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Lennar 8-K Report, Financial Results (Sep 16, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed September 16, 2026
Period End
September 16, 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. Material agreement8-K · Sep ’16Sep ’16
  2. Material agreement8-K · Apr ’19Apr ’19
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 8-K filed September 16, 2026. Cited figures are marked; the original filing is the authoritative source.

Lennar Corporation reported third-quarter 2026 results for the period ended August 31, 2026, with net earnings attributable to Lennar of $284 milliona, or $1.19 per diluted share, compared with $591 million, or $2.29 per diluted share, in the third quarter of 2025.

Excluding mark-to-market losses of $53 millionb on technology investments and one-time items of $39 million, net, in the Financial Services segment, adjusted earnings were $294 million, or $1.23 per diluted share. Management said results were below expectations as the environment deteriorated after the last earnings call, with mortgage rates rising to approximately 6.8% at quarter end and higher since. Deliveries were 20,840 homes, within guidance of 20,500 to 21,500, while new orders decreased 9% to 20,879 homes.

Homebuilding performance was pressured by lower pricing and higher incentives. Revenues from home sales fell 6% to $7.7 billionc, the average sales price was $372,000 (reflecting approximately 12.0% in incentives), and gross margin on home sales declined to 15.8% from 17.5%. SG&A rose to 9.2% of home sales revenue from 8.2%.

Homebuilding operating earnings were $502 milliond. Management emphasized maintaining volume, with cycle time at a record low of 116 days and completed, unsold inventory reduced to 1.8 homes per community. Liquidity and capital actions included $1.2 billion of homebuilding cash, redemption of $400 million of 5.25% senior notes due June 2026, and repurchases of 3 million shares for $256 million.

Homebuilding debt to total capital rose to 16.6% from 15.7% at November 30, 2025. Management lowered its full-year 2026 delivery target to approximately 80,000 to 81,000 homes, from 82,000 to 83,000, and guided fourth-quarter deliveries of 22,000 to 23,000 homes with gross margin of 15.5% to 16.0%.

02—Key points

Key Highlights

  1. Net earnings per diluted share of $1.19 ($1.23 excluding mark-to-market losses and one-time Financial Services items), down from $2.29 a year earlier.
  2. Gross margin on home sales of 15.8%, down from 17.5% in the prior-year quarter; SG&A rose to 9.2% of home sales revenue from 8.2%.
  3. Average sales price of $372,000 with approximately 12.0% in incentives, reflecting base price adjustments to sustain volume.
  4. Full-year 2026 delivery guidance cut to approximately 80,000 to 81,000 homes from 82,000 to 83,000 previously.
  5. Fourth-quarter 2026 guidance: 19,500 to 20,500 new orders, 22,000 to 23,000 deliveries, and Financial Services operating earnings of $90 million to $95 million.
  6. Homebuilding debt to total capital rose to 16.6%; cash of $1.2 billion after redeeming $400 million of senior notes and repurchasing $256 million of stock.
  7. Lennar Other recorded an operating loss of $84 million, driven by $53 million of mark-to-market losses on technology investments.

03—Questions

Frequently Asked Questions

  1. Why did Lennar's earnings decline so sharply year over year?

    Third-quarter net earnings attributable to Lennar fell to $284 million from $591 million. The filing attributes the decline to lower revenue per square foot and higher land costs, which reduced gross margin to 15.8% from 17.5%, higher SG&A as a share of home sales revenue, and a $53 million mark-to-market loss on technology investments versus a $99 million gain a year earlier.

  2. What drove the reduction in full-year 2026 delivery guidance?

    Management said it is moderating its full-year 2026 delivery target to approximately 80,000 to 81,000 homes from 82,000 to 83,000, given continued pressure on interest rates and deterioration in market conditions through the quarter. The CEO cited mortgage rates near 6.8% at quarter end and higher since, and declining consumer confidence.

  3. How is Lennar managing its balance sheet and capital returns?

    Lennar ended the quarter with $1.2 billion of homebuilding cash and cash equivalents, redeemed $400 million of 5.25% senior notes due June 2026, and repurchased 3 million shares for $256 million at an average price of $85.49. Homebuilding debt to total capital increased to 16.6% from 15.7% at November 30, 2025, and $650 million was outstanding under its $3.1 billion revolving credit facility.

  4. What does Lennar expect for the fourth quarter of 2026?

    Guidance calls for 19,500 to 20,500 new orders, 22,000 to 23,000 deliveries, an average sales price of $370,000 to $380,000, gross margin on home sales of 15.5% to 16.0%, and SG&A of 8.7% to 9.0% of home sales. Financial Services operating earnings are expected to be $90 million to $95 million.

04—Continue

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