Lennar Corporation (LEN) Cash Flow Statement
Where LEN’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 operating cash flow, capex and free cash flow
LEN 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 cash flow by activity
LEN 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 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 | −$97.2M | −$84.8M | −$258.0M | $2.3M | $204.1M | −$187.4M | −$73.4M |
| Acquisitions & other investing | $309.1M | $171.5M | $34.6M | $26.1M | $44.9M | $50.6M | $103.8M | −$681.7M | −$570.6M | $64.0M |
| 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 | −$1.77B | $1.13B | −$95.1M |
| 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 | −$19.7M | −$75.0M | $129.7M | −$100.5M |
| 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 | −$6.7M | $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 | −$433.5M | $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 | −1.89 | 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 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 income statement, LEN balance sheet, LEN dividend history. See the LEN stock overview for the latest quote and news.
LEN 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.