Lennar Corp.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $2.08B | $3.93B | $3.94B | $4.61B | $4.43B | $2.47B | $1.85B | $1.70B |
| Depreciation & Amortization | $134.3M | $115.5M | $110.2M | $87.1M | $86.0M | $94.6M | $92.2M | $91.2M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $163.5M | $176.7M | $160.7M | $184.1M | $134.6M | $107.1M | $86.9M | $72.7M |
| Net Cash from Operating Activities | $216.8M | $2.40B | $5.18B | $3.27B | $2.53B | $4.19B | $1.48B | $1.69B |
| Investing Activities | ||||||||
| Capital Expenditures | $188.6M | $171.5M | $99.8M | $57.2M | $65.2M | $72.8M | $86.5M | $130.4M |
| Business Acquisitions | $254.5M | $0 | $0 | — | — | $0 | $0 | $1.08B |
| Net Cash from Investing Activities | $221.6M | $-302.6M | $-177.0M | $-128.3M | $-105.1M | $-280.2M | $19.6M | $-594.0M |
| Financing Activities | ||||||||
| Dividends Paid | $521.0M | $548.8M | $430.6M | $438.0M | $309.8M | $195.0M | $51.5M | $49.2M |
| Stock Repurchases | $1.81B | $2.26B | $1.18B | $1.04B | $1.43B | $321.5M | $523.1M | $299.8M |
| Net Cash from Financing Activities | $-1.60B | $-3.68B | $-3.25B | $-1.28B | $-2.40B | $-2.45B | $-1.63B | $-2.20B |
| Net Change in Cash | $-1.16B | $-1.58B | $1.76B | $1.86B | $23.0M | $1.46B | $-127.3M | $-1.09B |
| Free Cash Flow | $28.2M | $2.23B | $5.08B | $3.21B | $2.47B | $4.12B | $1.40B | $1.56B |