Lennar Corporation Q2 2026 Earnings Overview
Lennar Corporation (NYSE:LEN) reported second‑quarter 2026 results that fell short of Wall Street expectations amid continued housing‑market headwinds. Adjusted earnings per share, excluding mark‑to‑market losses on technology investments, were $1.31, while reported EPS was $1.24, missing the consensus estimate of $1.25. Revenue declined 2 % year‑over‑year to $7.9 billion, below the $8 billion consensus figure. Home deliveries increased 2 % YoY to 20,519 units, but the average sales price fell 5 % to $371,000 from $389,000 a year earlier.
Executive Chairman, CEO and President Stuart Miller said the quarter “was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2 % driven by higher energy prices.”
Gross margin on home sales slipped to 15.6 % from 17.8 % in the comparable quarter, reflecting lower revenue per square foot and higher land costs, partially offset by construction‑cost improvements. SG&A expenses were not disclosed for the quarter but are projected to fall to 8.8‑9.0 % of home‑sale revenue in the third quarter.
New home orders declined 4 % YoY to 21,749, leaving a backlog of 16,818 homes valued at $6.6 billion. For the third quarter of 2026, Lennar forecasts deliveries of 20,500‑21,500 homes with an average sales price between $375,000 and $380,000; the midpoint of 21,000 aligns with market expectations. The company also expects gross margin to improve to approximately 16 % in Q3.
Lennar reduced its full‑year 2026 delivery guidance to roughly 82,000‑83,000 homes, citing pressure from interest rates and geopolitical uncertainty. During the quarter the company repurchased 5 million shares for $447 million and ended the period with $1.8 billion of home‑building cash. Shares fell about 1.5 % in after‑hours trading following the release.