LENLennar

Consumer discretionary · Homebuilders · NYSE

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

What the 10-K filed 2026-01-28 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-01-23.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

No specific sentence about this in the 10-K.

Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

“We typically settle all of the foregoing matters before they reach litigation for amounts that are not material to us.”
Read it in the 10-K ↗

New “As of November 30, 2025, the Company has recorded accruals for loss contingencies that management believes are probable and reasonably estimable.”
Read it in the 10-K ↗

Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“As of November 30, 2025 and 2024, the Homebuilding segment's unconsolidated entities had non-recourse debt with completion guarantees of $511.9 million and $287.0 million, respectively.”
Read it in the 10-K ↗

“As of November 30, 2025 and 2024, the Multifamily segment's unconsolidated entities had non-recourse debt with completion guarantees of $798.1 million and $907.8 million, respectively.”
Read it in the 10-K ↗

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“We were in compliance with our debt covenants at November 30, 2025.”
Read it in the 10-K ↗

“Although we are in compliance with our debt covenants for both calculations, we have only disclosed our liquidity test.”
Read it in the 10-K ↗

“We also monitor the performance of Homebuilding joint ventures in which we have investments on a regular basis to assess compliance with debt covenants.”
Read it in the 10-K ↗

“For those joint ventures not in compliance with their debt covenants, we evaluate and assess possible impairment of our investments.”
Read it in the 10-K ↗

“We believe that substantially all of the joint ventures were in compliance with their debt covenants at November 30, 2025.”
Read it in the 10-K ↗

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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.