LEN 10-Q report for 2026-02-28

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States.

LEN 10-Q report for 2026-02-28 len-20260228 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _______ To _______ Commission File Number: 1-11749 Lennar Corporation (Exact name of registrant as specified in its charter) Delaware 95-4337490 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 5505 Waterford District Drive , Miami , Florida 33126 (Address of principal executive offices) (Zip Code) ( 305 )  559-4000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $.10 LEN New York Stock Exchange Class B Common Stock, par value $.10 LEN.B New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☑     No   ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☑     No   ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “ large accelerated filer, ” “ accelerated filer, ” “ smaller reporting company ” and “ emerging growth company ” in Rule 12b-2 of the Exchange Act. Large accelerated filer R Accelerated filer ¨ Emerging growth company ¨ Non-accelerated filer ¨ Smaller reporting company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐     No   ☑ Common stock outstanding as of February 28, 2026: Class A 215,244,398 Class B 31,053,898 LENNAR CORPORATION FORM 10-Q For the period ended February 28, 2026 Part I Financial Information 3 Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets as of February 28, 2026 and November 30, 2025 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended February 28, 2026 and 2025 5 Condensed Consolidated Statements of Cash Flows for the three months ended February 28, 2026 and 2025 6 Notes to Condensed Consolidated Financial Statements 8 Forward-Looking Statements 29 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4. Controls and Procedures 43 Part II Other Information 44 Item 1. Legal Proceedings 44 Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3 - 4. Not Applicable 44 Item 5. Other Information 44 Item 6. Exhibits 45 Signatures 46 Part I. Financial Information Item 1. Financial Statements Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited) February 28, November 30, 2026 (1) 2025 (1) ASSETS Homebuilding: Cash and cash equivalents $ 2,085,384 3,441,324 Restricted cash 27,541 25,930 Receivables, net 960,912 1,002,629 Inventories: Finished homes and construction in progress 9,547,262 8,822,271 Land and land under development 928,517 1,098,961 Inventory owned 10,475,779 9,921,232 Consolidated inventory not owned 1,646,284 1,696,401 Inventory owned and consolidated inventory not owned 12,122,063 11,617,633 Deposits and pre-acquisition costs on real estate 6,824,948 6,383,633 Investments in unconsolidated entities 1,479,812 1,545,370 Goodwill 3,442,359 3,442,359 Other assets 1,787,517 1,794,378 28,730,536 29,253,256 Financial Services 2,808,039 3,377,413 Multifamily 842,100 902,136 Lennar Other 829,667 897,632 Total assets $ 33,210,342 34,430,437 (1) Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest e Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4. Controls and Procedures 43 Part II Other Information 44 Item 1. Legal Proceedings 44 Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3 - 4. Not Applicable 44 Item 5. Other Information 44 Item 6. Exhibits 45 Signatures 46 Part I. Financial Information Item 1. Financial Statements Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited) February 28, November 30, 2026 (1) 2025 (1) ASSETS Homebuilding: Cash and cash equivalents $ 2,085,384 3,441,324 Restricted cash 27,541 25,930 Receivables, net 960,912 1,002,629 Inventories: Finished homes and construction in progress 9,547,262 8,822,271 Land and land under development 928,517 1,098,961 Inventory owned 10,475,779 9,921,232 Consolidated inventory not owned 1,646,284 1,696,401 Inventory owned and consolidated inventory not owned 12,122,063 11,617,633 Deposits and pre-acquisition costs on real estate 6,824,948 6,383,633 Investments in unconsolidated entities 1,479,812 1,545,370 Goodwill 3,442,359 3,442,359 Other assets 1,787,517 1,794,378 28,730,536 29,253,256 Financial Services 2,808,039 3,377,413 Multifamily 842,100 902,136 Lennar Other 829,667 897,632 Total assets $ 33,210,342 34,430,437 (1) Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2026, total assets include $ 1.5 billion related to consolidated VIEs of which $ 49.7 million is included in Homebuilding cash and cash equivalents, $ 0.2 million in Homebuilding receivables, net, $ 38.2 million in Homebuilding finished homes and construction in progress, $ 232.9 million in Homebuilding land and land under development, $ 1.0 billion in Homebuilding consolidated inventory not owned, $ 94.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 1.7 million in Homebuilding other assets and $ 24.7 million in Multifamily assets. As of November 30, 2025, total assets include $ 1.5 billion related to consolidated VIEs of which $ 61.1 million is included in Homebuilding cash and cash equivalents, $ 2.0 million in Homebuilding receivables, net, $ 45.6 million in Homebuilding finished homes and construction in progress, $ 300.3 million in Homebuilding land and land under development, $ 984.4 million in Homebuilding consolidated inventory not owned, $ 88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 8.9 million in Homebuilding other assets and $ 25.0 million in Multifamily assets. See accompanying notes to condensed consolidated financial statements. 3 Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Continued) (In thousands, except share amounts) (Unaudited) February 28, November 30, 2026 (2) 2025 (2) LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 1,737,575 1,812,484 Liabilities related to consolidated inventory not owned 1,447,697 1,476,376 Senior notes and other debts payable, net 4,065,459 4,084,686 Other liabilities 2,353,359 2,691,876 9,604,090 10,065,422 Financial Services 1,390,277 2,010,598 Multifamily 88,547 113,361 Lennar Other 95,165 100,447 Total liabilities 11,178,079 12,289,828 Commitments and contingent liabilities (See Note 10) Stockholders’ equity: Preferred stock — — Class A common stock of $ 0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 400,000,000 shares; Issued: February 28, 2026 - 263,189,720 shares and November 30, 2025 - 261,579,253 shares 26,319 26,158 Class B common stock of $ 0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 90,000,000 shares; Issued: February 28, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares 3,660 3,660 Additional paid-in capital 5,993,733 5,909,726 Retained earnings 22,577,374 22,471,471 Treasury stock, at cost; February 28, 2026 - 47,945,322 shares of Class A common stock and 5,547,317 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock ( 6,727,316 ) ( 6,457,609 ) Accumulated other comprehensive income 5,606 6,011 Total stockholders’ equity 21,879,376 21,959,417 Noncontrolling interests 152,887 181,192 Total equity 22,032,263 22,140,609 Total liabilities and equity $ 33,210,342 34,430,437 (2) As of February 28, 2026, total liabilities include $ 1.0 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $ 15.5 million is included in Homebuilding accounts payable, $ 961.7 million in Homebuilding liabilities related to consolidated inventory not owned, $ 1.2 million in Homebuilding other liabilities, and $ 1.0 million in Multifamily liabilities. As of November 30, 2025, total liabilities include $ 962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $ 23.8 million is included in Homebuilding accounts payable, $ 930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $ 6.0 million in Homebuilding senior notes and other debts payable, net, $ 1.5 million in Homebuilding other liabilities, and $ 1.0 million in Multifamily liabilities. See accompanying notes to condensed consolidated financial statements. 4 Lennar Corporation and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In thousands, except per share amounts) (Unaudited) Three Months Ended February 28, 2026 2025 Revenues: Homebuilding $ 6,298,563 7,283,870 Financial Services 215,555 277,077 Multifamily 82,499 63,196 Lennar Other 22,859 7,402 Total revenues 6,619,476 7,631,545 Costs and expenses: Homebuilding 5,970,420 6,539,960 Financial Services 124,242 133,594 Multifamily 90,428 73,376 Lennar Other 43,684 23,564 Corporate general and administrative 157,638 147,378 Charitable foundation contribution 16,863 17,834 Total costs and expenses 6,403,275 6,935,706 Equity in earnings from unconsolidated entities 63,268 33,234 Other income, net and other gains, net 8,146 31,668 Lennar Other gains (losses) from technology investments 14,838 ( 62,503 ) Earnings before income taxes 302,453 698,238 Provision for income taxes ( 69,092 ) ( 169,525 ) Net earnings (including net earnings attributable to noncontrolling interests) 233,361 528,713 Less: Net earnings attributable to noncontrolling interests 3,978 9,187 Net earnings attributable to Lennar $ 229,383 519,526 Other comprehensive loss, net of tax: Net unrealized losses on securities available-for-sale $ ( 405 ) ( 178 ) Total other comprehensive loss, net of tax $ ( 405 ) ( 178 ) Total comprehensive income attributable to Lennar $ 228,978 519,348 Total comprehensive income attributable to noncontrolling interests $ 3,978 9,187 Basic and diluted earnings per share $ 0.93 1.96 See accompanying notes to condensed consolidated financial statements. 5 Lennar Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended February 28, 2026 2025 Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 233,361 528,713 Adjustments to reconcile net earnings to net cash used in operating activities: Depreciation and amortization 33,388 31,332 Amortization of discount/premium and accretion on debt, net 112 ( 91 ) Equity in earnings from unconsolidated entities ( 63,268 ) ( 33,234 ) Distributions of earnings from unconsolidated entities 26,656 11,586 Share-based compensation expense 62,377 84,085 Deferred income tax expense 44,205 23,472 Loans held-for-sale unrealized (gains) losses ( 32,402 ) ( 30,403 ) Lennar Other (gains) losses from technology investments and other (gains) losses, net ( 14,838 ) 71,427 Gains on sale of operating properties and equipment and other assets ( 9,296 ) ( 23,411 ) Valuation adjustments and write-offs of option deposits and pre-acquisition costs on real estate, and other assets 38,128 28,261 Changes in assets and liabilities: Decrease in receivables 296,232 117,753 Increase in inventories, excluding valuation adjustments ( 652,015 ) ( 513,257 ) Increase in deposits and pre-acquisition costs on real estate ( 353,721 ) ( 757,972 ) Increase in other assets ( 36,460 ) ( 57,501 ) Decrease in loans held-for-sale 397,801 445,233 Decrease in accounts payable and other liabilities ( 403,762 ) ( 215,035 ) Net cash used in operating activities ( 433,502 ) ( 289,042 ) Cash flows from investing activities: Net additions of operating properties and equipment ( 29,992 ) ( 56,043 ) Proceeds from sale of other assets 26,163 40,258 Proceeds from sale of investments in unconsolidated joint venture — 233,007 Proceeds from sales of investments 28,258 72,003 Investments in and contributions to unconsolidated entities ( 31,841 ) ( 78,709 ) Distributions of capital from unconsolidated entities 104,999 35,455 Acquisition, net of cash and restricted cash acquired — ( 231,426 ) Decrease in Financial Services loans held-for-investment — 8,467 Purchases of investment securities ( 6,218 ) ( 3,456 ) Proceeds from maturities/sales of investment securities 1,993 1,934 Net cash provided by investing activities $ 93,362 21,490 See accompanying notes to condensed consolidated financial statements. 6 Lennar Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Continued) (Dollars in thousands) (Unaudited) Three Months Ended February 28, 2026 2025 Cash flows from financing activities: Net repayments under warehouse facilities $ ( 599,303 ) ( 533,831 ) Principal payments on notes payable and other borrowings ( 12,092 ) ( 27,600 ) Net cash distributed in connection with Millrose Properties, Inc. spin-off — ( 416,006 ) Proceeds from liabilities related to consolidated inventory not owned — 259 Payments for liabilities related to consolidated inventory not owned ( 80,155 ) ( 255,862 ) Payments related to other liabilities, net ( 1,421 ) ( 1,421 ) Receipts related to noncontrolling interests 1,083 11,328 Payments related to noncontrolling interests ( 10,709 ) ( 5,389 ) Common stock: Repurchases ( 269,707 ) ( 774,475 ) Dividends ( 123,480 ) ( 131,646 ) Net cash used in financing activities ( 1,095,784 ) ( 2,134,643 ) Net decrease in cash and cash equivalents and restricted cash ( 1,435,924 ) ( 2,402,195 ) Cash and cash equivalents and restricted cash at beginning of period 3,830,734 4,990,210 Cash and cash equivalents and restricted cash at end of period $ 2,394,810 2,588,015 Summary of cash and cash equivalents and restricted cash: Homebuilding $ 2,085,384 2,283,928 Financial Services 210,147 188,833 Multifamily 32,623 15,030 Lennar Other 24,488 28,981 Homebuilding restricted cash 27,541 22,487 Financial Services restricted cash 14,627 48,756 $ 2,394,810 2,588,015 Supplemental disclosures of non-cash investing and financing activities: Homebuilding: Payments of inventories financed by sellers $ 1,235 320 Net non-cash contributions to unconsolidated entities 21,241 17,330 Non-cash sale of investments in unconsolidated entities 90,730 —  Non-cash impact of Millrose Properties, Inc. spin-off: Inventories $ —  ( 5,576,376 ) Investments in unconsolidated entities —  1,194,711 Other assets —  ( 60,156 ) Notes payable —  19,000 Retained earnings —  4,422,821 See accompanying notes to condensed consolidated financial statements. 7 Lennar Corporation and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) (1) Basis of Presentation Basis of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 30, 2025 ("2025 Form 10-K"). The basis of consolidation is unchanged from the disclosure in the Company's Notes to Consolidated Financial Statements section in its 2025 Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for the fair presentation of the accompanying condensed consolidated financial statements have been made. Seasonality The Company has historically experienced, and expects to continue to experience, variability in quarterly results. The condensed consolidated statements of operations for the three months ended February 28, 2026 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Homebuilding cash and Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3 - 4. Not Applicable 44 Item 5. Other Information 44 Item 6. Exhibits 45 Signatures 46 Part I. Financial Information Item 1. Financial Statements Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited) February 28, November 30, 2026 (1) 2025 (1) ASSETS Homebuilding: Cash and cash equivalents $ 2,085,384 3,441,324 Restricted cash 27,541 25,930 Receivables, net 960,912 1,002,629 Inventories: Finished homes and construction in progress 9,547,262 8,822,271 Land and land under development 928,517 1,098,961 Inventory owned 10,475,779 9,921,232 Consolidated inventory not owned 1,646,284 1,696,401 Inventory owned and consolidated inventory not owned 12,122,063 11,617,633 Deposits and pre-acquisition costs on real estate 6,824,948 6,383,633 Investments in unconsolidated entities 1,479,812 1,545,370 Goodwill 3,442,359 3,442,359 Other assets 1,787,517 1,794,378 28,730,536 29,253,256 Financial Services 2,808,039 3,377,413 Multifamily 842,100 902,136 Lennar Other 829,667 897,632 Total assets $ 33,210,342 34,430,437 (1) Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2026, total assets include $ 1.5 billion related to consolidated VIEs of which $ 49.7 million is included in Homebuilding cash and cash equivalents, $ 0.2 million in Homebuilding receivables, net, $ 38.2 million in Homebuilding finished homes and construction in progress, $ 232.9 million in Homebuilding land and land under development, $ 1.0 billion in Homebuilding consolidated inventory not owned, $ 94.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 1.7 million in Homebuilding other assets and $ 24.7 million in Multifamily assets. As of November 30, 2025, total assets include $ 1.5 billion related to consolidated VIEs of which $ 61.1 million is included in Homebuilding cash and cash equivalents, $ 2.0 million in Homebuilding receivables, net, $ 45.6 million in Homebuilding finished homes and construction in progress, $ 300.3 million in Homebuilding land and land under development, $ 984.4 million in Homebuilding consolidated inventory not owned, $ 88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 8.9 million in Homebuilding other assets and $ 25.0 million in Multifamily assets. See accompanying notes to condensed consolidated financial statements. 3 Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Continued) (In thousands, except share amounts) (Unaudited) February 28, November 30, 2026 (2) 2025 (2) LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 1,737,575 1,812,484 Liabilities related to consolidated inventory not owned 1,447,697 1,476,376 Senior notes and other debts payable, net 4,065,459 4,084,686 Other liabilities 2,353,359 2,691,876 9,604,090 10,065,422 Financial Services 1,390,277 2,010,598 Multifamily 88,547 113,361 Lennar Other 95,165 100,447 Total liabilities 11,178,079 12,289,828 Commitments and contingent liabilities (See Note 10) Stockholders’ equity: Preferred stock — — Class A common stock of $ 0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 400,000,000 shares; Issued: February 28, 2026 - 263,189,720 shares and November 30, 2025 - 261,579,253 shares 26,319 26,158 Class B common stock of $ 0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 90,000,000 shares; Issued: February 28, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares 3,660 3,660 Additional paid-in capital 5,993,733 5,909,726 Retained earnings 22,577,374 22,471,471 Treasury stock, at cost; February 28, 2026 - 47,945,322 shares of Class A common stock and 5,547,317 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock ( 6,727,316 ) ( 6,457,609 ) Accumulated other comprehensive income 5,606 6,011 Total stockholders’ equity 21,879,376 21,959,417 Noncontrolling interests 152,887 181,192 Total equity 22,032,263 22,140,609 Total liabilities and equity $ 33,210,342 34,430,437 (2) As of February 28, 2026, total liabilities include $ 1.0 billion related to consolidated VIEs as to which there was no recourse against the Company, of which $ 15.5 million is included in Homebuilding accounts payable, $ 961.7 million in Homebuilding liabilities related to consolidated inventory not owned, $ 1.2 million in Homebuilding other liabilities, and $ 1.0 million in Multifamily liabilities. As of November 30, 2025, total liabilities include $ 962.4 million related to consolidated VIEs as to which there was no recourse against the Company, of which $ 23.8 million is included in Homebuilding accounts payable, $ 930.1 million in Homebuilding liabilities related to consolidated inventory not owned, $ 6.0 million in Homebuilding senior notes and other debts payable, net, $ 1.5 million in Homebuilding other liabilities, and $ 1.0 million in Multifamily liabilities. See accompanying notes to condensed consolidated financial statements. 4 Lennar Corporation and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (In thousands, except per share amounts) (Unaudited) Three Months Ended February 28, 2026 2025 Revenues: Homebuilding $ 6,298,563 7,283,870 Financial Services 215,555 277,077 Multifamily 82,499 63,196 Lennar Other 22,859 7,402 Total revenues 6,619,476 7,631,545 Costs and expenses: Homebuilding 5,970,420 6,539,960 Financial Services 124,242 133,594 Multifamily 90,428 73,376 Lennar Other 43,684 23,564 Corporate general and administrative 157,638 147,378 Charitable foundation contribution 16,863 17,834 Total costs and expenses 6,403,275 6,935,706 Equity in earnings from unconsolidated entities 63,268 33,234 Other income, net and other gains, net 8,146 31,668 Lennar Other gains (losses) from technology investments 14,838 ( 62,503 ) Earnings before income taxes 302,453 698,238 Provision for income taxes ( 69,092 ) ( 169,525 ) Net earnings (including net earnings attributable to noncontrolling interests) 233,361 528,713 Less: Net earnings attributable to noncontrolling interests 3,978 9,187 Net earnings attributable to Lennar $ 229,383 519,526 Other comprehensive loss, net of tax: Net unrealized losses on securities available-for-sale $ ( 405 ) ( 178 ) Total other comprehensive loss, net of tax $ ( 405 ) ( 178 ) Total comprehensive income attributable to Lennar $ 228,978 519,348 Total comprehensive income attributable to noncontrolling interests $ 3,978 9,187 Basic and diluted earnings per share $ 0.93 1.96 See accompanying notes to condensed consolidated financial statements. 5 Lennar Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended February 28, 2026 2025 Cash flows from operating activities: Net earnings (including net earnings attributable to noncontrolling interests) $ 233,361 528,713 Adjustments to reconcile net earnings to net cash used in operating activities: Depreciation and amortization 33,388 31,332 Amortization of discount/premium and accretion on debt, net 112 ( 91 ) Equity in earnings from unconsolidated entities ( 63,268 ) ( 33,234 ) Distributions of earnings from unconsolid Results of Operations 30 Item 3. Quantitative and Qualitative Disclosures About Market Risk 43 Item 4. Controls and Procedures 43 Part II Other Information 44 Item 1. Legal Proceedings 44 Item 1A. Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3 - 4. Not Applicable 44 Item 5. Other Information 44 Item 6. Exhibits 45 Signatures 46 Part I. Financial Information Item 1. Financial Statements Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited) February 28, November 30, 2026 (1) 2025 (1) ASSETS Homebuilding: Cash and cash equivalents $ 2,085,384 3,441,324 Restricted cash 27,541 25,930 Receivables, net 960,912 1,002,629 Inventories: Finished homes and construction in progress 9,547,262 8,822,271 Land and land under development 928,517 1,098,961 Inventory owned 10,475,779 9,921,232 Consolidated inventory not owned 1,646,284 1,696,401 Inventory owned and consolidated inventory not owned 12,122,063 11,617,633 Deposits and pre-acquisition costs on real estate 6,824,948 6,383,633 Investments in unconsolidated entities 1,479,812 1,545,370 Goodwill 3,442,359 3,442,359 Other assets 1,787,517 1,794,378 28,730,536 29,253,256 Financial Services 2,808,039 3,377,413 Multifamily 842,100 902,136 Lennar Other 829,667 897,632 Total assets $ 33,210,342 34,430,437 (1) Under certain provisions of Accounting Standards Codification (“ASC”) Topic 810, Consolidations (“ASC 810”), the Company is required to separately disclose on its condensed consolidated balance sheets the assets owned by consolidated variable interest entities (“VIEs”) and liabilities of consolidated VIEs as to which neither Lennar Corporation, nor any of its subsidiaries, has any obligations. As of February 28, 2026, total assets include $ 1.5 billion related to consolidated VIEs of which $ 49.7 million is included in Homebuilding cash and cash equivalents, $ 0.2 million in Homebuilding receivables, net, $ 38.2 million in Homebuilding finished homes and construction in progress, $ 232.9 million in Homebuilding land and land under development, $ 1.0 billion in Homebuilding consolidated inventory not owned, $ 94.1 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 1.7 million in Homebuilding other assets and $ 24.7 million in Multifamily assets. As of November 30, 2025, total assets include $ 1.5 billion related to consolidated VIEs of which $ 61.1 million is included in Homebuilding cash and cash equivalents, $ 2.0 million in Homebuilding receivables, net, $ 45.6 million in Homebuilding finished homes and construction in progress, $ 300.3 million in Homebuilding land and land under development, $ 984.4 million in Homebuilding consolidated inventory not owned, $ 88.3 million in Homebuilding deposits and pre-acquisition costs on real estate, $ 0.3 million in Homebuilding investments in unconsolidated entities, $ 8.9 million in Homebuilding other assets and $ 25.0 million in Multifamily assets. See accompanying notes to condensed consolidated financial statements. 3 Lennar Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Continued) (In thousands, except share amounts) (Unaudited) February 28, November 30, 2026 (2) 2025 (2) LIABILITIES AND EQUITY Homebuilding: Accounts payable $ 1,737,575 1,812,484 Liabilities related to consolidated inventory not owned 1,447,697 1,476,376 Senior notes and other debts payable, net 4,065,459 4,084,686 Other liabilities 2,353,359 2,691,876 9,604,090 10,065,422 Financial Services 1,390,277 2,010,598 Multifamily 88,547 113,361 Lennar Other 95,165 100,447 Total liabilities 11,178,079 12,289,828 Commitments and contingent liabilities (See Note 10) Stockholders’ equity: Preferred stock — — Class A common stock of $ 0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 400,000,000 shares; Issued: February 28, 2026 - 263,189,720 shares and November 30, 2025 - 261,579,253 shares 26,319 26,158 Class B common stock of $ 0.10 par value; Authorized: February 28, 2026 and November 30, 2025 - 90,000,000 shares; Issued: February 28, 2026 - 36,601,215 shares and November 30, 2025 - 36,601,215 shares 3,660 3,660 Additional paid-in capital 5,993,733 5,909,726 Retained earnings 22,577,374 22,471,471 Treasury stock, at cost; February 28, 2026 - 47,945,322 shares of Class A common stock and 5,547,317 shares of Class B common stock; November 30, 2025 - 45,804,348 shares of Class A common stock and 5,384,202 shares of Class B common stock ( 6,727,316 ) ( 6,457,609 ) Accumulated other comprehensive income 5,606 6,011 Total stockholders’ equity 21,879,376 21,959,417 Noncontrolling interests 152,887 181,192 Total equity 22,032,263 22,140,609 Total liabilities and equity $ 33,210,342 34,430,437 (2) As of February 28, 2026, tot

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.