	0.57	0.41	0.46
Operating Income	2.67	4.85	5.37	6.79	5.08
Other Income/Expense
Interest Income	-	-	-	-	-
Interest Expense	-0.01	-0.02	-0.02	-0.02	-0.02
Other Income/Expense	0.15	0.33	-0.16	-0.77	0.74
Income
Income Before Tax	2.81	5.18	5.20	6.01	5.82
Income Tax Expense	0.71	1.22	1.24	1.37	1.36
Net Income	2.08	3.93	3.94	4.61	4.43
Net Income - Continuous Operations	2.11	3.97	3.96	4.65	-
Net Income - Discontinued Operations	-	-	-	-	-
EBITDA	2.99	4.97	5.60	6.87	5.43
EBIT	2.86	4.85	5.49	6.79	5.34
Depreciation & Amortization	0.13	0.12	0.11	0.09	0.09
Earnings Per Share
Basic EPS	8.00	14.00	14.00	16.00	14.00
Diluted EPS	8.00	14.00	14.00	16.00	14.00
Basic Shares Outstanding	0.26	0.27	0.28	0.29	0.31
Diluted Shares Outstanding	0.26	0.27	0.28	0.29	0.31

Source: Company financial statements from annual and quarterly filings. Data as of Aug 31, 2026. Data sources and methodology

Frequently Asked Questions About Lennar Financial Statements

What was Lennar's revenue in fiscal 2025?

Lennar reported revenue of $34.19B in fiscal 2025 (fiscal year ended Nov 30, 2025). That was down 3.5% from $35.44B a year earlier.

Is Lennar profitable?

Yes. Lennar earned net income of $2.08B in fiscal 2025, a net margin of 6.1%. In fiscal 2024 it earned $3.93B.

What is Lennar's operating margin?

Lennar's operating income was $2.67B on revenue of $34.19B in fiscal 2025, an operating margin of 7.8%, compared with 13.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition