Lennar posts $1.19 diluted EPS and $8.0 billion revenue in third quarter

Lennar Corporation (NYSE: LEN and LEN.B) reported net earnings of $284 million, or $1.19 per diluted share, for the third quarter ended Aug. 31, 2026, according to an earnings release furnished with a Form 8-K on Sept. 16. That compared with $591 million, or $2.29 per diluted share, in the year-earlier quarter.

Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in Financial Services, Lennar said diluted EPS was $1.23. Total revenues were $8.0 billion. The company delivered 20,840 homes, down 3% from a year earlier, and recorded 20,879 new orders, down 9%. Backlog stood at 16,857 homes with a dollar value of $6.3 billion.

Homebuilding operating earnings were $502 million. Gross margin on home sales was 15.8%, S,G&A was 9.2% of home-sale revenues, and net margin on home sales was 6.6%. Financial Services operating earnings were $129 million. Lennar said the average sales price was $372,000, reflecting about 12.0% in incentives along with base-price adjustments.

Lennar reported homebuilding cash and cash equivalents of $1.2 billion, redeemed $400 million of 5.25% senior notes due June 2026, and had $650 million drawn on a $3.1 billion revolving credit facility. Homebuilding debt to total capital was 16.6%. The company repurchased 3 million shares of common stock for $256 million in the quarter.

By the numbers

• Diluted EPS: $1.19 ($1.23 ex items described above)
• Net earnings: $284 million
• Revenue: $8.0 billion
• Deliveries: 20,840 homes (−3% YoY); new orders: 20,879 (−9%)
• Gross margin on home sales: 15.8%
• Buybacks: 3 million shares for $256 million

Sources

1. Lennar Corporation Form 8-K / Exhibit 99.1, filed Sept. 16, 2026, accession 0001628280-26-062287

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