How does Lennar (LEN) make money?

Lennar (LEN) generates revenue primarily from Lennar Homebuilding East, Central, West, Houston, and Other, which accounted for 94.1% of total revenue in TTM through Q2 2026. The company reported $32.7B in revenue and converted 4.9% of it into net profit, equivalent to roughly $1.62B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Lennar (LEN)?

Lennar (LEN) reported a gross profit margin of 8% in TTM through Q2 2026, equivalent to $2.6B in gross profit on $32.7B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Lennar (LEN)?

Lennar (LEN) reported an operating profit margin of 6% in TTM through Q2 2026, equivalent to $1.97B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Lennar (LEN)?

Lennar (LEN) reported a net profit margin of 4.9% in TTM through Q2 2026, equivalent to $1.62B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Lennar (LEN) profitable?

Yes. Lennar (LEN) reported $1.62B in net income for TTM through Q2 2026, with a net profit margin of 4.9%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Lennar (LEN) spend on capital expenditures?

Lennar (LEN) spent $166M on capital expenditures (CapEx) during TTM through Q2 2026, roughly 0.5% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Lennar (LEN) generate?

Lennar (LEN) generated $822M in free cash flow during TTM through Q2 2026, a free-cash-flow margin of 2.5%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Lennar (LEN)?

Lennar (LEN) had an effective tax rate of 25.1% in TTM through Q2 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Lennar (LEN)?

Lennar (LEN) reports revenue across 4 reportable product segments, led by Lennar Homebuilding East, Central, West, Houston, and Other at 94.1% of total revenue in TTM through Q2 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Lennar (LEN) generate most of its revenue?

Homebuilding West is the largest geographic market for Lennar (LEN), accounting for 42.1% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Lennar Makes Money: 2026 Visual Revenue Map

Lennar (LEN) Income Statement Flow — TTM through Q2 2026

Calculated from the four most recent reported quarters, ending May 31, 2026 (reported June 29, 2026).

Lennar (LEN) Revenue by Product Segment — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Lennar (LEN), TTM through Q2 2026.
Segment	Revenue (USD)	% of total
Lennar Homebuilding East, Central, West, Houston, and Other	$30.8B	94.1%
Lennar Financial Services	$1.09B	3.3%
Lennar Multifamily	$665M	2%
Lennar - Other	$193M	0.6%
Total	$32.7B	100%

Lennar Homebuilding East, Central, West, Houston, and Other$30.8B
Lennar Financial Services$1.09B
Lennar Multifamily$665M
Lennar - Other$193M
Total$32.7B

Lennar (LEN) Revenue by Geography — TTM through Q2 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Lennar (LEN), TTM through Q2 2026
Region	Revenue (USD)	% of total
Homebuilding West	$14B	42.1%
Homebuilding Central	$9.21B	27.6%
Homebuilding East	$8.56B	25.7%
Homebuilding Texas	$1.51B	4.5%
Homebuilding Other Regions	$29.2M	0.1%
Total	$33.3B	100%

Homebuilding West
Homebuilding Central
Homebuilding East
Homebuilding Texas
Homebuilding Other Regions
Total

Revenue Breakdown — TTM through Q2 2026

In TTM through Q2 2026, Lennar (LEN) reports revenue across 4 reportable product segments; the largest segment was Lennar Homebuilding East, Central, West, Houston, and Other at 94.1%, followed by Lennar Financial Services (3.3%) and Lennar Multifamily (2%). Geographically, Homebuilding West accounted for 42.1% of revenue, followed by Homebuilding Central (27.6%) and Homebuilding East (25.7%).

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