Lennar Cash Flow Statement

Financials in millions USD. Fiscal year is December - November.

Millions USD. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	2,108	3,968	3,961	4,649	4,457
Depreciation & Amortization	134.31	115.53	110.16	87.08	85.95
Stock-Based Compensation	163.49	176.68	160.72	184.09	134.62
Other Adjustments	197.62	140.9	376.03	667.36	-493.45
Change in Receivables	66.76	-129.21	-329.19	-422.4	-289.78
Changes in Inventories	-150.92	-285.1	2,274	-1,712	-1,184
Changes in Accounts Payable	-690.75	380.38	-625.86	701.11	881.31
Changes in Other Operating Activities	-1,612	-1,963	-747.49	-888.31	-1,058
Operating Cash Flow	216.81	2,403	5,180	3,266	2,533
Operating Cash Flow Growth	-90.98%	-53.60%	58.61%	28.94%	-39.56%
Capital Expenditures	-188.63	-171.5	-99.8	-57.21	-65.17
Sale of Property, Plant & Equipment	-	-	-	24.69	41.55
Purchases of Investments	-3.46	-4.52	-8	-93.77	-128.16
Proceeds from Sale of Investments	104.59	7.22	4.67	26.08	27.62
Payments for Business Acquisitions	-254.49	-	-	-	-
Proceeds from Business Divestments	409.5	61.44	13.22	-	35.67
Other Investing Activities	154.06	-195.2	-87.07	-28.09	-16.59
Investing Cash Flow	221.57	-302.56	-176.98	-128.3	-105.09
Long-Term Debt Issued	2,410	-	-	-	13.97
Long-Term Debt Repaid	-557.86	-597.39	-1,226	-623.08	-1,355
Net Long-Term Debt Issued (Repaid)	1,852	-597.39	-1,226	-623.08	-1,341
Repurchase of Common Stock	-1,808	-2,256	-1,183	-1,039	-1,430
Net Common Stock Issued (Repurchased)	-1,808	-2,256	-1,183	-1,039	-1,430
Common Dividends Paid	-520.96	-548.82	-430.56	-438.04	-309.78
Other Financing Activities	-1,121	-278.87	-408.07	823.15	676.34
Financing Cash Flow	-1,598	-3,682	-3,248	-1,277	-2,405
Net Cash Flow	-1,159	-1,581	1,755	1,860	22.95
Free Cash Flow	28.18	2,232	5,080	3,208	2,468
Free Cash Flow Growth	-98.74%	-56.06%	58.33%	30.02%	-40.08%
FCF Margin	0.08%	6.30%	14.84%	9.53%	9.10%
Free Cash Flow Per Share	0.11	8.20	17.93	11.07	8.05
Levered Free Cash Flow	1,422	1,411	3,623	2,122	1,749
Unlevered Free Cash Flow	-509.11	1,726	4,997	3,326	2,549

Updated Nov 30, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.