← LENNAR CORP /NEW/
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $911.8m | $810.5m | $1.7b | $1.8b | $2.5b | $4.4b | $4.6b | $3.9b | $3.9b | $2.1b | |
| Net Income (Loss) Available to Common Stockholders, Basic | $902.7m | $802.7m | $1.7b | $1.8b | $2.4b | $4.4b | $4.6b | $3.9b | $3.9b | $2.1b | |
| Net earnings (including net earnings attributable to noncontrolling interests) | $913.1m | $771.8m | $1.7b | $1.8b | $2.5b | $4.5b | $4.6b | $4.0b | $4.0b | $2.1b | |
| Net Income (Loss) Attributable to Noncontrolling Interest | $1.2m | ($38.7m) | $21.7m | ($6.9m) | $2.5m | $26.4m | $34.4m | $22.8m | $35.1m | $30.1m | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $913.1m | $771.8m | $1.7b | $1.8b | $2.5b | $4.5b | $4.6b | $4.0b | $4.0b | $2.1b | |
| Amortization of discount/premium on debt, net | $14.6m | $11.3m | ($23.5m) | ($26.2m) | ($24.8m) | ($6.8m) | ($2.2m) | ($1.7m) | $148k | $88k | |
| Depreciation, Amortization and Accretion, Net | $50.2m | $66.3m | $91.2m | $92.2m | $94.6m | $86.0m | $87.1m | $110.2m | $115.5m | $134.3m | |
| Deferred Income Tax Expense (Benefit) | $97.5m | $91.0m | $268.0m | $240.1m | $92.1m | $192.1m | ($246.7m) | ($68.0m) | $60.4m | $77.3m | |
| Share-based Payment Arrangement, Expense | $55.5m | $61.4m | $72.7m | $86.9m | $107.1m | $135.1m | $184.1m | $160.7m | $176.7m | $163.5m | |
| Share-based Payment Arrangement, Noncash Expense | $55.5m | $61.4m | $72.7m | $86.9m | $107.1m | $134.6m | $184.1m | $160.7m | $176.7m | $163.5m | |
| Share-based compensation expense | $55.5m | $61.4m | $72.7m | $86.9m | $107.1m | $134.6m | $184.1m | $160.7m | $176.7m | $163.5m | |
| Equity Method Investment, Realized Gain (Loss) on Disposal | — | — | $164.9m | — | — | — | — | — | — | — | |
| Gain (Loss) on Disposition of Property Plant Equipment | $14.5m | $10.3m | $11.5m | $21.9m | $8.6m | $27.7m | $7.6m | $7.0m | $38.8m | $77.7m | |
| Gain (Loss) on Extinguishment of Debt | ($1.6m) | $0 | $0 | — | ($8.0m) | $2.2m | $0 | $9.6m | $825k | $0 | |
| Gains on sale of operating properties and equipment and other assets and loans receivables | ($14.5m) | ($10.3m) | ($11.5m) | ($21.9m) | ($8.6m) | ($27.7m) | ($7.6m) | ($7.0m) | ($38.8m) | ($77.7m) | |
| Income (Loss) from Equity Method Investments | $55.2m | $49.5m | ($30.5m) | $2.5m | ($22.1m) | $49.0m | ($36.3m) | ($144.6m) | $164.1m | $78.2m | |
| Income Tax Expense (Benefit) | $417.4m | $417.9m | $545.2m | $592.2m | $656.2m | $1.4b | $1.4b | $1.2b | $1.2b | $705.6m | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| (Decrease) increase in accounts payable and other liabilities | $21.4m | $356.7m | $412.8m | ($14.6m) | $266.5m | $881.3m | $701.1m | ($625.9m) | $380.4m | ($690.8m) | |
| (Increase) decrease in inventories, excluding valuation adjustments | ($503.5m) | ($661.5m) | ($135.9m) | ($623.6m) | $781.4m | ($2.0b) | ($2.4b) | $2.3b | ($285.1m) | ($150.9m) | |
| Borrowings under term loan facility | — | — | — | — | — | — | — | $28.7m | — | $1.7b | |
| Deconsolidation, Gain (Loss), Amount | — | — | — | — | $61.4m | — | — | — | — | — | |
| Decrease (increase) in Financial Services loans held-for-investment | $963k | ($14.3m) | ($3.6m) | ($3.5m) | ($3.1m) | $29.4m | $19.5m | $14.3m | ($734k) | $11.6m | |
| Decrease (increase) in loans held-for-sale | $90.1m | ($105.6m) | $5.8m | ($431.3m) | $154.9m | ($160.8m) | ($202.9m) | ($366.7m) | ($218.4m) | $123.7m | |
| Decrease (increase) in receivables | ($260.8m) | $253.1m | ($431.2m) | $312.3m | $25.9m | ($289.8m) | ($422.4m) | ($329.2m) | ($129.2m) | $66.8m | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | — | — | $296.4m | — | — | — | — | — | — | ($156.1m) | |
| Distributions of capital from unconsolidated and consolidated entities | $323.2m | $207.3m | $362.5m | $405.7m | $220.7m | $362.2m | $398.4m | $99.6m | $231.1m | $281.5m | |
| Distributions of earnings from unconsolidated entities | $102.0m | $137.7m | $113.1m | $12.8m | $62.1m | $46.0m | $71.3m | $53.1m | $155.6m | $36.6m | |
| Equity in (earnings) losses from unconsolidated entities | ($55.2m) | ($49.5m) | $30.5m | ($2.5m) | $22.1m | ($49.0m) | $36.3m | $144.6m | ($164.1m) | ($78.2m) | |
| Gain on sale of interest in unconsolidated entity and other Multifamily gain | $0 | $0 | ($164.9m) | ($10.9m) | ($4.6m) | ($1.2m) | $0 | $0 | $0 | ($35.9m) | |
| General and Administrative Expense | $232.6m | $285.9m | $343.9m | $341.1m | $358.4m | $398.4m | — | — | — | $636.7m | |
| Goodwill | — | — | — | — | $3.6b | — | — | — | — | $3.6b | |
| Increase (Decrease) in Inventories | $503.5m | $661.5m | $135.9m | $623.6m | ($781.4m) | $2.0b | $2.4b | ($2.3b) | $285.1m | $150.9m | |
| Increase in deposits and pre-acquisition costs on real estate | — | — | — | — | — | ($776.5m) | ($672.1m) | ($295.8m) | ($1.6b) | ($1.5b) | |
| Increase in other assets | ($41.9m) | ($44.5m) | ($36.9m) | ($69.7m) | $90.5m | ($121.0m) | ($13.3m) | ($85.0m) | ($113.3m) | ($186.1m) | |
| Inventories | $111.3m | $48.7m | $35.4m | $187.5m | $95.5m | $0 | ($101.9m) | $0 | $0 | — | |
| Inventory Write-down | $0 | $7.9m | $31.3m | $2.6m | $44.8m | $11.8m | — | — | — | — | |
| Investments in and contributions to unconsolidated entities | ($425.8m) | ($430.3m) | ($405.5m) | ($436.3m) | ($486.2m) | ($408.2m) | ($447.4m) | ($201.0m) | ($425.6m) | ($253.7m) | |
| Investments in unconsolidated entities | ($2.4m) | ($9.7m) | ($25.6m) | $67.9m | ($68.3m) | $0 | $7.3m | $0 | $0 | — | |
| Lennar Other (gains) losses from technology investments and other (gains) losses, net | — | — | — | — | $0 | ($680.6m) | $672.2m | $112.5m | ($67.2m) | ($100.2m) | |
| Loans held-for-sale unrealized (gains) losses | — | — | — | ($4.9m) | ($21.8m) | $14.4m | $33.3m | $26.7m | $52.5m | ($26.6m) | |
| Loss on Millrose Properties, Inc. exchange offer | $0 | $0 | ($296.4m) | ($2.4m) | ($5.0m) | ($3.8m) | $0 | $0 | $0 | $156.1m | |
| Net (repayments) borrowings under warehouse facilities | $107.5m | ($199.7m) | $272.9m | $166.6m | — | — | — | — | ($232.8m) | ($140.6m) | |
| Net cash distributed in connection with Millrose Properties, Inc spin-off | — | — | — | — | — | — | — | $0 | $0 | ($416.0m) | |
| Net non-cash contributions to unconsolidated entities | $107.9m | $62.6m | $162.3m | $156.1m | $97.3m | $27.9m | $232.6m | $367k | $23.4m | $162.5m | |
| Nonoperating Income (Expense) | — | — | — | — | — | — | — | $30.5m | $225.9m | ($62.4m) | |
| Notes payable | — | $0 | $0 | ($383.2m) | ($44.9m) | $0 | $0 | — | — | — | |
| Other liabilities | $0 | $44k | ($17.0m) | ($19.7m) | ($1.5m) | $0 | $6.2m | $0 | $0 | — | |
| Payments for Turn of Inventory Not Owned, Financing Activities | — | — | — | $0 | $0 | ($350.6m) | ($682.4m) | ($842.8m) | ($209.3m) | ($566.2m) | |
| Payments related to other liabilities, net | — | — | ($3.5m) | ($3.9m) | ($116.5m) | $25.6m | ($21.2m) | ($5.2m) | ($5.7m) | ($5.7m) | |
| Principal payments on notes payable and other borrowings | ($211.0m) | ($139.7m) | ($138.5m) | ($189.5m) | ($605.0m) | ($195.2m) | ($48.1m) | ($105.1m) | ($43.5m) | ($57.9m) | |
| Proceeds from issuance of senior notes | $499.0m | $2.5b | $0 | $0 | — | — | — | $0 | $0 | $700.0m | |
| Proceeds from liabilities related to consolidated inventory not owned | — | — | $0 | $0 | $346.4m | — | $1.2b | $461.3m | $195.5m | $2.1m | |
| Proceeds from other borrowings | $37.2m | $31.2m | $44.4m | $88.8m | $92.7m | $14.0m | $0 | $0 | — | — | |
| Proceeds from sale of loan receivables | — | — | — | — | — | — | — | $0 | $0 | $114.7m | |
| Proceeds from sale of other assets | $0 | $3.6m | $0 | $70.4m | $33.9m | $41.6m | $24.7m | $13.2m | $61.4m | $150.8m | |
| Purchases of inventories financed by sellers | $101.5m | $279.3m | $163.5m | $101.3m | $120.8m | $141.3m | $36.9m | $13.5m | $35.3m | $320k | |
| Redemption/repurchases of senior notes | ($250.0m) | ($1.1b) | ($1.1b) | ($1.1b) | ($1.5b) | ($1.2b) | ($575.0m) | ($1.1b) | ($553.9m) | ($500.0m) | |
| Repurchases | ($19.9m) | ($27.1m) | ($299.8m) | ($523.1m) | ($321.5m) | ($1.4b) | ($1.0b) | ($1.2b) | ($2.3b) | ($1.8b) | |
| Unrealized Gain (Loss) on Investments | — | — | — | — | — | — | — | — | — | $130.2m | |
| Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets | $11.3m | $16.3m | $49.3m | $56.1m | $117.8m | $25.7m | $110.7m | $125.3m | $143.3m | $246.2m | |
| Net Cash Provided by (Used in) Operating Activities | $507.8m | $996.9m | $1.7b | $1.5b | $4.2b | $2.5b | $3.3b | $5.2b | $2.4b | $216.8m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $76.4m | $111.8m | $130.4m | $86.5m | $72.8m | $65.2m | $57.2m | $99.8m | $171.5m | $188.6m | |
| Payments to Acquire Businesses, Net of Cash Acquired | $725k | $611.1m | $1.1b | $0 | $0 | — | — | — | — | $254.5m | |
| Purchases of investment securities | ($37.8m) | ($53.6m) | ($47.3m) | ($36.3m) | ($45.5m) | ($128.2m) | ($93.8m) | ($8.0m) | ($4.5m) | ($3.5m) | |
| Proceeds from maturities/sales of investment securities | — | $41.8m | $85.2m | $52.6m | $52.9m | $16.3m | $16.9m | $4.7m | $7.2m | $4.3m | |
| Proceeds from sale of investments | $0 | $0 | $225.3m | $17.8m | $0 | — | — | $0 | $0 | $100.3m | |
| Proceeds from Divestiture of Interest in Joint Venture | — | — | — | $17.8m | $0 | $32.3m | $0 | $0 | $0 | $258.7m | |
| Payments for (Proceeds from) Other Investing Activities | $91.9m | ($11.8m) | $81.1m | ($23.6m) | — | — | — | — | — | — | |
| Net Cash Provided by (Used in) Investing Activities | ($85.8m) | ($869.8m) | ($608.1m) | $19.6m | ($280.2m) | ($105.1m) | ($128.3m) | ($177.0m) | ($302.6m) | $221.6m | |
| Cash flows from financing activities: | |||||||||||
| Debt issuance costs | ($4.7m) | ($28.6m) | ($14.7m) | ($25k) | $0 | — | — | $0 | $0 | ($6.5m) | |
| Gain on redemption/repurchases of senior notes and other debts payable | $1.6m | $0 | $0 | $0 | $8.0m | ($2.2m) | $0 | ($9.6m) | ($825k) | $0 | |
| Proceeds from Issuance of Common Stock | $19.5m | $720k | $3.1m | $493k | $0 | $0 | — | — | — | — | |
| Payments for Repurchase of Common Stock | $19.9m | $27.1m | $299.8m | $523.1m | $321.5m | $1.4b | $1.0b | $1.2b | $2.3b | $1.8b | |
| Payments of Ordinary Dividends, Common Stock | $35.3m | $37.6m | $49.2m | $51.5m | $195.0m | $309.8m | $438.0m | $430.6m | $548.8m | $521.0m | |
| Payments related to noncontrolling interests | ($127.4m) | ($74.4m) | ($89.6m) | ($43.7m) | ($42.3m) | ($24.6m) | ($91.3m) | ($71.3m) | ($46.6m) | ($19.9m) | |
| Proceeds from (Payments to) Noncontrolling Interests | ($127.1m) | ($68.6m) | ($71.4m) | ($15.9m) | $42.3m | $24.6m | $91.3m | $71.3m | $46.6m | $19.9m | |
| Proceeds from Noncontrolling Interests | $353k | $5.8m | $18.1m | $27.9m | $176.6m | $69.7m | $41.8m | $21.1m | $20.1m | $32.1m | |
| Receipts related to noncontrolling interests | $353k | $5.8m | $18.1m | $27.9m | $176.6m | $69.7m | $41.8m | $21.1m | $20.1m | $32.1m | |
| Dividends | ($35) | ($38) | ($49) | ($51) | ($195) | ($310) | ($438) | ($431) | ($549) | ($521) | |
| Net Cash Provided by (Used in) Financing Activities | ($250.9m) | $1.2b | ($2.2b) | ($1.6b) | ($2.4b) | ($2.4b) | ($1.3b) | ($3.2b) | ($3.7b) | ($1.6b) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $171.1m | $1.3b | ($1.1b) | ($127.3m) | $1.5b | $23.0m | $1.9b | $1.8b | ($1.6b) | ($1.2b) | |
| Net increase (decrease) in cash and cash equivalents | $171.1m | $1.3b | ($1.1b) | ($127.3m) | $1.5b | $23.0m | $1.9b | $1.8b | ($1.6b) | ($1.2b) | |
| Acquisitions, net of cash and restricted cash acquired | ($725k) | ($611.1m) | ($1.1b) | $0 | $0 | — | — | $0 | $0 | ($254.5m) | |
| Cash and cash equivalents | $1.3b | $2.7b | $1.6b | $1.4b | $2.9b | $2.9b | $4.6b | $6.3b | $4.7b | $3.8b | |
| Cash and cash equivalents and restricted cash at beginning of year | — | $2.7b | $1.6b | $1.5b | $2.9b | $3.0b | $4.8b | $6.6b | $5.0b | $3.8b | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | $2.7b | $1.6b | $1.5b | $2.9b | $3.0b | $4.8b | $6.6b | $5.0b | $3.8b | |
| Restricted cash | — | — | $37.5m | $22.7m | $69.7m | $33.9m | $23.0m | $13.5m | $11.8m | $74.4m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $66.6m | $89.5m | $128.9m | $49.9m | $97.3m | $47.7m | $67.8m | $81.2m | $54.9m | $50.1m | |
| Income Taxes Paid, Net | $374.7m | $199.6m | $376.6m | $261.4m | $402.2m | $1.1b | $1.3b | $1.9b | $790.5m | $988.5m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.