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Lennar cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$96.3M in Q3 FY26 · $811M over twelve months

Operating cash flow−$104M
Capital spending$8.0M
Free cash flow−$96.3M
Cash / net income-0.4×

Analysis

In Q3 FY26, Lennar generated −$104M of operating cash flow and spent −$8.0M on capital projects, leaving free cash flow of −$96.3M. That is $94.5M more than in Q3 FY25 (−$191M).

Over the twelve months to Aug 31, 2026, operating cash flow was $937M; the largest uses were buybacks ($993M), dividends ($493M), net borrowing (+) / repaid (−) ($400M); besides operations, cash came from other financing ($569M), other investing ($286M); the cash balance fell by $258M.

Operating cash flow was −$104M against net income of $285M — -0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: inventory −$650M, receivables +$205M, payables −$99.4M.

Free cash flow

Lennar: free cash flow by quarterLennar: free cash flow by quarter$933MQ4 FY24−$345MQ1 FY25−$1.1BQ2 FY25−$191MQ3 FY25$1.7BQ4 FY25−$463MQ1 FY26−$303MQ2 FY26−$96.3MQ3 FY26
Operating cash flow less capital spending.
Lennar: operating cash flow against capital spendingLennar: operating cash flow against capital spendingOperating cash flowCapital spending$975M$41.4MQ4 FY24−$289M$56.0MQ1 FY25−$1.1B$15.2MQ2 FY25−$159M$32.2MQ3 FY25$1.8B$85.2MQ4 FY25−$434M$30.0MQ1 FY26−$284M$18.9MQ2 FY26−$104M−$8.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$104M, Capital spending −$8.0M.

Capital allocation, year by year

Lennar: where the cash came from (up) and went (down), by fiscal yearLennar: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $2.5BFY21: Net borrowing −$1.2BFY21: Capital spending −$65.2MFY21: Buybacks −$1.4BFY21: Dividends −$310M$2.5BFY21FY22: Operating cash flow $3.3BFY22: Net borrowing −$575MFY22: Capital spending −$57.2MFY22: Buybacks −$1.0BFY22: Dividends −$438M$3.3BFY22FY23: Operating cash flow $5.2BFY23: Net borrowing −$1.1BFY23: Capital spending −$99.8MFY23: Buybacks −$1.2BFY23: Dividends −$431M$5.2BFY23FY24: Operating cash flow $2.4BFY24: Net borrowing −$554MFY24: Capital spending −$172MFY24: Buybacks −$2.3BFY24: Dividends −$549M$2.4BFY24FY25: Operating cash flow $217MFY25: Net borrowing $200MFY25: Capital spending −$189MFY25: Acquisitions −$254MFY25: Buybacks −$1.8BFY25: Dividends −$521M$417MFY25
Over these 5 years operating cash flow totalled $13.6B; the largest uses were buybacks ($7.7B) and net borrowing ($3.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.5B
Debt$5.9B
Net debt$4.4B
Cash runway3.9 years

Lennar is burning cash: its operations consume cash, a free cash flow of −$385M a year at the current rate against $1.5B of cash and investments: a runway of about 3.9 years before any new financing.

Where the cash came from and went

Lennar: sources (+) and uses (−) of cash, Q3 FY26Lennar: sources (+) and uses (−) of cash, Q3 FY26Cash drawn (+) / kept (−)$675MOther financing−$473MBuybacks−$256MNet borrowing (+) / repaid (−)$250MDividends−$119MOperating cash flow−$104MOther investing$25.7MPartners−$9.2MCapital spending$8.0MAsset & business sales$3.2M
Lennar: sources (+) and uses (−) of cash, TTM to Q3 FY26Lennar: sources (+) and uses (−) of cash, TTM to Q3 FY26Buybacks−$993MOperating cash flow$937MOther financing$569MDividends−$493MNet borrowing (+) / repaid (−)−$400MOther investing$286MCash drawn (+) / kept (−)$258MCapital spending−$126MPartners−$39.1M

From profit to cash

Lennar: net income to operating cash flow, Q3 FY26Lennar: net income to operating cash flow, Q3 FY26Net income$285MDepreciation & amortization$35.9MStock-based pay$29.3MDeferred taxes$64.1MGains on disposals$5.1MReceivables$205MInventory−$650MPayables−$99.4MPrepaid and other assets−$76.3MOperating cash flow−$104M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26−$104M$8.0M—−$256M−$119M$250M$675M−$96.3M
Q2 FY26−$284M−$18.9M—−$467M−$123M—$221M−$303M
Q1 FY26−$434M−$30.0M—−$270M−$123M−$599M$1.4B−$463M
Q4 FY25$1.8B−$85.2M—−$57K−$127M—−$2.1B$1.7B
Q3 FY25−$159M−$32.2M—−$512M−$129M$1.2B−$278M−$191M
Q2 FY25−$1.1B−$15.2M−$23.1M−$521M−$134M$19.0M$1.1B−$1.1B
Q1 FY25−$289M−$56.0M−$231M−$774M−$132M−$1.1B$2.4B−$345M
Q4 FY24$975M−$41.4M—−$527M−$135M—−$679M$933M

Lennar: income statement and cash flow

Lennar, Q3 FY26: revenue $8.0B (-9% year over year), operating margin 5.7%. The chart follows the revenue to costs, profit and cash.

Lennar: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.