10-Q · June 29, 2026
Lennar's Q2 2026 results showed a mixed performance with revenue of $7.94 billion, a 2% decline from $8.38 billion in the same period last year, and an EPS of $1.31, beating estimates by $0.07. Management remains…
Earnings analysis · 10-Q
LEN earnings analysis
Filed October 2, 2026 · Our reading of the company's report
The latest report
Lennar's Q3 2026 revenue increased approximately 1.3% sequentially to $8.046 billion, and gross margin recovered to 15.8%, but revenue remained 8.7% below the prior year and diluted EPS fell 46.3% to $1.23. The filing…
Read full summary
Lennar's Q3 2026 revenue increased approximately 1.3% sequentially to $8.046 billion, and gross margin recovered to 15.8%, but revenue remained 8.7% below the prior year and diluted EPS fell 46.3% to $1.23. The filing discloses meaningful interest-rate and funding exposure, including $650.0 million of credit-facility borrowings and $1.4 billion of residential warehouse borrowings. No material risk-factor changes were reported, and the supplied 10-Q text does not provide new quantitative guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.23
- Gross margin
- 15.8%
What stood out
-
Revenue improved sequentially, declined year over year
Revenue was $8.046 billion, up approximately 1.3% from $7.94 billion in Q2 2026 but down approximately 8.7% from $8.81 billion in Q3 2025.
-
Gross margin rebounded sharply
Gross margin increased to 15.8%, up 8.8 percentage points from 7.0% in Q2 2026 and 5.7 points from 10.1% in Q3 2025.
-
EPS remained sharply below prior year
Diluted EPS was $1.23, down from $1.24 in Q2 2026 and 46.3% below $2.29 in Q3 2025.
-
Credit facility borrowings disclosed
The company had $650.0 million of outstanding borrowings under its credit facility as of August 31, 2026, with a stated average interest rate of 4.7%.
-
Financial Services liquidity remains substantial
Financial Services warehouse repurchase borrowings totaled $1.4 billion under residential facilities and $20.6 million under LMF Commercial facilities as of August 31, 2026.
-
Share repurchases continued
Lennar repurchased 3,000,000 shares under its public program during the quarter at an average price of $85.49, leaving $750.773 million available for repurchases.
What to watch
-
Interest-rate and refinancing exposure
Homebuilding variable-rate borrowings totaled $2.360 billion, including $650.0 million due in the three months ending November 30, 2026, at an average interest rate of 4.7%; higher rates could pressure financing costs and demand.
-
Financial Services funding exposure
Financial Services had $1.4695 billion of variable-rate notes and other debt at an average interest rate of 5.1%, in addition to $1.4 billion of residential warehouse repurchase borrowings.
-
Year-over-year profitability pressure
Revenue declined from $8.81 billion to $8.046 billion year over year, while diluted EPS fell from $2.29 to $1.23, indicating continued operating pressure despite the gross-margin recovery to 15.8%.
-
No formal risk-factor update
The filing states that there were no material changes in risk factors from the 2025 Form 10-K and other reports; however, the disclosed $650.0 million credit-facility balance and $1.4 billion of residential warehouse borrowings remain material exposures.
Management's outlook
The supplied 10-Q text does not include quantitative revenue, EPS, delivery, or margin guidance; no change versus prior outlook can be determined from the filing text provided.
Earlier filings 4
10-Q · April 9, 2026
Lennar reported Q1 (period ended Feb 28, 2026) revenue of $6,619,476, down from $7,631,545 a year earlier, and net earnings attributable to Lennar of $229,383 versus $519,526 a year ago. EPS declined to $0.93 from…
10-K · January 28, 2026
Lennar accelerated its transition to an asset-light model in fiscal 2025 (spinning off Millrose and disposing remaining holdings), while maintaining scale in homebuilding (homebuilding generated $32.0 billion, ~94% of…
10-Q · October 3, 2025
Lennar reported quarterly revenue of $8,810,278,000 and diluted EPS of $2.29 for the three months ended August 31, 2025. Results show meaningful year-over-year pressure in Homebuilding and overall profitability versus…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.