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Lennar 8-K Report, Financial Results (Jun 11, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed June 11, 2026
Period End
June 11, 2026
Securities
LENLEN-B
In the record · 2016–202610-K1210-Q338-K129

LEN filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 129 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’18Apr ’18
  2. Leadership change8-K · Mar ’21Mar ’21
  3. Leadership change8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed June 11, 2026. Cited figures are marked; the original filing is the authoritative source.

Lennar Corporation reported results for its second quarter ended May 31, 2026 in a press release furnished as Exhibit 99.1.

Net earnings attributable to Lennar were $305 milliona, or $1.24 per diluted share, compared with $477 million, or $1.81 per diluted share, in the second quarter of 2025. Excluding pretax mark-to-market losses of $23 million on technology investments, earnings were $322 million, or $1.31 per diluted share. Total revenues were $7.9 billion, with 20,519 homes delivered (up 2% year over year), though new orders fell 4% to 21,749 homes and the average sales price declined to $371,000 from $389,000.

Gross margin on home sales was 15.6%, down from 17.8% a year earlier, and SG&A rose to 9.2% of home sales revenue from 8.8%. The balance sheet remained strong on a homebuilding basis, with $1.8 billionb of cash, no borrowings outstanding under the $3.1 billion revolving credit facility, and homebuilding debt to total capital of 15.8%. The company repurchased 5 million shares for $447 million and redeemed $400 million of 5.25% senior notes due June 2026 after quarter end.

Management cited persistently elevated mortgage rates, constrained affordability, and an incentive level of 12.9%, and said it is moderating its full-year 2026 delivery target to approximately 82,000 to 83,000 homes. For the third quarter of 2026, guidance calls for 21,000 to 22,000 new orders, 20,500 to 21,500 deliveries, an average sales price of $375,000 to $380,000,c gross margin of approximately 16%, and SG&A of 8.8% to 9.0% of home sales.

Management also announced a new Investor Deck to be published on its investor relations website, and a conference call on June 12, 2026 at 11:00 a.m. Eastern Time.

02—Key points

Key Highlights

  1. Net earnings attributable to Lennar were $305 million, or $1.24 per diluted share, versus $477 million, or $1.81, a year earlier; excluding technology investment mark-to-market losses, EPS was $1.31.
  2. Total revenues were $7.9 billion, and homebuilding operating earnings were $489 million versus $728 million a year earlier.
  3. Gross margin on home sales narrowed to 15.6% from 17.8%, while SG&A rose to 9.2% of home sales revenue from 8.8%.
  4. New orders decreased 4% year over year to 21,749 homes, and backlog stood at 16,818 homes valued at $6.6 billion.
  5. The average sales price fell to $371,000 from $389,000, with management citing approximately 12.9% in incentives.
  6. Homebuilding debt to total capital was 15.8%, with $1.8 billion of homebuilding cash and no borrowings under the $3.1 billion revolving credit facility.
  7. Full-year 2026 delivery target was moderated to approximately 82,000 to 83,000 homes, and Q3 2026 guidance calls for gross margin of approximately 16%.

03—Questions

Frequently Asked Questions

  1. How did Lennar's second-quarter 2026 earnings compare with the prior year?

    Net earnings attributable to Lennar were $305 million, or $1.24 per diluted share, compared with $477 million, or $1.81 per diluted share, in the second quarter of 2025. Excluding pretax mark-to-market losses of $23 million on technology investments, earnings were $322 million, or $1.31 per diluted share, versus $499 million, or $1.90 per diluted share, a year earlier.

  2. What drove the decline in homebuilding margins?

    Gross margin on home sales was 15.6%, compared with 17.8% a year earlier. The filing attributes the decrease primarily to lower revenue per square foot and higher land costs, partially offset by lower construction costs. SG&A as a percentage of home sales revenue rose to 9.2% from 8.8%, mainly due to less leverage from lower revenues and higher marketing and selling expenses.

  3. What is Lennar's outlook for the third quarter and full year 2026?

    For Q3 2026, Lennar expects new orders of 21,000 to 22,000, deliveries of 20,500 to 21,500 homes, an average sales price of $375,000 to $380,000, gross margin of approximately 16%, and SG&A of 8.8% to 9.0% of home sales. Management moderated its full-year 2026 delivery target to approximately 82,000 to 83,000 homes, citing current pressure on interest rates and geopolitical uncertainty.

  4. How strong is Lennar's balance sheet and liquidity position?

    Homebuilding cash and cash equivalents were $1.8 billion at May 31, 2026, and there were no outstanding borrowings under the $3.1 billion revolving credit facility. Homebuilding debt to total capital was 15.8%, compared with 11.0% a year earlier. Net homebuilding debt to total capital, a non-GAAP measure, was 9.4%. After quarter end, the company redeemed $400 million of 5.25% senior notes due June 2026.

  5. How much did Lennar return to shareholders and what is the Investor Deck?

    During the second quarter, Lennar repurchased 5 million shares of common stock for $447 million at an average price of $89.35. The company also announced a new Investor Deck to be published on its Investor Relations website, which it says covers its asset-light operating model, technology platform, and path to margin recovery.

04—Continue

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