Lennar (LEN) FY2022 results: revenue $33.7 billion, up 24.1% on the year

Lennar Corp. (LEN) reported revenue of $33.7 billion for fiscal 2022, the year ended 30 November 2022, up 24.1% on the year before. Net income was $4.6 billion, up 4.2%, and diluted earnings per share $15.72. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2024.

Revenue

$33.7 billion

+24.1% on the year

FY2015FY2022

Operating margin

n/a

18.7% a year earlier

FY2015FY2022

Net income

$4.6 billion

+4.2% on the year

FY2015FY2022

Diluted EPS

$15.72

+10.2% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	33,671	27,131	22,489	+24.1%
Operating income	n/a	5,078	3,482
Operating margin	n/a	18.7%	15.5%
Pre-tax income	6,015	5,819	3,124	+3.4%
Income tax	1,366	1,363	656	+0.3%
Effective tax rate	22.7%	23.4%	21.0%
Net income	4,614	4,430	2,465	+4.2%
Net margin	13.7%	16.3%	11.0%
Diluted EPS	$15.72	$14.27	$7.85	+10.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	3,266	2,533	4,191	+28.9%
Capital expenditure	57.2	65.2	72.8	-12.2%
Free cash flow	3,208	2,468	4,118	+30.0%
Free cash flow margin	9.5%	9.1%	18.3%
Cash from investing	-128	-105	-280
Cash from financing	-1,277	-2,405	-2,447
Depreciation and amortisation	87.1	86.0	94.6	+1.3%
Share-based compensation	184	135	107	+36.7%
Buybacks	1,039	1,430	322	-27.3%
Dividends paid	438	310	195	+41.4%
Dividend per share	n/a	$0.25	n/a
Diluted shares, weighted	290m	307m	309m	-5.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	24,100	20,816	17,995	+15.8%
Non-controlling interest	140	180	105	-22.2%
Debt	n/a	n/a	7,422
Other liabilities	13,744	12,211	4,414	+12.5%
Total liabilities and equity	37,984	33,208	29,935	+14.4%
Fixed assets	355	340	412	+4.5%
Goodwill	n/a	n/a	3,632
Securities held for sale or to maturity	n/a	n/a	218
Loans	n/a	n/a	72.6
Cash and equivalents	4,816	2,956	2,863	+62.9%
Other assets	32,813	29,912	22,738	+9.7%
Total assets	37,984	33,208	29,935	+14.4%

10-K for the year ended 30 November 2022, filed 26 January 2024: the filing.