Lennar Corporation reported weaker-than-expected third-quarter fiscal 2026 results, with adjusted earnings of $1.23 per share missing the Zacks Consensus Estimate of $1.29 by 4.7% and falling 38.5% from $2.00 a year ago. Total revenues of $8.05 billion missed the consensus estimate of $8.33 billion by 3.4% and declined 8.6% year over year, as lower deliveries and weaker pricing weighed amid affordability pressure. Within the homebuilding segment, revenues decreased 6% year over year to $7.76 billion, home deliveries declined 3.4% to 20,840 homes, and the average sales price of homes delivered fell 2.9% to $372,000, reflecting about 12% in incentives. New orders dropped 9.2% to 20,879 homes and gross margin on home sales contracted to 15.8% from 17.5%. For the fourth quarter of fiscal 2026, Lennar expects new orders of 19,500-20,500 homes and deliveries of 22,000-23,000 homes, and management reduced its full-year fiscal 2026 delivery target to about 80,000-81,000 homes from 82,000-83,000, citing continued interest-rate pressure and weaker market conditions.
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