Lennar Corporation (LEN)
NYSE:LEN
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Earnings Data
Report Date
Sep 17, 2026Before Open (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
1.34Last Year’s EPS
2.29Same Quarter Last Year
Moderate Sell
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted strong operational execution (solid deliveries and orders), clear efficiency gains (lower cycle times, reduced construction cost per sqft, higher inventory turns), healthy liquidity and continued shareholder returns. Management provided constructive Q3 guidance and affirmed progress on the asset-light transformation. However, macroeconomic headwinds — elevated mortgage rates, a recent inflation/energy spike, ongoing commodity and labor pressures — and a modest downward adjustment to full-year deliveries introduce caution. Non-core segment losses and temporary land-bank capitalization timing also pose short-term drags. On balance the company’s internal execution and balance sheet strength outweigh near-term macro and segment-level challenges.Company Guidance
Strong Unit Volume and Orders
Delivered 20.5k homes in Q2 2026 and generated 21.7k new orders (near high end of guidance), with ~20.6k home starts in the quarter and Q3 orders guided to 21k–22k.
Margin Improvement and Earnings
Gross margin improved sequentially to 15.6% in Q2 and is guided to ~16% for Q3; net margin was 6.4%. Reported GAAP net income was $305M with GAAP EPS of $1.24 and EPS excluding mark-to-market items of $1.31.
Decline in Sales Incentives
Sales incentive rate on deliveries fell to 12.9% in Q2 from 14.1% in Q1 and 14.5% in Q4 2025 (a decline of 1.2 percentage points Q/Q and 1.6 percentage points Y/Y), indicating the first sustained reduction after years of elevated incentives.
Operational Efficiency Gains
Construction cost per square foot improved to $81 (down ~7% year-over-year and down ~13% vs two years ago). Cycle time reached a record low of 121 days. Inventory turn improved to 2.5x from 1.8x a year ago (up ~0.7x or ~39%), and return on inventory was ~15.3%.
Asset-Light Progress and Land Position
Less than 5% of land on balance sheet (Diane said 2% owned, 98% controlled via third parties). Ended quarter owning 11k homesites and controlling ~484k homesites, with land banking delivery rate at ~86%.
Balance Sheet and Liquidity Strength
Ended Q2 with $1.8B cash and total liquidity of $4.9B; homebuilding debt to total capital at 15.8%; no outstanding revolver borrowings and $1.7B outstanding under term loan (next maturity June 2027). Book value ~ $22B and book value per share ~ $90.
Capital Allocation to Shareholders
Repurchased 5M shares for $447M and paid $123M in dividends during the quarter, demonstrating continued return of capital to shareholders.
Clear Forward Guidance
Q3 guidance: deliveries 20.5k–21.5k, ASP $375k–$380k, gross margin ~16%, SG&A 8.8%–9.0%, financial services earnings $95M–$100M, combined EPS guidance $1.20–$1.40. Full-year delivery guidance adjusted to 82k–83k homes.
LEN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
LEN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Jun 11, 2026 | $94.95 | $90.30 | -4.90% |
Mar 12, 2026 | $92.05 | $94.46 | +2.62% |
Dec 16, 2025 | $116.43 | $111.14 | -4.54% |
Sep 18, 2025 | $131.02 | $125.55 | -4.18% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Lennar Corporation (LEN) report earnings?
Lennar Corporation (LEN) is schdueled to report earning on Sep 17, 2026, Before Open (Confirmed).
What is Lennar Corporation (LEN) earnings time?
Lennar Corporation (LEN) earnings time is at Sep 17, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is LEN EPS forecast?
LEN EPS forecast for the fiscal quarter 2026 (Q3) is 1.34.
