Lennar (LEN.B) Cash Flow: Operating & Free Cash Flow

Lennar (LEN.B) Cash Flow Statement

In fiscal 2025 (fiscal year ended Nov 30, 2025), Lennar generated $216.81M of operating cash flow and spent $188.63M on capital expenditures. That left free cash flow of $28.18M, down 98.7% from $2.23B a year earlier, or 0.1% of revenue. It returned $2.33B to shareholders through $520.96M in dividends and $1.81B in share buybacks.

Lennar Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Lennar Corporation (LEN.B) - 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
Operating Activities
Net Income	2.11	3.97	3.96	4.65	4.46
Depreciation & Amortization	0.13	0.12	0.11	0.09	0.09
Deferred Income Tax	0.08	0.06	-0.07	-0.25	-
Stock Based Compensation	0.16	0.18	0.16	0.18	0.13
Change in Working Capital	-2.39	-2.00	0.57	-2.32	-1.65
Change in Accounts Receivable	0.07	-0.13	-0.33	-0.42	-0.29
Change in Inventory	-0.15	-0.29	2.27	-1.71	-1.18
Change in Accounts Payable	-0.69	0.38	-0.63	0.70	0.88
Change in Other Working Capital	-1.61	0.00	0.00	-0.89	-1.06
Other Operating Activities	0.20	0.00	0.00	0.67	-0.49
Net Cash from Operating Activities	0.22	2.40	5.18	3.27	2.53
Investing Activities
Capital Expenditures	-0.19	-0.17	-0.10	-0.06	-0.07
Acquisitions	-0.25	-0.43	-0.20	-0.45	-
Purchases of Investments	0.00	0.00	-0.01	-0.09	-0.13
Sales/Maturities of Investments	0.10	0.01	0.00	0.03	0.03
Other Investing Activities	0.15	-0.20	-0.09	-0.03	-0.02
Net Cash from Investing Activities	0.22	-0.30	-0.18	-0.13	-0.11
Financing Activities
Debt Repayment	-0.56	-0.60	-1.23	-0.62	-1.36
Common Stock Repurchased	-1.81	-2.26	-1.18	-1.04	-1.43
Dividends Paid	-0.52	-0.55	-0.43	-0.44	-0.31
Other Financing Activities	-0.98	-0.05	-0.44	0.41	0.41
Net Cash from Financing Activities	-1.60	-3.68	-3.25	-1.28	-2.40
Summary
Net Change in Cash	-1.16	-1.58	1.76	1.86	0.02
Cash at Beginning of Period	4.99	6.57	4.82	2.96	-
Cash at End of Period	3.83	4.99	6.57	4.82	-
Free Cash Flow	0.03	2.23	5.08	3.21	2.47
Supplemental Disclosures
Interest Paid	0.05	0.05	0.08	0.07	0.05
Income Taxes Paid	0.99	0.79	1.86	1.27	1.14

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

Frequently Asked Questions About Lennar Cash Flow

What is Lennar's free cash flow?

Lennar generated free cash flow of $28.18M in fiscal 2025 (fiscal year ended Nov 30, 2025), operating cash flow of $216.81M minus $188.63M of capital expenditures. That was down 98.7% from $2.23B a year earlier. Free cash flow equaled 0.1% of revenue.

How much does Lennar spend on capital expenditures?

Lennar spent $188.63M on capital expenditures in fiscal 2025, compared with $171.50M a year earlier. That equals 87.0% of operating cash flow.

Does Lennar pay dividends or buy back shares?

Yes. In fiscal 2025 Lennar returned $520.96M in dividends and $1.81B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition