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Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 31, 2025
USD ($)
Aug. 31, 2025
USD ($)
Aug. 31, 2024
USD ($)
Cash flows from operating activities:      
Net earnings (including net earnings attributable to noncontrolling interests) $ 599,811 $ 1,610,344 $ 2,867,781
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:      
Depreciation and amortization   99,326 85,119
Amortization of discount/premium and accretion on debt, net   (33) 407
Equity in earnings from unconsolidated entities   (56,172) (151,767)
Distributions of earnings from unconsolidated entities   28,266 34,108
Share-based compensation expense   138,363 154,094
Deferred income tax expense   77,332 99,368
Gains on redemption/repurchase of senior notes   0 (825)
Loans held-for-sale unrealized gains   (10,293) (1,617)
Lennar Other realized and unrealized losses (gains) from technology investments and other losses (gains), net   14,218 (35,189)
Gains on sale of other assets and loans receivables   (34,086) (15,428)
Gain on sale of investments in unconsolidated entities and other   (35,678) 0
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets   146,893 125,777
Changes in assets and liabilities:      
Increase in receivables   (10,286) (24,170)
Increase in inventories, excluding valuation adjustments   (1,314,933) (707,702)
Increase In Deposits And Pre-acquisition Costs On Real Estate   (1,248,390) (984,843)
Increase in other assets   (209,892) (84,751)
Decrease in loans held-for-sale   240,394 245,004
Decrease in accounts payable and other liabilities   (978,048) (176,492)
Net cash (used in) provided by operating activities   (1,542,675) 1,428,874
Cash flows from investing activities:      
Net additions of operating properties and equipment   (103,424) (130,138)
Proceeds from sale of other assets   54,803 31,435
Proceeds from sale of investments in unconsolidated joint venture   233,007 0
Proceeds from sales of investments   86,862 0
Investments in and contributions to unconsolidated entities   (203,010) (311,904)
Distributions of capital from unconsolidated entities   235,593 236,527
Proceeds from sale of loan receivables   114,661 0
Acquisition, net of cash and restricted cash acquired   (254,492) 0
Decrease (increase) in Financial Services loans held-for-investment   11,572 (2,479)
Purchases of investment securities   (3,456) (4,519)
Proceeds from maturities/sales of investment securities   3,518 4,254
Net cash provided by (used in) investing activities   175,634 (176,824)
Cash flows from financing activities:      
Net borrowings under revolving credit facility   1,140,000 0
Net repayments under warehouse facilities   (67,111) (618,388)
Proceeds from issuance of senior notes   700,000 0
Redemption/repurchases of senior notes   (500,000) (553,865)
Principal payments on notes payable and other borrowings   (48,659) (43,995)
Net cash distributed in connection with Millrose Properties, Inc. spin-off   (416,006) 0
Proceeds from liabilities related to consolidated inventory not owned   259 130,440
Proceeds from other borrowings   0 6,231
Payments for liabilities related to consolidated inventory not owned   (479,426) (255,753)
Payments related to other liabilities, net   (4,263) (4,263)
Receipts related to noncontrolling interests   25,982 17,044
Payments related to noncontrolling interests   (7,777) (45,819)
Debt issuance costs   (6,502) 0
Common stock:      
Repurchases   (1,808,312) (1,729,308)
Dividends   (394,357) (414,168)
Net cash used in financing activities   (1,866,172) (3,511,844)
Net decrease in cash and cash equivalents and restricted cash   (3,233,213) (2,259,794)
Cash and cash equivalents and restricted cash at beginning of period   4,990,210 6,570,938
Cash and cash equivalents and restricted cash at end of period 1,756,997 1,756,997 4,311,144
Total cash and cash equivalents and restricted cash 1,756,997 1,756,997 4,311,144
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff | Millrose      
Non-cash impact of Millrose Properties, Inc. spin-off:      
Inventories (5,578,704) (5,578,704)  
Investments in unconsolidated entities 1,197,039 1,197,039  
Other assets (60,156) (60,156)  
Notes payable 19,000 19,000  
Retained earnings 4,422,821 4,422,821  
Operating Segments      
Common stock:      
Cash and cash equivalents and restricted cash at end of period 1,756,997 1,756,997 4,311,144
Cash and cash equivalents 1,662,213 1,662,213  
Restricted cash 94,784 94,784  
Total cash and cash equivalents and restricted cash 1,756,997 1,756,997 4,311,144
Homebuilding      
Common stock:      
Cash and cash equivalents 1,406,215 [1] 1,406,215 [1]  
Restricted cash 29,928 [1] 29,928 [1]  
Homebuilding | Operating Segments      
Common stock:      
Cash and cash equivalents 1,406,215 1,406,215 4,037,405
Restricted cash 29,928 29,928 12,600
Lennar Financial Services | Operating Segments      
Common stock:      
Cash and cash equivalents 216,129 216,129 156,840
Restricted cash 64,856 64,856 45,882
Multifamily | Operating Segments      
Common stock:      
Cash and cash equivalents 17,337 17,337 24,755
Restricted cash 0 0  
Lennar Other | Operating Segments      
Common stock:      
Cash and cash equivalents 22,532 22,532 33,662
Restricted cash $ 0 0  
Lennar Homebuilding and Lennar Multifamily | Operating Segments      
Homebuilding:      
Payments of inventories financed by sellers   320 34,245
Net non-cash contributions to unconsolidated entities   $ 162,454 $ 14,453
[1] Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations.
As of August 31, 2025, total assets include $2.1 billion related to consolidated VIEs of which $77.6 million is included in Homebuilding cash and cash equivalents, $2.0 million in Homebuilding receivables, net, $51.7 million in Homebuilding finished homes and construction in progress, $336.1 million in Homebuilding land and land under development, $1.5 billion in Homebuilding consolidated inventory not owned, $83.6 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.1 million in Homebuilding investments in unconsolidated entities, $8.6 million in Homebuilding other assets and $25.3 million in Multifamily assets.
As of November 30, 2024, total assets include $3.7 billion related to consolidated VIEs of which $67.0 million is included in Homebuilding cash and cash equivalents, $6.0 million in Homebuilding receivables, net, $9.7 million in Homebuilding finished homes and construction in progress, $602.9 million in Homebuilding land and land under development, $2.8 billion in Homebuilding consolidated inventory not owned, $71.8 million in Homebuilding deposits and pre-acquisition costs on real estate, $0.3 million in Homebuilding investments in unconsolidated entities, $42.3 million in Homebuilding other assets and $33.9 million in Multifamily assets.