Lennar Q3 FY2026: Revenue $8.05 billion, EPS $1.19 as orders fall 9.0%
Lennar defended volume and gave up margin doing it. Revenue fell 8.7% to $8.05 billion, GAAP EPS dropped to $1.19 from $2.29, and new orders slid 9.0% to 20,879 homes. Management also trimmed full-year delivery targets. Read this quarter as a builder deliberately trading price for volume while its market weakens — the balance sheet still carries the company, but every demand indicator points down.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.19 compares with $2.29 a year ago, and net income of $284 million is down 52.0% from $591 million. Adjusted EPS of $1.23 strips out $53 million of mark-to-market losses on technology investments and $39 million of one-time Financial Services items. Even on that cleaner basis, EPS fell from $2.00, so the drop is operating, not accounting.
Revenue of $8.05 billion was down 8.7% from $8.81 billion a year ago. Deliveries slipped 3.0% to 20,840 homes and the average sales price fell 2.9% to $372,000, so both halves of the equation moved the wrong way at once. New orders, the number that predicts future revenue, fell 9.0% to 20,879 homes.
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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 2026-11-03
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