Q2 26 EPS
$1.24
Q2 26 Revenue
$7.94B
Did LEN Beat Earnings? Q2 2026 Results
Lennar posted a notably softer second quarter for fiscal 2026, with earnings per share falling to $1.24 from $1.81 a year ago and total revenues slipping to $7.94 billion from $8.38 billion, as persistently elevated mortgage rates and constrained aff… Read more Lennar posted a notably softer second quarter for fiscal 2026, with earnings per share falling to $1.24 from $1.81 a year ago and total revenues slipping to $7.94 billion from $8.38 billion, as persistently elevated mortgage rates and constrained affordability continued to weigh on the nation's largest homebuilders. Net earnings attributable to Lennar declined to $304.77 million from $477.45 million, with the pressure concentrated in gross margin on home sales, which compressed to 15.6% from 17.8% year-over-year as higher land costs and a 5% drop in average sales price to $371,000 per home offset construction cost reductions. To sustain delivery volume, the company leaned on roughly 12.9% in incentives, though CEO Stuart Miller noted that gap to normalized incentive levels of 4%-6% is beginning to narrow for the first time in three years. Looking ahead, Lennar moderated its full-year 2026 delivery outlook to approximately 82,000 to 83,000 homes and guided third-quarter gross margin to around 16%, signaling a gradual sequential recovery as cost discipline gains further traction.
Key Takeaways
- • Record-low construction cycle time of 121 days, down from 132 days a year ago
- • Construction costs improved 2% sequentially and 13% over the last several years
- • Inventory reduced to 2.1 homes per community from 3 homes per community last quarter
- • Inventory turn of 2.5 times
- • Asset-light strategy with less than 5% of land on balance sheet
- • Incentive levels of approximately 12.9% to sustain volume amid affordability constraints
- • Gross margin improved sequentially to 15.6%
LEN Forward Guidance & Outlook
For Q3 2026, Lennar expects new orders of 21,000–22,000 homes, deliveries of 20,500–21,500 homes, average sales price of $375,000–$380,000, gross margin on home sales of approximately 16%, SG&A as a percentage of home sales of 8.8%–9.0%, and Financial Services operating earnings of $95–$100 million. Full-year 2026 delivery guidance was moderated to approximately 82,000–83,000 homes due to pressure on interest rates and geopolitical uncertainty. Management expects incentive levels to continue moderating and cost discipline to gain further traction, supporting sequential margin improvement.
LEN YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
LEN Revenue by Segment
With YoY comparisons, source: SEC Filings
LEN Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our second quarter of fiscal year 2026 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. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform.”
— Stuart Miller, Q2 2026 Earnings Press Release
LEN Earnings Trends
LEN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
LEN EPS Trend
Earnings per share: estimate vs actual
LEN Revenue Trend
Quarterly revenue: estimate vs actual
LEN Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $1.24 | — | $7.94B | — |
| Q1 26 MISS | $0.95 | $0.93 | -1.66% | $6.62B | -4.08% |
| Q4 25 MISS FY | $2.18 | $1.93 | -11.43% | $9.37B | +2.00% |
| FY Full Year | — | $7.98 | — | $34.19B | — |
| Q3 25 BEAT | $2.09 | $2.29 | +9.32% | $8.81B | -2.63% |
| Q2 25 MISS | $1.94 | $1.81 | -6.61% | $8.38B | +2.32% |
| Q1 25 BEAT | $1.71 | $1.96 | +14.36% | $7.63B | +2.66% |