Income StatementBalance SheetCash FlowSegments
Lennar logo

Lennar Cash Flow Statement

Operating, investing, and financing cash movements

Lennar generated $72.4M in operating cash flow over the trailing twelve months. After $162.6M in capital expenditures, free cash flow was -$90.2M. Free cash flow decreased 1.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$72.4MNet Cash From Investing (TTM)$300.7MNet Cash From Financing (TTM)-$3.0BCapital Expenditures (TTM)$162.6MDepreciation And Amortization Cf (TTM)$136.4MNet Change In Cash (TTM)-$394.5M
Latest FilingQ1 2026
Report Date2026-04-09
Market Cap$20.6B
P/E Ratio11.55
ROE8.02%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$231.4M$23.1M——$0.0
Sales of short-term available-for-sale investments—$72.0M—$14.9M—$28.3M
Capital expenditures$41.4M$56.0M$15.2M$32.2M$85.2M$30.0M
Sale of investments—$72.0M—$14.9M—$28.3M
Sales of and distributions from equity method investments$0.0$233.0M———$0.0
Loans$0.0$28.7M$28.7M$28.7M$28.7M—
Proceeds from disposals of property, plant and equipment—$40.3M$10.4M$4.1M—$26.2M
Proceeds from sale of other assets$15.4M$37.7M$37.7M$37.7M$37.7M—
Proceeds from Sale of Equity Method Investments$0.0$233.0M———$0.0
Proceeds from Sale of Equity Method Investments$0.0$233.0M———$0.0
Net cash from investing activities-$125.7M$21.5M$161.4M$0.0$45.9M$93.4M
Net change in loans and leases—-$8.5M-$999.0K-$2.1M-$8.0K$0.0
Proceeds from Partial Sale of Haleon Investment$0.0$233.0M———$0.0
Proceeds from sales of equity securities$0.0$233.0M———$0.0
Proceeds from maturities/sales of investments—$72.0M—$14.9M—$28.3M
Proceeds from sale of property, plant and equipment—$40.3M$10.4M$4.1M—$26.2M
Purchases of equity securities$113.7M$78.7M$66.8M$57.5M$50.7M$31.8M
Distributions from DIRECTV in Excess of Earnings$0.0$35.5M$139.7M$60.4M$45.9M$105.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain on sale of property, plant, and equipment$23.4M$23.4M$11.2M$0.0$43.7M$9.3M
Debt issuance costs and discount amortization—-$91.0K-$51.0K$109.0K$121.0K$112.0K
Change in accounts payable$556.9M-$215.0M-$385.0M-$378.0M—-$403.8M
Change in inventories—$513.3M$1.1B——$652.0M
Change in other assets$28.5M$57.5M$75.2M$77.2M—$36.5M
Change in receivables$105.0M-$117.8M—$79.9M-$77.1M-$296.2M
Deferred income taxes—$23.5M$14.9M$39.0M$0.0$44.2M
Depreciation and amortization$30.4M$31.3M$33.8M$34.2M$35.0M$33.4M
Equity in income of investees$12.3M$33.2M$12.1M$10.8M$22.1M$63.3M
Distributions from equity method investments$121.5M$11.6M$8.5M$8.2M$8.3M$26.7M
Gain (loss) on sale of assets$23.4M$23.4M$11.2M$0.0$43.7M$9.3M
Loans held for sale activity$463.4M-$445.2M———-$397.8M
Realized Gain (Loss) on Disposal of Equity Method Investment———$645.0K——
Net cash from operating activities$974.5M-$289.0M-$1.1B-$158.6M$1.8B-$433.5M
Net income$1.1B$528.7M$481.8M$599.8M$498.0M$233.4M
Gain (Loss) on Repurchase of Debt Instrument———$0.0——
Increase In Deposits And Pre-acquisition Costs On Real Estate$646.9M$758.0M$23.7M$466.7M$301.3M$353.7M
Unrealized Gain (Loss) on Financing Receivables, Held-for-sale-$54.1M$30.4M-$32.8M$12.6M$16.3M$32.4M
Unrealized Gain (Loss) on Investments and Other Gain (Loss)—-$71.4M-$28.6M——$14.8M
Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets$17.5M$28.3M$61.5M$57.2M$99.3M$38.1M
Gain on Partial Sale of Investment$0.0$233.0M———$0.0
Stock-based compensation$22.6M$84.1M$28.8M$25.5M$25.1M$62.4M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Repayments of Lines of Credit—$533.8M———$599.3M
Contributions from noncontrolling interests$3.1M$11.3M$9.7M$5.0M$6.1M$1.1M
Proceeds from issuance of debt$0.0——$740.0M——
Repayments of debt$138.5M$533.8M———$599.3M
Distributions to noncontrolling interests$831.0K$5.4M$576.0K$1.8M$12.1M$10.7M
Dividends paid$134.7M$131.6M$133.6M$129.1M$126.6M$123.5M
Cash Divested From Deconsolidation, Financing$0.0$104.0M$104.0M$104.0M$104.0M—
Cash Divested From Deconsolidation, Financing Activities—$416.0M———$0.0
Payments for Turn of Inventory Not Owned, Financing Activities—$255.9M$129.9M$93.6M$86.7M$80.2M
Payments to Other Liabilities$1.4M$1.4M$1.4M$1.4M$1.4M—
Proceeds from liabilities related to consolidated inventory not owned$48.9M$529.5K$529.5K$529.5K$529.5K—
Other, net—-$1.4M-$1.4M-$1.4M—-$1.4M
Proceeds from liabilities related to consolidated inventory not owned—$259.0K———$0.0
Repayments of Mortgage and Other Debts—$27.6M$12.7M$8.3M—$12.1M
Payment of Deferred Purchase Consideration—-$1.4M-$1.4M-$1.4M—-$1.4M
Noncontrolling interest transactions and other—-$1.4M-$1.4M-$1.4M—-$1.4M
Repayments of Lines of Credit—$533.8M———$599.3M
Net cash from financing activities-$169.7M-$2.1B-$175.4M——-$1.1B
Other financing activities—-$1.4M-$1.4M-$1.4M—-$1.4M
Payment of debt issuance costs$0.0——$2.1M——
Noncontrolling Interests Activity and Other—-$1.4M-$1.4M-$1.4M—-$1.4M
Repayments of Acquisition Credit Facilities—$533.8M———$599.3M
Repurchases of common stock$527.2M$774.5M$521.4M$512.4M$57.0K$269.7M
Repayments of lines of credit—$533.8M———$599.3M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$933.1M-$345.1M-$1.1B-$190.8M$1.7B-$463.5M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$197.6M$247.1M$247.1M$247.1M$247.1M—
Interest paid$13.7M$12.5M$12.5M$12.5M$12.5M—
Income Taxes Paid, Net$197.6M$247.1M$247.1M$247.1M$247.1M—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash—-$2.4B-$1.1B——-$1.4B
Purchases of inventories financed by sellers$8.8M$80.0K$80.0K$80.0K$80.0K—
Net non-cash contributions to unconsolidated entities$5.8M$40.6M$40.6M$40.6M$40.6M—