Lennar Q3 EPS falls to $1.19 from $2.29; cuts 2026 full-year delivery target
Lennar reported third-quarter 2026 results for the period ended August 31, with net earnings of $284 million, or $1.19 per diluted share, down from $591 million, or $2.29, a year earlier. Revenue fell to $8.0 billion from $8.8 billion, and the company lowered its full-year 2026 delivery target to 80,000-81,000 homes, which weighs on shareholders' expectations for the year.
Key points
- Q3 net earnings of $284 million, or $1.19 per diluted share, versus $591 million, or $2.29, in Q3 2025; excluding mark-to-market losses and one-time items, EPS was $1.23
- Total revenues of $8.0 billion versus $8.8 billion; deliveries of 20,840 homes, down 3%; new orders of 20,879 homes, down 9%
- Full-year 2026 delivery target cut to approximately 80,000-81,000 homes from 82,000-83,000 homes
- Q4 2026 guidance: 22,000-23,000 deliveries, gross margin of 15.5%-16.0%, and new orders of 19,500-20,500 homes
The filing
Written by AI on Nov 8, 2026, 12:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 16, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.