What Did LENNAR CORP /NEW/ Last Report?
These are the starting values for the dashboard below, as LENNAR CORP /NEW/ reported them for the fiscal year ended November 30, 2025 and the year before. At the next filing, compare each current value with these and write down the direction before reading management's explanation.
| Reported measure | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | $34.2 billion | $35.4 billion | -3.5% |
| Net margin | 6.1% | 11.1% | -5.0 points |
| Free cash flow | $28 million | $2.2 billion | -98.7% |
Free cash flow is operating cash flow minus capital expenditures. A change in a margin is stated in percentage points, so a margin moving from 20.0% to 23.0% is a gain of 3.0 points. "Not reported" or "n/a" means the company filed no value under the standard tag, not that the amount was zero. Source: SEC EDGAR: LENNAR CORP /NEW/ Form 10-K filed January 28, 2026.
Core dashboard
For each measure, record the reported value, its direction, the source, management's explanation and what it means for the thesis.
- Comparable Sales
- Traffic
- Average Ticket
- Gross Margin
- Inventory Turns
- Store Or Unit Count
- Revenue Per Location Or Customer
- Operating Margin
- Free Cash Flow
- Customer Acquisition Costs Where Relevant
Before earnings or a filing
Review the prior quarter's expectations, unresolved questions, and thesis breakers. Record what you expect to learn from the next filing without predicting a stock-price reaction. This prevents hindsight from rewriting the original thesis.
After the filing
Start with reported statements, notes, and reconciliations. Update the dashboard, then read management discussion. Separate changes caused by volume, price, mix, currency, acquisitions, accounting, and one-time items. Reconcile cash flow and share count, not just earnings per share.
Competitive check
Compare relevant evidence with Airbnb, Amazon, Aptiv, AutoZone, Best Buy, Booking Holdings. Determine whether a trend is company-specific or industry-wide. Use comparable definitions and periods.
Macro check
Review consumer confidence, real disposable income, employment, interest rates, housing activity, travel demand. Only elevate a macro variable when there is a defensible channel into Lennar's demand, pricing, costs, financing, or asset values.
Change log
Maintain a dated log with four labels: fact, interpretation, scenario, and unknown. Link every time-sensitive factual change to a primary source. If a prior assumption is wrong, preserve the old entry and explain the revision rather than silently rewriting history.
References
The evergreen analysis above is anchored to verified index metadata and a filing-first research workflow. Time-sensitive financial figures are refreshed from the latest primary filings.
- S&P Dow Jones Indices: S&P 500
- SEC EDGAR company filings for Lennar
- SEC submissions JSON for CIK 920760
Source-review rule: Check any statement about current revenue, margins, management, products, segment mix, guidance, market share or capital allocation against the latest 10-K, 10-Q, 8-K, proxy statement, earnings release or official investor-relations material before relying on it.