Lennar Reports Second Quarter 2026 Results
Lennar reported Q2 2026 GAAP EPS of $1.24, down 32% year-over-year, driven by a 5% decline in average sales prices and higher land costs, though deliveries rose 2% to 20,519 homes. New orders fell 4% YoY to 21,749 homes, reflecting persistent headwinds from elevated mortgage rates and constrained affordability, with incentive levels remaining high at 12.9%.
Key figures
- Eps
- 1.24
- Eps Beat
- 0
- Revenue
- 7939872000
- Guidance
- Q3 deliveries 20,500-21,500 homes; FY26 deliveries moderated to 82,000-83,000 homes
- Revenue Yoy
- -5.2%
- Eps adj
- 1.31
- Deliveries
- 20519
- New orders
- 21749
- Net earnings
- 305000000
- Backlog homes
- 16818
- Backlog value
- 6606273000
- Buyback value
- 447000000
- Debt redeemed
- 400000000
- Deliveries yoy
- 2%
- New orders yoy
- -4%
- Avg sales price
- 371000
- Incentive level
- 12.9%
- Shares repurchased
- 5000000
- Cash and equivalents
- 1816248000
- Gross margin home sales
- 15.6%
- Homebuilding debt to capital
- 15.8%
- Homebuilding operating earnings
- 489371000
AI analysis
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