Direct Answer
Lennar reports revenue across 8 business segments in its fiscal 2025 Form 10-K. Homebuilding West is the largest, with $11.9 billion of revenue (35% of the total), followed by Homebuilding Central at $7.8 billion (23%).
How Does Lennar Make Money?
No single line supplies a majority of revenue: the largest, Homebuilding West, is 35%, which spreads Lennar's exposure across several demand drivers. Between fiscal 2024 and 2025, Lennar Other grew fastest (+191.2%) and Homebuilding Other Regions slowest (-19.9%), so the revenue mix tilts toward Lennar Other while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Homebuilding West | $11.9 billion | $13.0 billion | 34.8% | -8.1% |
| Homebuilding Central | $7.8 billion | $7.9 billion | 22.7% | -1.5% |
| Homebuilding East | $7.0 billion | $8.3 billion | 20.4% | -15.6% |
| Homebuilding South Central | $5.6 billion | $4.8 billion | 16.4% | 17.1% |
| Lennar Financial Services | $1.2 billion | $1.1 billion | 3.5% | 8.0% |
| Lennar Multifamily | $681 million | $412 million | 2.0% | 65.4% |
| Lennar Other | $41 million | $14 million | 0.1% | 191.2% |
| Homebuilding Other Regions | $27 million | $33 million | 0.1% | -19.9% |
What Does Lennar Sell?
Lennar also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Real Estate Other | $32.1 billion | $33.8 billion | 93.9% | -5.0% |
| Other Revenue | $2.0 billion | $1.6 billion | 5.7% | 24.8% |
| Land | $130 million | $93 million | 0.4% | 39.5% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Lennar's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Lennar reported in the segment note and revenue disclosures of its Form 10-K filed January 28, 2026 (accession 0001628280-26-003870), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Lennar's business segments?
In its fiscal 2025 Form 10-K, Lennar reports revenue for Homebuilding West, Homebuilding Central, Homebuilding East, Homebuilding South Central, Lennar Financial Services, Lennar Multifamily, Lennar Other and Homebuilding Other Regions.
Which part of Lennar brings in the most revenue?
Homebuilding West, with $11.9 billion of revenue in fiscal 2025, or 35% of the total.
Where does Lennar report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed January 28, 2026, alongside management's discussion of each segment's results.