EarningsQ2 2026 Earnings Report
MX:LEN Q2 2026 EPS Results
Actual EPS$21.06
Consensus EPS$20.99
Beat/MissBeat by +$0.07
One Year Ago EPS$30.74
MX:LEN Q2 2026 Revenue Results
Actual Revenue$135.44B
Expected Revenue$137.30B
Beat/MissMissed by -$1.86B
YoY Revenue Growth-4.53%
Earnings Announcement Details
QuarterQ2 2026
Date06/11/2026
TimeAfter Close
Conference CallThursday, June 11, 2026
MX:LEN Upcoming Earnings
Lennar's next earnings date is estimated for September 16, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LEN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational execution (solid deliveries and orders), clear efficiency gains (lower cycle times, reduced construction cost per sqft, higher inventory turns), healthy liquidity and continued shareholder returns. Management provided constructive Q3 guidance and affirmed progress on the asset-light transformation. However, macroeconomic headwinds — elevated mortgage rates, a recent inflation/energy spike, ongoing commodity and labor pressures — and a modest downward adjustment to full-year deliveries introduce caution. Non-core segment losses and temporary land-bank capitalization timing also pose short-term drags. On balance the company’s internal execution and balance sheet strength outweigh near-term macro and segment-level challenges.Company Guidance
Strong Unit Volume and Orders
Delivered 20.5k homes in Q2 2026 and generated 21.7k new orders (near high end of guidance), with ~20.6k home starts in the quarter and Q3 orders guided to 21k–22k.
Margin Improvement and Earnings
Gross margin improved sequentially to 15.6% in Q2 and is guided to ~16% for Q3; net margin was 6.4%. Reported GAAP net income was $305M with GAAP EPS of $1.24 and EPS excluding mark-to-market items of $1.31.
Decline in Sales Incentives
Sales incentive rate on deliveries fell to 12.9% in Q2 from 14.1% in Q1 and 14.5% in Q4 2025 (a decline of 1.2 percentage points Q/Q and 1.6 percentage points Y/Y), indicating the first sustained reduction after years of elevated incentives.
Operational Efficiency Gains
Construction cost per square foot improved to $81 (down ~7% year-over-year and down ~13% vs two years ago). Cycle time reached a record low of 121 days. Inventory turn improved to 2.5x from 1.8x a year ago (up ~0.7x or ~39%), and return on inventory was ~15.3%.
Asset-Light Progress and Land Position
Less than 5% of land on balance sheet (Diane said 2% owned, 98% controlled via third parties). Ended quarter owning 11k homesites and controlling ~484k homesites, with land banking delivery rate at ~86%.
Balance Sheet and Liquidity Strength
Ended Q2 with $1.8B cash and total liquidity of $4.9B; homebuilding debt to total capital at 15.8%; no outstanding revolver borrowings and $1.7B outstanding under term loan (next maturity June 2027). Book value ~ $22B and book value per share ~ $90.
Capital Allocation to Shareholders
Repurchased 5M shares for $447M and paid $123M in dividends during the quarter, demonstrating continued return of capital to shareholders.
Clear Forward Guidance
Q3 guidance: deliveries 20.5k–21.5k, ASP $375k–$380k, gross margin ~16%, SG&A 8.8%–9.0%, financial services earnings $95M–$100M, combined EPS guidance $1.20–$1.40. Full-year delivery guidance adjusted to 82k–83k homes.
MX:LEN Earnings History
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.
Beat
Missed