Lennar earnings date
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Lennar (LEN) Q3 2026 Earnings Report
LEN Q3 2026 EPS Results
- Actual EPS
- $1.19
- Consensus EPS
- $1.28
- Beat/Miss
- Missed by -$0.09
- One Year Ago EPS
- $2.29
LEN Q3 2026 Revenue Results
- Actual Revenue
- $8.05B
- Expected Revenue
- $8.32B
- Beat/Miss
- Missed by -$264.25M
- YoY Revenue Growth
- -8.42%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 09/16/2026
- Time
- After Close
- Conference Call
- Wednesday, September 16, 2026
Lennar's next earnings date is estimated for December 16, 2026, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was cautiously positive overall. Lennar reported solid operational execution, sequential gross-margin improvement, record cycle time, lower completed-unsold inventory, strong liquidity and continued progress toward an asset-light model. However, these achievements occurred amid higher interest rates, inflation, weaker consumer confidence, increasing resale competition, labor constraints, rising land-related costs and orders below guidance and prior year. Management remained confident in its strategy but acknowledged that market conditions remain difficult and volatile.
For Q4, Lennar expects new orders to be in the range of 19,500 to 20,500 homes, deliveries to be in the range of 22,000 to 23,000 homes, average sales price to be between $370,000 and $380,000, gross margins to be in the range of 15.5% to 16%, SG&A percentage to be in the range of 8.7% to 9%, Financial Services earnings to be in the range of $90 million to $95 million, a loss of approximately $25 million for multifamily, a loss of approximately $20 million for Lennar Other excluding the impact of any potential mark-to-market adjustments, earnings of approximately $10 million for the combined homebuilding joint venture, land sales and other categories, corp G&A of approximately 1.7% of total revenues, a tax rate of approximately 25%, a weighted average share count of approximately 235 million, and an EPS range of approximately $1.30 to $1.65; all of these metrics, of course, are dependent on market conditions.
- Third-Quarter Deliveries Within GuidanceLennar delivered 20,840 homes in the third quarter, within its guidance range of 20,500 to 21,500 homes.
- Sequential Margin Improvement and Positive EPSGross margin improved sequentially to 15.8% from 15.6% in the prior quarter as sales incentives on deliveries declined to 12%. Net margin improved to 6.6%, while EPS was $1.19 on a GAAP basis and $1.23 excluding one-time items.
- Construction Cost and Cycle-Time EfficiencyConstruction cost improved to approximately $80 per square foot, down 6% from a year ago and down 14% from the fourth quarter of 2023. Record cycle time improved to 116 days from 121 days last quarter and 126 days a year ago.
- Even-Flow Production ExecutionLennar started just under 21,000 homes, with starts and sales both at 4.1 homes per community per month. Starts, sales and deliveries were all within a couple hundred homes of one another across 1,713 active communities.
- Controlled Finished-Home InventoryCompleted unsold inventory declined to approximately 3,100 homes, or 1.8 homes per community, from approximately 3,500 homes, or 2.1 homes per community, in the second quarter and 3 homes per community in the first quarter.
- Asset-Light Land StrategyLennar owned roughly 2% of its homesites and controlled 98% through third parties, with approximately 11,800 homesites owned and 476,000 controlled. About 86% of third-quarter deliveries came from land-bank land.
- Strong Liquidity and Balance SheetThe company ended the quarter with $1.2 billion of cash and total liquidity of $3.6 billion. Homebuilding debt to total capital was 16.6%, inventory turn was 2.4x, and return on inventory was 13.2% or just under 13% as reported by the CFO.
- Debt Reduction and Shareholder ReturnsLennar used cash to redeem $400 million of senior notes, repurchased 3 million shares for $256 million and paid $119 million in dividends during the quarter. Stockholders' equity was approximately $22 billion and book value per share was approximately $91.
- Financial Services Outperformed GuidanceFinancial Services produced $129 million, above guidance, although the result included a one-time net gain in the title business. Mortgage capture was 83% for the quarter.
- Operating Productivity ImprovementsDivisional headcount declined approximately 12% year over year, while deliveries per corporate associate increased 12%. Management said the fixed base is coming down.
- Standardized Value Proposition and Financing ProgramsThe Everything's Included platform continued to provide standardized features at scale, purchasing efficiency and an affordability lever. Targeted financing programs, rate buydowns and closing-cost assistance were used to address buyers who qualify based on monthly payment rather than price.
- Progress on Technology-Enabled Land OperationsLennar continued investing in technology intended to improve land acquisition, diligence, review, development and administration. Management expects an efficient land operating system and process by year-end and described this as one of the company's largest internal opportunities.
- Trade-Partner Support for Labor AllocationManagement said purchasing teams have strong visibility with trade partners and can plan three to four months ahead. Trade partners have been allocating crews to Lennar and helping absorb some labor-cost pressures.
- Housing Shortage and Deferred DemandManagement said the persistent housing shortage continues to limit availability and drive the need for more supply. The company also stated that demand is real, deferred and building, and that it expects to be positioned to capture demand when affordability improves.
- Government Attention and Legislative DevelopmentsManagement described federal and state attention to housing affordability as unprecedented in its experience and said meaningful federal and/or state action is likely, although it has taken longer than desired. The company also said recent legislation appeared to resolve efforts to constrain institutional and investor purchases of single-family homes and build-to-rent communities.
- Fourth-Quarter Delivery and Margin OutlookLennar expects fourth-quarter deliveries of 22,000 to 23,000 homes, an average sales price between $370,000 and $380,000, gross margin between 15.5% and 16%, SG&A between 8.7% and 9%, and EPS of approximately $1.30 to $1.65.
LEN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Dec 16, 2026 | 2026 (Q4) | 1.43- | 1.93 | ― | ― |
| Sep 16, 2026 | 2026 (Q3) | 1.281.19 | 2.29 | -48.03% (-1.10) | |
| Jun 11, 2026 | 2026 (Q2) | 1.241.24 | 1.81 | -31.49% (-0.57) | |
| Mar 12, 2026 | 2026 (Q1) | 0.950.93 | 1.96 | -52.55% (-1.03) | |
| Dec 16, 2025 | 2025 (Q4) | 2.211.93 | 3.9 | -50.53% (-1.97) | |
| Sep 18, 2025 | 2025 (Q3) | 2.102.29 | 4.09 | -44.06% (-1.80) | |
| Jun 17, 2025 | 2025 (Q2) | 1.941.81 | 3.31 | -45.40% (-1.50) | |
| Mar 20, 2025 | 2025 (Q1) | 1.701.96 | 2.47 | -20.65% (-0.51) | |
| Dec 18, 2024 | 2024 (Q4) | 3.983.90 | 4.63 | -15.78% (-0.73) | |
| Sep 19, 2024 | 2024 (Q3) | 3.494.09 | 3.72 | 10.08% (+0.38) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
