LENLennar

Consumer discretionary · Homebuilders · NYSE

Headquarters: Miami, FL
CEO: Stuart A. Miller
Next results: around Dec 15, 2026

RevenueFY2016–25 $34.2B−3.5% FY2024: $35.4B 10-K FY2025 · XBRL Net incomeFY2016–25 $2.1B−47.2% FY2024: $3.9B 10-K FY2025 · XBRL Free cash flowFY2016–25 $28.2M−98.7% FY2024: $2.2B 10-K FY2025 · XBRL

What changed

10-K filed Jan 28, 2026 against Jan 23, 2025

Area	What changed	Source
Risk factors	2 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Cash from operations lower than net income	Cash from operations $216.8M vs net income $2.1B (FY ending 2025-11-30)	10-K · XBRL
Critical audit matters changed	New this year: Spin-off of Millrose Properties Inc. (Note 2 and 9) (“As described in Note 2 and 9 to the financial statements, on February 7, 2025, the Company completed the spin-off of its Millrose Properties Inc. (“Millrose”) business through a pro rata distribution of 80% of the outstanding shares of Millrose to Company stockholders. The Company subsequently dispo”)	10-K · XBRL
Accounting checks	8 other checks clear, 2 worth a look	10-K · XBRL
Insiders	45 open-market buys in the last 90 days	Form 4
Filings	2 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Jan 28, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-01-23. Quoted as filed.

including while we seek legal enforcement. Even if we were to succeed in any legal proceedings against Millrose, there is no guarantee that a court would compel Millrose to deliver the homesites to us. Monetary damages may not be sufficient for us to fully recover our losses, particularly if we are not able to satisfy our obligations…
10-K, Item 1A

All 2 new paragraphs →

Accounting checks

latest 10-K

8 of 10 clear 2 worth a look. Checks, not verdicts.

!
Cash from operations lower than net incomeCash from operations $216.8M vs net income $2.1B (FY ending 2025-11-30)
!
Critical audit matters changedNew this year: Spin-off of Millrose Properties Inc. (Note 2 and 9) (“As described in Note 2 and 9 to the financial statements, on February 7, 2025, the Company completed the spin-off of its Millrose Properties Inc. (“Millrose”) business through a pro rata distribution of 80% of the outstanding shares of Millrose to Company stockholders. The Company subsequently dispo”)
✓
Receivables -11.0% vs revenue -3.5% (-7.5 pts)
✓
Same auditor in both 10-Ks: Deloitte & Touche LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Oct 29, 20268-K Material agreement signed, New debt or obligation 8-K items 1.01, 2.03
Oct 15, 20268-K Other events 8-K item 8.01

Get an email when this changes: new risk paragraphs, accounting items, insider purchases, a new 10-K or 10-Q. RSS feed

Work on LEN in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LEN/export.csv") into a cell.