Lennar Corp /New/ reported results for the quarter ended 2026 with revenue of $304.77M and diluted EPS of $1.24, down from $477.45M and $1.81 a year earlier as home-selling activity and prices moderated.
Financial Highlights
| MetricCurrent quarterPrior year quarterYoY change | Revenue¹$304.77M$477.45M(36.2%) | Net income²$304.77M$477.45M(36.2%) | Diluted EPS³$1.24$1.81(31.5%) |
¹ Reported as “Revenues”. ² Reported as “Net earnings attributable to Lennar”. ³ Reported as “diluted earnings per share”.
Business Highlights
- Sales & deliveries: Deliveries remained steady at about 20.5k homes in the quarter; full-year delivery guidance was trimmed to 82–83k homes citing higher interest rates.
- Revenue mix & pricing: Home sales revenue declined year over year; average sale price fell roughly 5% in Q2 as the company priced to market and increased incentives.
- Margin & cost dynamics: Home gross margins compressed (about 15.6% in Q2) though construction costs and incentives began to ease, suggesting early margin stabilization.
- Channel & product strategy: Continued land-light approach with approximately 98% of homesites controlled via options, increasing asset-light execution.
- Operational momentum: Focus on even-flow production, record-low cycle times and lower incentives on delivered homes point to potential margin recovery ahead.
Original SEC Filing:
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