• Ford for new homes
• Walmart for new homes

• Single-Family Homes: Lennar's primary business involves the construction and sale of single-family homes for a wide range of buyers.
• Financial Services: The company provides mortgage financing, title insurance, and closing services primarily to buyers of its homes.
• Multifamily Communities: Lennar develops, constructs, and manages upscale apartment communities across the United States.
• Single-Family Rental Homes: Lennar develops and manages single-family homes specifically for lease, offering a rental option to consumers.

• First-time Homebuyers: Individuals or families purchasing their initial home, often characterized by a focus on affordability, efficient layouts, and entry-level home sizes such as townhomes or smaller single-family homes.
• Move-up Homebuyers: Current homeowners who are looking to purchase a larger, newer, or more amenity-rich home to accommodate a growing family, desire for upgraded features, or a change in lifestyle. These buyers often have equity from a previous home sale.
• Active Adult (55+) Homebuyers: Older individuals or couples seeking homes designed for a low-maintenance lifestyle, often in age-restricted communities with specific amenities like clubhouses, fitness centers, and social activities. These homes typically feature single-story designs or accessible layouts.

Stuart Miller, Executive Chairman and Co-Chief Executive Officer

Stuart Miller, son of Lennar's co-founder, joined Lennar Corporation in 1980 and has served as Chief Executive Officer for 21 years before being appointed Executive Chairman in April 2018. In July 2023, he additionally became Co-Chief Executive Officer alongside Jon Jaffe. He has been actively involved in all aspects of the company's operations and sets its strategic direction.

Jon Jaffe, Co-Chief Executive Officer and President

Jon Jaffe joined Lennar in 1983 as Regional President of Homebuilding Operations. He became Vice President in 1994 and spearheaded Lennar's expansion into California and the Western United States in 1995. Jaffe oversaw significant acquisitions of land and other homebuilders, including Bramalea Homes, Pacific Greystone Homes, Coto de Caza, Stevenson Ranch, and CalAtlantic Homes, among others, contributing to Lennar becoming a leading national homebuilder. He was named Chief Operating Officer in December 2004 and was elected Co-Chief Executive Officer and President in April 2018.

Diane Bessette, Chief Financial Officer

Diane Bessette joined Lennar Corporation in 1995. She held various leadership roles, serving as Controller from 1997 to 2008 and Corporate Treasurer from 2008 to 2018. Bessette was appointed Vice President in 2000 and was elected Chief Financial Officer in April 2018. She is a member of the board of directors of the Miami Branch of the Federal Reserve Bank of Atlanta.

Bruce Gross, Chief Executive Officer, Lennar Financial Services

Bruce Gross joined Lennar in 1997. Prior to that, he played a key role in the start-up of Pacific Greystone Corporation in 1991, serving as Senior Vice President, Treasurer, and Controller through its initial public offering in 1996 and its acquisition by Lennar in 1997. At Lennar Corporation, he previously served as Vice President and Chief Financial Officer since 1997, overseeing treasury, accounting, tax, investor relations, and information technology. In April 2018, Gross was elected Chief Executive Officer of Lennar Financial Services. He has been instrumental in Lennar's strategic and operational initiatives and various acquisitions.

Katherine Lee Martin, Chief Legal Officer and Secretary

Katherine Lee Martin serves as the Chief Legal Officer and Secretary of Lennar Corporation.

The increasing adoption and technological maturity of off-site construction methods, including modular construction and advanced prefabrication, pose a clear emerging threat. These techniques offer potential advantages in construction speed, labor efficiency, material waste reduction, and quality consistency compared to Lennar's predominant traditional stick-built home construction. As these methods scale and become more cost-effective, competitors leveraging them could deliver homes faster and potentially at a lower cost, eroding Lennar's competitive advantages in production efficiency and challenging its profit margins.

Lennar Corporation (LEN) operates in several key markets, primarily focused on homebuilding, multifamily development, and related financial services within the United States.

• Homebuilding: The addressable market for the Home Builders industry in the United States is projected to be $166.9 billion in 2025. This segment includes the construction and sale of single-family attached and detached homes across various price ranges and buyer segments, such as affordable, move-up, and active adult homes.

• Multifamily Development: The United States multifamily market size was valued at $265 billion in 2022 and is expected to grow to $466 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 7.31% between 2023 and 2030. Lennar's involvement in this sector includes the development of high-quality multifamily rental properties.

• Financial Services (Mortgage Financing, Title Services, and Closing Services): null

Lennar Corporation (LEN) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Growth in Home Deliveries (Volume Expansion): Lennar consistently projects an increase in the number of homes delivered. For instance, the company anticipated delivering 80,000 homes in 2024 and expects to deliver approximately 86,000 to 88,000 homes in 2025, representing an 8% to 10% increase over 2024. This focus on increasing homebuilding volume is a primary driver of top-line growth.

2. Strategic Affordability Initiatives and Sales Incentives: To counter challenges like higher interest rates and maintain buyer demand, Lennar is actively using sales incentives, interest rate buy-downs, and price adjustments. This strategy aims to activate sales and prevent inventory build-up, thereby sustaining transaction volumes and revenue despite potential pressures on average sales prices.

3. Market Expansion through Acquisitions: Lennar's acquisition of Rausch Coleman Homes is set to expand its presence into new markets across states such as Arkansas, Oklahoma, Alabama, Kansas, and Missouri. This geographic expansion directly contributes to future revenue by opening new areas for home sales and increasing the company's overall market footprint.

4. Performance of Financial Services Segment: The Financial Services segment, which includes mortgage financing, title, and insurance services, is a significant contributor to Lennar's overall revenue. The segment has shown solid results, with operating earnings increasing due to factors like higher profit per locked loan in the mortgage business and increased volume in the title business. Continued strong performance and growth in these ancillary services are expected to bolster total revenues.

Share Repurchases

• Lennar's Board of Directors authorized the repurchase of up to $1.0 billion in common stock in October 2021, an authorization that has no expiration date.
• The company repurchased $2.256 billion in shares during fiscal year 2024 and $1.183 billion in fiscal year 2023.
• As of August 31, 2025, Lennar had cumulatively repurchased approximately $7.37 billion worth of shares since a buyback plan was announced in January 2021.

Share Issuance

• In February 2025, Lennar completed the spin-off of Millrose Properties, Inc., distributing approximately 80% of Millrose's stock to Lennar stockholders. This was a distribution of shares to existing shareholders rather than an issuance to raise new capital.

Inbound Investments

• In March 2021, Lennar formed the Upward America Venture, which was initially capitalized with $1.25 billion in equity commitments from third-party institutional investors, including Centerbridge Partners and Allianz Real Estate. This venture was created to acquire single-family homes for rent.
• In April 2024, Invitation Homes, Centerbridge Partners, and other capital partners entered a joint venture with Quarterra (a Lennar company), where Invitation Homes acquired a minority equity interest in a portfolio of single-family homes for lease as part of the Upward America joint venture.

Outbound Investments

• Lennar completed the acquisition of Rausch Coleman Homes' homebuilding operations in February 2025, expanding its presence in new markets for $1 billion.
• Through its LENX business, Lennar makes strategic technology investments aimed at enhancing the homebuying and homeownership experience and driving innovation in homebuilding. Lennar Ventures made its latest investment in ICON, a real estate services company, on January 30, 2025.

Capital Expenditures

• Lennar's capital expenditures were $171.5 million in fiscal year 2024, $99.799 million in 2023, and $57.214 million in 2022.
• For the latest twelve months ending August 31, 2025, capital expenditures totaled $144.8 million.
• These expenditures generally focus on long-term assets such as office buildings, machines, and vehicles.