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Stockholders' Equity | 9 Months Ended
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Aug. 31, 2025
Equity [Abstract] |
Stockholders' Equity | Stockholders' Equity The following tables reflect the changes in equity attributable to both Lennar Corporation and the noncontrolling interests of its consolidated subsidiaries in which it has less than a 100% ownership interest for the three and nine months ended August 31, 2025 and 2024:
| Three Months Ended August 31, 2025
(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 May 31, 2025 | $ | 22,731,882 |  |  | 26,136 |  |  | 3,660 |  |  | 5,842,732 |  |  | (4,945,458) |  |  | 6,019 |  |  | 21,645,991 |  |  | 152,802 |
Net earnings (including net earnings attributable to noncontrolling interests) | 599,811 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 590,967 |  |  | 8,844 |
Employee stock and directors plans | 15,563 |  |  | 17 |  |  | — |  |  | 16,291 |  |  | (745) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (511,673) |  |  | — |  |  | — |  |  | — |  |  | (511,673) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 25,505 |  |  | — |  |  | — |  |  | 25,505 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (129,122) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (129,122) |  |  | — |
Receipts related to noncontrolling interests | 4,953 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,953 |
Payments related to noncontrolling interests | (1,812) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,812) |
Non-cash purchase or activity of noncontrolling interests, net | 16,448 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,448 |
Balance at August 31, 2025 | $ | 22,751,555 |  |  | 26,153 |  |  | 3,660 |  |  | 5,884,528 |  |  | (5,457,876) |  |  | 6,019 |  |  | 22,107,836 |  |  | 181,235 |
| Three Months Ended August 31, 2024
(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 May 31, 2024 | $ | 27,015,753 |  |  | 25,996 |  |  | 3,660 |  |  | 5,674,733 |  |  | (2,597,806) |  |  | 6,596 |  |  | 23,764,695 |  |  | 137,879 |
Net earnings (including net earnings attributable to noncontrolling interests) | 1,187,274 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,162,674 |  |  | 24,600 |
Employee stock and directors plans | 10 |  |  | 2 |  |  | — |  |  | 70 |  |  | (62) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (524,540) |  |  | — |  |  | — |  |  | — |  |  | (524,540) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 31,908 |  |  | — |  |  | — |  |  | 31,908 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (135,850) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (135,850) |  |  | — |
Receipts related to noncontrolling interests | 2,322 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,322 |
Payments related to noncontrolling interests | (19,173) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (19,173) |
Non-cash purchase or activity of noncontrolling interests, net | (440) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (440) |
Total other comprehensive income, net of tax | 444 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 444 |  |  | — |  |  | — |
Balance at August 31, 2024 | $ | 27,557,708 |  |  | 25,998 |  |  | 3,660 |  |  | 5,706,711 |  |  | (3,122,408) |  |  | 7,040 |  |  | 24,791,519 |  |  | 145,188 |
| Nine Months Ended August 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) | 1,610,344 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,587,942 |  |  | 22,402 |
Employee stock and directors plans | (48,108) |  |  | 155 |  |  | — |  |  | 17,680 |  |  | (65,943) |  |  | — |  |  | — |  |  | — |
Retirement of treasury stock | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (1,742,369) |  |  | — |  |  | — |  |  | — |  |  | (1,742,369) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 138,363 |  |  | — |  |  | — |  |  | 138,363 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (394,357) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (394,357) |  |  | — |
Receipts related to noncontrolling interests | 25,982 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,982 |
Payments related to noncontrolling interests | (7,777) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,777) |
Millrose Properties, Inc. spin-off | (4,838,827) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,838,827) |  |  | — |
Non-cash purchase or activity of noncontrolling interests, net | (11,411) |  |  | — |  |  | — |  |  | (949) |  |  | — |  |  | — |  |  | — |  |  | (10,462) |
Total other comprehensive loss, net of tax | (1,510) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,510) |  |  | — |  |  | — |
Balance at August 31, 2025 | $ | 22,751,555 |  |  | 26,153 |  |  | 3,660 |  |  | 5,884,528 |  |  | (5,457,876) |  |  | 6,019 |  |  | 22,107,836 |  |  | 181,235 |
| Nine Months Ended August 31, 2024
(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 November 30, 2023 | $ | 26,701,966 |  |  | 25,848 |  |  | 3,660 |  |  | 5,570,009 |  |  | (1,393,100) |  |  | 4,879 |  |  | 22,369,368 |  |  | 121,302 |
Net earnings (including net earnings attributable to noncontrolling interests) | 2,867,781 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,836,319 |  |  | 31,462 |
Employee stock and directors plans | (84,509) |  |  | 150 |  |  | — |  |  | 1,282 |  |  | (85,941) |  |  | — |  |  | — |  |  | — |
Purchases of treasury stock | (1,643,367) |  |  | — |  |  | — |  |  | — |  |  | (1,643,367) |  |  | — |  |  | — |  |  | — |
Amortization of restricted stock | 154,094 |  |  | — |  |  | — |  |  | 154,094 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash dividends | (414,168) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (414,168) |  |  | — |
Receipts related to noncontrolling interests | 17,044 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,044 |
Payments related to noncontrolling interests | (45,819) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (45,819) |
Non-cash purchase or activity of noncontrolling interests, net | 2,525 |  |  | — |  |  | — |  |  | (18,674) |  |  | — |  |  | — |  |  | — |  |  | 21,199 |
Total other comprehensive income, net of tax | 2,161 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,161 |  |  | — |  |  | — |
Balance at August 31, 2024 | $ | 27,557,708 |  |  | 25,998 |  |  | 3,660 |  |  | 5,706,711 |  |  | (3,122,408) |  |  | 7,040 |  |  | 24,791,519 |  |  | 145,188 |
On September 26, 2025, the Company's Board of Directors declared a quarterly cash dividend of $0.50 per share on both its Class A and Class B common stock, payable on October 27, 2025 to holders of record at the close of business on October 10, 2025. On July 18, 2025, the Company paid a quarterly cash dividend of 0.50 per share for both of its Class A and Class B common stock to holders of record at the close of business day July 3, 2025. The Company approved and paid cash dividends of $0.50 per share for each of the four quarters of 2024 for both its Class A and Class B common stock. In January 2024, the Company's Board of Directors authorized an increase to its stock repurchase program to enable it to repurchase up to an additional $5 billion in value of its outstanding Class A or Class B common stock. Repurchases are authorized to be made in open-market or private transactions. This authorization was in addition to what was remaining of the Company's March 2022 stock repurchase program. The repurchase authorization has no expiration date. At August 31, 2025, we have a remaining authorization to repurchase $1.7 billion in value of the Company's Class A or Class B common stock. The following table sets forth the repurchases of the Company's Class A and Class B common stock under the authorized repurchase programs:
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
(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 | 3,931,000 |  |  | 188,066 |  |  | 2,892,320 |  |  | 462,906 |  |  | 13,202,936 |  |  | 851,386 |  |  | 9,311,923 |  |  | 1,243,303 |
Total purchase price | $ | 484,372 |  |  | $ | 22,154 |  |  | $ | 447,845 |  |  | $ | 71,434 |  |  | $ | 1,624,220 |  |  | $ | 101,779 |  |  | $ | 1,445,909 |  |  | $ | 182,641 |
Average price per share | $ | 123.22 |  |  | $ | 117.80 |  |  | $ | 154.84 |  |  | $ | 154.32 |  |  | $ | 123.02 |  |  | $ | 119.55 |  |  | $ | 155.27 |  |  | $ | 146.90 |

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