Lennar (LEN) Operating Expenses (2009 - 2026)
Lennar (LEN) recorded Operating Expenses of $7.59 billion in fiscal Q3 2026 (quarter ended Aug 31, 2026), down 6.5% from $8.11 billion a year earlier but up 0.6% from the prior quarter.
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Analysis
Lennar (LEN) Operating Expenses (2009 - 2026) Analysis & Trends
On a TTM basis, Lennar's Operating Expenses came in at $30.25 billion as of Aug 31, 2026, down 3.6% year-over-year; for FY2025 (ended Nov 30, 2025), it was $31.52 billion, up 2.8% from FY2024.
- Annual Operating Expenses has increased for five straight fiscal years, with a five-year compound annual growth rate of 10.2% (FY2020 to FY2025).
- Across earlier fiscal years, Operating Expenses came in at $30.67 billion in FY2024 (+6.3%), $28.87 billion in FY2023 (+7.1%), $26.95 billion in FY2022 (+22.2%) and $22.05 billion in FY2021 (+13.8%).
- Quarterly Operating Expenses has ranged from $5.12 billion in fiscal Q1 2022 to $9.08 billion in fiscal Q4 2023 over the past five years.
- On a year-over-year basis, Operating Expenses has declined for three consecutive quarters, with an average decline of 1.3% over the last eight quarters.
- Peak year-over-year performance for Operating Expenses in the last five years was growth of 24.7% in fiscal Q4 2022, against a decline of 7.7% in fiscal Q1 2026 at the low end.
- Per Business Quant, the preceding three fiscal quarters came in at $7.54 billion (Q2 2026), $6.4 billion (Q1 2026) and $8.72 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Horton D R | 39.58 Bn | 29.89 Bn | 2.15 Bn | 991.20 Mn |
| 2 | Pultegroup | 21.70 Bn | 14.99 Bn | 1.06 Bn | 382.97 Mn |
| 3 | Lennar | 18.70 Bn | 9.07 Bn | 618.54 Mn | 7.59 Bn |
| 4 | Nvr | 16.10 Bn | 9.38 Bn | 485.14 Mn | 150.72 Mn |
| 5 | Toll Brothers | 12.72 Bn | 8.09 Bn | 625.22 Mn | 266.07 Mn |
| 6 | Champion Homes | 4.26 Bn | 1.74 Bn | - | - |
| 7 | Cavco Industries | 4.04 Bn | 2.79 Bn | - | - |
| 8 | Meritage Homes | 3.96 Bn | 886.66 Mn | 513.60 Mn | 52.38 Mn |
| 9 | M | 3.17 Bn | 242.64 Mn | 235.50 Mn | 958.69 Mn |
| 10 | Green Brick Partners | 2.67 Bn | 2.10 Bn | 157.52 Mn | 54.40 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Aug 31, 2026 | 7.59 Bn |
| May 31, 2026 | 7.54 Bn |
| Feb 28, 2026 | 6.40 Bn |
| Nov 30, 2025 | 8.72 Bn |
| Aug 31, 2025 | 8.11 Bn |
| May 31, 2025 | 7.75 Bn |
| Feb 28, 2025 | 6.94 Bn |
| Nov 30, 2024 | 8.58 Bn |
| Aug 31, 2024 | 8.13 Bn |
| May 31, 2024 | 7.55 Bn |
| Feb 29, 2024 | 6.41 Bn |
| Nov 30, 2023 | 9.08 Bn |
| Aug 31, 2023 | 7.26 Bn |
| May 31, 2023 | 6.85 Bn |
| Feb 28, 2023 | 5.67 Bn |
| Nov 30, 2022 | 8.33 Bn |
| Aug 31, 2022 | 6.99 Bn |
| May 31, 2022 | 6.51 Bn |
| Feb 28, 2022 | 5.12 Bn |
| Nov 30, 2021 | 6.68 Bn |
API Access
Lennar Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=LEN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "LEN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=LEN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();