Form 8-K

8-K — LENNAR CORP /NEW/

Accession: 0001628280-26-042551

Filed: 2026-06-11

Period: 2026-06-11

CIK: 0000920760

SIC: 1520 (GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — len-20260611.htm (Primary)

EX-99.1 (ex991-2026531x8kq1.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: len-20260611.htm · Sequence: 1

len-20260611

LENNAR CORP /NEW/0000920760false00009207602026-06-112026-06-110000920760us-gaap:CommonClassAMember2026-06-112026-06-110000920760us-gaap:CommonClassBMember2026-06-112026-06-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

June 11, 2026

Date of Report (Date of earliest event reported)

LENNAR CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 1-11749 95-4337490

(State or other jurisdiction

of incorporation) (Commission File Number) (IRS Employer

Identification No.)

5505 Waterford District Drive, Miami, Florida 33126

(Address of principal executive offices) (Zip Code)

(305) 559-4000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth 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 o

Item 2.02. Results of Operations and Financial Condition.

On June 11, 2026, Lennar Corporation issued a press release announcing its results of operations for the second quarter ended May 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K.

Exhibit No.

Description of Document

99.1

Press Release issued by Lennar Corporation on June 11, 2026.

104

Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 11, 2026

Lennar Corporation

By:

/s/ Diane Bessette

Name: Diane Bessette

Title: Vice President and Chief Financial Officer

EX-99.1

Filename: ex991-2026531x8kq1.htm · Sequence: 2

Document

Exhibit 99.1

Contact:

Jorge Almeida

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2026 Results

Second Quarter 2026 Highlights

•Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments)

•Net earnings of $305 million

•New orders decreased 4% year over year to 21,749 homes

•Backlog of 16,818 homes with a dollar value of $6.6 billion

•Deliveries increased 2% year over year to 20,519 homes

•Total revenues of $7.9 billion

•Homebuilding operating earnings of $489 million

◦Gross margin on home sales of 15.6%

◦S,G&A expenses as a % of revenues from home sales of 9.2%

◦Net margin on home sales of 6.4%

•Financial Services operating earnings of $100 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $39 million

•Homebuilding cash and cash equivalents of $1.8 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.8%

•Repurchased 5 million shares of Lennar common stock for $447 million

•Redeemed $400 million of 5.25% senior notes due in June 2026, subsequent to May 31, 2026

(more)

2-2-2

Miami, June 11, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2026. Second quarter net earnings attributable to Lennar in 2026 were $305 million, or $1.24 per diluted share, compared to second quarter net earnings attributable to Lennar in 2025 of $477 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23 million and $29 million on technology investments, respectively, second quarter net earnings attributable to Lennar in 2026 were $322 million, or $1.31 per diluted share compared to $499 million or $1.90 per diluted share in the second quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, "Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform.

"We delivered 20,519 homes, within our guidance of 20,000 to 21,000, generated 21,749 new orders and produced earnings per share of $1.31 excluding mark-to-market losses. Our average sales price was $371,000, reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant. Our gross margin improved sequentially to 15.6% while our net margin increased to 6.4%."

"Our continued focus on operational execution is reflected across numerous key metrics. Our construction costs improved another 2% sequentially and 13% over the last several years. Our cycle time reached a new record low of 121 days, down from 122 days last quarter and 132 days a year ago. We reduced our inventory to 2.1 homes per community from 3 homes per community last quarter, and our inventory turn stands at 2.5 times. Less than 5% of our land is on our balance sheet and our total owned homebuilding inventory has declined from $11.4 billion a year ago to $10.9 billion today. Finally, we ended the quarter with $1.8 billion in cash as we purchased 5 million shares of stock for $447 million.”

"Looking ahead to the third quarter of 2026, we expect to deliver approximately 20,500 to 21,500 homes with gross margin improving to approximately 16% as volume increases, incentive levels continue to moderate, and our cost discipline continues to gain traction. We expect our average sales price to be in the range of approximately $375,000 to $380,000 and our SG&A to improve toward 8.8% to 9.0%. Given current pressure on interest rates and geopolitical uncertainty we are moderating our target full-year 2026 deliveries to approximately 82,000 to 83,000 homes."

"In order to help clearly communicate our operating strategy and operating model, we are pleased to announce the publication of a new Investor Deck on the Lennar Investor Relations website tomorrow morning. This deck has been designed to give investors a current view of Lennar's transformation, our asset-light operating model, our technology platform, and our path to margin recovery and long-term value creation. We believe it provides important context for understanding not just where we are today, but where we are going, and why we remain so confident about Lennar's long-term position."

3-3-3

Mr. Miller concluded, "Our strategy consistently has been to execute around the affordability challenge rather than wait it out. We have prioritized volume to create durable scale advantages, to deliver that volume at lower prices, and ultimately improve margins. Our costs are down materially over the past two years, volume is holding, our asset-light balance sheet is functioning extremely well and improving, and our technology initiatives are defining a new Lennar. Additionally, the gap between our current incentive levels of 12.9% and normalized levels of 4% to 6% is narrowing for the first time in three years as the mismatch between higher home prices with higher interest rates and household income is narrowing, as wages drift higher and employment remains strong. The fundamental shortage of housing in America has not been solved. Demand is real, deferred, and building. Lennar is positioned better than at any point in recent history to capture demand as conditions normalize. We remain deeply committed to building the homes America needs, at prices families can afford, and to generating the returns our shareholders deserve."

RESULTS OF OPERATIONS

SECOND QUARTER 2026 COMPARED TO SECOND QUARTER 2025

Homebuilding

Revenues from home sales decreased 2% in the second quarter of 2026 to $7.6 billion from $7.8 billion in the second quarter of 2025. Revenues were lower primarily due to a 5% decrease in the average sales price of homes delivered, partially offset by a 2% increase in the number of home deliveries. New home deliveries were 20,519 homes in the second quarter of 2026, compared to 20,131 homes in the second quarter of 2025. The average sales price of homes delivered was $371,000 in the second quarter of 2026, compared to $389,000 in the second quarter of 2025. The decrease in average sales price of homes delivered in the second quarter of 2026 compared to the same period last year was primarily due to continued weakness in the market.

Gross margins on home sales were $1.2 billion, or 15.6%, in the second quarter of 2026, compared to $1.4 billion, or 17.8%, in the second quarter of 2025. During the second quarter of 2026, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting the Company's continued focus on cost-saving initiatives.

Selling, general and administrative expenses were $698 million in the second quarter of 2026, compared to $689 million in the second quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.2% in the second quarter of 2026, from 8.8% in the second quarter of 2025, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.

Financial Services

Operating earnings for the Financial Services segment were $100 million in the second quarter of 2026, compared to $157 million in the second quarter of 2025, both amounts are net of noncontrolling interest. The decrease in operating earnings was primarily due to lower profit per locked loan in the mortgage business.

4-4-4

Ancillary Businesses

Operating earnings for the Multifamily segment were $18 million in the second quarter of 2026, compared to an operating loss of $15 million in the second quarter of 2025. Operating loss for the Lennar Other segment was $39 million in the second quarter of 2026, compared to an operating loss of $53 million in the second quarter of 2025. The Lennar Other operating loss for both second quarters of 2026 and 2025 was primarily driven by mark-to-market losses of $23 million and $29 million, respectively, on the Company's technology investments.

Tax Rate

In the second quarter of 2026 and 2025, the Company had tax provisions of $105 million and $160 million, which resulted in an overall effective income tax rate of 25.6% and 25.1%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits.

Share Repurchases

In the second quarter of 2026, the Company repurchased 5 million shares of its common stock for $447 million at an average share price of $89.35.

Guidance

The following are the Company's expected results of its homebuilding and financial services activities for the third quarter of 2026:

New Orders 21,000 - 22,000

Deliveries 20,500 - 21,500

Average Sales Price $375,000 - $380,000

Gross Margin % on Home Sales Approximately 16%

SG&A as a % of Home Sales 8.8% - 9.0%

Financial Services Operating Earnings $95 million - $100 million

5-5-5

About Lennar

Lennar Corporation, founded in 1954, is one of the nation’s leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar’s Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar’s homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.

Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made.

Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding businesses; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings or the willingness of the funds to invest in new projects; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy; problems exercising options to purchase homesites; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits and pre-acquisition costs on real estate related to land purchase options we decide not to exercise; the potential negative impact to our business from public health issues; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business; and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed on January 28, 2026 and Quarterly Reports on Form 10-Q.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

A conference call to discuss the Company’s second quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, June 12, 2026. The call will be broadcast live on the Internet and can be accessed through the Company’s website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-1938 and entering 5723593 as the confirmation number.

###

6-6-6

LENNAR CORPORATION AND SUBSIDIARIES

Selected Revenues and Operating Information

(In thousands, except per share amounts)

(unaudited)

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

Homebuilding operating earnings $ 489,371 728,234 862,399 1,537,507

Financial Services operating earnings 101,103 157,280 192,416 300,763

Multifamily operating earnings (loss) 18,325 (14,754) 36,184 (14,777)

Lennar Other operating loss (38,944) (52,895) (44,190) (142,178)

Corporate general and administrative expenses (136,149) (155,853) (293,787) (303,231)

Charitable foundation contribution (20,519) (20,131) (37,382) (37,965)

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

Basic and diluted average shares outstanding 240,776 260,286 242,607 261,510

Basic and diluted earnings per share $ 1.24 1.81 2.17 3.77

Supplemental information:

Interest incurred (1) $ 56,881 41,846 111,456 73,335

EBIT (2):

Net earnings attributable to Lennar $ 304,772 477,449 534,155 996,975

Provision for income taxes 105,058 160,061 174,150 329,586

Interest expense included in:

Costs of homes and land sold 52,574 33,525 91,448 61,775

Homebuilding other income, net 2,710 3,655 5,823 7,051

Total interest expense 55,284 37,180 97,271 68,826

EBIT $ 465,114 674,690 805,576 1,395,387

(1)Amount represents interest incurred related to homebuilding debt.

(2)EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures.

7-7-7

LENNAR CORPORATION AND SUBSIDIARIES

Segment Information

(In thousands)

(unaudited)

Three Months Ended Six Months Ended

May 31, May 31,

2026 2025 2026 2025

Homebuilding revenues:

Sales of homes $ 7,595,039 7,788,275 13,867,961 15,028,821

Sales of land 12,401 43,195 27,559 78,521

Other homebuilding 8,874 12,392 19,357 20,390

Total homebuilding revenues 7,616,314 7,843,862 13,914,877 15,127,732

Homebuilding costs and expenses:

Costs of homes sold 6,412,619 6,402,532 11,734,233 12,290,676

Costs of land sold 21,544 56,173 52,855 92,250

Selling, general and administrative 698,395 688,847 1,315,890 1,304,586

Total homebuilding costs and expenses 7,132,558 7,147,552 13,102,978 13,687,512

Homebuilding net margins 483,756 696,310 811,899 1,440,220

Homebuilding equity in earnings from unconsolidated entities 2,670 17,716 40,851 52,720

Homebuilding other income, net 2,945 14,208 9,649 44,567

Homebuilding operating earnings $ 489,371 728,234 862,399 1,537,507

Financial Services revenues $ 236,939 298,098 452,494 575,175

Financial Services costs and expenses 135,836 140,818 260,078 274,412

Financial Services operating earnings $ 101,103 157,280 192,416 300,763

Multifamily revenues $ 63,564 230,305 146,063 293,501

Multifamily costs and expenses 72,788 254,677 163,216 328,053

Multifamily equity in earnings from unconsolidated entities and other income, net 27,549 9,618 53,337 19,775

Multifamily operating earnings (loss) $ 18,325 (14,754) 36,184 (14,777)

Lennar Other revenues $ 23,055 5,237 45,914 12,639

Lennar Other costs and expenses 43,726 30,025 87,410 53,589

Lennar Other equity in earnings (loss) from unconsolidated entities and other 4,979 1,333 5,720 (9,285)

Lennar Other losses from technology investments (23,252) (29,440) (8,414) (91,943)

Lennar Other operating loss $ (38,944) (52,895) (44,190) (142,178)

8-8-8

LENNAR CORPORATION AND SUBSIDIARIES

Summary of Deliveries, New Orders and Backlog

(Dollars in thousands, except average sales price)

(unaudited)

Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in:

East: Florida, New Jersey and Pennsylvania

Central: Alabama, Georgia, Illinois, Indiana, Maryland/Virginia, Minnesota, North Carolina, South Carolina and Tennessee

South Central: Arkansas, Kansas, Oklahoma and Texas

West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington

Other: Urban divisions

Three Months Ended May 31,

2026 2025 2026 2025 2026 2025

Deliveries: Homes Dollar Value 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

Of the total homes delivered listed above, 73 homes with a dollar value of $48 million and an average sales price of $656,000 represent homes from unconsolidated entities for the three months ended May 31, 2026, compared to 113 homes with a dollar value of $51 million and an average sales price of $452,000 for the three months ended May 31, 2025.

As of May 31, Three Months Ended May 31,

2026 2025 2026 2025 2026 2025 2026 2025

New Orders: Active Communities Homes Dollar Value 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

Of the total new orders listed above, 57 homes with a dollar value of $31 million and an average sales price of $542,000 represent homes in five active communities from unconsolidated entities for the three months ended May 31, 2026, compared to 141 homes with a dollar value of $70 million and an average sales price of $495,000 in 10 active communities for the three months ended May 31, 2025.

Six Months Ended May 31,

2026 2025 2026 2025 2026 2025

Deliveries: Homes Dollar Value 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

Of the total homes delivered listed above, 157 homes with a dollar value of $120 million and an average sales price of $763,000 represent homes from unconsolidated entities for the six months ended May 31, 2026, compared to 193 homes with a dollar value of $92 million and an average sales price of $477,000 for the six months ended May 31, 2025.

9-9-9

Six Months Ended May 31,

2026 2025 2026 2025 2026 2025

New Orders: Homes Dollar Value 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

Of the total new orders listed above, 128 homes with a dollar value of $62 million and an average sales price of $485,000 represent homes from unconsolidated entities for the six months ended May 31, 2026, compared to 242 homes with a dollar value of $130 million and an average sales price of $536,000 for the six months ended May 31, 2025.

At May 31,

2026 2025 2026 2025 2026 2025

Backlog: Homes Dollar Value 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

Of the total homes in backlog listed above, 50 homes with a backlog dollar value of $28 million and an average sales price of $568,000 represent the backlog from unconsolidated entities at May 31, 2026, compared to 128 homes with a backlog dollar value of $101 million and an average sales price of $792,000 at May 31, 2025.

10-10-10

LENNAR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

May 31, 2026 November 30, 2025

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

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

Stockholders’ equity:

Preferred stock — —

Class A common stock of $0.10 par value 26,309 26,158

Class B common stock of $0.10 par value 3,660 3,660

Additional paid-in capital 6,020,306 5,909,726

Retained earnings 22,759,089 22,471,471

Treasury 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

11-11-11

LENNAR CORPORATION AND SUBSIDIARIES

Supplemental Data

(Dollars in thousands)

(unaudited)

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 %

(1)Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

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