Lennar Corp (NYSE: LEN) is a homebuilding company that designs, constructs, and sells single-family and multifamily homes across the United States. Revenue comes primarily from home sales, which generated $32.1 billion of the company's $34.2 billion in total revenue for the fiscal year ended November 30, 2025. The Financial Services segment contributed $1.2 billion and the Multifamily segment contributed $680.6 million in additional revenue for the same period. Founded in Miami in 1954 and listed on the NYSE in 1972, Lennar operates across four segments: Homebuilding, Financial Services, Multifamily, and Lennar Other. The company delivered homes across four regional homebuilding divisions, East, Central, South Central, and West, plus urban divisions, operating 1,708 active communities as of November 30, 2025. Lennar has been transitioning to a land-light operating model, increasing the proportion of homesites controlled through options rather than outright ownership, a shift formalized through the February 2025 spinoff of land assets to Millrose.
- Revenue model
- Transactional revenue from home sales ($32.1 billion, FY2025) is the primary income source. Additional revenue streams include land sales ($130.2 million, FY2025), Financial Services fees and income ($1.2 billion, FY2025), Multifamily development and rental fees ($680.6 million, FY2025), and gains from technology investments through Lennar Other ($41.4 million in other revenues plus $130.2 million in technology investment gains, FY2025). The company also earns management, acquisition, and carried interest fees from joint ventures including the Upward America single-family rental venture.
- Products and services
- Single-family homes sold across East, Central, South Central, West, and Other (urban) regional divisions. Average sales price per new order was $380,000 nationally for FY2025, ranging from $234,000 in South Central to $590,000 in the West. Total new orders reached 83,978 homes valued at $31.95 billion for FY2025. The company also operates a Financial Services segment providing mortgage and title-related services, a Multifamily segment developing and managing rental apartment communities, and the Upward America Venture acquiring and leasing single-family rental communities.
- Customers and end markets
- Primary customers are individual homebuyers in the U.S. residential market. The company has historically sold to non-U.S. residents as well. Institutional investors participate in multifamily development funds and single-family rental ventures, including as limited partners in the Upward America Venture, which had $1.0 billion in committed capital as of November 30, 2025. Demand is driven by U.S. housing market conditions, seasonal patterns, and mortgage availability.
- Value-chain role
- Lennar operates as a vertically integrated homebuilder, controlling land acquisition and development, home construction, and sales. The Financial Services segment provides in-house mortgage origination and title services to homebuyers. The company uses option agreements and joint ventures to control land with reduced balance sheet ownership, consistent with its land-light strategy. It also acts as general partner and manager of real estate joint ventures, earning management and carried interest fees.
- Geographic exposure
- United States only, across four homebuilding regions as of FY2025: East (Florida, New Jersey, Pennsylvania), Central (Alabama, Georgia, Illinois, Indiana, Maryland, Minnesota, North Carolina, South Carolina, Tennessee, Virginia), South Central (Arkansas, Kansas, Missouri, Oklahoma, Texas), and West (Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah, Washington), plus urban divisions primarily in California including an investment in FivePoint Holdings.
