Lennar Corporation (LEN-B) Cash Flow Statement
Where LEN-B’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- $216.8M −91.0% vs FY2024
- Capital expenditures
- $188.6M 0.6% of revenue
- Free cash flow
- $28.2M 0.1% margin
- Returned to shareholders
- $2.33B 8,265% of free cash flow
- Change in cash
- −$1.16B cash at year-end $3.83B
Drawn to scale: where the cash came from and how it was used. Hover for values.
LEN-B operating cash flow, capex and free cash flow
LEN-B cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $507.8MFY2016 | $216.8MFY2025 | −9.0%/yr | |
| Capital expenditures | $76.4MFY2016 | $188.6MFY2025 | +10.6%/yr | |
| Free cash flow | $431.4MFY2016 | $28.2MFY2025 | −26.2%/yr | |
| Free cash flow margin | 3.9%FY2016 | 0.1%FY2025 | −3.9 pts | |
| Operating cash flow / net income | 0.56FY2016 | 0.10FY2025 | −0.45 | |
| Stock-based compensation | $55.5MFY2016 | $163.5MFY2025 | +12.8%/yr | |
| Dividends paid | $35.3MFY2016 | $521.0MFY2025 | +34.9%/yr | |
| Share buybacks (net) | $19.9MFY2016 | $1.81BFY2025 | +65.0%/yr | |
| Capex / revenue | 0.7%FY2016 | 0.6%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LEN-B cash flow by activity
LEN-B net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LEN-B cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.11B | $3.97B | $3.96B | $4.65B | $4.46B | $2.47B | $1.84B | $1.72B | $771.8M | $913.1M |
| Depreciation & amortization | $134.3M | $115.5M | $110.2M | $87.1M | $86.0M | $94.6M | $92.2M | $91.2M | $66.3M | $50.2M |
| Stock-based compensation | $163.5M | $176.7M | $160.7M | $184.1M | $134.6M | $107.1M | $86.9M | $72.7M | $61.4M | $55.5M |
| Change in working capital | −$2.39B | −$2.00B | $571.5M | −$2.32B | −$1.65B | $1.32B | −$827.1M | −$169.3M | −$187.4M | −$685.1M |
| Other non-cash items | $197.6M | $140.9M | $376.0M | $667.4M | −$493.4M | $202.5M | $288.1M | −$486,000 | $284.8M | $174.0M |
| Cash from operating activities | $216.8M | $2.40B | $5.18B | $3.27B | $2.53B | $4.19B | $1.48B | $1.71B | $996.9M | $507.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$188.6M | −$171.5M | −$99.8M | −$57.2M | −$65.2M | −$72.8M | −$86.5M | −$130.4M | −$111.8M | −$76.4M |
| Investments (net) | $101.1M | −$302.6M | −$111.8M | −$128.3M | −$114.2M | −$254.9M | $3.5M | $189.1M | −$342.0M | −$85.8M |
| Acquisitions & other investing | $309.1M | $171.5M | $34.6M | $57.2M | $74.3M | $47.4M | $102.6M | −$666.8M | −$416.0M | $76.4M |
| Cash from investing activities | $221.6M | −$302.6M | −$177.0M | −$128.3M | −$105.1M | −$280.2M | $19.6M | −$608.1M | −$869.8M | −$85.8M |
| Financing activities | ||||||||||
| Dividends paid | −$521.0M | −$548.8M | −$430.6M | −$438.0M | −$309.8M | −$195.0M | −$51.5M | −$49.2M | −$37.6M | −$35.3M |
| Share repurchases & issuance (net) | −$1.81B | −$2.26B | −$1.18B | −$1.04B | −$1.43B | −$321.5M | −$523.1M | −$299.8M | −$27.1M | −$19.9M |
| Net borrowing (repayment) | $1.71B | −$830.2M | −$1.20B | −$214.0M | −$1.08B | −$2.29B | −$1.04B | −$1.76B | $1.16B | −$90.4M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $105,000 | $493,000 | $3.1M | $0 | $0 |
| Other financing | −$980.0M | −$46.0M | −$436.8M | $414.1M | $414.2M | $364.0M | −$19.8M | −$89.7M | $101.1M | −$105.3M |
| Cash from financing activities | −$1.60B | −$3.68B | −$3.25B | −$1.28B | −$2.40B | −$2.45B | −$1.63B | −$2.20B | $1.19B | −$250.9M |
| Summary | ||||||||||
| Net change in cash | −$1.16B | −$1.58B | $1.76B | $1.86B | $23.0M | $1.46B | −$127.3M | −$1.09B | $1.32B | $171.1M |
| Cash at end of period | $3.83B | $4.99B | $6.57B | $4.82B | $2.96B | $2.93B | $1.47B | $1.56B | $2.65B | $1.33B |
| Free cash flow | $28.2M | $2.23B | $5.08B | $3.21B | $2.47B | $4.12B | $1.40B | $1.58B | $885.1M | $431.4M |
| Free cash flow margin | 0.1% | 6.3% | 14.8% | 9.5% | 9.1% | 18.3% | 6.3% | 7.7% | 7.0% | 3.9% |
| Capex / revenue | 0.6% | 0.5% | 0.3% | 0.2% | 0.2% | 0.3% | 0.4% | 0.6% | 0.9% | 0.7% |
| Operating cash flow / net income | 0.10 | 0.61 | 1.31 | 0.70 | 0.57 | 1.70 | 0.80 | 1.00 | 1.29 | 0.56 |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $285.5M | $308.1M | $229.4M | $498.0M | $599.8M | $481.8M | $528.7M | $1.10B | $1.19B | $960.6M | $719.9M | $1.37B |
| Depreciation & amortization | $35.9M | $35.3M | $33.4M | $35.0M | $34.2M | $33.8M | $31.3M | $30.4M | $29.4M | $28.6M | $27.1M | $29.0M |
| Stock-based compensation | $29.3M | $26.3M | $62.4M | $25.1M | $25.5M | $28.8M | $84.1M | $22.6M | $31.9M | $34.5M | $87.7M | $21.1M |
| Change in working capital | −$715.6M | −$815.5M | −$751.9M | $1.13B | −$813.1M | −$1.73B | −$980.8M | −$264.4M | −$343.7M | −$818.8M | −$570.4M | $959.9M |
| Other non-cash items | $260.6M | $161.4M | $98.3M | $67.2M | −$5.0M | $87.8M | $47.6M | $86.1M | −$85.6M | $36.9M | $103.5M | $211.9M |
| Cash from operating activities | −$104.3M | −$284.4M | −$328.5M | $1.76B | −$158.6M | −$1.10B | −$289.0M | $974.5M | $819.2M | $241.8M | $367.9M | $2.59B |
| Investing activities | ||||||||||||
| Capital expenditures | −$8.0M | −$18.9M | −$30.0M | −$85.2M | −$32.2M | −$15.2M | −$56.0M | −$41.4M | −$18.4M | −$38.8M | −$72.9M | −$46.2M |
| Investments (net) | — | $1.9M | $24.0M | −$100.5M | −$7.2M | $161.4M | $21.5M | −$125.7M | $98.0M | −$126.9M | −$147.9M | −$62.0M |
| Acquisitions & other investing | $45.0M | $1.0M | −$15.3M | $231.6M | $32.2M | $15.2M | $56.0M | $41.4M | $18.4M | $38.8M | $72.9M | — |
| Cash from investing activities | $37.0M | −$15.9M | −$21.3M | $45.9M | −$7.2M | $161.4M | $21.5M | −$125.7M | $98.0M | −$126.9M | −$147.9M | — |
| Financing activities | ||||||||||||
| Dividends paid | −$119.4M | −$123.1M | −$123.5M | −$126.6M | −$129.1M | −$133.6M | −$131.6M | −$134.7M | −$135.8M | −$138.9M | −$139.4M | −$105.2M |
| Share repurchases & issuance (net) | −$255.9M | −$467.1M | −$269.7M | −$57,000 | −$512.4M | −$521.4M | −$774.5M | −$527.2M | −$524.6M | −$609.6M | −$595.1M | −$341.1M |
| Net borrowing (repayment) | — | $760.2M | −$611.4M | $487.3M | $1.18B | $606.3M | −$561.4M | $379.8M | $132.0M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$232.2M | −$90.8M | −$81.6M | −$92.3M | −$94.0M | −$126.6M | −$667.1M | $112.3M | $1.0M | −$706.4M | −$794.9M | $366.0M |
| Cash from financing activities | −$607.5M | $79.3M | −$1.09B | $268.3M | $443.8M | −$175.4M | −$2.13B | −$169.7M | −$527.4M | −$1.45B | −$1.53B | −$80.3M |
| Summary | ||||||||||||
| Net change in cash | −$674.9M | −$221.0M | −$1.44B | $2.07B | $278.0M | −$1.11B | −$2.40B | $679.1M | $389.8M | −$1.34B | −$1.31B | $2.45B |
| Cash at end of period | $1.50B | $2.17B | $2.37B | $3.83B | $1.76B | $1.48B | $2.59B | $4.99B | $4.31B | $3.92B | $5.26B | $6.57B |
| Free cash flow | −$104.3M | −$303.2M | −$358.5M | $1.67B | −$190.8M | −$1.11B | −$345.1M | $933.1M | $800.8M | $203.0M | $294.9M | $2.54B |
| Free cash flow margin | −1.3% | −3.8% | −5.4% | 17.9% | −2.2% | −13.3% | −4.5% | 9.4% | 8.5% | 2.3% | 4.0% | 23.2% |
| Capex / revenue | 0.1% | 0.2% | 0.5% | 0.9% | 0.4% | 0.2% | 0.7% | 0.4% | 0.2% | 0.4% | 1.0% | 0.4% |
| Operating cash flow / net income | −0.37 | −0.92 | −1.43 | 3.53 | −0.26 | −2.27 | −0.55 | 0.89 | 0.69 | 0.25 | 0.51 | 1.89 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LEN-B cash generation
In fiscal 2025 (ended November 30, 2025), Lennar generated $216.8 million of cash from operations (down 91.0%) and spent $188.6 million on capital expenditures, leaving free cash flow of $28.2 million, 0.1% of revenue. It returned $2.3 billion to shareholders through dividends ($521.0 million) and net share buybacks ($1.8 billion). Cash and equivalents fell by $1.2 billion over the year.
Related: LEN-B income statement, LEN-B balance sheet, LEN-B dividend history. See the LEN-B stock overview for the latest quote and news.
LEN-B cash flow FAQ
What is Lennar's free cash flow?
Lennar's free cash flow was $28.2 million in fiscal 2025: $216.8 million of operating cash flow minus $188.6 million of capital expenditures It was $2.2 billion a year earlier..
How much cash does Lennar generate from operations?
Lennar generated $216.8 million of cash from operating activities in fiscal 2025, 0.10 times its net income of $2.1 billion.
How much does Lennar spend on capital expenditures?
Lennar spent $188.6 million on capital expenditures in fiscal 2025, 0.6% of revenue, compared with $171.5 million the year before.
How much stock does Lennar buy back?
Lennar spent $1.8 billion on net share repurchases in fiscal 2025.
How much does Lennar pay in dividends?
Lennar paid $521.0 million in dividends in fiscal 2025, 1,848.5% of free cash flow.