LEN FINANCIAL STATEMENTS

Lennar Corporation — balance sheet, income statement and cash flow trends

LENLennar Corporation

🇺🇸 USA · US · Consumer Cyclical · Residential Construction

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue32.7 B $-7.4%

Gross Profit2.6 B $-44.5%

Operating Income2 B $-51.4%

EBITDA2.3 B $-47.4%

Net Income1.6 B $-50.3%

Peer Comparison· Residential Construction

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LEN	-7.4%	8.0%	7.2%	4.9%
QSR	9.2%	37.5%	27.1%	10.0%
AC	0.6%	52.9%	21.3%	8.0%
IHG	5.4%	30.7%	26.0%	14.6%
ALL	-1.2%	58.4%	41.0%	23.4%
CON	-23.3%	26.7%	10.2%	-0.2%
Industry median	-6.3%	22.3%	11.8%	7.7%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
LEN	-7.4%	8.0%	7.2%	4.9%
LEN-B	-7.4%	8.0%	7.2%	4.9%
NVR	-8.1%	22.8%	17.2%	12.8%
PHM	-5.9%	26.1%	16.6%	12.1%
TOL	3.6%	24.9%	16.2%	11.7%
DHI	-5.6%	22.8%	12.7%	9.5%
Industry median	-6.3%	22.3%	11.8%	7.7%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2026

Equity21.6 B $64%
Current Liabilities3.9 B $12%
Long-term Liabilities8 B $24%

Key Figures

YoY change

Total Assets33.7 B $-2.0%

Total Liabilities11.9 B $+2.5%

Total Equity21.6 B $-4.2%

Cash & ST Investments1.8 B $+24.8%

Total Debt6.2 B $+38.5%

Net Debt4.4 B $+45.2%

Peer Comparison· Residential Construction

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LEN	4.66	28.7%	1.87	64.2%
QSR	0.99	420.7%	5.65	15.0%
AC	1.05	100.3%	2.55	36.5%
IHG	0.97	-181.9%	2.86	-51.3%
ALL	1.60	30.7%	0.48	64.0%
CON	1.25	151.2%	2.62	25.0%
Industry median	4.66	29.4%	0.72	64.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
LEN	4.66	28.7%	1.87	64.2%
LEN-B	4.66	28.7%	1.87	64.2%
NVR	3.55	30.0%	-0.41	62.6%
PHM	5.48	18.6%	0.03	71.2%
TOL	4.07	34.5%	1.01	58.3%
DHI	6.86	27.8%	1.10	66.4%
Industry median	4.66	29.4%	0.72	64.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2026 · TTM

Key Figures

YoY change

Operating Cash Flow1 B $+148.1%

Capital Expenditures166.2 M $+26.9%

Free Cash Flow716.8 M $+157.2%

Dividends Paid-502.7 M $-193.8%

Peer Comparison· Residential Construction

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LEN	3.1%	2.2%	0.5%	62.8%
QSR	18.4%	15.7%	2.7%	184.8%
AC	14.6%	10.3%	4.3%	182.9%
IHG	17.3%	16.8%	0.5%	118.2%
ALL	31.5%	26.1%	5.4%	134.5%
CON	12.4%	6.8%	5.5%	-7,175.8%
Industry median	5.8%	5.4%	0.5%	88.7%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
LEN	3.1%	2.2%	0.5%	62.8%
LEN-B	3.1%	2.2%	0.5%	62.8%
NVR	12.9%	12.7%	0.2%	101.2%
PHM	10.3%	9.8%	0.6%	85.0%
TOL	11.9%	11.0%	0.9%	101.9%
DHI	11.0%	10.5%	0.5%	115.1%
Industry median	5.8%	5.4%	0.5%	88.7%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.