Lennar Reports Q3 2026 Results: EPS of $1.19 on $8.0B Revenue, Moderates Full-Year Delivery Guidance

Executive Summary

On September 16, 2026, Lennar Corporation filed a Form 8-K under Item 2.02 disclosing its financial results for the third quarter ended August 31, 2026. Lennar reported lower year-over-year revenue and earnings amid rising mortgage rates and market headwinds, while moderating its full-year delivery guidance.

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Key Financial Highlights

• Revenues: Total revenues reached $8.05 billion, down 8.7% compared to $8.81 billion in Q3 2025.
  • Homebuilding revenues: $7.76 billion (-6.0% YoY)
  • Financial Services revenues: $226.1 million (-28.0% YoY)
  • Multifamily revenues: $38.5 million
  • Lennar Other revenues: $22.0 million
• Net Earnings & EPS: Net earnings attributable to Lennar were $284 million, or $1.19 per diluted share (compared to $591 million, or $2.29 per diluted share, in Q3 2025).
  • Adjusted EPS: $1.23, excluding $53 million in mark-to-market losses on technology investments and $39 million in net one-time items in Financial Services.
• Home Deliveries: 20,840 homes delivered (down 3% YoY from 21,584 homes), within the prior guidance range of 20,500 to 21,500.
• New Orders: 20,879 homes (down 9% YoY).
• Average Sales Price (ASP): $372,000 per home delivered, down 3% YoY from $383,000, reflecting approximately 12.0% in buyer incentives.
• Margins:
  • Gross margin on home sales: 15.8% (compared to 17.5% in Q3 2025).
  • SG&A expenses as a % of home sales: 9.2% (compared to 8.2% in Q3 2025).
  • Net margin on home sales: 6.6%.

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Capital Allocation & Balance Sheet

• Cash & Liquidity: Ended the quarter with $1.2 billion in Homebuilding cash and cash equivalents.
• Debt Position: Homebuilding debt-to-total capital ratio of 16.6%. Redeemed $400 million of 5.25% senior notes due June 2026; outstanding credit facility borrowings stood at $650 million.
• Share Repurchases: Repurchased 3.0 million shares of common stock for $256 million at an average price of $85.49.

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Q4 and Full-Year 2026 Outlook

• Q4 2026 Guidance:
  • New Orders: 19,500 – 20,500 homes
  • Deliveries: 22,000 – 23,000 homes
  • Average Sales Price: $370,000 – $380,000
  • Gross Margin % on Home Sales: 15.5% – 16.0%
  • SG&A % of Home Sales: 8.7% – 9.0%
  • Financial Services Operating Earnings: $90 million – $95 million
• Full-Year 2026 Target: Deliveries target revised to 80,000 – 81,000 homes (down from previous expectation of 82,000 – 83,000 homes) due to macroeconomic pressures and sustained higher mortgage rates.