Stockholders' Equity (Tables)

9 Months Ended

Aug. 31, 2025

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

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