Lennar FY2026 Q2: revenue down 5.2%, EPS $1.24 as margins stay thin
Lennar's second quarter of fiscal 2026 was a smaller, cheaper business than a year ago: revenue fell 5.2% to $7.94 billion and GAAP EPS dropped to $1.24 from $1.81. Read the quarter through two lenses — the year-over-year decline in price and gross margin, and the sequential improvement management is guiding to for the third quarter. The balance sheet is the stabilizer, with low leverage and a large buyback.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.24 was down from $1.81 a year ago, and adjusted EPS of $1.31 was down from $1.90. Net income of $304.8 million compares with $477.4 million, a decline driven mainly by gross margin on home sales falling to 15.6% from 17.8%. The $1.31 figure excludes $23 million of pretax mark-to-market losses on technology investments, so the adjustment flatters the quarter rather than the reverse.
Revenue of $7.94 billion fell 5.2% from $8.38 billion a year earlier. Deliveries rose 2% to 20,519 homes, but the average sales price dropped 5% to $371,000, so more homes sold for less money. Sequentially, revenue rose 19.9% from $6.62 billion in the first quarter.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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