Lennar annual operating margin
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2025
Lennar Operating Margin Growth & History (LEN)
Lennar's operating margin was 7.80% for fiscal 2025.
View full Lennar company overviewLennar annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-11-30 | 7.80% | −5.65 pp |
| 2024 | 2024-11-30 | 13.46% | −2.22 pp |
| 2023 | 2023-11-30 | 15.68% | −4.48 pp |
| 2022 | 2022-11-30 | 20.16% | +1.44 pp |
| 2021 | 2021-11-30 | 18.72% | +3.23 pp |
| 2020 | 2020-11-30 | 15.48% | +3.02 pp |
| 2019 | 2019-11-30 | 12.47% | +0.49 pp |
| 2018 | 2018-11-30 | 11.97% | +0.31 pp |
| 2017 | 2017-11-30 | 11.67% | −2.61 pp |
| 2016 | 2016-11-30 | 14.27% | −0.78 pp |
| 2015 | 2015-11-30 | 15.05% | +0.31 pp |
| 2014 | 2014-11-30 | 14.74% | +0.79 pp |
| 2013 | 2013-11-30 | 13.95% | +5.44 pp |
| 2012 | 2012-11-30 | 8.51% | +2.27 pp |
| 2011 | 2011-11-30 | 6.24% | +0.11 pp |
| 2010 | 2010-11-30 | 6.14% | +26.74 pp |
| 2009 | 2009-11-30 | −20.61% | −11.00 pp |
| 2008 | 2008-11-30 | −9.61% | — |
Lennar quarterly operating margin
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Q1.25
Q2.25
Q3.25
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-05-31 | 5.02% | −2.49 pp |
| Q1 2026 | 2026-02-28 | 3.27% | −5.85 pp |
| Q4 2025 | 2025-11-30 | 6.87% | −6.84 pp |
| Q3 2025 | 2025-08-31 | 7.94% | −5.72 pp |
| Q2 2025 | 2025-05-31 | 7.50% | −6.40 pp |
| Q1 2025 | 2025-02-28 | 9.12% | −3.20 pp |
| Q4 2024 | 2024-11-30 | 13.71% | −3.49 pp |
| Q3 2024 | 2024-08-31 | 13.66% | −3.19 pp |
| Q2 2024 | 2024-05-31 | 13.90% | −0.92 pp |
| Q1 2024 | 2024-02-29 | 12.32% | −0.25 pp |
| Q4 2023 | 2023-11-30 | 17.20% | — |
| Q3 2023 | 2023-08-31 | 16.85% | −4.90 pp |
| Q2 2023 | 2023-05-31 | 14.83% | −7.33 pp |
| Q1 2023 | 2023-02-28 | 12.58% | −0.37 pp |
| Q3 2022 | 2022-08-31 | 21.74% | −5.98 pp |
| Q2 2022 | 2022-05-31 | 22.16% | +3.46 pp |
| Q1 2022 | 2022-02-28 | 12.94% | −14.28 pp |
| Q4 2021 | 2021-11-30 | 5.95% | −12.51 pp |
| Q3 2021 | 2021-08-31 | 27.72% | +11.51 pp |
| Q2 2021 | 2021-05-31 | 18.69% | +4.32 pp |
| Q1 2021 | 2021-02-28 | 27.23% | +15.90 pp |
| Q4 2020 | 2020-11-30 | 18.46% | +4.38 pp |
| Q3 2020 | 2020-08-31 | 16.21% | +3.24 pp |
| Q2 2020 | 2020-05-31 | 14.37% | +2.95 pp |
| Q1 2020 | 2020-02-29 | 11.33% | +1.03 pp |
| Q4 2019 | 2019-11-30 | 14.08% | −5.07 pp |
| Q3 2019 | 2019-08-31 | 12.97% | +2.99 pp |
| Q2 2019 | 2019-05-31 | 11.42% | +4.27 pp |
| Q1 2019 | 2019-02-28 | 10.30% | +1.26 pp |
| Q4 2018 | 2018-11-30 | 19.15% | +4.69 pp |
| Q3 2018 | 2018-08-31 | 9.98% | −3.55 pp |
| Q2 2018 | 2018-05-31 | 7.16% | −4.38 pp |
| Q1 2018 | 2018-02-28 | 9.04% | +4.32 pp |
| Q4 2017 | 2017-11-30 | 14.46% | −1.21 pp |
| Q3 2017 | 2017-08-31 | 13.53% | −0.61 pp |
| Q2 2017 | 2017-05-31 | 11.54% | −2.43 pp |
| Q1 2017 | 2017-02-28 | 4.72% | −7.79 pp |
| Q4 2016 | 2016-11-30 | 15.68% | −1.24 pp |
| Q3 2016 | 2016-08-31 | 14.14% | −1.00 pp |
| Q2 2016 | 2016-05-31 | 13.97% | +0.18 pp |
| Q1 2016 | 2016-02-29 | 12.51% | −0.89 pp |
| Q4 2015 | 2015-11-30 | 16.92% | +0.06 pp |
| Q3 2015 | 2015-08-31 | 15.14% | −0.03 pp |
| Q2 2015 | 2015-05-31 | 13.79% | +0.49 pp |
| Q1 2015 | 2015-02-28 | 13.40% | +1.37 pp |
| Q4 2014 | 2014-11-30 | 16.86% | +0.13 pp |
| Q3 2014 | 2014-08-31 | 15.16% | +1.00 pp |
| Q2 2014 | 2014-05-31 | 13.30% | −0.44 pp |
| Q1 2014 | 2014-02-28 | 12.03% | +3.49 pp |
| Q4 2013 | 2013-11-30 | 16.72% | +6.06 pp |
| Q3 2013 | 2013-08-31 | 14.16% | +5.90 pp |
| Q2 2013 | 2013-05-31 | 13.75% | +5.01 pp |
| Q1 2013 | 2013-02-28 | 8.54% | +3.95 pp |
| Q4 2012 | 2012-11-30 | 10.66% | +6.43 pp |
| Q3 2012 | 2012-08-31 | 8.27% | +2.55 pp |
| Q2 2012 | 2012-05-31 | 8.74% | +2.67 pp |
| Q1 2012 | 2012-02-29 | 4.59% | −6.10 pp |
| Q4 2011 | 2011-11-30 | 4.23% | −4.59 pp |
| Q3 2011 | 2011-08-31 | 5.71% | −1.98 pp |
| Q2 2011 | 2011-05-31 | 6.07% | −0.70 pp |
| Q1 2011 | 2011-02-28 | 10.69% | +11.71 pp |
| Q4 2010 | 2010-11-30 | 8.82% | — |
| Q3 2010 | 2010-08-31 | 7.69% | +18.46 pp |
| Q2 2010 | 2010-05-31 | 6.77% | — |
| Q1 2010 | 2010-02-28 | −1.02% | — |
| Q3 2009 | 2009-08-31 | −10.77% | — |
Lennar operating margin trends
Over the last five fiscal years, Lennar's operating margin decreased from 15.48% to 7.80%, a change of −7.68 percentage points. The latest reported quarter, Q2 2026, shows 5.02%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Lennar source filings ↗Community posts
Lennar cuts delivery target as quarterly earnings fall
Lennar ($LEN) lowered its fiscal-year home-delivery target to 80,000–81,000 from 82,000–83,000 after a weaker third quarter. Net earnings fell to $284 million, or $1.19 per share, from $591 million, or $2.29 per share, a year earlier. Reven ...
