LEN · Earnings call · 2026Q3T · Full report

Balance Sheet and Liquidity

LENNAR CORP /NEW/ · 2026-09-16 · Importance 31 · Surprise 6

Lennar ended Q3 with $1.2 billion of cash and $3.6 billion of total liquidity. Homebuilding debt to total capital was 16.6%; the company had $650 million outstanding on its revolving credit facility and $1.7 billion under its term loan. The $650 million revolver balance reflected seasonal working capital as Lennar prepared for a heavier Q4 delivery schedule, and the next debt maturity was June 2027.

Key facts

• Lennar had a $3.1 billion credit facility and sought to manage to a lower cash balance when possible while keeping cash invested to earn interest.
• Lennar redeemed $400 million of senior notes that matured on June 1 during the quarter; its next maturity was in June 2027.
• Completed unsold homes declined to approximately 3,100, or 1.8 per community, from approximately 3,500, or 2.1 per community, in the second quarter.
• Completed unsold inventory declined to 1.8 homes per community from 2.1 in the prior quarter and 3 in the first quarter.
• Lennar had $650 million drawn on its revolver at quarter-end, reflecting seasonal working capital needs ahead of a heavier fourth-quarter delivery schedule.
• Lennar started approximately 21,000 homes and ended the quarter with approximately 38,800 homes in inventory, including about 3,100 completed unsold homes or 1.8 per community.
• Deposits and pre-acquisition costs ended the quarter at $7.3 billion, up $265 million sequentially.
• Lennar ended the quarter with $1.2 billion of cash and a homebuilding debt-to-total-capital ratio of 16.6%.