Lennar Reports Third Quarter 2026 Results
Lennar’s Q3 2026 earnings, orders and margins declined, while management trimmed full-year delivery targets but maintained strong liquidity and low leverage.
Rhea-AI Summary
Lennar (LEN) reported third quarter 2026 net earnings of $284 million, or $1.19 per diluted share, down from $591 million, or $2.29, a year earlier.
Excluding $53 million mark-to-market losses on technology investments and $39 million of one-time items in Financial Services, adjusted EPS was $1.23 versus $2.00 in 2025. Total revenues fell to $8.0 billion from $8.8 billion, as homebuilding revenues declined 6% to $7.7 billion on 3% lower deliveries (20,840 homes) and a 3% lower average sales price of $372,000. Gross margin on home sales compressed to 15.8% from 17.5%, while SG&A rose to 9.2% of home sales from 8.2%, resulting in a 6.6% net margin. New orders decreased 9% to 20,879 homes and backlog ended at 16,857 homes valued at $6.3 billion. The company ended the quarter with $1.2 billion in homebuilding cash, homebuilding debt-to-capital of 16.6%, after redeeming $400 million of senior notes and repurchasing 3 million shares for $256 million.
Positive
- Total revenues $8.0 billion in Q3 2026, with 20,840 home deliveries
- Homebuilding gross margin 15.8% in Q3 2026, improving sequentially versus prior quarter (not quantified)
- Homebuilding cash $1.2 billion at quarter end, with homebuilding debt-to-capital of 16.6%
- Senior notes repaid $400 million of 5.25% notes due June 2026, reducing debt
- Share repurchases 3 million shares bought for $256 million at $85.49 average price
- Construction cost per square foot down 6% year over year and 14% versus Q4 2023 baseline
Negative
- GAAP EPS down to $1.19 from $2.29 in Q3 2025
- Total revenues declined to $8.0 billion from $8.8 billion year over year
- Homebuilding gross margin fell to 15.8% from 17.5% in Q3 2025
- New orders down 9% to 20,879 homes; deliveries down 3% to 20,840
- Financial Services operating earnings fell to $129 million from $177 million
- Lennar Other segment swung to an $84 million operating loss from $62 million earnings, driven by $53 million tech investment losses
- Full-year 2026 delivery target cut to 80,000–81,000 homes from 82,000–83,000 previously
- Effective tax rate increased to 26.4% from 24.4%, partly tied to the Millrose Properties spin-off
News Explained
Full-year 2026 delivery guidance was reduced, while fourth-quarter guidance remains forward-looking.
Lennar has reported completed third-quarter results and reduced its full-year 2026 delivery target, changing the company’s stated operating outlook rather than existing ownership.
For the fourth quarter, management’s forward-looking guidance calls for approximately
The next dated milestone is the company’s earnings conference call on
Details
Market reaction after Third quarter 2026 earnings report: LEN -3.22%
Following this news, LEN has declined 3.22%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 3 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $75.84. Trading volume is elevated at 2.5x the average, suggesting increased selling activity.
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Key Figures
- Diluted EPS
- $1.19 vs. $2.29
- Q3 2026 vs. Q3 2025
- Net earnings
- $284 million vs. $591 million
- Q3 2026 vs. Q3 2025
- Total revenues
- $8.0 billion
- Q3 2026
- New orders
- 20,879 homes, down 9%
- Q3 2026 vs. prior year
- Home deliveries
- 20,840 homes, down 3%
- Q3 2026 vs. prior year
- Homebuilding gross margin
- 15.8% vs. 17.5%
- Q3 2026 vs. Q3 2025
- Full-year deliveries
- 80,000-81,000 homes vs. 82,000-83,000 homes
- 2026 moderated target vs. prior target
- Backlog
- 16,857 homes valued at $6.3 billion
- Q3 2026
Previous Earnings Reports
-
Net earnings fell to $305 million while new orders declined 4%.
-
Q1 results reported $229 million net earnings and 15.2% homebuilding gross margin.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
mark-to-market financial
noncontrolling interests financial
sg&a financial
ebit financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Third Quarter 2026 Highlights
- Net earnings per diluted share of
$1.19 $1.23 - Net earnings of
$284 million - New orders decreased
9% , to 20,879 homes, compared to prior year - Backlog of 16,857 homes with a dollar value of
$6.3 billion - Deliveries decreased
3% , to 20,840 homes, compared to prior year - Total revenues of
$8.0 billion - Homebuilding operating earnings of
$502 million - Gross margin on home sales of
15.8% - S,G&A expenses as a % of revenues from home sales of
9.2% - Net margin on home sales of
6.6%
- Gross margin on home sales of
- Financial Services operating earnings of
$129 million - Multifamily operating loss of
$3 million - Lennar Other operating loss of
$84 million - Homebuilding cash and cash equivalents of
$1.2 billion - Redeemed
$400 million 5.25% senior notes due June 2026 - Outstanding borrowings of
$650 million $3.1 billion - Homebuilding debt to total capital of
16.6% - Repurchased 3 million shares of Lennar common stock for
$256 million
Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, "Our third quarter 2026 results reflect consistent focus on our operating strategy of maintaining volume and production while navigating a challenging economic environment. While our earnings of
"Mortgage rates increased through the quarter, with the 30-year rate at approximately
"Against that backdrop, our team adhered to our strategy of leveraging consistent volume in order to drive costs lower. We delivered 20,840 homes, within our guidance of 20,500 to 21,500, generated 20,879 new orders and produced total revenues of
"By maintaining volume, we have improved execution across numerous key metrics. Our construction cost per square foot improved another
"Our average sales price was
"Looking ahead to the fourth quarter of 2026, we expect to generate new orders of approximately 19,500 to 20,500 homes, and to deliver approximately 22,000 to 23,000 homes with gross margin of approximately
Mr. Miller concluded, "Our consistent strategy has been to meet demand at affordability and build supply rather than wait the market out. We have prioritized volume to create needed supply for the market, which we deliver at affordable prices, while we leverage scale advantages and ultimately improve margins. The fundamental shortage of housing in America has not been solved. We remain deeply committed to building the homes America needs, at prices families can afford, and to ultimately generate the returns our shareholders deserve."
RESULTS OF OPERATIONS
THIRD QUARTER 2026 COMPARED TO THIRD QUARTER 2025
Homebuilding
Revenues from home sales decreased
Gross margins on home sales were
Selling, general and administrative expenses were
Financial Services
Operating earnings for the Financial Services segment were
Ancillary Businesses
Operating loss for the Multifamily segment was
Tax Rate
In the third quarter of 2026 and 2025, the Company had tax provisions of
Share Repurchases
In the third quarter of 2026, the Company repurchased 3 million shares of its common stock for
Guidance
The following are the Company's expected results of its homebuilding and financial services activities for the fourth quarter of 2026:
|
New Orders |
19,500 - 20,500 |
|
Deliveries |
22,000 - 23,000 |
|
Average Sales Price |
|
|
Gross Margin % on Home Sales |
|
|
SG&A as a % of Home Sales |
|
|
Financial Services Operating Earnings |
|
About Lennar
Lennar Corporation is one of the nation's leading homebuilders, dedicated to making the American dream of homeownership attainable for more people. Since its founding in 1954, Lennar has built more than 1.5 million homes for buyers at every stage of life in communities across the country, from first-time and move-up buyers to active adults. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes. LENˣ drives Lennar's technology, innovation and strategic investments, shaping the future of homebuilding. For more information, visit www.lennar.com.
Note Regarding Forward-Looking Statements: Some of the statements in this press release are "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to the homebuilding market and other markets in which we participate, as well as our expected results and guidance. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those anticipated by the forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made.
Important factors that could cause differences between anticipated and actual results include slowdowns in real estate markets in regions where we have significant Homebuilding or Multifamily development activities or own a substantial number of single-family homes for rent; decreased demand for our homes, either for sale or for rent, or Multifamily rental apartments; the potential impact of inflation; the impact of increased cost of mortgage financing for homebuyers, increased or continued high interest rates or increased competition in the mortgage industry; supply shortages and increased costs related to construction materials and labor; changes in trade policy affecting our business, including new or increased tariffs, as well as the potential impact of retaliatory tariffs and other penalties that may impact the cost of raw materials and other goods related to our homebuilding businesses; changes in U.S. and foreign governmental laws, regulations and policies, including retaliatory policies against the United States, that may impact our business operations; cost increases related to real estate taxes and insurance; the effect of increased interest rates with regard to our funds' borrowings or the willingness of the funds to invest in new projects; increased energy prices; reductions in the market value of our investments in public companies; natural disasters or catastrophic events for which our insurance may not provide adequate coverage; our inability to successfully execute our strategies, including our land light strategy; problems exercising options to purchase homesites; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; the forfeiture of deposits and pre-acquisition costs on real estate related to land purchase options we decide not to exercise; the potential negative impact to our business from public health issues; labor shortages and/or a decrease in the number of potential homebuyers due to increased enforcement of restrictions on immigration; possible unfavorable outcomes in legal proceedings; conditions in the capital, credit and financial markets; changes in laws, regulations or the regulatory environment affecting our business; and the other risks and uncertainties described in our filings from time to time with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K filed on January 28, 2026 and Quarterly Reports on Form 10-Q.
We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
A conference call to discuss the Company's third quarter earnings will be held at 11:00 a.m. Eastern Time on Thursday, September 17, 2026. The call will be broadcast live on the Internet and can be accessed through the Company's website at investors.lennar.com. If you are unable to participate in the conference call, the call will be archived at investors.lennar.com for 90 days. A replay of the conference call will also be available later that day by calling 203-369-1938 and entering 5723593 as the confirmation number.
###
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LENNAR CORPORATION AND SUBSIDIARIES |
|||||||
|
Selected Revenues and Operating Information |
|||||||
|
(In thousands, except per share amounts) |
|||||||
|
(unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
August 31, |
|
August 31, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenues: |
|
|
|
|
|
|
|
|
Homebuilding |
$ 7,759,497 |
|
8,253,675 |
|
21,674,374 |
|
23,381,407 |
|
Financial Services |
226,121 |
|
314,195 |
|
678,615 |
|
889,370 |
|
Multifamily |
38,475 |
|
228,465 |
|
184,538 |
|
521,966 |
|
Lennar Other |
22,026 |
|
13,943 |
|
67,940 |
|
26,582 |
|
Total revenues |
$ 8,046,119 |
|
8,810,278 |
|
22,605,467 |
|
24,819,325 |
|
|
|
|
|
|
|
|
|
|
Homebuilding operating earnings |
$ 501,962 |
|
759,785 |
|
1,364,361 |
|
2,297,292 |
|
Financial Services operating earnings |
130,316 |
|
177,872 |
|
322,732 |
|
478,635 |
|
Multifamily operating earnings (loss) |
(2,869) |
|
(16,471) |
|
33,315 |
|
(31,248) |
|
Lennar Other operating earnings (loss) |
(83,607) |
|
62,498 |
|
(127,797) |
|
(79,680) |
|
Corporate general and administrative expenses |
(137,883) |
|
(171,397) |
|
(431,670) |
|
(474,628) |
|
Charitable foundation contribution |
(20,840) |
|
(21,584) |
|
(58,222) |
|
(59,549) |
|
Earnings before income taxes |
387,079 |
|
790,703 |
|
1,102,719 |
|
2,130,822 |
|
Provision for income taxes |
(101,592) |
|
(190,892) |
|
(275,742) |
|
(520,478) |
|
Net earnings (including net earnings attributable to |
285,487 |
|
599,811 |
|
826,977 |
|
1,610,344 |
|
Less: Net earnings attributable to noncontrolling |
1,611 |
|
8,844 |
|
8,946 |
|
22,402 |
|
Net earnings attributable to Lennar |
$ 283,876 |
|
590,967 |
|
818,031 |
|
1,587,942 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted average shares outstanding |
237,756 |
|
255,601 |
|
240,990 |
|
259,540 |
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share |
$ 1.19 |
|
2.29 |
|
3.36 |
|
6.06 |
|
|
|
|
|
|
|
|
|
|
Supplemental information: |
|
|
|
|
|
|
|
|
Interest incurred (1) |
$ 63,173 |
|
54,868 |
|
174,629 |
|
128,203 |
|
|
|
|
|
|
|
|
|
|
EBIT (2): |
|
|
|
|
|
|
|
|
Net earnings attributable to Lennar |
$ 283,876 |
|
590,967 |
|
818,031 |
|
1,587,942 |
|
Provision for income taxes |
101,592 |
|
190,892 |
|
275,742 |
|
520,478 |
|
Interest expense included in: |
|
|
|
|
|
|
|
|
Costs of homes and land sold |
56,019 |
|
45,591 |
|
147,466 |
|
107,366 |
|
Homebuilding other income, net |
3,152 |
|
3,707 |
|
8,976 |
|
10,758 |
|
Total interest expense |
59,171 |
|
49,298 |
|
156,442 |
|
118,124 |
|
EBIT |
$ 444,639 |
|
831,157 |
|
1,250,215 |
|
2,226,544 |
|
(1) |
Amount represents interest incurred related to homebuilding debt. |
|
(2) |
EBIT is a non-GAAP financial measure defined as earnings before interest and taxes. This financial measure has been presented because the Company finds it important and useful in evaluating its performance and believes that it helps readers of the Company's financial statements compare its operations with those of its competitors. Although management finds EBIT to be an important measure in conducting and evaluating the Company's operations, this measure has limitations as an analytical tool as it is not reflective of the actual profitability generated by the Company during the period. Management compensates for the limitations of using EBIT by using this non-GAAP measure only to supplement the Company's GAAP results. Due to the limitations discussed, EBIT should not be viewed in isolation, as it is not a substitute for GAAP measures. |
|
LENNAR CORPORATION AND SUBSIDIARIES |
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|
Segment Information |
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|
(In thousands) |
|||||||
|
(unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
August 31, |
|
August 31, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Homebuilding revenues: |
|
|
|
|
|
|
|
|
Sales of homes |
$ 7,733,588 |
|
8,213,580 |
|
21,601,549 |
|
23,242,401 |
|
Sales of land |
18,442 |
|
30,521 |
|
46,001 |
|
109,042 |
|
Other homebuilding |
7,467 |
|
9,574 |
|
26,824 |
|
29,964 |
|
Total homebuilding revenues |
7,759,497 |
|
8,253,675 |
|
21,674,374 |
|
23,381,407 |
|
|
|
|
|
|
|
|
|
|
Homebuilding costs and expenses: |
|
|
|
|
|
|
|
|
Costs of homes sold |
6,512,260 |
|
6,779,563 |
|
18,246,493 |
|
19,070,239 |
|
Costs of land sold |
16,216 |
|
41,065 |
|
69,071 |
|
133,315 |
|
Selling, general and administrative |
714,040 |
|
676,491 |
|
2,029,930 |
|
1,981,077 |
|
Total homebuilding costs and expenses |
7,242,516 |
|
7,497,119 |
|
20,345,494 |
|
21,184,631 |
|
Homebuilding net margins |
516,981 |
|
756,556 |
|
1,328,880 |
|
2,196,776 |
|
Homebuilding equity in earnings from unconsolidated |
4,808 |
|
10,190 |
|
45,659 |
|
62,910 |
|
Homebuilding other income (expense), net |
(19,827) |
|
(6,961) |
|
(10,178) |
|
37,606 |
|
Homebuilding operating earnings |
$ 501,962 |
|
759,785 |
|
1,364,361 |
|
2,297,292 |
|
|
|
|
|
|
|
|
|
|
Financial Services revenues |
$ 226,121 |
|
314,195 |
|
678,615 |
|
889,370 |
|
Financial Services costs and expenses (1) |
95,805 |
|
136,323 |
|
355,883 |
|
410,735 |
|
Financial Services operating earnings |
$ 130,316 |
|
177,872 |
|
322,732 |
|
478,635 |
|
|
|
|
|
|
|
|
|
|
Multifamily revenues |
$ 38,475 |
|
228,465 |
|
184,538 |
|
521,966 |
|
Multifamily costs and expenses |
40,868 |
|
238,791 |
|
204,084 |
|
566,844 |
|
Multifamily equity in earnings (loss) from unconsolidated |
(476) |
|
(6,145) |
|
52,861 |
|
13,630 |
|
Multifamily operating earnings (loss) |
$ (2,869) |
|
(16,471) |
|
33,315 |
|
(31,248) |
|
|
|
|
|
|
|
|
|
|
Lennar Other revenues |
$ 22,026 |
|
13,943 |
|
67,940 |
|
26,582 |
|
Lennar Other costs and expenses |
48,393 |
|
45,450 |
|
135,803 |
|
99,039 |
|
Lennar Other equity in earnings (loss) from unconsolidated |
(3,905) |
|
(5,218) |
|
1,815 |
|
(14,503) |
|
Lennar Other gains (losses) from technology investments |
(53,335) |
|
99,223 |
|
(61,749) |
|
7,280 |
|
Lennar Other operating earnings (loss) |
$ (83,607) |
|
62,498 |
|
(127,797) |
|
(79,680) |
|
(1) |
Includes one-time items of |
|
LENNAR CORPORATION AND SUBSIDIARIES |
|
Summary of Deliveries, New Orders and Backlog |
|
(Dollars in thousands, except average sales price) |
|
(unaudited) |
|
|
|
Lennar's reportable homebuilding segments and all other homebuilding operations not required to be reported separately have divisions located in: |
|
|
|
East: Florida, |
|
Central: Alabama, |
|
South Central: |
|
West: Arizona, |
|
Other: Urban divisions |
|
|
|
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Three Months Ended August 31, |
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|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Deliveries: |
Homes |
|
Dollar Value |
|
Average Sales Price |
||||||
|
East |
5,017 |
|
4,905 |
|
$ 1,865,545 |
|
1,797,088 |
|
$ 372,000 |
|
366,000 |
|
Central |
5,322 |
|
5,334 |
|
1,943,777 |
|
2,020,518 |
|
365,000 |
|
379,000 |
|
South Central |
5,969 |
|
6,413 |
|
1,372,191 |
|
1,507,314 |
|
230,000 |
|
235,000 |
|
West |
4,529 |
|
4,926 |
|
2,588,288 |
|
2,950,118 |
|
571,000 |
|
599,000 |
|
Other |
3 |
|
6 |
|
1,284 |
|
3,622 |
|
428,000 |
|
604,000 |
|
Total |
20,840 |
|
21,584 |
|
$ 7,771,085 |
|
8,278,660 |
|
$ 372,000 |
|
383,000 |
|
|
|||||||||||
|
Of the total homes delivered listed above, 51 homes with a dollar value of |
|||||||||||
|
|
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|
|
At August 31, |
|
Three Months Ended August 31, |
||||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
New Orders: |
Active Communities |
|
Homes |
|
Dollar Value |
|
Average Sales Price |
||||||||
|
East |
344 |
|
360 |
|
4,831 |
|
5,792 |
|
|
|
2,081,377 |
|
$ 373,000 |
|
359,000 |
|
Central |
464 |
|
452 |
|
5,625 |
|
5,428 |
|
1,927,876 |
|
1,958,262 |
|
343,000 |
|
361,000 |
|
South Central |
479 |
|
411 |
|
6,100 |
|
7,055 |
|
1,387,570 |
|
1,582,753 |
|
227,000 |
|
224,000 |
|
West |
425 |
|
440 |
|
4,319 |
|
4,725 |
|
2,386,135 |
|
2,814,895 |
|
552,000 |
|
596,000 |
|
Other |
1 |
|
1 |
|
4 |
|
4 |
|
1,830 |
|
2,445 |
|
457,000 |
|
611,000 |
|
Total |
1,713 |
|
1,664 |
|
20,879 |
|
23,004 |
|
|
|
8,439,732 |
|
$ 359,000 |
|
367,000 |
|
|
|||||||||||||||
|
Of the total new orders listed above, 37 homes with a dollar value of |
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|
|
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|
|
Nine Months Ended August 31, |
||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Deliveries: |
Homes |
|
Dollar Value |
|
Average Sales Price |
||||||
|
East |
13,928 |
|
14,031 |
|
$ 5,206,614 |
|
5,259,789 |
|
$ 374,000 |
|
375,000 |
|
Central |
13,729 |
|
13,828 |
|
4,951,404 |
|
5,294,015 |
|
361,000 |
|
383,000 |
|
South Central |
17,294 |
|
17,317 |
|
3,995,511 |
|
4,173,587 |
|
231,000 |
|
241,000 |
|
West |
13,260 |
|
14,351 |
|
7,598,188 |
|
8,657,783 |
|
573,000 |
|
603,000 |
|
Other |
11 |
|
22 |
|
7,065 |
|
14,341 |
|
642,000 |
|
652,000 |
|
Total |
58,222 |
|
59,549 |
|
$ 21,758,782 |
|
23,399,515 |
|
$ 372,000 |
|
393,000 |
|
|
|||||||||||
|
Of the total homes delivered listed above, 208 homes with a dollar value of |
|||||||||||
|
|
|||||||||||
|
|
Nine Months Ended August 31, |
||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
New Orders: |
Homes |
|
Dollar Value |
|
Average Sales Price |
||||||
|
East |
14,375 |
|
15,459 |
|
$ 5,442,049 |
|
5,621,317 |
|
$ 379,000 |
|
364,000 |
|
Central |
15,435 |
|
15,244 |
|
5,460,671 |
|
5,746,412 |
|
354,000 |
|
377,000 |
|
South Central |
17,398 |
|
18,602 |
|
4,026,684 |
|
4,362,932 |
|
231,000 |
|
235,000 |
|
West |
13,923 |
|
14,634 |
|
7,915,169 |
|
8,701,073 |
|
568,000 |
|
595,000 |
|
Other |
12 |
|
21 |
|
7,610 |
|
13,993 |
|
634,000 |
|
666,000 |
|
Total |
61,143 |
|
63,960 |
|
$ 22,852,183 |
|
24,445,727 |
|
$ 373,000 |
|
382,000 |
|
|
|||||||||||
|
Of the total new orders listed above, 165 homes with a dollar value of |
|||||||||||
|
|
|||||||||||
|
|
At August 31, |
||||||||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Backlog: |
Homes |
|
Dollar Value |
|
Average Sales Price |
||||||
|
East |
5,269 |
|
4,787 |
|
$ 2,006,885 |
|
1,847,937 |
|
$ 381,000 |
|
386,000 |
|
Central |
5,178 |
|
4,795 |
|
1,781,944 |
|
1,841,720 |
|
344,000 |
|
384,000 |
|
South Central |
3,149 |
|
4,072 |
|
689,111 |
|
892,312 |
|
219,000 |
|
219,000 |
|
West |
3,260 |
|
3,299 |
|
1,866,975 |
|
2,066,021 |
|
573,000 |
|
626,000 |
|
Other |
1 |
|
— |
|
545 |
|
— |
|
545,000 |
|
— |
|
Total |
16,857 |
|
16,953 |
|
$ 6,345,460 |
|
6,647,990 |
|
$ 376,000 |
|
392,000 |
|
|
|||||||||||
|
Of the total homes in backlog listed above, 36 homes with a backlog dollar value of |
|||||||||||
|
|
|||||||||||
|
LENNAR CORPORATION AND SUBSIDIARIES |
|||
|
Condensed Consolidated Balance Sheets |
|||
|
(In thousands, except per share amounts) |
|||
|
(unaudited) |
|||
|
|
|||
|
|
August 31, 2026 |
|
November 30, 2025 |
|
ASSETS |
|
|
|
|
Homebuilding: |
|
|
|
|
Cash and cash equivalents |
$ 1,150,115 |
|
3,441,324 |
|
Restricted cash |
34,093 |
|
25,930 |
|
Receivables, net |
924,858 |
|
1,002,629 |
|
Inventories: |
|
|
|
|
Finished homes and construction in progress |
10,670,269 |
|
8,822,271 |
|
Land and land under development |
865,134 |
|
1,098,961 |
|
Inventory owned |
11,535,403 |
|
9,921,232 |
|
Consolidated inventory not owned |
1,408,036 |
|
1,696,401 |
|
Inventory owned and consolidated inventory not owned |
12,943,439 |
|
11,617,633 |
|
Deposits and pre-acquisition costs on real estate |
7,327,193 |
|
6,383,633 |
|
Investments in unconsolidated entities |
1,470,473 |
|
1,545,370 |
|
Goodwill |
3,442,359 |
|
3,442,359 |
|
Other assets |
1,803,804 |
|
1,794,378 |
|
|
29,096,334 |
|
29,253,256 |
|
Financial Services |
2,770,652 |
|
3,377,413 |
|
Multifamily |
815,039 |
|
902,136 |
|
Lennar Other |
696,200 |
|
897,632 |
|
Total assets |
$ 33,378,225 |
|
34,430,437 |
|
|
|||
|
LIABILITIES AND EQUITY |
|
|
|
|
Homebuilding: |
|
|
|
|
Accounts payable |
$ 1,795,955 |
|
1,812,484 |
|
Liabilities related to consolidated inventory not owned |
1,250,439 |
|
1,476,376 |
|
Senior notes and other debts payable, net |
4,297,251 |
|
4,084,686 |
|
Other liabilities |
2,448,954 |
|
2,691,876 |
|
|
9,792,599 |
|
10,065,422 |
|
Financial Services |
1,720,568 |
|
2,010,598 |
|
Multifamily |
76,247 |
|
113,361 |
|
Lennar Other |
92,391 |
|
100,447 |
|
Total liabilities |
11,681,805 |
|
12,289,828 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock |
— |
|
— |
|
Class A common stock of |
26,312 |
|
26,158 |
|
Class B common stock of |
3,660 |
|
3,660 |
|
Additional paid-in capital |
6,049,974 |
|
5,909,726 |
|
Retained earnings |
22,923,564 |
|
22,471,471 |
|
Treasury stock |
(7,450,306) |
|
(6,457,609) |
|
Accumulated other comprehensive income |
5,755 |
|
6,011 |
|
Total stockholders' equity |
21,558,959 |
|
21,959,417 |
|
Noncontrolling interests |
137,461 |
|
181,192 |
|
Total equity |
21,696,420 |
|
22,140,609 |
|
Total liabilities and equity |
$ 33,378,225 |
|
34,430,437 |
|
LENNAR CORPORATION AND SUBSIDIARIES |
|||||
|
Supplemental Data |
|||||
|
(Dollars in thousands) |
|||||
|
(unaudited) |
|||||
|
|
|||||
|
|
August 31, 2026 |
|
November 30, 2025 |
|
August 31, 2025 |
|
Homebuilding debt |
$ 4,297,251 |
|
4,084,686 |
|
3,523,766 |
|
Stockholders' equity |
21,558,959 |
|
21,959,417 |
|
22,570,320 |
|
Total capital |
$ 25,856,210 |
|
26,044,103 |
|
26,094,086 |
|
Homebuilding debt to total capital |
16.6 % |
|
15.7 % |
|
13.5 % |
|
|
|
|
|
|
|
|
Homebuilding debt |
$ 4,297,251 |
|
4,084,686 |
|
3,523,766 |
|
Less: Homebuilding cash and cash equivalents |
1,150,115 |
|
3,441,324 |
|
1,406,215 |
|
Net homebuilding debt |
$ 3,147,136 |
|
643,362 |
|
2,117,551 |
|
Net homebuilding debt to total capital (1) |
12.7 % |
|
2.8 % |
|
8.6 % |
|
(1) |
Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results. |
Contact:
Jorge Almeida
Investor Relations
Lennar Corporation
(305) 485-4129
View original content:https://www.prnewswire.com/news-releases/lennar-reports-third-quarter-2026-results-302881102.html
SOURCE Lennar Corporation
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