greeksoup/ stock research
Stock research / United States / LEN / FY2023

Lennar (LEN) FY2023 results: revenue $34.2 billion, up 1.7% on the year

Lennar Corp. (LEN) reported revenue of $34.2 billion for fiscal 2023, the year ended 30 November 2023, up 1.7% on the year before. Net income was $3.9 billion, down 14.6%, and diluted earnings per share $13.73. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2024.

Revenue
$34.2 billion
+1.7% on the year
FY2016FY2023
Operating margin
15.7%
FY2016FY2023
Net income
$3.9 billion
-14.6% on the year
FY2016FY2023
Diluted EPS
$13.73
-12.7% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue34,23333,67127,131+1.7%
Selling, general and administrative2,231n/an/a
Operating income5,367n/a5,078
Operating margin15.7%n/a18.7%
Pre-tax income5,2026,0155,819-13.5%
Income tax1,2411,3661,363-9.2%
Effective tax rate23.9%22.7%23.4%
Net income3,9394,6144,430-14.6%
Net margin11.5%13.7%16.3%
Diluted EPS$13.73$15.72$14.27-12.7%
$ million except per share.
Read moreFree 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow5,1803,2662,533+58.6%
Capital expenditure99.857.265.2+74.4%
Free cash flow5,0803,2082,468+58.3%
Free cash flow margin14.8%9.5%9.1%
Cash from investing-177-128-105
Cash from financing-3,248-1,277-2,405
Depreciation and amortisation11087.186.0+26.5%
Share-based compensation161184135-12.7%
Buybacks1,1831,0391,430+13.8%
Dividends paid431438310-1.7%
Dividend per sharen/an/a$0.25
Diluted shares, weighted283m290m307m-2.2%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity26,58124,10020,816+10.3%
Non-controlling interest121140180-13.3%
Other liabilities12,53213,74412,211-8.8%
Total liabilities and equity39,23437,98433,208+3.3%
Fixed assets405355340+14.0%
Cash and equivalents6,5714,8162,956+36.4%
Other assets32,25932,81329,912-1.7%
Total assets39,23437,98433,208+3.3%

10-K for the year ended 30 November 2023, filed 26 January 2024: the filing.