Lennar Reports Mixed Q2 Results and Cuts Full-Year Home Delivery Guidance

Lennar reported second-quarter 2026 results after Thursday’s close, showing higher deliveries but lower demand and weaker margins. The homebuilder said net earnings were $305 million, or $1.24 per diluted share, and $1.31 per share excluding mark-to-market losses on technology investments.

Revenue came in at $7.9 billion, while new orders fell 4% from a year earlier to 21,749 homes. Deliveries rose 2% to 20,519 homes, and backlog stood at 16,818 homes worth $6.6 billion.

Lennar said homebuilding operating earnings were $489 million, with gross margin on home sales at 15.6%. The company also reported $100 million in financial services operating earnings and $18 million in multifamily operating earnings.

The company said it cut its full-year delivery target to about 82,000 to 83,000 homes, citing persistent housing-market headwinds, high interest rates, and geopolitical uncertainty. It also said it repurchased 5 million shares for $447 million and redeemed $400 million of senior notes after the quarter ended.

The reports say Lennar missed Wall Street’s revenue estimate in the quarter.

New orders fell 4% from a year earlier to 21,749 homes.

The company cited stubborn housing-market headwinds, high interest rates, and geopolitical uncertainty.

Yes. Deliveries increased 2% year over year to 20,519 homes.

Benzinga

Lennar Corporation (NYSE:LEN) will release earnings for its second quarter after the closing bell on Thursday, June 11.

PRNewsWire

Second Quarter 2026 Highlights Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments) Net earnings of $305 million New orders decreased 4% year over year to 21,749 homes Backlog of 16,818 homes with a dollar value of $6.6 billion Deliveries increase...

WSJ

The home builder said it now expects full-year deliveries of around 82,000 to 83,000 homes, citing high interest rates and geopolitical uncertainty.

Benzinga

Lennar Corp. (NYSE:LEN) posted second-quarter results after Thursday's closing bell, missing Wall Street's revenue estimate. Here's a look at the details inside the report.

Seeking Alpha

Lennar remains a 'sell' as weak housing demand, persistent affordability issues, and elevated rates limit near-term upside. LEN's Q2 saw earnings down 30% YoY, gross margins compressed to 15.6%, and incentives elevated at 12.9% to sustain volumes. Backlog and inventory reductions provide near-term d...

Benzinga

U.S. stock futures were higher this morning, with the Dow futures gaining around 300 points on Friday.

MarketBeat

Lennar NYSE: LEN reported second-quarter 2026 results that executives said reflected steady execution in a difficult housing market, with home deliveries near the midpoint of guidance, new orders near the high end and early signs that buyer incentives are beginning to ease.

Seeking Alpha

Lennar Corporation (LEN) Q2 2026 Earnings Call Transcript

Zacks Investment Research

Lennar Corporation LEN reported mixed second-quarter fiscal 2026 results, with adjusted earnings topping the Zacks Consensus Estimate while revenues missed the same. Year over year, both metrics declined, given ongoing softness in housing demand and a lower average sales price (ASP) for homes delive...

Zacks Investment Research

Lennar says lower incentives, faster cycle times and tighter inventory may help margins recover despite weak affordability and cautious housing demand.