Lennar Corporation
Consumer CyclicalNYSE:LEN · New York Stock Exchange
-$3.98 today
Vol 4.31M · Avg 2.91M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$32.7B of revenue converted into $1.6B of net income for the selected period. Gross margin is 7.8% and net margin is 4.8%, showing how much revenue survives after costs and taxes. EPS is $6.39, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $34.2B -3.5% | $35.4B +3.5% | $34.2B +1.7% | $33.7B +24.1% | $27.1B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $30.8B +2.9% | $29.9B +5.8% | $28.3B +6.9% | $26.5B +22.6% | $21.6B | $725.6M | $804.0M | $882.4M |
| Gross Profit | $3.4B -38.4% | $5.5B -7.4% | $5.9B -17.5% | $7.2B +30.1% | $5.5B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 9.9% -5.6pp | 15.5% -1.8pp | 17.4% -4.0pp | 21.4% +1.0pp | 20.4% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $636.7M -1.9% | $649.0M +29.5% | $501.3M +21.0% | $414.5M +4.0% | $398.4M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $636.7M -1.9% | $649.0M +29.5% | $501.3M +21.0% | $414.5M +4.0% | $398.4M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $134.3M +16.3% | $115.5M +4.9% | $110.2M +26.5% | $87.1M +1.3% | $86.0M | $374.2M | $1.2B | $631.8M |
| EBITDA | $3.0B -44.3% | $5.3B -0.2% | $5.3B -13.0% | $6.1B +3.3% | $5.9B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 8.7% -6.3pp | 15.0% -0.6pp | 15.6% -2.6pp | 18.2% -3.7pp | 21.8% | 5.6% | 46.3% | 42.0% |
| Operating Income | $2.8B -43.3% | $4.8B -10.8% | $5.4B -19.9% | $6.8B +32.1% | $5.1B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 8.0% -5.6pp | 13.7% -2.2pp | 15.9% -4.3pp | 20.2% +1.2pp | 18.9% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $13.9M -26.1% | $18.8M +21.6% | $15.4M -19.3% | $19.1M -5.0% | $20.1M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $63.5M -81.1% | $334.9M +241.1% | -$237.3M +69.3% | -$773.1M -213.6% | $680.8M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $2.8B -45.7% | $5.2B -0.3% | $5.2B -13.5% | $6.0B +3.4% | $5.8B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 8.2% -6.4pp | 14.6% -0.6pp | 15.2% -2.7pp | 17.9% -3.6pp | 21.4% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $705.6M -42.0% | $1.2B -1.9% | $1.2B -9.2% | $1.4B +0.3% | $1.4B | $1.3B | -$1.6B | $745.2M |
| Net Income | $2.1B -47.2% | $3.9B -0.2% | $3.9B -14.6% | $4.6B +4.2% | $4.4B | $4.9B | $4.8B | $4.7B |
| Net Margin | 6.1% -5.0pp | 11.1% -0.4pp | 11.5% -2.2pp | 13.7% -2.6pp | 16.3% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $8 -44.2% | $14 +4.2% | $14 -12.8% | $16 +10.2% | $14 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $8 -44.2% | $14 +4.2% | $14 -12.7% | $16 +10.2% | $14 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $257.7M -5.2% | $272.0M -4.0% | $283.3M -2.2% | $289.8M -5.5% | $306.6M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $257.7M -5.2% | $272.0M -4.0% | $283.3M -2.2% | $289.8M -5.5% | $306.6M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
D.R. Horton, Inc.
NYSE:DHI
$44.12B
Carnival Corporation & plc
NYSE:CCL
$40.32B
Carnival Corporation & plc
CUK
$36.52B
Geely Automobile Holdings Limited
GELHY
$27.67B
PulteGroup, Inc.
NYSE:PHM
$23.61B
Rollins, Inc.
NYSE:ROL
$22.71B
Stellantis N.V.
NYSE:STLA
$19.85B
NVR, Inc.
NYSE:NVR
$17.33B
Tractor Supply Company
NASDAQ:TSCO
$16.27B
Toll Brothers, Inc.
NYSE:TOL
$13.87B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does LEN generate?
Lennar Corporation (LEN) reported $34.19B of revenue in fiscal 2025.
Is LEN profitable?
Lennar Corporation (LEN) reported $2.08B of net income, with a net margin of 6.1%.
Explore More
Continue the stock analysis
Jump to another research area for this company.