For the year ending 2025-11-30, LEN had -$1,159,476K decrease in cash & cash equivalents over the period. $28,183K in free cash flow.
| Cash Flow | 2025-11-30 | 2024-11-30 | 2023-11-30 | 2022-11-30 |
|---|---|---|---|---|
| Net earnings (including net earnings attributable to noncontrolling interests) | 2,108,300 | 3,967,655 | 3,961,291 | 4,648,501 |
| Depreciation and amortization | 134,310 | 115,528 | 110,164 | 87,075 |
| Amortization of discount/premium on debt, net | 88 | 148 | -1,651 | -2,163 |
| Equity in (earnings) losses from unconsolidated entities | 78,225 | 164,099 | -144,610 | -36,302 |
| Distributions of earnings from unconsolidated entities | 36,578 | 155,565 | 53,125 | 71,301 |
| Share-based compensation expense | 163,494 | 176,676 | 160,720 | 184,086 |
| Deferred income tax expense (benefit) | 77,295 | 60,426 | -67,968 | -246,653 |
| Loans held-for-sale unrealized (gains) losses | 26,618 | -52,482 | -26,658 | -33,287 |
| Loss on millrose properties, inc. exchange offer | -156,076 | - | - | - |
| Lennar other (gains) losses from technology investments and other (gains) losses, net-Lennar Other | 100,159 | 67,226 | -112,541 | -672,212 |
| Gain on sale of interest in unconsolidated entity and other multifamily gain-Lennar Homebuilding East Central West Houstonand Other | 35,900 | - | - | - |
| Gains on sale of operating properties and equipment and other assets and loans receivables | 77,737 | 38,837 | 7,015 | 7,617 |
| Gain on deconsolidation of an entity | - | - | - | 0 |
| Gain on sale of interest in unconsolidated entity and other multifamily gain-Lennar Multifamily | - | - | 0 | 0 |
| Gain on sale of businesses-Lennar Financial Services | - | - | 0 | 0 |
| Gain on redemption/repurchases of senior notes and other debts payable | 0 | 825 | 9,611 | 0 |
| Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets | 246,220 | 143,265 | 125,338 | 110,693 |
| Decrease (increase) in receivables | -66,764 | 129,212 | 329,191 | 422,398 |
| (increase) decrease in inventories, excluding valuation adjustments | 150,921 | 285,095 | -2,274,083 | 2,383,821 |
| Increase in deposits and pre-acquisition costs on real estate | 1,549,664 | 1,631,783 | 295,761 | - |
| Increase in other assets | 186,071 | 113,276 | 85,005 | 13,330 |
| Decrease (increase) in loans held-for-sale | -123,733 | 218,393 | 366,728 | 202,920 |
| (decrease) increase in accounts payable and other liabilities | -690,751 | 380,380 | -625,862 | 701,113 |
| Net cash provided by operating activities | 216,812 | 2,403,379 | 5,179,738 | 3,265,668 |
| Net additions to operating properties and equipment | 188,629 | 171,503 | 99,799 | 57,214 |
| Proceeds from sale of other assets | 150,824 | 61,441 | 13,215 | 24,686 |
| Proceeds from divestiture of interest in joint venture | 258,672 | - | 0 | 0 |
| Proceeds from sale of business-Lennar Financial Services | - | - | 0 | 0 |
| Proceeds from sale of investments | 100,330 | - | - | - |
| Investments in and contributions to unconsolidated entities | 253,713 | 425,562 | 201,042 | 447,401 |
| Distributions of capital from unconsolidated and consolidated entities | 281,536 | 231,096 | 99,643 | 398,423 |
| Proceeds from sale of loan receivables | 114,661 | - | - | - |
| Proceeds from sale of commercial mortgage-backed securities bonds | - | 0 | 0 | 9,191 |
| Acquisitions, net of cash and restricted cash acquired | 254,492 | - | - | - |
| Decrease (increase) in financial services loans held-for-investment | -11,580 | 734 | -14,329 | -19,491 |
| Purchases of investment securities | 3,456 | 4,519 | 8,000 | 93,769 |
| Proceeds from maturities/sales of investment securities | 4,255 | 7,224 | 4,673 | 16,892 |
| Other receipts, net | - | 0 | 0 | -1,399 |
| Net cash provided by (used in) investing activities | 221,568 | -302,557 | -176,981 | -128,302 |
| Borrowings under term loan facility-Term Loan Facility | 1,710,000 | - | - | - |
| Net (repayments) borrowings under warehouse facilities-Secured Debt | 140,648 | - | - | - |
| Net (repayments) borrowings under lines of credit-Warehouse Agreement Borrowings | - | -232,848 | 28,712 | 409,067 |
| Proceeds from issuance of senior notes | 700,000 | - | - | - |
| Redemption/repurchases of senior notes | 500,000 | 553,865 | 1,121,133 | 575,000 |
| Principal payments on notes payable and other borrowings | 57,860 | 43,524 | 105,118 | 48,079 |
| Proceeds from other borrowings | - | - | 0 | 0 |
| Net cash distributed in connection with millrose properties, inc spin-off | 416,006 | - | - | - |
| Proceeds from other liabilities | - | - | 461,312 | 1,167,227 |
| Proceeds from liabilities related to consolidated inventory not owned | 2,118 | 195,524 | - | - |
| Payments for turn of inventory not owned, financing activities | 566,173 | 209,333 | 842,781 | 682,385 |
| Payments related to other liabilities, net | 5,684 | 5,684 | 5,187 | 21,249 |
| Receipts related to noncontrolling interests | 32,105 | 20,117 | 21,149 | 41,816 |
| Payments related to noncontrolling interests | 19,878 | 46,650 | 71,272 | 91,329 |
| Debt issuance costs | 6,502 | - | - | - |
| Repurchases | 1,808,369 | 2,256,464 | 1,182,711 | 1,039,309 |
| Dividends | 520,959 | 548,823 | 430,560 | 438,038 |
| Net cash used in financing activities | -1,597,856 | -3,681,550 | -3,247,589 | -1,277,279 |
| Net increase (decrease) in cash and cash equivalents | -1,159,476 | -1,580,728 | 1,755,168 | 1,860,087 |
| Cash and cash equivalents at beginning of period | 4,990,210 | 6,570,938 | 4,815,770 | 2,955,683 |
| Cash and cash equivalents at end of period | 3,830,734 | 4,990,210 | 6,570,938 | 4,815,770 |
LENNAR CORP NEW (LEN)
LENNAR CORP NEW (LEN)