Lennar Corporation reported third quarter 2026 net earnings attributable to Lennar of $284 million, or $1.19 per diluted share, down from $591 million, or $2.29 per diluted share, a year earlier. Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in the Financial Services segment, earnings were $294 million, or $1.23 per diluted share. New orders fell 9% to 20,879 homes and deliveries slipped 3% to 20,840 homes, while total revenues came in at $8.0 billion and homebuilding operating earnings were $502 million. Gross margin on home sales was 15.8%, with S,G&A at 9.2% of home sales revenue and a net margin of 6.6%, and the company repurchased 3 million shares for $256 million while redeeming $400 million of 5.25% senior notes due June 2026. For the fourth quarter, Lennar guided to new orders of approximately 19,500 to 20,500 homes, deliveries of approximately 22,000 to 23,000 homes, an average sales price of $370,000 to $380,000, gross margin of 15.5% to 16.0% and SG&A of 8.7% to 9.0%, and it moderated its target full-year 2026 deliveries to approximately 80,000 to 81,000 homes from the 82,000 to 83,000 homes discussed last quarter.
Lennar CorporationQ3 EPS fell to $1.19 from $2.29, new orders dropped 9%, and Lennar cut its full-year delivery target to 80,000-81,000 homes.
