LEN-B · Lennar Corp /New/
Price & Indicators
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Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q3 FY26 earnings call · Sep 17, 2026TL;DR. Lennar's Q3 2026 results fell short as net earnings fell to $284M (EPS $1.19) from $591M, with new orders just below guidance and SG&A above its guided range; the company lowered full-year 2026 delivery guidance to 80,000–81,000 homes as the market deteriorated with mortgage rates climbing to ~7%, inflation elevated, and resale competition intensifying in Texas and Florida.
- + Construction cost per square foot improved to approximately $80, down 6% year over year and 14% since Q4 2023.
- + Cycle time reached a record low of 116 days, down from 121 days last quarter and 126 days a year ago.
- + Completed unsold inventory fell to 1.8 homes per community from 2.1 last quarter and 3.0 in Q1, with total liquidity of $3.6 billion and $1.2 billion in cash.
- + Land-light model: Lennar owns roughly 2% of home sites and controls ~476,000 through third parties, supporting capital efficiency.
- − New orders of 20,879 came in just below the guided range of 21,000 to 22,000.
- − SG&A of 9.2% came in above the guided 8.8% to 9% range, driven by lower revenue to leverage and higher brokerage commissions.
- − 30-year mortgage rates climbed to approximately 7% from 6.4%–6.5% at the prior call, pressuring affordability and consumer confidence.
- − Resale supply has intensified competition in Texas and Florida, Lennar's two largest markets, with active listings back above historic levels.
- − Labor availability is tightening due to immigration enforcement and data center construction, building cost pressure.
- − Lennar Other swung to an $84M operating loss in Q3 2026 from $62M operating earnings in Q3 2025, driven by mark-to-market losses on technology investments.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders illustrative — not investment adviceIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Average sales incentives per home delivered | $51,000 | Three Months Ended August 31, 2026 filing | — |
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| Average sales price of homes delivered | $372,000 | the three months ended August 31, 2026 filing | — |
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| Cancellation rate | 15% | Three Months Ended August 31, 2026 filing | — |
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| Dollar value of mortgages originated | $4.7B | Three Months Ended August 31, 2026 filing | — |
| Mortgage capture rate of Lennar homebuyers | 83% | Three Months Ended August 31, 2026 filing | — |
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| Net earnings attributable to Lennar per diluted share, excluding one-time items non-GAAP | $1.23 | the three months ended August 31, 2026 filing | — |
| New orders average sales price | $359,000 | Three Months Ended August 31, 2026 filing | — |
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| New orders dollar value | $7.5B | Three Months Ended August 31, 2026 filing | — |
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| Number of mortgages originated | 13,400 | Three Months Ended August 31, 2026 filing | — |
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| Number of title and closing service transactions | 22,400 | Three Months Ended August 31, 2026 filing | — |
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| Active communities | 1,713 | Q3 2026 | — |
| Average sales price (backlog) | $376,000 | At August 31, 2026 | — |
| Backlog | 16,857 | Q3 2026 | — |
| Backlog dollar value | 6.3B | Q3 2026 | — |
| Completed, unsold inventory | 1.8 | Q3 2026 | — |
| Deliveries | 20,840 | Q3 2026 | — |
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| EBIT non-GAAP | $1.25B | Nine Months Ended August 31, 2026 | — |
| Gross margin on home sales | 15.8% | Q3 2026 | — |
| Homebuilding debt to total capital | 16.6% | Q3 2026 | — |
| Homesites owned and controlled | 488,000 | Q3 2026 | — |
| Inventory turn | 2.4 | Q3 2026 | — |
| Net homebuilding debt to total capital non-GAAP | 12.7% | At August 31, 2026 | — |
| Net margin on home sales | 6.6% | Q3 2026 | — |
| New Orders | 61,143 | Nine Months Ended August 31, 2026 | — |
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| S,G&A expenses as a % of revenues from home sales | 9.2% | Q3 2026 | — |
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| Homebuilding interest income | $9.4M | the second quarter of 2026 filing | — |
| Sales incentives as a % of revenue | 12.9% | the three months ended May 31, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Residential Construction — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
LEN-B
this stock
Lennar Corp /New/
|
$18.71B | -18.1% | -3.5% | — | — |
|
DHI
Horton D R Inc /De/
|
$39.21B | -2.7% | -6.9% | 13.4 | 3.9% |
|
PHM
Pultegroup Inc/Mi/
|
$20.79B | -2.3% | +11.8% | 11.3 | 4.4% |
|
NVR
Nvr Inc
|
$15.53B | -18.0% | -1.9% | 15.1 | 5.4% |
|
TOL
Toll Brothers, Inc.
|
$12.08B | +0.2% | +1.1% | 10.5 | 4.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 15, 2026
- This year
- 15
Lennar Corporation settled an offering on October 15, 2026 of $300 million 5.700% Senior Notes due 2029 and $300 million 5.950% Senior Notes due 2032, guaranteed by certain wholly owned subsidiaries, for general corporate purposes.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| LEN-B | +4.5% | -4.3% | -9.5% | -2.6% | -18.1% |
| SPY | -1.2% | -0.6% | +8.1% | +0.8% | +12.8% |
| vs SPY | +5.6% | -3.8% | -17.6% | -3.4% | -30.8% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.