How Lennar makes money

Period

FY2025

How does Lennar make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Lennar Corporation · FY2025 · year ended 2025-11-30

Revenue$34.2BGross profit$34.2B · 100%Cost of revenue$0 · 0%Operating income$33.6B · 98%Operating expenses$637M · 2%SG&A$637M · 2%Pre-tax income$2.8B · 8%Other expense$30.8B · 90%Net income$2.1B · 6%Income tax$706M · 2%Real Estate Other$32.1B · 94%Other Revenue$2.0B · 6%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.

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