| Delaware | 95-4337490 | |||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Class A Common Stock, par value $.10 | LEN | New York Stock Exchange | ||||||
| Class B Common Stock, par value $.10 | LEN.B | New York Stock Exchange | ||||||
| Large accelerated filer | R | Accelerated filer | ¨ | Emerging growth company | ¨ | ||||||||||||
| Non-accelerated filer | ¨ | Smaller reporting company | ¨ | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ | |||||||||||||||||
| LENNAR CORPORATION | |||||||||||
| FORM 10-Q | |||||||||||
| For the quarterly period ended May 31, 2026 | |||||||||||
| Part I | |||||||||||
| Item 1. | |||||||||||
| Item 2. | |||||||||||
| Item 3. | |||||||||||
| Item 4. | |||||||||||
| Part II | |||||||||||
| Item 1. | |||||||||||
| Item 1A. | |||||||||||
| Item 2. | |||||||||||
| Item 3 - 4. | |||||||||||
| Item 5. | |||||||||||
| Item 6. | |||||||||||
| May 31, | November 30, | ||||||||||
| 2026 (1) | 2025 (1) | ||||||||||
| ASSETS | |||||||||||
| Homebuilding: | |||||||||||
| Cash and cash equivalents | $ | 1,816,248 | 3,441,324 | ||||||||
| Restricted cash | 29,204 | 25,930 | |||||||||
| Receivables, net | 978,796 | 1,002,629 | |||||||||
| Inventories: | |||||||||||
| Finished homes and construction in progress | 10,093,878 | 8,822,271 | |||||||||
| Land and land under development | 801,156 | 1,098,961 | |||||||||
| Inventory owned | 10,895,034 | 9,921,232 | |||||||||
| Consolidated inventory not owned | 1,488,684 | 1,696,401 | |||||||||
| Inventory owned and consolidated inventory not owned | 12,383,718 | 11,617,633 | |||||||||
| Deposits and pre-acquisition costs on real estate | 7,061,935 | 6,383,633 | |||||||||
| Investments in unconsolidated entities | 1,478,719 | 1,545,370 | |||||||||
| Goodwill | 3,442,359 | 3,442,359 | |||||||||
| Other assets | 1,785,201 | 1,794,378 | |||||||||
| 28,976,180 | 29,253,256 | ||||||||||
| Financial Services | 3,123,509 | 3,377,413 | |||||||||
| Multifamily | 801,356 | 902,136 | |||||||||
| Lennar Other | 800,410 | 897,632 | |||||||||
| Total assets | $ | 33,701,455 | 34,430,437 | ||||||||
| May 31, | November 30, | ||||||||||
| 2026 (2) | 2025 (2) | ||||||||||
| LIABILITIES AND EQUITY | |||||||||||
| Homebuilding: | |||||||||||
| Accounts payable | $ | 1,784,916 | 1,812,484 | ||||||||
| Liabilities related to consolidated inventory not owned | 1,312,689 | 1,476,376 | |||||||||
| Senior notes and other debts payable, net | 4,047,487 | 4,084,686 | |||||||||
| Other liabilities | 2,470,608 | 2,691,876 | |||||||||
| 9,615,700 | 10,065,422 | ||||||||||
| Financial Services | 2,151,670 | 2,010,598 | |||||||||
| Multifamily | 76,768 | 113,361 | |||||||||
| Lennar Other | 91,591 | 100,447 | |||||||||
| Total liabilities | 11,935,729 | 12,289,828 | |||||||||
| Commitments and contingent liabilities (See Note 10) | |||||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock | — | — | |||||||||
Class A common stock of $0.10 par value; Authorized: May 31, 2026 and November 30, 2025 - 400,000,000 shares; Issued: May 31, 2026 - 263,086,837 shares and November 30, 2025 - 261,579,253 shares | 26,309 | 26,158 | |||||||||
Class B common stock of $0.10 par value; Authorized: May 31, 2026 and November 30, 2025 - 90,000,000 shares; Issued: May 31, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares | 3,660 | 3,660 | |||||||||
| Additional paid-in capital | 6,020,306 | 5,909,726 | |||||||||
| Retained earnings | 22,759,089 | 22,471,471 | |||||||||
Treasury stock, at cost; May 31, 2026 - 52,580,834 shares of Class A common stock and 6,212,076 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock | (7,194,402) | (6,457,609) | |||||||||
| Accumulated other comprehensive income | 5,676 | 6,011 | |||||||||
| Total stockholders’ equity | 21,620,638 | 21,959,417 | |||||||||
| Noncontrolling interests | 145,088 | 181,192 | |||||||||
| Total equity | 21,765,726 | 22,140,609 | |||||||||
| Total liabilities and equity | $ | 33,701,455 | 34,430,437 | ||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Homebuilding | $ | 7,616,314 | 7,843,862 | 13,914,877 | 15,127,732 | ||||||||||||||||||
| Financial Services | 236,939 | 298,098 | 452,494 | 575,175 | |||||||||||||||||||
| Multifamily | 63,564 | 230,305 | 146,063 | 293,501 | |||||||||||||||||||
| Lennar Other | 23,055 | 5,237 | 45,914 | 12,639 | |||||||||||||||||||
| Total revenues | 7,939,872 | 8,377,502 | 14,559,348 | 16,009,047 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Homebuilding | 7,132,558 | 7,147,552 | 13,102,978 | 13,687,512 | |||||||||||||||||||
| Financial Services | 135,836 | 140,818 | 260,078 | 274,412 | |||||||||||||||||||
| Multifamily | 72,788 | 254,677 | 163,216 | 328,053 | |||||||||||||||||||
| Lennar Other | 43,726 | 30,025 | 87,410 | 53,589 | |||||||||||||||||||
| Corporate general and administrative | 136,149 | 155,853 | 293,787 | 303,231 | |||||||||||||||||||
| Charitable foundation contribution | 20,519 | 20,131 | 37,382 | 37,965 | |||||||||||||||||||
| Total costs and expenses | 7,541,576 | 7,749,056 | 13,944,851 | 14,684,762 | |||||||||||||||||||
| Equity in earnings from unconsolidated entities | 34,087 | 12,116 | 97,355 | 45,351 | |||||||||||||||||||
| Other income, net and other gains, net | 4,056 | 30,759 | 12,202 | 62,426 | |||||||||||||||||||
| Lennar Other losses from technology investments | (23,252) | (29,440) | (8,414) | (91,943) | |||||||||||||||||||
| Earnings before income taxes | 413,187 | 641,881 | 715,640 | 1,340,119 | |||||||||||||||||||
| Provision for income taxes | (105,058) | (160,061) | (174,150) | (329,586) | |||||||||||||||||||
| Net earnings (including net earnings attributable to noncontrolling interests) | 308,129 | 481,820 | 541,490 | 1,010,533 | |||||||||||||||||||
| Less: Net earnings attributable to noncontrolling interests | 3,357 | 4,371 | 7,335 | 13,558 | |||||||||||||||||||
| Net earnings attributable to Lennar | $ | 304,772 | 477,449 | 534,155 | 996,975 | ||||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Net unrealized gains (losses) on securities available-for-sale | $ | 70 | (1,332) | (335) | (1,510) | ||||||||||||||||||
| Total other comprehensive income (loss), net of tax | $ | 70 | (1,332) | (335) | (1,510) | ||||||||||||||||||
| Total comprehensive income attributable to Lennar | $ | 304,842 | 476,117 | 533,820 | 995,465 | ||||||||||||||||||
| Total comprehensive income attributable to noncontrolling interests | $ | 3,357 | 4,371 | 7,335 | 13,558 | ||||||||||||||||||
| Basic and diluted earnings per share | $ | 1.24 | 1.81 | 2.17 | 3.77 | ||||||||||||||||||
| Six Months Ended | |||||||||||
| May 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net earnings (including net earnings attributable to noncontrolling interests) | $ | 541,490 | 1,010,533 | ||||||||
| Adjustments to reconcile net earnings to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 68,708 | 65,157 | |||||||||
| Amortization of discount/premium and accretion on debt, net | 922 | (142) | |||||||||
| Equity in earnings from unconsolidated entities | (97,355) | (45,351) | |||||||||
| Distributions of earnings from unconsolidated entities | 51,047 | 20,070 | |||||||||
| Share-based compensation expense | 88,648 | 112,858 | |||||||||
| Deferred income tax expense | 63,449 | 38,381 | |||||||||
| Loans held-for-sale unrealized losses | 25,490 | 2,350 | |||||||||
| Lennar Other losses from technology investments and other losses, net | 8,074 | 100,006 | |||||||||
| Gains on sale of operating properties and equipment and other assets | (9,296) | (34,597) | |||||||||
| Gain on sale of investments in unconsolidated entities and other | — | (35,033) | |||||||||
| Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets | 108,319 | 89,727 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Decrease in receivables | 128,525 | 69,599 | |||||||||
| Increase in inventories, excluding valuation adjustments | (1,088,860) | (1,624,586) | |||||||||
| Increase in deposits and pre-acquisition costs on real estate | (554,766) | (781,716) | |||||||||
| Increase in other assets | (27,175) | (132,671) | |||||||||
| Decrease in loans held-for-sale | 246,731 | 361,377 | |||||||||
| Decrease in accounts payable and other liabilities | (271,836) | (600,026) | |||||||||
| Net cash used in operating activities | (717,885) | (1,384,064) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Net additions of operating properties and equipment | (48,848) | (71,259) | |||||||||
| Proceeds from sale of other assets | 26,238 | 50,696 | |||||||||
| Proceeds from sale of investments in unconsolidated joint venture | — | 233,007 | |||||||||
| Proceeds from sales of investments | 28,258 | 72,003 | |||||||||
| Investments in and contributions to unconsolidated entities | (59,410) | (145,494) | |||||||||
| Distributions of capital from unconsolidated entities | 133,541 | 175,203 | |||||||||
| Proceeds from sale of loan receivables | — | 114,661 | |||||||||
| Acquisition, net of cash and restricted cash acquired | — | (254,492) | |||||||||
| Decrease in Financial Services loans held-for-investment | — | 9,466 | |||||||||
| Purchases of investment securities | (6,218) | (3,456) | |||||||||
| Proceeds from maturities/sales of investment securities | 3,879 | 2,546 | |||||||||
| Net cash provided by investing activities | $ | 77,440 | 182,881 | ||||||||
| Six Months Ended | |||||||||||
| May 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from financing activities: | |||||||||||
| Net borrowings under revolving credit facility | $ | — | 400,000 | ||||||||
| Net borrowings (repayments) under warehouse facilities | 173,437 | (514,818) | |||||||||
| Proceeds from issuance of senior notes | — | 700,000 | |||||||||
| Redemption/repurchases of senior notes | — | (500,000) | |||||||||
| Principal payments on notes payable and other borrowings | (24,665) | (40,329) | |||||||||
| Net cash distributed in connection with Millrose Properties, Inc. spin-off | — | (416,006) | |||||||||
| Proceeds from liabilities related to consolidated inventory not owned | 11,574 | 259 | |||||||||
| Payments for liabilities related to consolidated inventory not owned | (166,819) | (385,794) | |||||||||
| Payments related to other liabilities, net | (2,842) | (2,842) | |||||||||
| Receipts related to noncontrolling interests | 2,543 | 21,029 | |||||||||
| Payments related to noncontrolling interests | (26,409) | (5,965) | |||||||||
| Debt issuance costs | — | (4,417) | |||||||||
| Common stock: | |||||||||||
| Repurchases | (736,793) | (1,295,894) | |||||||||
| Dividends | (246,537) | (265,235) | |||||||||
| Net cash used in financing activities | (1,016,511) | (2,310,012) | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | (1,656,956) | (3,511,195) | |||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 3,830,734 | 4,990,210 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 2,173,778 | 1,479,015 | ||||||||
| Summary of cash and cash equivalents and restricted cash: | |||||||||||
| Homebuilding | $ | 1,816,248 | 1,168,143 | ||||||||
| Financial Services | 242,588 | 202,647 | |||||||||
| Multifamily | 10,657 | 14,211 | |||||||||
| Lennar Other | 22,202 | 22,693 | |||||||||
| Homebuilding restricted cash | 29,204 | 23,987 | |||||||||
| Financial Services restricted cash | 52,879 | 47,334 | |||||||||
| $ | 2,173,778 | 1,479,015 | |||||||||
| Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
| Homebuilding: | |||||||||||
| Payments of inventories financed by sellers | $ | 1,235 | 320 | ||||||||
| Net non-cash contributions to unconsolidated entities | 42,070 | 162,454 | |||||||||
| Non-cash sale of investments in unconsolidated entities | 90,785 | — | |||||||||
| Non-cash impact of Millrose Properties, Inc. spin-off: | |||||||||||
| Inventories | $ | — | (5,578,704) | ||||||||
| Investments in unconsolidated entities | — | 1,197,039 | |||||||||
| Other assets | — | (60,156) | |||||||||
| Notes payable | — | 19,000 | |||||||||
| Retained earnings | — | 4,422,821 | |||||||||
| (In thousands) | At May 31, 2026 | ||||||||||||||||||||||||||||
| Assets: | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 1,816,248 | 242,588 | 10,657 | 22,202 | 2,091,695 | |||||||||||||||||||||||
| Restricted cash | 29,204 | 52,879 | — | — | 82,083 | ||||||||||||||||||||||||
| Receivables, net (1) | 978,796 | 462,311 | 32,697 | — | 1,473,804 | ||||||||||||||||||||||||
| Inventory owned and consolidated inventory not owned | 12,383,718 | — | 200,544 | — | 12,584,262 | ||||||||||||||||||||||||
| Deposits and pre-acquisition costs on real estate | 7,061,935 | — | 4,395 | — | 7,066,330 | ||||||||||||||||||||||||
| Investments in unconsolidated entities | 1,478,719 | 679 | 491,325 | 364,484 | 2,335,207 | ||||||||||||||||||||||||
| Loans held-for-sale (2) | — | 1,939,919 | — | — | 1,939,919 | ||||||||||||||||||||||||
| Investments in equity securities (3) | — | — | — | 202,758 | 202,758 | ||||||||||||||||||||||||
| Investments available-for-sale (4) | — | — | — | 38,725 | 38,725 | ||||||||||||||||||||||||
| Investments held-to-maturity | — | 129,320 | — | — | 129,320 | ||||||||||||||||||||||||
| Goodwill | 3,442,359 | 189,699 | — | — | 3,632,058 | ||||||||||||||||||||||||
| Other assets | 1,785,201 | 106,114 | 61,738 | 172,241 | 2,125,294 | ||||||||||||||||||||||||
| Total assets | $ | 28,976,180 | 3,123,509 | 801,356 | 800,410 | 33,701,455 | |||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
| Senior notes and other debts payable, net | $ | 4,047,487 | 1,963,746 | — | — | 6,011,233 | |||||||||||||||||||||||
| Liabilities related to consolidated inventory not owned | 1,312,689 | — | — | — | 1,312,689 | ||||||||||||||||||||||||
| Accounts payable and other liabilities | 4,255,524 | 187,924 | 76,768 | 91,591 | 4,611,807 | ||||||||||||||||||||||||
| Total liabilities | $ | 9,615,700 | 2,151,670 | 76,768 | 91,591 | 11,935,729 | |||||||||||||||||||||||
| (In thousands) | At November 30, 2025 | ||||||||||||||||||||||||||||
| Assets: | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||||
| Cash and cash equivalents | $ | 3,441,324 | 258,873 | 34,172 | 21,936 | 3,756,305 | |||||||||||||||||||||||
| Restricted cash | 25,930 | 48,499 | — | — | 74,429 | ||||||||||||||||||||||||
| Receivables, net (1) | 1,002,629 | 429,560 | 38,673 | — | 1,470,862 | ||||||||||||||||||||||||
| Inventory owned and consolidated inventory not owned | 11,617,633 | — | 223,622 | — | 11,841,255 | ||||||||||||||||||||||||
| Deposits and pre-acquisition costs on real estate | 6,383,633 | — | 15,096 | — | 6,398,729 | ||||||||||||||||||||||||
| Investments in unconsolidated entities | 1,545,370 | 2,528 | 506,573 | 367,965 | 2,422,436 | ||||||||||||||||||||||||
| Loans held-for-sale (2) (5) | — | 2,212,624 | — | — | 2,212,624 | ||||||||||||||||||||||||
| Investments in equity securities (3) | — | — | — | 346,820 | 346,820 | ||||||||||||||||||||||||
| Investments available-for-sale (4) | — | — | — | 39,060 | 39,060 | ||||||||||||||||||||||||
| Investments held-to-maturity | — | 132,868 | — | — | 132,868 | ||||||||||||||||||||||||
| Goodwill | 3,442,359 | 189,699 | — | — | 3,632,058 | ||||||||||||||||||||||||
| Other assets | 1,794,378 | 102,762 | 84,000 | 121,851 | 2,102,991 | ||||||||||||||||||||||||
| Total assets | $ | 29,253,256 | 3,377,413 | 902,136 | 897,632 | 34,430,437 | |||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||
| Senior notes and other debts payable, net | $ | 4,084,686 | 1,790,309 | — | — | 5,874,995 | |||||||||||||||||||||||
| Liabilities related to consolidated inventory not owned | 1,476,376 | — | — | — | 1,476,376 | ||||||||||||||||||||||||
| Accounts payable and other liabilities | 4,504,360 | 220,289 | 113,361 | 100,447 | 4,938,457 | ||||||||||||||||||||||||
| Total liabilities | $ | 10,065,422 | 2,010,598 | 113,361 | 100,447 | 12,289,828 | |||||||||||||||||||||||
| (In thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| East | $ | 5,738,233 | 5,413,918 | ||||||||
| Central | 4,926,333 | 4,565,781 | |||||||||
| South Central | 4,523,414 | 4,195,858 | |||||||||
| West | 9,847,315 | 9,519,804 | |||||||||
| Other | 1,793,234 | 1,692,453 | |||||||||
| Corporate and Unallocated | 2,147,651 | 3,865,442 | |||||||||
| Total Homebuilding | $ | 28,976,180 | 29,253,256 | ||||||||
| Three Months Ended May 31, 2026 | ||||||||||||||||||||||||||||||||
| (In thousands) | East | Central | South Central | West | Other (2) | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Sales of homes | $ | 1,709,254 | 1,662,594 | 1,463,140 | 2,758,154 | 1,897 | 7,595,039 | — | — | — | 7,595,039 | |||||||||||||||||||||
| Sales of land | 1,517 | — | 2,877 | 8,007 | — | 12,401 | — | — | — | 12,401 | ||||||||||||||||||||||
| Other revenues | 3,705 | 1,076 | 560 | 1,160 | 2,373 | 8,874 | 236,939 | 63,564 | 23,055 | 332,432 | ||||||||||||||||||||||
| Total revenues | 1,714,476 | 1,663,670 | 1,466,577 | 2,767,321 | 4,270 | 7,616,314 | 236,939 | 63,564 | 23,055 | 7,939,872 | ||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||||||||
| Costs of homes sold | 1,382,260 | 1,407,144 | 1,210,579 | 2,409,274 | 3,362 | 6,412,619 | — | — | — | 6,412,619 | ||||||||||||||||||||||
| Costs of land sold | 5,695 | 2,130 | 3,850 | 9,869 | — | 21,544 | — | — | — | 21,544 | ||||||||||||||||||||||
| Other costs and expenses | — | — | — | — | — | — | 135,836 | 72,788 | 43,726 | 252,350 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 169,055 | 178,482 | 135,089 | 210,422 | 5,347 | 698,395 | — | — | — | 698,395 | ||||||||||||||||||||||
| Corporate general and administrative expenses (1) | — | — | — | — | — | — | — | — | — | 136,149 | ||||||||||||||||||||||
| Charitable foundation contribution (1) | — | — | — | — | — | — | — | — | — | 20,519 | ||||||||||||||||||||||
| Total costs and expenses | 1,557,010 | 1,587,756 | 1,349,518 | 2,629,565 | 8,709 | 7,132,558 | 135,836 | 72,788 | 43,726 | 7,541,576 | ||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 4,978 | (18) | (10) | 676 | (2,956) | 2,670 | — | 27,233 | 4,184 | 34,087 | ||||||||||||||||||||||
| Other income (expense), net and other gains (losses), net | 1,942 | 2,276 | (2,712) | 1,603 | (164) | 2,945 | — | 316 | 795 | 4,056 | ||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | — | — | — | — | — | (23,252) | (23,252) | ||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 164,386 | 78,172 | 114,337 | 140,035 | (7,559) | 489,371 | 101,103 | 18,325 | (38,944) | 413,187 | |||||||||||||||||||||
| Three Months Ended May 31, 2025 | ||||||||||||||||||||||||||||||||
| (In thousands) | East | Central | South Central | West | Other (2) | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Sales of homes | $ | 1,715,407 | 1,743,304 | 1,505,750 | 2,818,980 | 4,834 | 7,788,275 | — | — | — | 7,788,275 | |||||||||||||||||||||
| Sales of land | 14,384 | — | 16,589 | 12,222 | — | 43,195 | — | — | — | 43,195 | ||||||||||||||||||||||
| Other revenues | 3,714 | 1,963 | 1,058 | 2,095 | 3,562 | 12,392 | 298,098 | 230,305 | 5,237 | 546,032 | ||||||||||||||||||||||
| Total revenues | 1,733,505 | 1,745,267 | 1,523,397 | 2,833,297 | 8,396 | 7,843,862 | 298,098 | 230,305 | 5,237 | 8,377,502 | ||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||||||||
| Costs of homes sold | 1,390,760 | 1,417,197 | 1,241,884 | 2,346,962 | 5,729 | 6,402,532 | — | — | — | 6,402,532 | ||||||||||||||||||||||
| Costs of land sold | 14,237 | 1,143 | 18,004 | 22,789 | — | 56,173 | — | — | — | 56,173 | ||||||||||||||||||||||
| Other costs and expenses | — | — | — | — | — | — | 140,818 | 254,677 | 30,025 | 425,520 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 167,318 | 165,828 | 125,911 | 217,155 | 12,635 | 688,847 | — | — | — | 688,847 | ||||||||||||||||||||||
| Corporate general and administrative expenses (1) | — | — | — | — | — | — | — | — | — | 155,853 | ||||||||||||||||||||||
| Charitable foundation contribution (1) | — | — | — | — | — | — | — | — | — | 20,131 | ||||||||||||||||||||||
| Total costs and expenses | 1,572,315 | 1,584,168 | 1,385,799 | 2,586,906 | 18,364 | 7,147,552 | 140,818 | 254,677 | 30,025 | 7,749,056 | ||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 8,295 | (1) | (6) | 1,038 | 8,390 | 17,716 | — | (5,269) | (331) | 12,116 | ||||||||||||||||||||||
| Other income (expense), net and other gains (losses), net | 7,161 | 1,099 | (903) | (2,005) | 8,856 | 14,208 | — | 14,887 | 1,664 | 30,759 | ||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | — | — | — | — | — | (29,440) | (29,440) | ||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 176,646 | 162,197 | 136,689 | 245,424 | 7,278 | 728,234 | 157,280 | (14,754) | (52,895) | 641,881 | |||||||||||||||||||||
| Six Months Ended May 31, 2026 | ||||||||||||||||||||||||||||||||
| (In thousands) | East | Central | South Central | West | Other (2) | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Sales of homes | $ | 3,221,332 | 3,007,627 | 2,623,320 | 5,009,901 | 5,781 | 13,867,961 | — | — | — | 13,867,961 | |||||||||||||||||||||
| Sales of land | 9,591 | 873 | 6,900 | 10,195 | — | 27,559 | — | — | — | 27,559 | ||||||||||||||||||||||
| Other revenues | 8,574 | 2,229 | 1,220 | 2,362 | 4,972 | 19,357 | 452,494 | 146,063 | 45,914 | 663,828 | ||||||||||||||||||||||
| Total revenues | 3,239,497 | 3,010,729 | 2,631,440 | 5,022,458 | 10,753 | 13,914,877 | 452,494 | 146,063 | 45,914 | 14,559,348 | ||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||||||||
| Costs of homes sold | 2,621,112 | 2,559,859 | 2,166,947 | 4,376,796 | 9,519 | 11,734,233 | — | — | — | 11,734,233 | ||||||||||||||||||||||
| Costs of land sold | 20,997 | 5,866 | 10,218 | 15,774 | — | 52,855 | — | — | — | 52,855 | ||||||||||||||||||||||
| Other costs and expenses | — | — | — | — | — | — | 260,078 | 163,216 | 87,410 | 510,704 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 331,829 | 326,687 | 242,723 | 401,592 | 13,059 | 1,315,890 | — | — | — | 1,315,890 | ||||||||||||||||||||||
| Corporate general and administrative expenses (1) | — | — | — | — | — | — | — | — | — | 293,787 | ||||||||||||||||||||||
| Charitable foundation contribution (1) | — | — | — | — | — | — | — | — | — | 37,382 | ||||||||||||||||||||||
| Total costs and expenses | 2,973,938 | 2,892,412 | 2,419,888 | 4,794,162 | 22,578 | 13,102,978 | 260,078 | 163,216 | 87,410 | 13,944,851 | ||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 15,661 | 41 | (25) | 1,588 | 23,586 | 40,851 | — | 52,714 | 3,790 | 97,355 | ||||||||||||||||||||||
| Other income (expense), net and other gains (losses), net | (1,879) | 4,159 | (4,381) | (429) | 12,179 | 9,649 | — | 623 | 1,930 | 12,202 | ||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | — | — | — | — | — | (8,414) | (8,414) | ||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 279,341 | 122,517 | 207,146 | 229,455 | 23,940 | 862,399 | 192,416 | 36,184 | (44,190) | 715,640 | |||||||||||||||||||||
| Six Months Ended May 31, 2025 | ||||||||||||||||||||||||||||||||
| (In thousands) | East | Central | South Central | West | Other (2) | Homebuilding | Financial Services | Multifamily | Lennar Other | Total | ||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||
| Sales of homes | $ | 3,370,667 | 3,273,496 | 2,666,273 | 5,707,665 | 10,720 | 15,028,821 | — | — | — | 15,028,821 | |||||||||||||||||||||
| Sales of land | 37,506 | 1,600 | 22,193 | 17,222 | — | 78,521 | — | — | — | 78,521 | ||||||||||||||||||||||
| Other revenues | 6,449 | 2,817 | 1,759 | 3,343 | 6,022 | 20,390 | 575,175 | 293,501 | 12,639 | 901,705 | ||||||||||||||||||||||
| Total revenues | 3,414,622 | 3,277,913 | 2,690,225 | 5,728,230 | 16,742 | 15,127,732 | 575,175 | 293,501 | 12,639 | 16,009,047 | ||||||||||||||||||||||
| Costs and expenses: | ||||||||||||||||||||||||||||||||
| Costs of homes sold | 2,693,780 | 2,662,807 | 2,188,413 | 4,733,641 | 12,035 | 12,290,676 | — | — | — | 12,290,676 | ||||||||||||||||||||||
| Costs of land sold | 37,748 | 4,183 | 20,944 | 29,375 | — | 92,250 | — | — | — | 92,250 | ||||||||||||||||||||||
| Other costs and expenses | — | — | — | — | — | — | 274,412 | 328,053 | 53,589 | 656,054 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 329,504 | 318,152 | 220,733 | 419,536 | 16,661 | 1,304,586 | — | — | — | 1,304,586 | ||||||||||||||||||||||
| Corporate general and administrative expenses (1) | — | — | — | — | — | — | — | — | — | 303,231 | ||||||||||||||||||||||
| Charitable foundation contribution (1) | — | — | — | — | — | — | — | — | — | 37,965 | ||||||||||||||||||||||
| Total costs and expenses | 3,061,032 | 2,985,142 | 2,430,090 | 5,182,552 | 28,696 | 13,687,512 | 274,412 | 328,053 | 53,589 | 14,684,762 | ||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 14,933 | (4) | (8) | 1,010 | 36,789 | 52,720 | — | (4,542) | (2,827) | 45,351 | ||||||||||||||||||||||
| Other income (expense), net and other gains (losses), net | 32,477 | 3,150 | (1,355) | (2,483) | 12,778 | 44,567 | — | 24,317 | (6,458) | 62,426 | ||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | — | — | — | — | — | (91,943) | (91,943) | ||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 401,000 | 295,917 | 258,772 | 544,205 | 37,613 | 1,537,507 | 300,763 | (14,777) | (142,178) | 1,340,119 | |||||||||||||||||||||
| Maximum Aggregate Commitment | |||||||||||||||||
| (In thousands) | Committed Amount | Uncommitted Amount | Total | ||||||||||||||
| Residential facilities maturing: | |||||||||||||||||
| July 2026 | $ | 350,000 | 350,000 | 700,000 | |||||||||||||
| September 2026 | 200,000 | 200,000 | 400,000 | ||||||||||||||
| November 2026 | 100,000 | 100,000 | 200,000 | ||||||||||||||
| December 2026 | — | 375,000 | 375,000 | ||||||||||||||
| March 2027 | 200,000 | 300,000 | 500,000 | ||||||||||||||
| May 2027 | 30,000 | 270,000 | 300,000 | ||||||||||||||
| Total residential facilities | $ | 880,000 | 1,595,000 | 2,475,000 | |||||||||||||
| LMF commercial facilities maturing: | |||||||||||||||||
| January 2027 | 100,000 | — | 100,000 | ||||||||||||||
| December 2027 | 200,000 | — | 200,000 | ||||||||||||||
| Total LMF commercial facilities | $ | 300,000 | — | 300,000 | |||||||||||||
| Total | $ | 2,775,000 | |||||||||||||||
| (In thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| Borrowings under residential facilities | $ | 1,791,758 | 1,653,484 | ||||||||
| Collateral under residential facilities | 2,058,429 | 1,718,338 | |||||||||
| Borrowings under LMF Commercial facilities | 52,240 | 13,719 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Originations (1) | $ | 73,300 | 180,875 | 156,350 | 308,840 | ||||||||||||||||||
| Sold | 76,250 | 190,936 | 109,575 | 285,823 | |||||||||||||||||||
| Securitizations | 2 | 2 | 3 | 6 | |||||||||||||||||||
| (Dollars in thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| Carrying value | $ | 129,320 | 132,868 | ||||||||
| Outstanding debt, net of debt issuance costs | 119,748 | 123,106 | |||||||||
| Incurred interest rate | 3.4% | 3.4% | |||||||||
| At May 31, 2026 | |||||||||||
| Range | |||||||||||
| Discount rates at purchase | 6% | — | 84% | ||||||||
| Coupon rates | 2.0% | — | 5.3% | ||||||||
| Distribution dates | October 2027 | — | December 2028 | ||||||||
| Stated maturity dates | October 2050 | — | December 2051 | ||||||||
| (In thousands) | At May 31, 2026 | At November 30, 2025 | ||||||||||||
| Investments in unconsolidated entities (1) (2) | $ | 1,478,719 | 1,545,370 | |||||||||||
| Underlying equity in unconsolidated entities' net assets (1) (2) | 1,768,675 | 1,790,697 | ||||||||||||
| Three Months Ended May 31, | Six Months Ended May 31, | ||||||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| General contractor services, net of deferrals | $ | 40,896 | 28,264 | 94,139 | 58,714 | ||||||||||||||||||
| General contractor costs | 41,191 | 27,586 | 93,071 | 55,900 | |||||||||||||||||||
| Land sales to joint ventures | 20,185 | 145,118 | 46,585 | 162,447 | |||||||||||||||||||
| Management fee income, net of deferrals | 2,468 | 6,436 | 5,311 | 13,377 | |||||||||||||||||||
| At May 31, 2026 | |||||||||||
| (In thousands) | LMV I | LMV II | |||||||||
| Lennar's carrying value of investments | $ | 69,706 | 184,619 | ||||||||
| Equity commitments | 2,204,016 | 1,257,700 | |||||||||
| Equity commitments called | 2,154,328 | 1,229,585 | |||||||||
| Lennar's equity commitments | 504,016 | 381,000 | |||||||||
| Lennar's equity commitments called | 500,381 | 371,492 | |||||||||
| Lennar's remaining commitments (1) | 3,635 | 9,508 | |||||||||
| Distributions to Lennar during the six months ended May 31, 2026 | 37,083 | 57,537 | |||||||||
| Three Months Ended May 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
| Balance at February 28, 2026 | $ | 22,032,263 | 26,319 | 3,660 | 5,993,733 | (6,727,316) | 5,606 | 22,577,374 | 152,887 | ||||||||||||||||||||||||||||||||||||||
| Net earnings (including net earnings attributable to noncontrolling interests) | 308,129 | — | — | — | — | — | 304,772 | 3,357 | |||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | (15,489) | (10) | — | 302 | (15,781) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Purchases of treasury stock | (451,305) | — | — | — | (451,305) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | 26,271 | — | — | 26,271 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Cash dividends | (123,057) | — | — | — | — | — | (123,057) | — | |||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | 1,460 | — | — | — | — | — | — | 1,460 | |||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | (15,700) | — | — | — | — | — | — | (15,700) | |||||||||||||||||||||||||||||||||||||||
| Non-cash purchase or activity of noncontrolling interests, net | 3,084 | — | — | — | — | — | — | 3,084 | |||||||||||||||||||||||||||||||||||||||
| Total other comprehensive income, net of tax | 70 | — | — | — | — | 70 | — | — | |||||||||||||||||||||||||||||||||||||||
| Balance at May 31, 2026 | $ | 21,765,726 | 26,309 | 3,660 | 6,020,306 | (7,194,402) | 5,676 | 22,759,089 | 145,088 | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended May 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
| Balance at February 28, 2025 | $ | 22,867,344 | 26,133 | 3,660 | 5,812,802 | (4,424,039) | 7,351 | 21,302,131 | 139,306 | ||||||||||||||||||||||||||||||||||||||
| Net earnings (including net earnings attributable to noncontrolling interests) | 481,820 | — | — | — | — | — | 477,449 | 4,371 | |||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | 722 | 3 | — | 1,157 | (438) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Purchases of treasury stock | (520,981) | — | — | — | (520,981) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | 28,773 | — | — | 28,773 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Cash dividends | (133,589) | — | — | — | — | — | (133,589) | — | |||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | 9,701 | — | — | — | — | — | — | 9,701 | |||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | (576) | — | — | — | — | — | — | (576) | |||||||||||||||||||||||||||||||||||||||
| Total other comprehensive loss, net of tax | (1,332) | — | — | — | — | (1,332) | — | — | |||||||||||||||||||||||||||||||||||||||
| Balance at May 31, 2025 | $ | 22,731,882 | 26,136 | 3,660 | 5,842,732 | (4,945,458) | 6,019 | 21,645,991 | 152,802 | ||||||||||||||||||||||||||||||||||||||
| Six Months Ended May 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
| Balance at November 30, 2025 | $ | 22,140,609 | 26,158 | 3,660 | 5,909,726 | (6,457,609) | 6,011 | 22,471,471 | 181,192 | ||||||||||||||||||||||||||||||||||||||
| Net earnings (including net earnings attributable to noncontrolling interests) | 541,490 | — | — | — | — | — | 534,155 | 7,335 | |||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | (23,908) | 151 | — | 21,932 | (45,991) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Purchases of treasury stock | (690,802) | — | — | — | (690,802) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | 88,648 | — | — | 88,648 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Cash dividends | (246,537) | — | — | — | — | — | (246,537) | — | |||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | 2,543 | — | — | — | — | — | — | 2,543 | |||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | (26,409) | — | — | — | — | — | — | (26,409) | |||||||||||||||||||||||||||||||||||||||
| Non-cash purchase or activity of noncontrolling interests, net | (19,573) | — | — | — | — | — | — | (19,573) | |||||||||||||||||||||||||||||||||||||||
| Total other comprehensive loss, net of tax | (335) | — | — | — | — | (335) | — | — | |||||||||||||||||||||||||||||||||||||||
| Balance at May 31, 2026 | $ | 21,765,726 | 26,309 | 3,660 | 6,020,306 | (7,194,402) | 5,676 | 22,759,089 | 145,088 | ||||||||||||||||||||||||||||||||||||||
| Six Months Ended May 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Total Equity | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||||||
| Balance at November 30, 2024 | $ | 28,021,225 | 25,998 | 3,660 | 5,729,434 | (3,649,564) | 7,529 | 25,753,078 | 151,090 | ||||||||||||||||||||||||||||||||||||||
| Net earnings (including net earnings attributable to noncontrolling interests) | 1,010,533 | — | — | — | — | — | 996,975 | 13,558 | |||||||||||||||||||||||||||||||||||||||
Employee stock and directors plans | (63,671) | 138 | — | 1,389 | (65,198) | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Purchases of treasury stock | (1,230,696) | — | — | — | (1,230,696) | — | — | — | |||||||||||||||||||||||||||||||||||||||
Amortization of restricted stock | 112,858 | — | — | 112,858 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Cash dividends | (265,235) | — | — | — | — | — | (265,235) | — | |||||||||||||||||||||||||||||||||||||||
Receipts related to noncontrolling interests | 21,029 | — | — | — | — | — | — | 21,029 | |||||||||||||||||||||||||||||||||||||||
Payments related to noncontrolling interests | (5,965) | — | — | — | — | — | — | (5,965) | |||||||||||||||||||||||||||||||||||||||
| Millrose Properties, Inc. spin-off | (4,838,827) | — | — | — | — | — | (4,838,827) | — | |||||||||||||||||||||||||||||||||||||||
| Non-cash purchase or activity of noncontrolling interests, net | (27,859) | — | — | (949) | — | — | — | (26,910) | |||||||||||||||||||||||||||||||||||||||
| Total other comprehensive loss, net of tax | (1,510) | — | — | — | — | (1,510) | — | — | |||||||||||||||||||||||||||||||||||||||
| Balance at May 31, 2025 | $ | 22,731,882 | 26,136 | 3,660 | 5,842,732 | (4,945,458) | 6,019 | 21,645,991 | 152,802 | ||||||||||||||||||||||||||||||||||||||
| Three Months Ended May 31, | Six Months Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in thousands, except price per share amounts) | Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||||||||||||||||
| Shares repurchased | 4,335,241 | 664,759 | 4,501,936 | 204,515 | 6,172,126 | 827,874 | 9,271,936 | 663,320 | |||||||||||||||||||||||||||||||||||||||
| Total purchase price | $ | 388,784 | $ | 57,954 | $ | 495,230 | $ | 21,504 | $ | 608,055 | $ | 75,770 | $ | 1,139,849 | $ | 79,625 | |||||||||||||||||||||||||||||||
| Average price per share | $ | 89.68 | $ | 87.18 | $ | 110.00 | $ | 105.15 | $ | 98.52 | $ | 91.52 | $ | 122.94 | $ | 120.04 | |||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Provision for income taxes | $105,058 | 160,061 | 174,150 | 329,586 | |||||||||||||||||||
| Effective tax rate (1) | 25.6% | 25.1% | 24.6 | % | 24.8 | % | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| (In thousands, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
| Net earnings attributable to Lennar | $ | 304,772 | 477,449 | 534,155 | 996,975 | ||||||||||||||||||
| Less: distributed earnings allocated to nonvested shares | 3,051 | 2,973 | 4,221 | 3,929 | |||||||||||||||||||
| Less: undistributed earnings allocated to nonvested shares | 2,025 | 3,304 | 3,183 | 7,160 | |||||||||||||||||||
| Numerator for basic and diluted earnings per share | 299,696 | 471,172 | 526,751 | 985,886 | |||||||||||||||||||
| Denominator: | |||||||||||||||||||||||
| Denominator for basic and diluted earnings per share - weighted average common shares outstanding | 240,776 | 260,286 | 242,607 | 261,510 | |||||||||||||||||||
| Basic and diluted earnings per share | $ | 1.24 | 1.81 | 2.17 | 3.77 | ||||||||||||||||||
| (Dollars in thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| Unsecured delayed draw term loan facility due 2028 | $ | 1,704,487 | 1,710,000 | ||||||||
5.25% senior notes due 2026 (1) | 400,000 | 400,608 | |||||||||
5.00% senior notes due 2027 | 350,399 | 350,590 | |||||||||
4.75% senior notes due 2027 | 699,134 | 698,845 | |||||||||
5.20% senior notes due 2030 | 694,791 | 694,165 | |||||||||
| Mortgage notes on land and other debt | 198,676 | 230,478 | |||||||||
| $ | 4,047,487 | 4,084,686 | |||||||||
| (In thousands) | At May 31, 2026 | |||||||
| Commitments - maturing in May 2027 | $ | 225,000 | ||||||
| Commitments - maturing in November 2029 | 2,900,000 | |||||||
| Total commitments | $ | 3,125,000 | ||||||
| Accordion feature | 375,000 | |||||||
| Total maximum borrowings capacity | $ | 3,500,000 | ||||||
| (In thousands) | At May 31, 2026 | At November 30, 2025 | ||||||||||||
| Performance letters of credit | $ | 2,069,635 | 1,963,643 | |||||||||||
| Financial letters of credit | 802,809 | 926,304 | ||||||||||||
| Surety bonds | 5,712,218 | 5,614,807 | ||||||||||||
| Anticipated future costs primarily for site improvements related to performance surety bonds | 3,276,374 | 3,056,582 | ||||||||||||
| At May 31, 2026 | At November 30, 2025 | ||||||||||||||||||||||||||||
| (In thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Financial Services: | |||||||||||||||||||||||||||||
| Loans held-for-sale | Level 3 | $ | 13,830 | 13,959 | 15,547 | 15,547 | |||||||||||||||||||||||
| Investments held-to-maturity | Level 3 | 129,320 | 127,778 | 132,868 | 132,032 | ||||||||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||||||
| Homebuilding senior notes and other debts payable, net | Level 2 | $ | 4,047,487 | 4,072,154 | 4,084,686 | 4,122,169 | |||||||||||||||||||||||
| Financial Services notes and other debts payable, net | Level 2 | 1,963,746 | 1,964,163 | 1,790,309 | 1,790,789 | ||||||||||||||||||||||||
| Fair Value Hierarchy | Fair Value at | ||||||||||||||||
| (In thousands) | May 31, 2026 | November 30, 2025 | |||||||||||||||
| Financial Services Assets: | |||||||||||||||||
| Residential loans held-for-sale | Level 2 | $ | 1,855,423 | 2,170,677 | |||||||||||||
| LMF Commercial loans held-for-sale | Level 3 | 70,296 | 26,401 | ||||||||||||||
| Mortgage servicing rights | Level 3 | 2,983 | 3,266 | ||||||||||||||
| Forward options | Level 1 | 124 | 986 | ||||||||||||||
| Lennar Other Assets: | |||||||||||||||||
| Investments in equity securities | Level 1 | $ | 89,551 | 232,372 | |||||||||||||
| Investments available-for-sale | Level 3 | 38,725 | 39,060 | ||||||||||||||
| At May 31, 2026 | At November 30, 2025 | ||||||||||||||||||||||
| (In thousands) | Aggregate Principal Balance | Change in Fair Value | Aggregate Principal Balance | Change in Fair Value | |||||||||||||||||||
| Residential loans held-for-sale | $ | 1,917,191 | (61,768) | 2,206,966 | (36,289) | ||||||||||||||||||
LMF Commercial loans held-for-sale | 73,300 | (3,004) | 26,525 | (124) | |||||||||||||||||||
| May 31, 2026 | November 30, 2025 | ||||||||||
| Unobservable inputs: | |||||||||||
| Mortgage prepayment rate | 9% | 9% | |||||||||
| Discount rate | 13% | 13% | |||||||||
| Delinquency rate | 11% | 11% | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Changes in fair value included in Financial Services revenues: | |||||||||||||||||||||||
| Loans held-for-sale | $ | (57,891) | (32,753) | (25,489) | (2,350) | ||||||||||||||||||
| Mortgage loan commitments | (16,520) | (22,583) | (9,310) | 10,921 | |||||||||||||||||||
| Forward contracts | 21,558 | 76,955 | 8,575 | 28,492 | |||||||||||||||||||
| Interest rate swaps | 17,550 | 3,458 | 8,278 | 162 | |||||||||||||||||||
| Changes in fair value included in Lennar Other losses from technology investments: | |||||||||||||||||||||||
| Investments in equity securities | $ | (23,252) | (29,440) | (8,414) | (91,943) | ||||||||||||||||||
| Changes in fair value included in other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
| Lennar Other investments available-for-sale | $ | 70 | (1,332) | (335) | (1,510) | ||||||||||||||||||
| Three Months Ended May 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | |||||||||||||||||||
| Beginning balance | $ | 2,783 | 74,793 | 3,297 | 82,794 | ||||||||||||||||||
| Purchases/loan originations | 191 | 73,300 | 251 | 180,875 | |||||||||||||||||||
| Sales/loan originations sold, including those not settled | — | (76,250) | — | (190,936) | |||||||||||||||||||
| Disposals/settlements | (72) | — | (56) | — | |||||||||||||||||||
| Changes in fair value (1) | 81 | (1,547) | (25) | (466) | |||||||||||||||||||
| Interest and principal paydowns | — | — | — | (64) | |||||||||||||||||||
| Ending balance | $ | 2,983 | 70,296 | 3,467 | 72,203 | ||||||||||||||||||
| Six Months Ended May 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | Mortgage servicing rights | LMF Commercial loans held-for-sale | Mortgage servicing rights | LMF Commercial loans held-for-sale | |||||||||||||||||||
| Beginning balance | $ | 3,266 | 26,401 | 3,463 | 50,316 | ||||||||||||||||||
| Purchases/loan originations | 263 | 156,350 | 277 | 308,840 | |||||||||||||||||||
| Sales/loan originations sold, including those not settled | — | (109,575) | — | (285,823) | |||||||||||||||||||
| Disposals/settlements | (123) | — | (153) | — | |||||||||||||||||||
| Changes in fair value (1) | (423) | (3,004) | (120) | (747) | |||||||||||||||||||
| Interest and principal paydowns | — | 124 | — | (383) | |||||||||||||||||||
| Ending balance | $ | 2,983 | $ | 70,296 | $ | 3,467 | $ | 72,203 | |||||||||||||||
| Three Months Ended May 31, | |||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Total Losses, Net (1) | Carrying Value | Fair Value | Total Losses, Net (1) | ||||||||||||||||||||||||||||||||||
| Homebuilding - non-financial assets: | |||||||||||||||||||||||||||||||||||||||||
| Finished homes and construction in progress (2) | Level 3 | $ | 310,460 | 242,214 | (68,246) | 470,734 | 421,051 | (49,683) | |||||||||||||||||||||||||||||||||
| Land and land under development (2) | Level 3 | 549 | — | (549) | — | — | — | ||||||||||||||||||||||||||||||||||
| Deposits and pre-acquisition costs on real estate (3) | Level 3 | 1,397 | — | (1,397) | 8,661 | — | (8,661) | ||||||||||||||||||||||||||||||||||
| Financial Services - financial assets: | |||||||||||||||||||||||||||||||||||||||||
| Loans held-for-sale (4) | Level 3 | $ | 13,830 | 14,168 | (338) | — | — | — | |||||||||||||||||||||||||||||||||
| Multifamily - non-financial assets: | |||||||||||||||||||||||||||||||||||||||||
| Investments in unconsolidated entities (5) | Level 3 | $ | — | — | — | 3,122 | — | (3,122) | |||||||||||||||||||||||||||||||||
| Six Months Ended May 31, | |||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| (In thousands) | Fair Value Hierarchy | Carrying Value | Fair Value | Total Losses, Net (1) | Carrying Value | Fair Value | Total Losses, Net (1) | ||||||||||||||||||||||||||||||||||
| Homebuilding - non-financial assets: | |||||||||||||||||||||||||||||||||||||||||
| Finished homes and construction in progress (2) | Level 3 | $ | 714,753 | 613,721 | (101,032) | 742,658 | 672,632 | (70,026) | |||||||||||||||||||||||||||||||||
| Land and land under development (2) | Level 3 | 549 | — | (549) | 191 | 134 | (57) | ||||||||||||||||||||||||||||||||||
| Deposits and pre-acquisition costs on real estate (3) | Level 3 | 6,738 | — | (6,738) | 8,928 | — | (8,928) | ||||||||||||||||||||||||||||||||||
| Financial Services - financial assets: | |||||||||||||||||||||||||||||||||||||||||
| Loans held-for-sale (4) | Level 3 | $ | 14,316 | 13,830 | (486) | — | — | — | |||||||||||||||||||||||||||||||||
| Multifamily - non-financial assets: | |||||||||||||||||||||||||||||||||||||||||
| Investments in unconsolidated entities (5) | Level 3 | $ | — | — | — | 10,716 | — | (10,716) | |||||||||||||||||||||||||||||||||
| Communities with valuation adjustments | |||||||||||||||||||||||||||||
| At or for the Six Months Ended | # of active communities | # of communities with potential indicator of impairment | # of communities | Fair Value (in thousands) | Valuation Adjustments (in thousands) | ||||||||||||||||||||||||
| May 31, 2026 | 1,683 | 151 | 18 | $ | 143,785 | $ | 36,240 | ||||||||||||||||||||||
| May 31, 2025 | 1,617 | 102 | 14 | 35,482 | 17,918 | ||||||||||||||||||||||||
| Six Months Ended May 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Unobservable inputs | Range | Range | |||||||||||||||||||||
| Average selling price (1) | $129,000 | — | 1,015,000 | 168,000 | — | 872,000 | |||||||||||||||||
| Absorption rate per quarter (homes) | 5 | — | 19 | 2 | — | 7 | |||||||||||||||||
| Discount rate | 20% | 20% | |||||||||||||||||||||
| At May 31, 2026 | At November 30, 2025 | ||||||||||||||||||||||
| (In thousands) | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | Investments in Unconsolidated VIEs | Lennar’s Maximum Exposure to Loss | |||||||||||||||||||
| Homebuilding (1) | $ | 689,540 | 701,550 | 824,241 | 861,679 | ||||||||||||||||||
| Multifamily (2) | 208,578 | 209,258 | 167,873 | 169,364 | |||||||||||||||||||
| Financial Services (3) | 129,999 | 129,999 | 135,396 | 135,396 | |||||||||||||||||||
| Lennar Other (4) | 103,226 | 103,226 | 105,151 | 105,151 | |||||||||||||||||||
| $ | 1,131,343 | 1,144,033 | 1,232,661 | 1,271,590 | |||||||||||||||||||
| (In thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| Non-refundable option deposits and pre-acquisition costs on real estate | $ | 6,982,603 | 6,301,909 | ||||||||
| Non-refundable option deposits included in consolidated inventory not owned | 175,995 | 220,025 | |||||||||
| Letters of credit in lieu of cash deposits under certain land and option contracts | 411,051 | 443,277 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Warranty reserve, beginning of the period | $ | 381,666 | 428,926 | 400,591 | 446,240 | ||||||||||||||||||
| Warranties issued | 47,479 | 63,164 | 89,999 | 123,632 | |||||||||||||||||||
| Adjustments to pre-existing warranties from changes in estimates (1) | 6,899 | 11,824 | 19,905 | 14,386 | |||||||||||||||||||
| Payments | (52,892) | (61,856) | (127,343) | (142,200) | |||||||||||||||||||
| Warranty reserve, end of period | $ | 383,152 | 442,058 | 383,152 | 442,058 | ||||||||||||||||||
| (Dollars in thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| Right-of-use assets | $ | 232,599 | 269,011 | ||||||||
| Lease liabilities | 233,775 | 264,157 | |||||||||
| Weighted-average remaining lease term (in years) | 5.4 | 5.4 | |||||||||
| Weighted-average discount rate | 4.6% | 4.7% | |||||||||
| (In thousands) | Lease Payments | ||||
| 2026 | $ | 42,105 | |||
| 2027 | 59,360 | ||||
| 2028 | 41,836 | ||||
| 2029 | 29,776 | ||||
| 2030 | 26,212 | ||||
| Thereafter | 66,805 | ||||
| Total future minimum lease payments (1) | $ | 266,094 | |||
| Less: Interest (2) | 32,319 | ||||
| Present value of lease liabilities (2) | $ | 233,775 | |||
| Six Months Ended May 31, | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Rental expense | $ | 82,485 | 102,628 | ||||||||
| Three Months Ended May 31, 2026 | |||||||||||||||||||||||||||||||||||
| (In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of homes | $ | 7,595,039 | — | — | — | — | 7,595,039 | ||||||||||||||||||||||||||||
| Sales of land | 12,401 | — | — | — | — | 12,401 | |||||||||||||||||||||||||||||
| Other revenues | 8,874 | 236,939 | 63,564 | 23,055 | — | 332,432 | |||||||||||||||||||||||||||||
| Total revenues | 7,616,314 | 236,939 | 63,564 | 23,055 | — | 7,939,872 | |||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Costs of homes sold | 6,412,619 | — | — | — | — | 6,412,619 | |||||||||||||||||||||||||||||
| Costs of land sold | 21,544 | — | — | — | — | 21,544 | |||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 698,395 | — | — | — | — | 698,395 | |||||||||||||||||||||||||||||
| Other costs and expenses | — | 135,836 | 72,788 | 43,726 | — | 252,350 | |||||||||||||||||||||||||||||
| Total costs and expenses | 7,132,558 | 135,836 | 72,788 | 43,726 | — | 7,384,908 | |||||||||||||||||||||||||||||
| Equity in earnings from unconsolidated entities | 2,670 | — | 27,233 | 4,184 | — | 34,087 | |||||||||||||||||||||||||||||
| Other income, net and other gains, net | 2,945 | — | 316 | 795 | — | 4,056 | |||||||||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | (23,252) | — | (23,252) | |||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 489,371 | 101,103 | 18,325 | (38,944) | — | 569,855 | ||||||||||||||||||||||||||||
| Corporate general and administrative expenses | — | — | — | — | 136,149 | 136,149 | |||||||||||||||||||||||||||||
| Charitable foundation contribution | — | — | — | — | 20,519 | 20,519 | |||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 489,371 | 101,103 | 18,325 | (38,944) | (156,668) | 413,187 | ||||||||||||||||||||||||||||
| Three Months Ended May 31, 2025 | |||||||||||||||||||||||||||||||||||
| (In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of homes | $ | 7,788,275 | — | — | — | — | 7,788,275 | ||||||||||||||||||||||||||||
| Sales of land | 43,195 | — | — | — | — | 43,195 | |||||||||||||||||||||||||||||
| Other revenues | 12,392 | 298,098 | 230,305 | 5,237 | — | 546,032 | |||||||||||||||||||||||||||||
| Total revenues | 7,843,862 | 298,098 | 230,305 | 5,237 | — | 8,377,502 | |||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Costs of homes sold | 6,402,532 | — | — | — | — | 6,402,532 | |||||||||||||||||||||||||||||
| Costs of land sold | 56,173 | — | — | — | — | 56,173 | |||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 688,847 | — | — | — | — | 688,847 | |||||||||||||||||||||||||||||
| Other costs and expenses | — | 140,818 | 254,677 | 30,025 | — | 425,520 | |||||||||||||||||||||||||||||
| Total costs and expenses | 7,147,552 | 140,818 | 254,677 | 30,025 | — | 7,573,072 | |||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 17,716 | — | (5,269) | (331) | — | 12,116 | |||||||||||||||||||||||||||||
| Other income, net and other gains, net | 14,208 | — | 14,887 | 1,664 | — | 30,759 | |||||||||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | (29,440) | — | (29,440) | |||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 728,234 | 157,280 | (14,754) | (52,895) | — | 817,865 | ||||||||||||||||||||||||||||
| Corporate general and administrative expenses | — | — | — | — | 155,853 | 155,853 | |||||||||||||||||||||||||||||
| Charitable foundation contribution | — | — | — | — | 20,131 | 20,131 | |||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 728,234 | 157,280 | (14,754) | (52,895) | (175,984) | 641,881 | ||||||||||||||||||||||||||||
| Six Months Ended May 31, 2026 | |||||||||||||||||||||||||||||||||||
| (In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of homes | $ | 13,867,961 | — | — | — | — | 13,867,961 | ||||||||||||||||||||||||||||
| Sales of land | 27,559 | — | — | — | — | 27,559 | |||||||||||||||||||||||||||||
| Other revenues | 19,357 | 452,494 | 146,063 | 45,914 | — | 663,828 | |||||||||||||||||||||||||||||
| Total revenues | 13,914,877 | 452,494 | 146,063 | 45,914 | — | 14,559,348 | |||||||||||||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||||||||||||||
| Costs of homes sold | 11,734,233 | — | — | — | — | 11,734,233 | |||||||||||||||||||||||||||||
| Costs of land sold | 52,855 | — | — | — | — | 52,855 | |||||||||||||||||||||||||||||
| Selling, general and administrative expenses | 1,315,890 | — | — | — | — | 1,315,890 | |||||||||||||||||||||||||||||
| Other costs and expenses | — | 260,078 | 163,216 | 87,410 | — | 510,704 | |||||||||||||||||||||||||||||
| Total costs and expenses | 13,102,978 | 260,078 | 163,216 | 87,410 | — | 13,613,682 | |||||||||||||||||||||||||||||
| Equity in earnings from unconsolidated entities | 40,851 | — | 52,714 | 3,790 | — | 97,355 | |||||||||||||||||||||||||||||
| Other income, net and other gains, net | 9,649 | — | 623 | 1,930 | — | 12,202 | |||||||||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | (8,414) | — | (8,414) | |||||||||||||||||||||||||||||
| Operating earnings (loss) | $ | 862,399 | 192,416 | 36,184 | (44,190) | — | 1,046,809 | ||||||||||||||||||||||||||||
| Corporate general and administrative expenses | — | — | — | — | 293,787 | 293,787 | |||||||||||||||||||||||||||||
| Charitable foundation contribution | — | — | — | — | 37,382 | 37,382 | |||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 862,399 | 192,416 | 36,184 | (44,190) | (331,169) | 715,640 | ||||||||||||||||||||||||||||
| Six Months Ended May 31, 2025 | |||||||||||||||||||||||||||||||||||
| (In thousands) | Homebuilding | Financial Services | Multifamily | Lennar Other | Corporate | Total | |||||||||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||||||||||||||
| Sales of homes | $ | 15,028,821 | — | — | — | — | 15,028,821 | ||||||||||||||||||||||||||||
| Sales of land | 78,521 | — | — | — | — | 78,521 | |||||||||||||||||||||||||||||
| Other revenues | 20,390 | 575,175 | 293,501 | 12,639 | — | 901,705 | |||||||||||||||||||||||||||||
| Total revenues | 15,127,732 | 575,175 | 293,501 | 12,639 | — | 16,009,047 | |||||||||||||||||||||||||||||
| Homebuilding costs and expenses: | |||||||||||||||||||||||||||||||||||
| Costs of homes sold | 12,290,676 | — | — | — | — | 12,290,676 | |||||||||||||||||||||||||||||
| Costs of land sold | 92,250 | — | — | — | — | 92,250 | |||||||||||||||||||||||||||||
| Selling, general and administrative | 1,304,586 | — | — | — | — | 1,304,586 | |||||||||||||||||||||||||||||
| Other costs and expenses | — | 274,412 | 328,053 | 53,589 | 656,054 | ||||||||||||||||||||||||||||||
| Total costs and expenses | 13,687,512 | 274,412 | 328,053 | 53,589 | — | 14,343,566 | |||||||||||||||||||||||||||||
| Equity in earnings (losses) from unconsolidated entities | 52,720 | — | (4,542) | (2,827) | — | 45,351 | |||||||||||||||||||||||||||||
| Other income (expense), net and other gains (losses), net | 44,567 | — | 24,317 | (6,458) | — | 62,426 | |||||||||||||||||||||||||||||
| Lennar Other losses from technology investments | — | — | — | (91,943) | — | (91,943) | |||||||||||||||||||||||||||||
| Operating earnings | 1,537,507 | 300,763 | (14,777) | (142,178) | — | 1,681,315 | |||||||||||||||||||||||||||||
| Corporate general and administrative expenses | — | — | — | — | 303,231 | 303,231 | |||||||||||||||||||||||||||||
| Charitable foundation contribution | — | — | — | — | 37,965 | 37,965 | |||||||||||||||||||||||||||||
| Earnings (loss) before income taxes | $ | 1,537,507 | 300,763 | (14,777) | (142,178) | (341,196) | 1,340,119 | ||||||||||||||||||||||||||||
| Three Months Ended May 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Margins | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin (Loss) % | Net Margins (Losses) on Sales of Homes (1) | Gross Margins (Losses) on Sales of Land | Other Revenues | Equity in Earnings (Losses) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings (Losses) | ||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 1,709,254 | 1,382,260 | 19.1 | % | 157,939 | (4,178) | 3,705 | 4,978 | 1,942 | 164,386 | ||||||||||||||||||||||||||||||||||||||||||
| Central | 1,662,594 | 1,407,144 | 15.4 | % | 76,968 | (2,130) | 1,076 | (18) | 2,276 | 78,172 | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 1,463,140 | 1,210,579 | 17.3 | % | 117,472 | (973) | 560 | (10) | (2,712) | 114,337 | |||||||||||||||||||||||||||||||||||||||||||
| West | 2,758,154 | 2,409,274 | 12.6 | % | 138,458 | (1,862) | 1,160 | 676 | 1,603 | 140,035 | |||||||||||||||||||||||||||||||||||||||||||
| Other (2) | 1,897 | 3,362 | (77.2) | % | (6,812) | — | 2,373 | (2,956) | (164) | (7,559) | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 7,595,039 | 6,412,619 | 15.6 | % | 484,025 | (9,143) | 8,874 | 2,670 | 2,945 | 489,371 | ||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended May 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Margins | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin (Loss) % | Net Margins (Losses) on Sales of Homes (1) | Gross Margins (Losses) on Sales of Land | Other Revenues | Equity in Earnings (Losses) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 1,715,407 | 1,390,760 | 18.9 | % | 157,329 | 147 | 3,714 | 8,295 | 7,161 | 176,646 | ||||||||||||||||||||||||||||||||||||||||||
| Central | 1,743,304 | 1,417,197 | 18.7 | % | 160,279 | (1,143) | 1,963 | (1) | 1,099 | 162,197 | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 1,505,750 | 1,241,884 | 17.5 | % | 137,955 | (1,415) | 1,058 | (6) | (903) | 136,689 | |||||||||||||||||||||||||||||||||||||||||||
| West | 2,818,980 | 2,346,962 | 16.7 | % | 254,863 | (10,567) | 2,095 | 1,038 | (2,005) | 245,424 | |||||||||||||||||||||||||||||||||||||||||||
| Other (2) | 4,834 | 5,729 | (18.5) | % | (13,530) | — | 3,562 | 8,390 | 8,856 | 7,278 | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 7,788,275 | 6,402,532 | 17.8 | % | 696,896 | (12,978) | 12,392 | 17,716 | 14,208 | 728,234 | ||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended May 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Margins | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin (Loss) % | Net Margins (Losses) on Sales of Homes (1) | Gross Losses on Sales of Land | Other Revenues | Equity in Earnings (Losses) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 3,221,332 | 2,621,112 | 18.6 | % | 268,391 | (11,406) | 8,574 | 15,661 | (1,879) | 279,341 | ||||||||||||||||||||||||||||||||||||||||||
| Central | 3,007,627 | 2,559,859 | 14.9 | % | 121,081 | (4,993) | 2,229 | 41 | 4,159 | 122,517 | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 2,623,320 | 2,166,947 | 17.4 | % | 213,650 | (3,318) | 1,220 | (25) | (4,381) | 207,146 | |||||||||||||||||||||||||||||||||||||||||||
| West | 5,009,901 | 4,376,796 | 12.6 | % | 231,513 | (5,579) | 2,362 | 1,588 | (429) | 229,455 | |||||||||||||||||||||||||||||||||||||||||||
| Other (2) | 5,781 | 9,519 | (64.7) | % | (16,797) | — | 4,972 | 23,586 | 12,179 | 23,940 | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 13,867,961 | 11,734,233 | 15.4 | % | 817,838 | (25,296) | 19,357 | 40,851 | 9,649 | 862,399 | ||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended May 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Margins | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| ($ in thousands) | Sales of Homes Revenue | Costs of Sales of Homes | Gross Margin (Loss) % | Net Margins (Losses) on Sales of Homes (1) | Gross Margins (Losses) on Sales of Land | Other Revenues | Equity in Earnings (Losses) from Unconsolidated Entities | Other Income (Expense), net | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 3,370,667 | 2,693,780 | 20.1 | % | 347,383 | (242) | 6,449 | 14,933 | 32,477 | 401,000 | ||||||||||||||||||||||||||||||||||||||||||
| Central | 3,273,496 | 2,662,807 | 18.7 | % | 292,537 | (2,583) | 2,817 | (4) | 3,150 | 295,917 | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 2,666,273 | 2,188,413 | 17.9 | % | 257,127 | 1,249 | 1,759 | (8) | (1,355) | 258,772 | |||||||||||||||||||||||||||||||||||||||||||
| West | 5,707,665 | 4,733,641 | 17.1 | % | 554,488 | (12,153) | 3,343 | 1,010 | (2,483) | 544,205 | |||||||||||||||||||||||||||||||||||||||||||
| Other (2) | 10,720 | 12,035 | (12.3) | % | (17,976) | — | 6,022 | 36,789 | 12,778 | 37,613 | |||||||||||||||||||||||||||||||||||||||||||
Totals | $ | 15,028,821 | 12,290,676 | 18.2 | % | 1,433,559 | (13,729) | 20,390 | 52,720 | 44,567 | 1,537,507 | ||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended May 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
| East | 4,761 | 4,742 | $ | 1,757,118 | 1,766,459 | $ | 369,000 | 373,000 | |||||||||||||||||||||||||||
| Central | 4,606 | 4,538 | 1,662,594 | 1,743,304 | 361,000 | 384,000 | |||||||||||||||||||||||||||||
| South Central | 6,286 | 6,174 | 1,463,140 | 1,505,750 | 233,000 | 244,000 | |||||||||||||||||||||||||||||
| West | 4,863 | 4,669 | 2,758,154 | 2,818,980 | 567,000 | 604,000 | |||||||||||||||||||||||||||||
| Other | 3 | 8 | 1,897 | 4,834 | 632,000 | 604,000 | |||||||||||||||||||||||||||||
| Total | 20,519 | 20,131 | $ | 7,642,903 | 7,839,327 | $ | 371,000 | 389,000 | |||||||||||||||||||||||||||
| Six Months Ended May 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
| East | 8,911 | 9,126 | $ | 3,341,069 | 3,462,701 | $ | 375,000 | 379,000 | |||||||||||||||||||||||||||
| Central | 8,407 | 8,494 | 3,007,627 | 3,273,497 | 358,000 | 385,000 | |||||||||||||||||||||||||||||
| South Central | 11,325 | 10,904 | 2,623,320 | 2,666,273 | 232,000 | 245,000 | |||||||||||||||||||||||||||||
| West | 8,731 | 9,425 | 5,009,901 | 5,707,665 | 574,000 | 606,000 | |||||||||||||||||||||||||||||
| Other | 8 | 16 | 5,780 | 10,720 | 723,000 | 670,000 | |||||||||||||||||||||||||||||
| Total | 37,382 | 37,965 | $ | 13,987,697 | 15,120,856 | $ | 374,000 | 398,000 | |||||||||||||||||||||||||||
| Three Months Ended May 31, | Six Months Ended May 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
| Average Sales Incentives Per Home Delivered | Sales Incentives as a % of Revenue | Average Sales Incentives Per Home Delivered | Sales Incentives as a % of Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
| East | $ | 57,500 | 74,800 | 13.6 | % | 16.8 | % | $ | 65,800 | 71,300 | 15.2 | % | 15.9 | % | ||||||||||||||||||||||||||||||||||||
| Central | 43,000 | 45,500 | 10.6 | % | 10.6 | % | 47,400 | 47,700 | 11.7 | % | 11.0 | % | ||||||||||||||||||||||||||||||||||||||
| South Central | 55,000 | 54,400 | 19.1 | % | 18.2 | % | 53,700 | 56,100 | 18.8 | % | 18.7 | % | ||||||||||||||||||||||||||||||||||||||
| West | 64,800 | 64,600 | 10.3 | % | 9.7 | % | 65,700 | 65,000 | 10.3 | % | 9.7 | % | ||||||||||||||||||||||||||||||||||||||
| Other | 88,400 | 101,700 | 12.3 | % | 14.4 | % | 94,100 | 99,500 | 11.5 | % | 12.9 | % | ||||||||||||||||||||||||||||||||||||||
| Total | $ | 55,200 | 59,500 | 12.9 | % | 13.3 | % | $ | 57,900 | 60,000 | 13.5 | % | 13.1 | % | ||||||||||||||||||||||||||||||||||||
| As of May 31, | Three Months Ended May 31, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||
| Active Communities | Homes | Dollar Value (In thousands) | Average Sales Price | ||||||||||||||||||||||||||||||||||||||||||||
| East | 346 | 340 | 5,064 | 5,604 | $ | 1,929,424 | 1,978,078 | $ | 381,000 | 353,000 | |||||||||||||||||||||||||||||||||||||
| Central | 462 | 443 | 5,218 | 5,266 | 1,896,583 | 1,987,955 | 363,000 | 378,000 | |||||||||||||||||||||||||||||||||||||||
| South Central | 433 | 391 | 6,293 | 6,626 | 1,475,500 | 1,607,319 | 234,000 | 243,000 | |||||||||||||||||||||||||||||||||||||||
| West | 441 | 441 | 5,173 | 5,098 | 2,906,234 | 2,997,528 | 562,000 | 588,000 | |||||||||||||||||||||||||||||||||||||||
| Other | 1 | 2 | 1 | 7 | 668 | 4,383 | 668,000 | 626,000 | |||||||||||||||||||||||||||||||||||||||
| Total | 1,683 | 1,617 | 21,749 | 22,601 | $ | 8,208,409 | 8,575,263 | $ | 377,000 | 379,000 | |||||||||||||||||||||||||||||||||||||
| Six Months Ended May 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
| East | 9,544 | 9,667 | $ | 3,641,071 | 3,539,940 | $ | 382,000 | 366,000 | |||||||||||||||||||||||||||
| Central | 9,810 | 9,816 | 3,532,795 | 3,788,150 | 360,000 | 386,000 | |||||||||||||||||||||||||||||
| South Central | 11,298 | 11,547 | 2,639,114 | 2,780,180 | 234,000 | 241,000 | |||||||||||||||||||||||||||||
| West | 9,604 | 9,909 | 5,529,034 | 5,886,178 | 576,000 | 594,000 | |||||||||||||||||||||||||||||
| Other | 8 | 17 | 5,781 | 11,547 | 723,000 | 679,000 | |||||||||||||||||||||||||||||
| Total | 40,264 | 40,956 | $ | 15,347,795 | 16,005,995 | $ | 381,000 | 391,000 | |||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| East | 15 | % | 14 | % | 14 | % | 15 | % | |||||||||||||||
| Central | 12 | % | 10 | % | 12 | % | 10 | % | |||||||||||||||
| South Central | 17 | % | 16 | % | 16 | % | 16 | % | |||||||||||||||
| West | 11 | % | 13 | % | 11 | % | 12 | % | |||||||||||||||
| Other | — | % | 13 | % | 20 | % | 19 | % | |||||||||||||||
| Total | 14 | % | 14 | % | 14 | % | 14 | % | |||||||||||||||
| At May 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||
| Homes | Dollar Value (In thousands) | Average Sales Price | |||||||||||||||||||||||||||||||||
| East | 5,455 | 3,900 | $ | 2,069,490 | 1,562,457 | $ | 379,000 | 401,000 | |||||||||||||||||||||||||||
| Central | 4,875 | 4,706 | 1,797,844 | 1,905,125 | 369,000 | 405,000 | |||||||||||||||||||||||||||||
| South Central | 3,018 | 3,430 | 671,772 | 815,681 | 223,000 | 238,000 | |||||||||||||||||||||||||||||
| West | 3,470 | 3,500 | 2,067,167 | 2,200,051 | 596,000 | 629,000 | |||||||||||||||||||||||||||||
| Other | — | 2 | — | 1,176 | — | 588,000 | |||||||||||||||||||||||||||||
| Total | 16,818 | 15,538 | $ | 6,606,273 | 6,484,490 | $ | 393,000 | 417,000 | |||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| May 31, | May 31, | ||||||||||||||||||||||
| (Dollars in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Dollar value of mortgages originated | $ | 5,066,000 | 4,877,000 | 9,014,000 | 9,320,000 | ||||||||||||||||||
| Number of mortgages originated | 14,600 | 13,600 | 25,900 | 25,900 | |||||||||||||||||||
| Mortgage capture rate of Lennar homebuyers | 83% | 85% | 83% | 85% | |||||||||||||||||||
| Number of title and closing service transactions | 22,200 | 21,000 | 40,800 | 39,200 | |||||||||||||||||||
| Balance Sheets | At | ||||||||||
| (In thousands) | May 31, 2026 | November 30, 2025 | |||||||||
| Multifamily investments in unconsolidated entities | $ | 491,325 | 506,573 | ||||||||
| Lennar's net investment in Multifamily | 717,720 | 781,902 | |||||||||
| At | |||||||||||||||||
| (Dollars in thousands) | May 31, 2026 | November 30, 2025 | May 31, 2025 | ||||||||||||||
| Homebuilding debt | $ | 4,047,487 | 4,084,686 | 2,791,987 | |||||||||||||
| Stockholders’ equity | 21,620,638 | 21,959,417 | 22,579,080 | ||||||||||||||
| Total capital | $ | 25,668,125 | 26,044,103 | 25,371,067 | |||||||||||||
| Homebuilding debt to total capital | 15.8 | % | 15.7 | % | 11.0 | % | |||||||||||
| Homebuilding debt | $ | 4,047,487 | 4,084,686 | 2,791,987 | |||||||||||||
| Less: Homebuilding cash and cash equivalents | 1,816,248 | 3,441,324 | 1,168,143 | ||||||||||||||
| Net Homebuilding debt | $ | 2,231,239 | 643,362 | 1,623,844 | |||||||||||||
| Net Homebuilding debt to total capital (1) | 9.4 | % | 2.8 | % | 6.7 | % | |||||||||||
| Six Months Ended May 31, | |||||||||||
| (Dollars in thousands) | 2026 | 2025 | |||||||||
| Homebuilding average debt outstanding | $ | 4,106,656 | 2,528,378 | ||||||||
| Average interest rate | 4.9% | 4.9% | |||||||||
| Interest incurred | $ | 111,456 | 73,335 | ||||||||
| (In thousands) | At May 31, 2026 | |||||||
| Commitments - maturing in May 2027 | $ | 225,000 | ||||||
| Commitments - maturing in November 2029 | 2,900,000 | |||||||
| Total commitments | $ | 3,125,000 | ||||||
| Accordion feature | 375,000 | |||||||
| Total maximum borrowings capacity | $ | 3,500,000 | ||||||
| (Dollars in thousands) | Covenant Level | Level Achieved as of May 31, 2026 | |||||||||
| Minimum net worth test | $ | 10,000,000 | 15,955,029 | ||||||||
| Maximum leverage ratio | 60.0% | 14.7% | |||||||||
| Liquidity test | 1.00 | 30.00 | |||||||||
| (In thousands) | At May 31, 2026 | At November 30, 2025 | |||||||||
| Due from non-guarantor subsidiaries | $ | 14,452,756 | 14,709,366 | ||||||||
| Equity method investments | 1,129,567 | 1,213,485 | |||||||||
| Total assets | 39,968,797 | 40,496,300 | |||||||||
| Total liabilities | 8,857,475 | 9,243,409 | |||||||||
| Six Months Ended | |||||
| (In thousands) | May 31, 2026 | ||||
| Total revenues | $ | 13,025,813 | |||
| Operating earnings | 813,192 | ||||
| Earnings before income taxes | 487,909 | ||||
| Net earnings attributable to Lennar | 365,357 | ||||
| Principal Maturities of Unconsolidated JVs by Period | |||||||||||||||||||||||||||||||||||
| (In thousands) | Total JV Debt | 2026 | 2027 | 2028 | Thereafter | Other | |||||||||||||||||||||||||||||
| Bank debt without recourse to Lennar | $ | 1,160,077 | 59,742 | 453,250 | 151,945 | 495,140 | — | ||||||||||||||||||||||||||||
| Land seller and other debt without recourse to Lennar | 44,877 | — | — | — | 44,877 | — | |||||||||||||||||||||||||||||
| Maximum recourse debt exposure to Lennar | 8,150 | 8,150 | — | — | — | — | |||||||||||||||||||||||||||||
| Debt issuance costs | (14,203) | — | — | — | — | (14,203) | |||||||||||||||||||||||||||||
| Total | $ | 1,198,901 | 67,892 | 453,250 | 151,945 | 540,017 | (14,203) | ||||||||||||||||||||||||||||
| Principal Maturities of Unconsolidated JVs by Period | |||||||||||||||||||||||||||||||||||
| (In thousands) | Total JV Debt | 2026 | 2027 | 2028 | Thereafter | Other | |||||||||||||||||||||||||||||
| Debt without recourse to Lennar | $ | 2,335,263 | 666,058 | 875,387 | 416,482 | 377,336 | — | ||||||||||||||||||||||||||||
| Debt issuance costs | (22,341) | — | — | — | — | (22,341) | |||||||||||||||||||||||||||||
| Total | $ | 2,312,922 | 666,058 | 875,387 | 416,482 | 377,336 | (22,341) | ||||||||||||||||||||||||||||
| Years of | |||||||||||||||||||||||
| May 31, 2026 | Controlled Homesites | Owned Homesites | Total Homesites | Supply Owned (1) | |||||||||||||||||||
| East | 110,893 | 1,670 | 112,563 | ||||||||||||||||||||
| Central | 125,920 | 2,965 | 128,885 | ||||||||||||||||||||
| South Central | 149,744 | 1,657 | 151,401 | ||||||||||||||||||||
| West | 93,185 | 3,222 | 96,407 | ||||||||||||||||||||
| Other | 4,649 | 1,561 | 6,210 | ||||||||||||||||||||
| Total homesites | 484,391 | 11,075 | 495,466 | 0.1 | |||||||||||||||||||
| % of total homesites | 98% | 2% | |||||||||||||||||||||
| Years of | |||||||||||||||||||||||
| May 31, 2025 | Controlled Homesites | Owned Homesites | Total Homesites | Supply Owned (1) | |||||||||||||||||||
| East | 118,389 | 1,412 | 119,801 | ||||||||||||||||||||
| Central | 129,104 | 3,553 | 132,657 | ||||||||||||||||||||
| South Central | 168,768 | 2,236 | 171,004 | ||||||||||||||||||||
| West | 99,155 | 3,356 | 102,511 | ||||||||||||||||||||
| Other | 4,649 | 1,561 | 6,210 | ||||||||||||||||||||
| Total homesites | 520,065 | 12,118 | 532,183 | 0.1 | |||||||||||||||||||
| % of total homesites | 98% | 2% | |||||||||||||||||||||
| Six Months Ending November 30, | Years Ending November 30, | Fair Value at May 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
| (Dollars in millions) | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Thereafter | Total | 2026 | ||||||||||||||||||||||||||||||||||||||||||||
| LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Homebuilding: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed rate | $ | 454.6 | 1,158.5 | 12.8 | 11.5 | 701.7 | 9.6 | — | 2,348.7 | 2,362.2 | |||||||||||||||||||||||||||||||||||||||||||
| Average interest rate | 5.2 | % | 4.8 | % | 3.9 | % | 7.5 | % | 5.2 | % | 6.6 | % | — | 5.0 | % | — | |||||||||||||||||||||||||||||||||||||
| Variable rate | $ | — | — | 1,710.0 | — | — | — | — | 1,710.0 | 1,710.0 | |||||||||||||||||||||||||||||||||||||||||||
| Average interest rate | — | — | 4.7 | % | — | — | — | — | 4.7 | % | — | ||||||||||||||||||||||||||||||||||||||||||
| Financial Services: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes and other debts payable: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed rate | $ | — | — | — | — | — | — | 119.7 | 119.7 | 120.2 | |||||||||||||||||||||||||||||||||||||||||||
| Average interest rate | — | — | — | — | — | — | 3.4 | % | 3.4 | % | — | ||||||||||||||||||||||||||||||||||||||||||
| Variable rate | $ | 1,844.0 | — | — | — | — | — | — | 1,844.0 | 1,844.0 | |||||||||||||||||||||||||||||||||||||||||||
| Average interest rate | 5.0 | % | — | — | — | — | — | — | 5.0 | % | — | ||||||||||||||||||||||||||||||||||||||||||
| Period: | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs (2) (In thousands) | |||||||||||||||||||
| March 1 to March 31, 2026 | 2,008,293 | $ | 92.78 | 1,867,129 | $ | 1,281,210 | |||||||||||||||||
| April 1 to April 30, 2026 | 1,997,760 | $ | 88.74 | 1,994,210 | $ | 1,104,235 | |||||||||||||||||
| May 1 to May 31, 2026 | 1,138,718 | $ | 85.17 | 1,138,661 | $ | 1,007,250 | |||||||||||||||||
| 31.1 | * | |||||||
| 31.2 | * | |||||||
| 32. | ** | |||||||
| 101. | * | The following financial statements from Lennar Corporation's Quarterly Report on Form 10-Q for the quarter ended May 31, 2026, filed on June 29, 2026, were formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Cash Flows and (iv) the Notes to Condensed Consolidated Financial Statements. | ||||||
| 104 | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). | |||||||
| Lennar Corporation | |||||||||||
| (Registrant) | |||||||||||
| Date: | June 29, 2026 | /s/ Diane Bessette | |||||||||
| Diane Bessette | |||||||||||
| Vice President and Chief Financial Officer | |||||||||||
| Date: | June 29, 2026 | /s/ David Collins | |||||||||
| David Collins | |||||||||||
| Vice President and Controller | |||||||||||
| Date: | June 29, 2026 | /s/ Stuart Miller | |||||||||
| Name: | Stuart Miller | ||||||||||
| Title: | Executive Chairman, Chief Executive Officer and President | ||||||||||
| Date: | June 29, 2026 | /s/ Diane Bessette | |||||||||
| Name: | Diane Bessette | ||||||||||
| Title: | Vice President and Chief Financial Officer | ||||||||||
| Date: | June 29, 2026 | /s/ Stuart Miller | |||||||||
| Name: | Stuart Miller | ||||||||||
| Title: | Executive Chairman, Chief Executive Officer and President | ||||||||||
| Date: | June 29, 2026 | /s/ Diane Bessette | |||||||||
| Name: | Diane Bessette | ||||||||||
| Title: | Vice President and Chief Financial Officer | ||||||||||