Lennar Corp

Latest Results (29.08.2026):

Lennar Corporation — Second Quarter 2026: Lennar reported second quarter 2026 net earnings attributable to Lennar of $305 million, or $1.24 per diluted share (Q2 2025: $477M, $1.81). Excluding pretax mark‑to‑market losses on technology investments ($23M in Q2 2026), adjusted net earnings were $322 million, or $1.31 per diluted share (Q2 2025 adjusted: $499M, $1.90). Total revenues for the quarter were $7.94 billion (homebuilding $7.616B). The company delivered 20,519 homes, generated 21,749 new orders, ended the quarter with $1.8 billion in cash, and repurchased 5 million shares for $447 million.

Earnings and EPS

GAAP net earnings attributable to Lennar: $305M ($1.24 diluted EPS) in Q2 2026 vs $477M ($1.81) in Q2 2025. Adjusted for pretax mark‑to‑market technology losses, EPS was $1.31 in Q2 2026.

Revenue, Deliveries and Orders

Total revenues $7.94B; homebuilding revenues $7.616B, down 2% YoY. New home deliveries 20,519 (up 2% YoY) and new orders 21,749 (slightly below prior-year quarter). Backlog stood at 16,818 homes with an average backlog price of $393,000.

Prices, Incentives and Margins

Average sales price of homes delivered was $371,000 (down ~5% YoY). Management reported incentive levels around 12.9%. Homebuilding gross margin was 15.6% (vs 17.8% a year ago); company-reported net margin improved to 6.4% sequentially.

Segment Results

Financial Services operating earnings decreased to about $100M (Q2 2025: $157M), driven by lower profit per locked loan. Multifamily produced operating earnings of $18M (vs a $15M loss prior year). Lennar Other operating loss was $39M, primarily reflecting $23M of mark‑to‑market losses on technology investments.

Operational and Cost Trends

Operational improvements highlighted: construction costs improved ~2% sequentially (and ~13% over several years), cycle time hit a record low of 121 days, inventory per community fell to 2.1 homes, and inventory turns were ~2.5x. Total owned homebuilding inventory declined year‑over‑year to $10.9B.

Balance Sheet, Cash and Buybacks

Cash and cash equivalents were $1.816B at May 31, 2026. Net homebuilding debt was $2.231B (net homebuilding debt to total capital ~9.4%). The company repurchased 5 million shares for $447M at an average $89.35 per share during the quarter.

Guidance

Q3 2026 guidance: deliveries 20,500–21,500; average sales price $375K–$380K; gross margin on home sales ~16%; SG&A 8.8%–9.0%; Financial Services operating earnings $95M–$100M. Full‑year 2026 deliveries were moderated to approximately 82,000–83,000 homes due to interest‑rate and macro uncertainty.