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How Lennar (LEN) makes money

Lennar (LEN) made $8.0B of revenue in the third quarter fiscal 2026 (Q3 FY26), -9% from a year earlier. Homebuilding brought in $7.8B (96%); Lennar Financial Services brought in $226M (3%); Multifamily brought in $38.5M (0%). Of every dollar of revenue, 6¢ was left as operating profit, 4¢ was left as net earnings.

Drawing the Sankey…

Lennar revenue by segment, Q3 FY26Lennar revenue by segment, Q3 FY26Homebuilding$7.8BLennar Financial Services$226MMultifamily$38.5MLennar Other$22.0MOther$3.5M
Lennar: revenue by line, Q1 FY26 to Q3 FY26Lennar: revenue by line, Q1 FY26 to Q3 FY26HomebuildingLennar Financial Serv…MultifamilyLennar OtherOtherHomebuilding: $7.8B latest$7.8BLennar Financial Services: $226M latestMultifamily: $38.5M latestLennar Other: $22.0M latestOther: $3.5M latestQ1 FY26Q2 FY26Q3 FY26
The mix barely moved between Q1 FY26 and Q3 FY26.
Lennar revenue by quarterLennar revenue by quarter$9.9BQ4 FY24$8.4BQ2 FY25$8.8BQ3 FY25$9.4BQ4 FY25$6.6BQ1 FY26$7.9BQ2 FY26$8.0BQ3 FY26
Lennar: where each dollar of revenue goesLennar: where each dollar of revenue goesOperating profit6¢Income tax1¢Net earnings4¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Homebuilding$7.8B96.4%+2%-6%
  ↳ West$2.6B32.2%-6%-12%
  ↳ Central$1.9B24.2%+17%-4%
  ↳ East$1.8B22.8%+7%+4%
  ↳ South Central$1.4B17.2%-6%-8%
Lennar Financial Services$226M2.8%-5%-28%
Multifamily$38.5M0.5%-39%-83%
Lennar Other$22.0M0.3%-4%+58%
Other$3.5M0.0%-19%-44%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$8.0B100.0%
Operating profit$460M5.7%
Income tax$102M1.3%
Net earnings$284M3.5%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$8.0B-9%
Q2 FY26$7.9B-5%
Q1 FY26$6.6B-13%
Q4 FY25$9.4B-6%
Q3 FY25$8.8B-6%
Q2 FY25$8.4B-4%
Q4 FY24$9.9B-9%

From Lennar's 10-Q filed Oct 2, 2026 (on EDGAR).

Questions

How does Lennar make money?

Lennar (LEN) made $8.0B of revenue in the third quarter fiscal 2026 (Q3 FY26), -9% from a year earlier. Homebuilding brought in $7.8B (96%); Lennar Financial Services brought in $226M (3%); Multifamily brought in $38.5M (0%). Of every dollar of revenue, 6¢ was left as operating profit, 4¢ was left as net earnings.

What is Lennar's biggest business?

Homebuilding: $7.8B in the third quarter fiscal 2026, 96% of revenue, -6% from a year earlier.

What is Lennar's profit margin?

Net earnings were $284M, 3.5% of revenue, in the third quarter fiscal 2026; the operating margin was 5.7%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.