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Lennar (LEN)
NYSE:LEN
Earnings Data
Report Date
Jun 22, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
1.26Last Year’s EPS
1.81Same Quarter Last Year
Moderate Sell
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrayed a cautiously optimistic tone. Management acknowledged meaningful near-term headwinds (affordability, elevated incentives, macro/geopolitical uncertainty and softer margins) but highlighted numerous tangible operational improvements: faster cycle times, consistent volume discipline, material cost reductions, stronger inventory turns, a deepening asset-light land program, robust liquidity and continued market-share advantages. Management reiterated Q2 guidance and a full-year delivery target of 85,000 homes while emphasizing that Q1 likely represents the margin low point for 2026. Given the scale and consistency of operational and balance-sheet improvements versus the market-driven challenges, the overall message was constructive with optimism that execution will drive recovery when mortgage rates and affordability improve.Company Guidance
Volume and Production Discipline
Started 17,425 homes and sold 18,515 homes in Q1 while matching production to sales pace; ended the quarter with ~3 completed unsold homes per community (slightly above 2-target) and maintained an even-flow production approach.
Inventory Turn and Returns Improved
Inventory turn improved to 2.5x in Q1 from 1.7x a year ago (≈47% increase) with a return on inventory of 17.4%, reflecting faster conversion of inventory to cash.
Gross Margin Stabilization and Q2 Outlook
Q1 gross margin was 15.2% with management indicating Q1 represents the low point for the year and providing Q2 gross margin guidance of 15.5%–16%.
Material Cost and Cycle-Time Reductions
Direct construction costs declined for 12 of 13 quarters and are down ~12% over two years; Q1 direct construction costs were ≈2.5% lower sequentially (≈7% Y/Y). Single-family cycle time fell to 122 days (down 5 days Q/Q and ~11% Y/Y).
Marketing & Sales Efficiency Gains
Qualified high-intent leads increased ~10% Y/Y; average response time improved to 35 seconds (↑12% Q/Q, ↑71% Y/Y); digitally driven sales appointments increased ~11% Q/Q and 17% Y/Y; quality scores improved ~7% in Q1.
Asset-Light/Land-Light Progress
Less than 5% of land on balance sheet; total homebuilding inventory reduced from just under $20B two years ago to $10.5B today; homesites owned 11,000 and controlled 486,000 (497,000 total) with homesites controlled percentage at 98% and year supply of owned homesites 0.1 year.
Strong Balance Sheet & Liquidity
Ended Q1 with $2.1B cash and $5.2B total liquidity; homebuilding debt-to-capital at 15.7%; stockholders' equity ≈$22B and book value per share ≈$89, providing flexibility for growth and shareholder returns.
Shareholder Returns and Capital Actions
Repurchased 2 million shares for $237M and paid dividends totaling $123M in the quarter, indicating ongoing capital return activity.
Operational Scale & Market Position
1,678 active communities at quarter end (up 6% Y/Y) and Lennar is #1 by market share in 22 of the top 50 markets and top-3 in 42 of 50, supporting pricing/distribution advantages.
Financial Guidance & Full-Year Target
Q2 guidance: new orders 21k–22k, deliveries 20k–21k, ASP $370k–$375k, gross margin 15.5%–16%, SG&A 8.9%–9.1%, EPS $1.10–$1.40; full-year delivery target reiterated at 85,000 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 |
|---|---|---|---|
Mar 12, 2026 | $92.54 | $94.96 | +2.62% |
Dec 16, 2025 | $117.05 | $111.73 | -4.54% |
Sep 18, 2025 | $131.72 | $126.22 | -4.18% |
Jun 17, 2025 | $103.25 | $102.07 | -1.15% |
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 (LEN) report earnings?
Lennar (LEN) is schdueled to report earning on Jun 22, 2026, Before Open (Confirmed).
What is Lennar (LEN) earnings time?
Lennar (LEN) earnings time is at Jun 22, 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 (Q2) is 1.26.
