The sequential deterioration in new orders (-9% YoY) and the second consecutive guidance cut for full-year deliveries suggest the housing slowdown is deepening. Watch the Q4 2026 earnings call for commentary on incentive trends and whether gross margin can hold near 16% as volume declines.
Price Chart
Executive Summary
Lennar reported Q3 2026 GAAP EPS of $1.19, missing consensus of $1.29 by 7.8%, with total revenues of $8.05B vs $8.37B consensus. Homebuilding revenues fell 6% YoY as both deliveries and average sales price declined, and the company lowered full-year delivery guidance to 80,000-81,000 homes from 82,000-83,000. The miss and guidance cut reflect persistent mortgage rate headwinds and deteriorating market conditions.
Key Financial Metrics
Key Facts
- GAAP EPS of $1.19 missed consensus of $1.29 (-7.8%); adjusted EPS of $1.23 also missed $1.29 consensus
- Total revenues of $8.05B missed consensus of $8.37B; homebuilding revenues down 6% YoY to $7.7B
- Home deliveries fell 3% YoY to 20,840; average sales price declined 3% YoY to $372,000
- New orders dropped 9% YoY to 20,879 homes, signaling weakening demand
- Full-year 2026 delivery guidance lowered to 80,000-81,000 homes from prior 82,000-83,000
- Gross margin improved sequentially to 15.8% from 15.6% but down from 17.5% a year ago
- Net earnings attributable to Lennar fell to $284M from $591M in Q3 2025, a 52% decline
- Homebuilding debt to total capital increased to 16.6% from 13.5% a year ago; net debt rose to $3.15B
- Repurchased 3M shares for $256M at avg $85.49; redeemed $400M of senior notes
Financial Impact
EPS miss of $0.06 vs consensus; revenue miss of ~$320M; full-year delivery guidance cut by 2,000-3,000 homes
Risk Factors
- Persistently elevated mortgage rates above 6.8% continue to pressure affordability and demand
- Full-year delivery guidance cut implies further volume weakness in Q4; backlog of 16,857 homes is down from 16,953 a year ago
- Net homebuilding debt rose to $3.15B from $643M at Nov 2025, increasing financial leverage
- Consumer confidence and geopolitical uncertainty may further slow purchase decisions
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-062287 |
| Document: len-20260916.htm | 0001628280-26-062287 |
| Document: 0001628280-26-062287-index-headers.html | 0001628280-26-062287 |
| Document: 0001628280-26-062287-index.html | 0001628280-26-062287 |
| Document: 0001628280-26-062287.txt | 0001628280-26-062287 |
| 8-K Data (Synthetic) | 0001628280-26-062287 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $84.92 | awaiting T+20 | — | $84.58 (−0.40%) |
Oct 15, 2026 12d ago | 8-K | $77.08 | awaiting T+20 | — | $84.58 (+9.73%) |
Oct 14, 2026 13d ago | 424B5 | $77.69 | awaiting T+20 | — | $84.58 (+8.87%) |
Oct 5, 2026 22d ago | Insider Buy | $77.41 | awaiting T+20 | — | $84.58 (+9.26%) |
Sep 30, 2026 27d ago | Insider Buy | $82.11 | awaiting T+20 | — | $84.58 (+3.01%) |
Sep 25, 2026 4w ago | Insider Buy | $82.03 $83.98 | ▲ +2.38% | ▲ +2.41% | $84.58 (+3.11%) |
Sep 21, 2026 5w ago | Insider Buy | $83.06 $78.65 | ▼ −5.31% | ▼ −4.75% | $84.58 (+1.83%) |
Sep 16, 2026 5w ago | 8-K | $79.19 $77.69 | ▲ +1.89% | ▲ +3.34% | $84.58 (−6.81%) |
Jun 12, 2026 19w ago | 8-K | $90.30 $84.27 | ▼ −6.68% | ▼ −8.46% | $84.58 (−6.33%) |
Jun 11, 2026 19w ago | 8-K | $90.30 $84.27 | ▲ +6.68% | ▲ +8.46% | $84.58 (+6.33%) |
US Market Status
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