Kirby McInerney prověřuje Lennar kvůli možnému porušení federálních zákonů o cenných papírech po zprávě o nákupech domů odštěpenou společností Millrose; akcie mezi 2. a 5. říjnem klesly o 6,73 %.
New York, New York--(Newsfile Corp. - October 21, 2026) - The law firm of Kirby McInerney LLP continues its investigation on behalf of Lennar Corporation ("Lennar" or the "Company") (NYSE: LEN) investors concerning the Company's and/or members of its senior management's possible violation of the federal securities laws and other unlawful business practices.
[CONTACT THE FIRM IF YOU SUFFERED A LOSS]
What Happened?
On October 2, 2026, Hunterbrook Media LLC published a report entitled "Exclusive: Lennar's Big New Customer Is Its Own Spinoff, Millrose," revealing that Millrose, the spinoff company Lennar created in 2025 to hold its land, bought over $200 million of Lennar homes in about a month and has become the largest buyer of Lennar homes in the last month. The report asserts that "the purchases arrived just when Lennar needed them" and that "these sales were the difference between meeting and missing [its delivery forecast]," as Millrose purchased 356 homes in the last week of Lennar's third quarter 2026, and Lennar beat its delivery forecast by 340 homes. The report also states that Millrose has been purchasing Lennar homes for higher prices than individual and other institutional buyers and is renting those homes out at a loss. On this news, the price of Lennar shares declined by $5.37 per share, or approximately 6.73%, from $79.81 per share on October 2, 2026, to close at $74.44 on October 5, 2026.
What Should I Do?
At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.
If you purchased or otherwise acquired Lennar securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
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Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found on Kirby McInerney LLP's website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320087
Source: Kirby McInerney LLP
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Lennar ve třetím fiskálním čtvrtletí nesplnil odhady: upravený zisk na akcii činil 1,23 USD a tržby dosáhly 8,05 mld. USD. Společnost snížila celoroční výhled dodávek na 80–81 tisíc domů.
A month has gone by since the last earnings report for Lennar (LEN - Free Report) . Shares have lost about 2.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Lennar due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Lennar Corporation before we dive into how investors and analysts have reacted as of late.
Lennar Q3 Earnings Miss Estimates on Housing Weakness, Revenues LagLennar reported weaker-than-expected third-quarter fiscal 2026 (ended Aug. 31) results. The quarter’s adjusted earnings and total revenues missed the Zacks Consensus Estimate and declined year over year.
Ongoing softness in housing demand, driven by elevated mortgage rates, led to lower deliveries and a weaker average sales price (ASP) for homes delivered, which drove the quarterly decline.
LEN’s Quarterly NumbersAdjusted earnings of $1.23 per share missed the Zacks Consensus Estimate of $1.29 by 4.7% and fell 38.5% from $2.00 per share a year ago.
Total revenues of $8.05 billion missed the consensus estimate of $8.33 billion by 3.4% and declined 8.6% year over year. Lower deliveries and home prices weighed on results amid affordability pressure. Inventory turn stood at 2.4 times.
Lennar’s Homebuilding HighlightsHomebuilding revenues decreased 6% year over year to $7.76 billion from $8.25 billion. Home sales revenue fell to $7.73 billion from $8.21 billion, reflecting weaker pricing and fewer closings.
Home deliveries declined 3.4% to 20,840 from 21,584 but remained within management's guidance of 20,500-21,500 homes. The ASP of homes delivered decreased 2.9% to $372,000 from $383,000. Management said pricing reflected about 12% in incentives, along with base-price adjustments aimed at sustaining volume.
New orders fell 9.2% year over year to 20,879 homes. Their dollar value decreased 11.1% to $7.5 billion from $8.44 billion, while the ASP of new orders declined to $359,000 from $367,000. Backlog slipped 0.6% to 16,857 homes from 16,953. The backlog value declined 4.6% to $6.35 billion from $6.65 billion, while the average sales price in backlog fell to $376,000 from $392,000. Active communities increased to 1,713 from 1,664.
Gross margin on home sales contracted to 15.8% from 17.5% a year ago. Lower revenue per square foot and higher land costs contributed to the decline, partly offset by lower construction costs from ongoing cost-saving initiatives. Selling, general and administrative (SG&A) expenses rose to 9.2% of home sales from 8.2%, mainly because of lower revenue leverage and higher marketing and selling costs. Net margin on home sales was 6.6%. Construction cost per square foot improved 6% year over year, while cycle time fell to a record 116 days from 126 days.
Lennar's Financial Services & Other Segments DivergeFinancial Services revenues declined to $226.1 million from $314.2 million a year ago. Operating earnings decreased to $129 million from $177 million. The current quarter included $39 million of net one-time items, primarily tied to a litigation accrual reversal following a court judgment.
Multifamily revenues fell to $38.5 million from $228.5 million, while its operating loss narrowed to $3 million from $16 million.
Lennar Other revenues rose to $22 million from $13.9 million, but the segment posted an $84 million operating loss against $62 million of operating earnings a year ago, largely due to $53 million of mark-to-market losses on technology investments.
LEN's Balance Sheet Shows Higher LeverageHomebuilding cash and cash equivalents totaled $1.15 billion at quarter-end. Lennar had $650 million of borrowings outstanding under its $3.1 billion revolving credit facility. Homebuilding debt to total capital was 16.6% compared with 13.5% a year earlier.
The company repurchased 3 million shares for $256 million at an average price of $85.49 and redeemed $400 million of 5.25% senior notes due June 2026. Of roughly 488,000 homesites owned and controlled, less than 2.5% were owned on the balance sheet.
Lennar's Q4 Outlook Reflects Continued Market PressureFor the fourth quarter of fiscal 2026, Lennar expects new orders of 19,500-20,500 homes (from 20,018 in the year-ago quarter) and deliveries of 22,000-23,000 homes (from 23,034 in the year-ago quarter). The ASP is projected between $370,000 and $380,000 (from $386,000 in the year-ago quarter).
Gross margin on home sales is expected at 15.5-16% (from 17% in the year-ago quarter), while SG&A is projected at 8.7-9% of home sales (from 7.8% in the year-ago quarter). The EPS is expected to be approximately $1.30-$1.65. Management reduced its full-year fiscal 2026 delivery target to about 80,000-81,000 homes from 82,000-83,000, citing continued interest-rate pressure and weaker market conditions. Financial Services operating earnings are forecast at $90-$95 million.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -26.5% due to these changes.
VGM ScoresAt this time, Lennar has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Lennar has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.
Advokátní kancelář vyšetřuje společnost Lennar kvůli možnému porušení federálních zákonů o cenných papírech v návaznosti na zprávu o dodávkách domů ve třetím čtvrtletí.
LOS ANGELES, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, continues its investigation on behalf of Lennar Corporation (“Lennar” or the “Company”) (NYSE: LEN) investors concerning the Company’s possible violations of the federal securities laws.
IF YOU ARE AN INVESTOR WHO LOST MONEY ON LENNAR CORPORATION (LEN), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.
What Happened?
On October 2, 2026, Hunterbrook Media published a report alleging, among other things, that Lennar Corporation reported 20,840 home deliveries for the third quarter against guidance of 20,500 to 21,500 deliveries. According to the report, Lennar Corporation exceeded the low end of its third-quarter delivery guidance by 340 homes only because Millrose Properties, Inc. purchased approximately 356 Lennar Corporation homes in the final week of the quarter.
On this news, Lennar's stock fell $5.37 or 6.73%, to close at $74.44 on October 5, 2026, thereby injuring investors.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
Charles H. Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.
Whistleblower Notice
Persons with non-public information regarding Lennar Corporation should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
About Glancy Prongay Wolke & Rotter LLP
Glancy Prongay Wolke & Rotter LLP (“GPWR”) is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPWR has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPWR was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements.
With four offices across the country, GPWR’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPWR’s lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPWR’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contact Us:
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles, CA 90067
Charles H. Linehan
Email: [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.
Berkshire Hathaway 2. října koupila 1 708 095 akcií společnosti Lennar za průměrnou cenu 79,44 USD za akcii, čímž zvýšila svůj akciový podíl o 6,39 % na 28 438 045 akcií.
JGP Wealth Management LLC raised its holdings in shares of Lennar Corporation (NYSE:LEN – Free Report) by 13.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,537 shares of the construction company’s stock after purchasing an additional 7,577 shares during the period. JGP Wealth Management LLC’s holdings in Lennar were worth $5,184,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the business. Janus Henderson Group PLC grew its stake in shares of Lennar by 19.7% in the 1st quarter. Janus Henderson Group PLC now owns 2,546,970 shares of the construction company’s stock worth $221,176,000 after buying an additional 419,745 shares during the last quarter. Swiss National Bank increased its position in Lennar by 4.8% during the 1st quarter. Swiss National Bank now owns 601,468 shares of the construction company’s stock valued at $52,231,000 after buying an additional 27,500 shares in the last quarter. River Road Asset Management LLC raised its stake in Lennar by 10.3% during the fourth quarter. River Road Asset Management LLC now owns 461,696 shares of the construction company’s stock valued at $47,462,000 after buying an additional 43,186 shares during the last quarter. Nan Shan Life Insurance Co. Ltd. raised its stake in Lennar by 6,292.5% during the second quarter. Nan Shan Life Insurance Co. Ltd. now owns 328,000 shares of the construction company’s stock valued at $29,681,000 after buying an additional 322,869 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in Lennar by 2.3% during the first quarter. California Public Employees Retirement System now owns 313,354 shares of the construction company’s stock valued at $27,212,000 after buying an additional 7,103 shares during the last quarter. 81.10% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes Several brokerages have recently weighed in on LEN. Truist Financial reduced their price target on Lennar from $80.00 to $75.00 and set a “hold” rating for the company in a report on Wednesday, September 16th. Morgan Stanley initiated coverage on shares of Lennar in a research report on Thursday, October 1st. They set an “underweight” rating and a $65.00 price objective on the stock. Seaport Research Partners reduced their price objective on shares of Lennar from $74.00 to $70.00 and set a “sell” rating for the company in a research note on Monday, September 21st. JPMorgan Chase & Co. decreased their target price on shares of Lennar from $80.00 to $77.00 and set an “underweight” rating for the company in a report on Tuesday, June 16th. Finally, Benchmark upgraded shares of Lennar to a “hold” rating in a report on Thursday, September 3rd. One research analyst has rated the stock with a Buy rating, eight have given a Hold rating and ten have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $79.00.
View Our Latest Stock Report on LEN Lennar Trading Down 2.8% Lennar stock opened at $74.52 on Tuesday. Lennar Corporation has a one year low of $73.75 and a one year high of $133.76. The business’s fifty day moving average is $82.68 and its 200 day moving average is $86.27. The stock has a market capitalization of $17.73 billion, a PE ratio of 14.09, a price-to-earnings-growth ratio of 2.89 and a beta of 1.36. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.94 and a quick ratio of 0.69.
Lennar (NYSE:LEN – Get Free Report) last issued its earnings results on Wednesday, September 16th. The construction company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.06). Lennar had a return on equity of 6.15% and a net margin of 4.09%. The company had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $8.32 billion. During the same quarter in the prior year, the business posted $2.00 EPS. The company’s revenue for the quarter was down 8.7% compared to the same quarter last year. On average, sell-side analysts predict that Lennar Corporation will post 4.87 EPS for the current year.
Lennar Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, October 22nd. Stockholders of record on Wednesday, October 7th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, October 7th. Lennar’s dividend payout ratio (DPR) is 37.81%.
Insider Activity In other news, major shareholder Berkshire Hathaway Inc acquired 1,708,095 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The stock was bought at an average price of $79.44 per share, with a total value of $135,691,066.80. Following the completion of the acquisition, the insider directly owned 28,438,045 shares of the company’s stock, valued at approximately $2,259,118,294.80. The trade was a 6.39% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders acquired 7,502,276 shares of company stock valued at $595,303,287. Company insiders own 10.05% of the company’s stock.
Lennar Company Profile (Free Report)
Lennar Corporation (NYSE: LEN) is a homebuilding company that designs, constructs and sells single-family homes and, through its multifamily operations, develops apartment communities. Its residential offerings generally include homes across a range of sizes and prices, serving first-time, move-up and active-adult buyers.
The company also provides related services through businesses involved in mortgage financing, title and closing services, insurance and other real estate activities. Lennar develops residential communities and manages land acquisition, planning and construction as part of its integrated homebuilding model.
Founded in 1954, Lennar has expanded from its origins in South Florida into a national homebuilder serving numerous markets across the United States.
Further Reading Five stocks we like better than Lennar Salesforce Just Got a Rare Double Upgrade—What Changed? OpenAI’s Revenue Scare Could Be a Big Opportunity for Investors China Still Dominates Rare Earths—These 3 U.S. Companies Could Benefit 3 REITs That May Win in a Higher Interest Rate Environment Want to see what other hedge funds are holding LEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lennar Corporation (NYSE:LEN – Free Report).
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Block & Leviton prověřuje společnost Lennar kvůli možnému klamání investorů: nebýt nákupů stovek domů společností Millrose, mohly dodávky ve třetím fiskálním čtvrtletí zaostat za plánem.
Boston, Massachusetts--(Newsfile Corp. - October 13, 2026) - Block & Leviton is investigating Lennar (NYSE: LEN) for potential securities law violations. Investors who have lost money in their Lennar investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/len.
What is this all about?
Block & Leviton is investigating whether Lennar may have misled investors about the strength of its home deliveries. Lennar reported fiscal third-quarter deliveries of 20,840 homes, above the 20,500 it initially forecast, at a time when the housing market was weakening. A report found that Millrose Properties bought hundreds of Lennar homes in the final week of that quarter, and that without those purchases Lennar's deliveries may have fallen below its target. Lennar spun off Millrose in 2025, and Lennar's CEO reportedly holds significant voting power over it. Then on October 5, 2026, Lennar's stock fell after an analyst downgraded Millrose, citing uncertainty about its shift toward buying build-to-rent homes from Lennar, its largest customer. Block & Leviton is investigating.
Who is eligible?
Anyone who purchased Lennar common stock and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (888) 256-2510.
Whistleblower?
If you have non-public information about Lennar, you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at [email protected] or by phone at (888) 256-2510.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email [email protected] with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318707
Source: Block & Leviton LLP
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Advokátní kancelář Glancy Prongay Wolke & Rotter vyšetřuje společnost Lennar kvůli možnému porušení federálních zákonů o cenných papírech. Akcie 5. října 2026 klesly o 6,73 %.
Securities Fraud Investigation Into Lennar Corporation (LEN) Announced -- Shareholders Who Lost Money Urged To Contact Glancy Prongay Wolke & Rotter LLP, a Leading Securities Fraud Law Firm Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Lennar Corporation (“Lennar” or the “Company”) (NYSE: LEN) investors concerning the Company’s possible violations of the federal securities laws.
IF YOU ARE AN INVESTOR WHO LOST MONEY ON LENNAR CORPORATION (LEN), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.
What Happened?
On October 2, 2026, Hunterbrook Media published a report alleging, among other things, that Lennar Corporation reported 20,840 home deliveries for the third quarter against guidance of 20,500 to 21,500 deliveries. According to the report, Lennar Corporation exceeded the low end of its third-quarter delivery guidance by 340 homes only because Millrose Properties, Inc. purchased approximately 356 Lennar Corporation homes in the final week of the quarter.
On this news, Lennar's stock fell $5.37 or 6.73%, to close at $74.44 on October 5, 2026, thereby injuring investors.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
Charles H. Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.
Whistleblower Notice
Persons with non-public information regarding Lennar Corporation should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
About Glancy Prongay Wolke & Rotter LLP
Glancy Prongay Wolke & Rotter LLP (“GPWR”) is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. GPWR has been consistently ranked in the Top 50 Securities Class Action Settlements by ISS Securities Class Action Services. In 2018, GPWR was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements.
With four offices across the country, GPWR’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPWR’s lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPWR’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20261008691145/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Společnost Lennar za devět měsíců končících v srpnu 2026 snížila tržby z prodeje domů o 7 % na 21,6 mld. USD, zatímco její hrubá marže klesla z 18 % na 15,5 %.
Key Takeaways Lennar's home-sale revenues fell 7% as deliveries declined 2% and ASP dropped 5% through August 2026.LEN cut construction costs 6% and improved cycle time to a record 116 days in fiscal 2026.Lennar expects fourth-quarter fiscal 2026 deliveries of 22,000-23,000 homes and a gross margin of 15.5-16%. Lennar Corporation (LEN - Free Report) is deliberately prioritizing housing volume over near-term margin expansion as affordability challenges continue to weigh on the U.S. housing market. The strategy is increasingly visible in its year-to-date results, raising the question of whether the tradeoff will create stronger long-term returns.
For the nine months ended August 2026, LEN’s home-sale revenues declined 7% year over year to $21.6 billion, as deliveries fell 2% to 58,222 and average selling price (ASP) declined 5% to $372,000. Gross margin contracted to 15.5% from 18%, while SG&A increased to 9.4% of revenues from 8.5%. Financial Services operating earnings also fell to $320.3 million from $476.9 million, reflecting lower mortgage volumes and profit per locked loan.
Still, Lennar’s strategy is generating meaningful operational gains. In the third quarter of fiscal 2026, construction costs fell 6% year over year to approximately $80 per square foot, while cycle time improved to a record 116 days from 126 days a year ago. Completed unsold inventory also declined to 1.8 homes per community. However, the backdrop remains challenging as the U.S. 30-year mortgage rates recently climbed to 7.28% (in September), while September 2026 pending home sales fell 8.5% year over year, underscoring persistent affordability pressure.
Given the current market backdrop, LEN expects fourth-quarter fiscal 2026 deliveries of 22,000-23,000 homes (down from 23,034 in the year-ago quarter) and a gross margin of 15.5-16% (down from 17% in the year-ago quarter). Its land-light model, with 98% of homesites controlled through third parties, supports balance-sheet flexibility.
Lennar’s volume-first strategy is pressuring near-term profitability, but falling construction costs, faster cycle times and disciplined land exposure could make the sacrifice worthwhile if housing affordability eventually improves.
Lennar vs. PulteGroup & D.R. Horton: Balance Between Price & Pace?Lennar, alongside other renowned homebuilders PulteGroup, Inc. (PHM - Free Report) and D.R. Horton, Inc. (DHI - Free Report) , are using incentives to navigate a difficult U.S. housing market, but the impact on profitability differs.
LEN is taking the most explicit volume-first approach, using roughly 12% incentives and pricing adjustments to sustain affordability. Meanwhile, PulteGroup is balancing price and pace, with second-quarter 2026 incentives at 10.4% and gross margin at 25%, down from 27% a year ago but up sequentially. Its orders rose 6%, suggesting incentives are supporting demand. D.R. Horton also expects elevated incentives as affordability remains strained, with third-quarter fiscal 2026 closings up 4%, but earnings down 12% and gross margin under pressure.
With mortgage rates recently reaching 7.28%, affordability pressures are likely to persist. Lennar offers stronger volume and cost-efficiency potential, while PulteGroup's higher margins and D.R. Horton's scale provide greater profitability cushions.
LEN Stock’s Price Performance & Valuation TrendThe Florida-based homebuilder’s shares have declined 12.6% over the past six months, underperforming the Zacks Building Products - Home Builders industry, the broader Zacks Construction sector and the S&P 500 Index.
Image Source: Zacks Investment Research
LEN stock is currently trading at a premium compared with its industry peers, with a forward 12-month price-to-earnings (P/E) ratio of 13.84, as the trend lines suggest below.
Image Source: Zacks Investment Research
Earnings Estimate Trend of LENLEN’s earnings estimates for fiscal 2026 and fiscal 2027 reflect a declining trend over the past 30 days, currently at $4.95 per share and $5.64 per share, respectively. The estimated figures for fiscal 2026 imply a year-over-year decline of 38.6%, while the same for fiscal 2027 reflects an improvement of 14%.
Image Source: Zacks Investment Research
Lennar currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Průměrná sazba 30leté hypotéky s pevnou sazbou vzrostla na roční maximum 7,46 %, což u hypotéky ve výši 400 000 USD zvýšilo měsíční splátku o 326 USD ve srovnání s loňskem.
Mortgage rates are closing in on a threshold that forecasters said would not arrive until next year, and homebuilders are already making painful tradeoffs to keep buyers at the table.
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A $400,000 mortgage now costs $2,786 a month in principal and interest. A year ago, the same loan cost $2,460, so the borrower pays $326 more each month, or $3,912 a year. The reason is that the average 30-year fixed rate rose to 7.46%, a one-year high, from 7.38%.
Freddie Mac’s weekly survey showed 7.28% on October 1, and a leading daily lender-quote index already reads 7.56%, above the 7.5% mark. Builder stocks went up anyway. On October 6, 2026, Lennar (NYSE:LEN | LEN Price Prediction) rose 3.99% to $77.41, and the iShares U.S. Home Construction ETF (CBOE:ITB) gained 1.66% to $87.
Why Rate Surveys Disagree Weekly surveys average lender quotes over several days and run behind the market. Daily indices reprice every afternoon. If you’re shopping for a loan, expect your quote to be near the daily number.
Freddie Mac’s figure rose from 7.03% the week before. Over the same period, the daily index eased 0.05 from 7.61%, although a year ago it stood at 6.38%.
Treasury Yields Set Your Mortgage Quote The 10-year Treasury yield closed at 5.27%, its highest close in 24 years. Mortgage rates track that yield much more closely than the federal funds rate. This gap means Fed cuts do not translate directly into lower mortgage rates.
The 10-year moves on inflation expectations and on how much debt the Treasury has to sell. Borrowers are already pulling back. Applications fell 6.0% in the latest weekly survey, and refinancing was down 56% from a year earlier.
Lennar Gives Up Margin to Keep Volume In Lennar’s fiscal third quarter, adjusted EPS of $1.23 missed the $1.2963 consensus. Homebuilding gross margin fell to 15.8% from 17.5%. New orders dropped 9%.
CEO Stuart Miller said the 30-year rate was “at approximately 6.8% at quarter end and even higher since.” On the earnings call, he stated: “we are compromising margin in order to maintain volume.”
Most margin goes into rate buydowns, where the builder pays the lender upfront so the buyer gets a lower rate. Incentives came to about 12.0% of sales. Higher rates make buydowns more expensive. Full-year delivery guidance was cut to 80,000 to 81,000 homes.
ITB spreads the same pressure across the whole builder group for a 0.37% expense ratio. It is down 8.62% for the year, compared with 23.52% for Lennar.
Rate Forecasts Already Look Out of Date In September, two major forecasters projected 6.8% by year-end, below every current reading. Lennar issued fourth-quarter margin guidance of 15.5% to 16.0% when the 30-year rate was approximately 7%.
Existing-home sales fell 2.0% in August to an annual rate of 3.98 million. The median price was $429,100. Prices stay high because owners locked into cheap mortgages will not sell.
Rates also explain only part of Lennar’s 6.75% drop over the past week, since a report questioned its land-banking relationship. Meanwhile, Berkshire Hathaway (NYSE:BRK.B) has kept adding to its Lennar stake.
How Lennar Stock Stacks Up Against ITB Now Lennar’s outlook looks weaker than that of the broader builder group. Lennar can close homes at these rates, but every buydown costs more. The stock trades below the $85.49 average price the company paid for buybacks in the third quarter.
ITB offers broader housing exposure than Lennar alone. It has held up far better, and its results depend on the whole builder group rather than on one company’s choice to give up margin.
The next test is Freddie Mac’s October 8 reading. If it comes in above 7.28%, a fourth-quarter margin at or below 15.5% becomes likely. If Lennar climbs back to $85.49 while rates stay this high, this view is wrong.
Contact [email protected] for any questions or corrections.
SummaryLennar Corporation trades at 0.83x book, well below peers, with Berkshire Hathaway now owning about 12% after significant recent purchases.I see fair value for LEN at $90–$100 per share, supported by long-term U.S. housing shortages and Lennar’s asset-light, high-volume strategy.LEN faces near-term margin pressure (15.8% Q3 gross margin), high mortgage rates, and governance questions regarding related-party sales to Millrose.Despite risks, LEN’s balance sheet, scale, and patient capital position it for recovery; current valuation already discounts substantial negative sentiment. JHVEPhoto/iStock Editorial via Getty Images
Lennar Corporation (LEN) closed at $74.44 on Monday, October 5, a new 52-week low and 44% below the $133.76 high. The stock now trades at about 0.83x book value, and it is the only large public homebuilder I follow priced
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of LEN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Lennar Corporation (NYSE:LEN – Get Free Report) announced a quarterly dividend on Wednesday, September 23rd. Shareholders of record on Wednesday, October 7th will be given a dividend of $0.50 per share by the construction company on Thursday, October 22nd. This represents a $2.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Wednesday, October 7th.
Lennar has increased its dividend payment by an average of 0.8%per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Lennar has a payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Lennar to earn $5.70 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 35.1%.
Lennar Trading Up 0.0% NYSE LEN opened at $79.84 on Monday. The stock has a market cap of $19.23 billion, a PE ratio of 15.09, a PEG ratio of 3.00 and a beta of 1.36. Lennar has a 12 month low of $75.70 and a 12 month high of $133.76. The company’s 50-day moving average price is $83.73 and its 200-day moving average price is $87.01. The company has a current ratio of 4.94, a quick ratio of 0.69 and a debt-to-equity ratio of 0.20.
Lennar (NYSE:LEN – Get Free Report) last posted its quarterly earnings results on Wednesday, September 16th. The construction company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.06). The company had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $8.32 billion. Lennar had a net margin of 4.09% and a return on equity of 6.15%. The business’s revenue was down 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.00 EPS. Equities research analysts forecast that Lennar will post 4.87 earnings per share for the current year. Insider Transactions at Lennar In related news, major shareholder Berkshire Hathaway Inc acquired 1,381,397 shares of the stock in a transaction dated Friday, September 18th. The stock was acquired at an average cost of $76.48 per share, for a total transaction of $105,649,242.56. Following the completion of the purchase, the insider owned 23,075,025 shares of the company’s stock, valued at approximately $1,764,777,912. This represents a 6.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have purchased 5,083,639 shares of company stock worth $402,669,384. Corporate insiders own 10.05% of the company’s stock.
Institutional Inflows and Outflows A number of hedge funds have recently modified their holdings of LEN. Janus Henderson Group PLC boosted its holdings in Lennar by 19.7% in the first quarter. Janus Henderson Group PLC now owns 2,546,970 shares of the construction company’s stock valued at $221,176,000 after purchasing an additional 419,745 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Lennar by 90.9% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,963,373 shares of the construction company’s stock worth $201,835,000 after buying an additional 934,856 shares during the period. Swiss National Bank lifted its holdings in Lennar by 4.8% during the first quarter. Swiss National Bank now owns 601,468 shares of the construction company’s stock valued at $52,231,000 after purchasing an additional 27,500 shares in the last quarter. River Road Asset Management LLC boosted its holdings in Lennar by 10.3% in the 4th quarter. River Road Asset Management LLC now owns 461,696 shares of the construction company’s stock worth $47,462,000 after buying an additional 43,186 shares during the last quarter. Finally, Nan Shan Life Insurance Co. Ltd. raised its stake in Lennar by 6,292.5% in the 2nd quarter. Nan Shan Life Insurance Co. Ltd. now owns 328,000 shares of the construction company’s stock valued at $29,681,000 after purchasing an additional 322,869 shares during the last quarter. 81.10% of the stock is owned by institutional investors and hedge funds.
About Lennar (Get Free Report)
Lennar Corporation (NYSE: LEN) is a homebuilding company that designs, constructs and sells single-family homes and, through its multifamily operations, develops apartment communities. Its residential offerings generally include homes across a range of sizes and prices, serving first-time, move-up and active-adult buyers.
The company also provides related services through businesses involved in mortgage financing, title and closing services, insurance and other real estate activities. Lennar develops residential communities and manages land acquisition, planning and construction as part of its integrated homebuilding model.
Founded in 1954, Lennar has expanded from its origins in South Florida into a national homebuilder serving numerous markets across the United States.
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Berkshire Hathaway (BRKB +0.18%) recently completed an acquisition that makes it the nation's fourth-largest homebuilder.
This summer, the investment and insurance conglomerate built by Warren Buffett acquired Taylor Morrison, a Scottsdale, Arizona-based community developer and homebuilder, for $6.8 billion. Berkshire said it would merge Taylor Morrison with Clayton Properties Group, a Berkshire-owned collection of 15 regional and local homebuilders.
The two builders together delivered almost 23,000 site-built homes in 2025 in 21 states and 52 housing markets. Berkshire also owns a $2.2 billion stake in homebuilder Lennar (LEN -4.60%), which amounts to about 11% of that company, and small stakes in NVR (NVR -0.64%) and D.R. Horton (DHI -0.93%), two other homebuilders.
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The housing market continues to struggle The U.S. housing market has been struggling for years due to a shortage of housing supply and, more recently, soaring mortgage rates that have made home purchases impossible for many Americans. The average 30-year mortgage rate has climbed to almost 7.3% this year, more than one percentage point higher than at the beginning of 2026 and well more than double what the rate was five years ago.
Because of insufficient home construction in the years following the 2008 financial crisis -- which itself resulted from a housing bubble collapse in the U.S. -- there is a huge national shortage of homes. Estimates of that shortage range from 3.7 million homes to as many as 10 million. By any estimate, it's huge.
It's also a huge problem, and both political parties in Washington are trying to remedy it. In July, Congress passed a bipartisan bill called the 21st Century ROAD to Housing Act that is intended to make it easier to build and finance houses. But many industry analysts say it doesn't do enough and won't make a huge dent in the housing shortage.
Image source: Getty Images.
Berkshire, of course, is known to have a very long-term investment horizon. It also likes to buy depressed assets that it believes are undervalued by the market. It purchased $53.9 million of Lennar shares in late September, a stock that is down about 20% this year.
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"We don't envision a quick recovery there," Berkshire CEO Greg Abel told CNBC last month. "But we do see it as an industry that we definitely want to be invested in, and we're invested for the long-term."
I've written extensively about the housing market and companies in it, and I haven't been optimistic about them. But Berkshire's growing housing portfolio suddenly makes housing stocks much more intriguing.
Berkshire Hathaway v září navýšila podíl v Lennar o 53,9 milionu USD na 2,2 miliardy USD, tedy na 11 % developera. Firma tak dál sází na levně oceněný sektor bydlení.
If someone who doesn't really follow the market or investing asked me to describe the investing strategy of Berkshire Hathaway (BRKA +0.41%) (BRKB +0.43%), the massively successful insurance and holding company built by Warren Buffett, I'd tell them just two things to remember.
First, Berkshire aims to be a long-term investor. Buffett famously said that "our favorite holding period is forever." And second, it prefers to buy companies it believes are temporarily undervalued by the rest of the investing universe. "Be greedy when others are fearful," Buffett also likes to say.
Image source: Getty Images.
And if I wanted to present an example of this strategy, Berkshire management -- now headed by new CEO Greg Abel -- just provided a perfect one: It boosted its position in homebuilder Lennar (LEN -2.80%).
Consider that the U.S. housing market is in rough shape. It has been struggling for years. A new report out from White House economists says the country has 10 million fewer houses than it needs, and there remain many obstacles to building more at a fast enough pace to remedy to problem. And recently, soaring mortgage rates have put new home purchases even further out of reach for a growing swath of Americans. The average 30-year mortgage rate has climbed to almost 7.3%, more than 1 percentage point higher than at the beginning of 2026 and well more than double what it was five years ago.
Homebuilder stocks are having a terrible year All of this helps explain why homebuilder stocks are in the dumps this year -- including Lennar, which is down 20% so far in 2026 and off by 36% over the past 52 weeks. Clearly, most investors don't find this stock attractive. Analysts don't, either. Analysts' average 12-month price target for Lennar is $80, more than $2 below the current price. And of the 19 analysts who follow the stock (as tracked by Yahoo! Finance), 17 rate it a hold, underperform, or sell. Just two rate it a buy.
So, Lennar is a beaten-down stock in a highly troubled industry. Yet in late September, Berkshire Hathaway sank another $53.9 million into Lennar shares, bringing its stake to $2.2 billion, or 11% of the homebuilder. That's just behind the 11.2% stake held by investment giant Vanguard. That's on top of Berkshire's recent $6.8 billion acquisition of homebuilder Taylor Morrison, a deal it closed in July.
Clearly, Berkshire sees Lennar as undervalued by the market and took advantage of a lower share price to boost its stake in the company. It also appears that Berkshire is betting on the housing industry while conditions in it remain fraught. And it makes sense. The unaffordability of housing for average Americans is a huge problem, one that politicians and policymakers are eager to address. (This summer, Congress passed a bipartisan bill that aims to make it easier to build and finance housing.)
It may take a while, but I believe the housing industry will eventually rebound. Some investors don't have the resources or patience to wait for that rebound, but Berkshire does. I think ordinary retail investors should give this challenged industry a second look, too.
Lennar klesá po shortové zprávě Hunterbrook, která tvrdí, že prodeje stovek dokončených domů odštěpené společnosti Millrose pomohly splnit čtvrtletní cíle. Millrose údajně nakoupil přes 700 domů za zhruba 200 milionů USD.
Lennar Corp. (NYSE:LEN) shares are trading lower Friday afternoon after investigative outlet Hunterbrook Media published a short report alleging the homebuilder met quarterly targets by selling hundreds of finished homes to its own spinoff, Millrose Properties Inc. (NYSE:MRP). Benzinga reached out to Lennar for comment on the allegations but did not immediately hear back from the company.
Here’s what investors need to know.
Lennar stock is under selling pressure. Why is LEN stock trading lower? Hunterbrook Accuses Lennar of Offloading Homes to SpinoffAccording to the report, Millrose, spun off by Lennar in 2025 as an off-balance-sheet land bank, amended its agreements in late August to buy finished single-family homes and operate them as rental properties. Hunterbrook identified over 700 home purchases by Millrose totaling approximately $200 million across 15 states in roughly a month.
Notably, at least 356 of those purchases occurred in the final week of Lennar’s fiscal third quarter. Hunterbrook claims these transactions enabled Lennar to meet its quarterly delivery guidance, beating the lower bound by just 340 homes while missing its four other financial targets.
Financial Risk and Governance ConcernsHunterbrook Capital, which holds short positions in both Lennar and Millrose, highlighted severe economic inefficiencies in the arrangement. The report estimates Millrose’s net rental yield at around 5%, failing to cover its borrowing costs of 6.5% to 6.75%.
Furthermore, property records indicate Millrose paid roughly 13% more than individual retail buyers after accounting for incentives. With Lennar CEO Stuart Miller holding 43% of Millrose’s voting power, accounting experts cited in the report questioned whether Millrose is acting against its independent financial interest to bolster Lennar.
LEN Shares Drop Friday AfternoonLEN Price Action: Lennar shares were down 2.51% at $80.05 at the time of publication on Friday, according to Benzinga Pro data.
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Morgan Stanley 1. října 2026 zahájila pokrytí Lennar s ratingem Underweight a cílovou cenou 65 USD. Berkshire Hathaway mezitím navýšila podíl v Lennar na zhruba 26,6 milionu akcií.
Morgan Stanley just issued a sell rating on a homebuilder that Berkshire Hathaway keeps buying in larger and larger quantities, and the reasoning behind each side reveals a fundamental disagreement about time, risk, and when housing recovers.
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On October 1, 2026, Morgan Stanley (NYSE:MS | MS Price Prediction) started covering Lennar (NYSE:LEN) with an Underweight rating, its version of a sell rating. It set a $65 price target.
Lennar shares barely moved. The stock rose 0.67% in that session and closed at $82.14. It had already fallen 18.88% year to date, so investors had likely priced in much of the bad news.
The buyer on the other side helps explain the calm. Berkshire Hathaway (NYSE:BRK-B) crossed 10% ownership of Lennar, and it kept buying through the end of the month.
That puts a major bank’s bearish call against a long-term owner looking to buy more. Both can read the same numbers because they operate on different time frames.
Morgan Stanley’s Objection Is About Margin Morgan Stanley wrote that “Lennar’s land-light transition needs to deliver better earnings, and higher finished lot costs and sustained incentives could offset the benefit.”
Land-light means Lennar buys options on lots from outside property owners instead of owning the land itself. This ties up less capital but reduces profit. Lennar owns fewer than 2.5% of about 488,000 controlled lots.
Gross margin on home sales already fell to 15.8% in the fiscal third quarter, down from 17.5% a year earlier, and incentives ran near 12.0%.
Morgan Stanley also rated two other builders Underweight. Its only Overweight went to Toll Brothers (NYSE:TOL), with a $159 target.
This rating adds to an already bearish majority. Lennar has 5 strong sell and 3 sell ratings, compared with 1 buy, 1 strong buy, and 8 holds. The consensus target of $80.08 sits below the share price, meaning the average analyst sees downside, though targets often lag reality.
What Berkshire Is Buying Berkshire held 13.1 million shares at the end of June. The stake reached about 26.6 million shares after purchases from September 28 through September 30. The timeline complicates any link to Warren Buffett. Berkshire’s original 2023 stake was about 153,000 shares. Buffett stepped down as chairman on September 18, with Greg Abel as chief executive.
Berkshire does not disclose which manager makes each purchase, so whether this is a Buffett call or an Abel call remains an open question (if you want to borrow Buffett’s homework elsewhere, we sorted the seven cheapest dividend payers in Berkshire’s portfolio into a free report here).
At this price, a buyer gets a large controlled land position, homebuilding debt at only 16.6% of total capital, and a claim on the day homes become affordable again. Berkshire can wait a full cycle for that return. Morgan Stanley is estimating the next few quarters.
Weak Results and Rising Rates Pressure Lennar Adjusted EPS of $1.23 missed the $1.30 consensus. Management cut full-year delivery guidance to 80,000 to 81,000 homes.
The 10-year Treasury yield rose to 5.29% on September 30. Higher rates make mortgage buydowns more expensive, putting the fourth-quarter margin guide of 15.5% to 16.0% at risk.
Berkshire can wait years without harm. A retiree holding shares with a -34.68% one-year return may not have that patience.
Toll Brothers, Morgan Stanley’s preferred builder, sells to wealthier buyers who depend less on financing incentives. Berkshire shareholders hold Lennar as one small part of a diversified company.
Watch fiscal fourth-quarter gross margin. A result below 15.5% would support Morgan Stanley’s case. A close below the $75.70 52-week low would put the stock at a new 52-week low.
Contact [email protected] for any questions or corrections.
Berkshire Hathaway dál nakupuje Lennar a za poslední dny přikoupila přes 2,7 milionu akcií za zhruba 212,4 milionu USD. Celkový podíl už má kolem 25,9 milionu akcií v hodnotě asi 2,1 miliardy USD.
Berkshire just crossed a threshold that forces it to reveal its moves within days, and what those filings show is a sustained, deliberate accumulation of a homebuilder Wall Street has loaded up with sell ratings.
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Berkshire Hathaway (NYSE:BRK-B | BRK-B Price Prediction) moved fast into a homebuilder Wall Street has turned against. Per TipRanks, Berkshire bought $212.4 million of Lennar (NYSE:LEN) stock, over 2.7 million shares, between September 17 and September 21, 2026, at weighted-average prices from $74.80 to $79.41. GuruFocus reported a follow-on purchase of $136.4 million, bringing recent buying to over $348 million.
Why Berkshire’s Buying Is Visible Within Days Berkshire’s Form 4 filings list Berkshire Hathaway Inc as a 10% Owner of Lennar. Crossing 10% of a company triggers a disclosure duty, so a buyer that normally shows up once a quarter now appears within days. Per GuruFocus, the stake stands at roughly 25.9 million shares worth about $2.1 billion. CNBC reported the threshold crossing on September 22, 2026.
Six Trading Days of Filed Purchases Every Form 4 transaction is an acquisition. Selected lots, Class A unless noted:
September 17: 410,164 shares at $79.41; 267,585 at $78.41 September 18: 1,218,429 shares at $76.39; 33,122 Class B at $74.80 September 21: 483,809 shares at $77.97 September 23: 532,993 shares at $81.65 September 24: 399,238 shares at $80.58; 241,692 at $81.44 September 25: 313,379 shares at $80.90; 171,723 at $81.60 The TipRanks band of $74.80 to $79.41 matches these filings exactly, so the reporting and the primary source agree. The latest filed purchase, dated September 25, 2026, shows the campaign was still running three days ago.
Who Made the Call Greg Abel became Berkshire’s chief executive earlier in 2026, and Ted Weschler, a longtime Berkshire portfolio manager, controls about 6% of Berkshire’s portfolio, according to The Motley Fool.
Warren Buffett stepped down as chairman on September 18, 2026, followed by his son Howard Buffett. The largest single Class A lot closed that same day.
Analysts Lean Bearish on Lennar Lennar trades at $82.15 as of the premarket session on September 28, 2026, down 18.84% year to date, 32.44% over the past year and 8.02% over five years. Its 52-week range of $75.70 to $131.68 leaves it near the bottom.
The consensus target of $80.08 stands below the share price. The panel holds 1 strong buy, 1 buy, 8 hold, 3 sell and 5 strong sell ratings, reading as 44% bearish against 11% bullish. Our model rates Lennar a HOLD with a target price of $79.40, near fair value.
Incentives Are Squeezing Lennar’s Margins According to Adam Levy of The Motley Fool, revenue declined 8.7% year over year, homes delivered fell 3.4% and average sales price dropped 2.9%. Levy reported that management cut full-year delivery guidance to 80,500 from 82,500, and gross margin contracted to 15.8% from 17.5% as Lennar leaned on incentives including mortgage rate buydowns. Fourth-quarter gross margin on home sales is guided to 15.5% to 16.0%. The stock trades at 0.91 times book value, according to The Motley Fool.
Quant Funds Trimmed While Berkshire Added Berkshire’s June 30, 2026 13F, filed August 14, 2026, shows 13,111,741 Lennar shares valued at $1,186,481,443 after adding 3,012,099 that quarter. Two Sigma, D. E. Shaw, Renaissance Technologies and Millennium Management all cut Lennar in the same quarter, with Millennium holding puts. 13F data is a June 30 snapshot.
Lennar Fits a Wider Housing Push Berkshire completed its purchase of Taylor Morrison, combining operations with Clayton Homes. The June 30 13F shows positions in NVR (NYSE:NVR) at 11,112 shares, Louisiana-Pacific (NYSE:LPX) at 5,664,793 shares and D.R. Horton (NYSE:DHI) at 3,564 shares. Per Adam Levy of The Motley Fool, estimates place the US housing shortage between 2 million and 5.5 million units.
What Readers Can and Cannot Know Berkshire bought a falling stock on six dated occasions, crossed a disclosure threshold doing it, and kept buying while four quant funds cut and analysts carried five strong sells. Whether Berkshire is right remains unknown. It has a long horizon and a balance sheet that can wait. For readers who want to piggyback on Berkshire’s homework more broadly, we sorted its holdings by valuation and pulled the seven cheapest dividend payers into a free report.
Contact [email protected] for any questions or corrections.
Warren Buffett přesáhl 10% podíl v Lennar den poté, co firma nesplnila odhady zisku a snížila celoroční výhled dodávek. Ve 3Q měla upravené EPS 1,23 USD a tržby 8,05 mld. USD.
Warren Buffett just crossed a legally significant ownership threshold in a beaten homebuilder one day after it missed earnings and slashed guidance, a move that reframes whether the housing market's worst-read quarter signals catastrophe or opportunity.
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At $81.47, Lennar (NYSE:LEN | LEN Price Prediction) looks compelling on a research basis. The sharpest confirmation came from Warren Buffett, who crossed 10% ownership of the homebuilder with a September 17, 2026 transaction date, one day after Lennar missed earnings and cut its full-year delivery guidance. Buffett appears to be pricing the decade of housing scarcity behind the weak quarter.
Lennar is the second-largest US homebuilder, running a land-light model that controls roughly 488,000 homesites while owning fewer than 2.5% of them. Fiscal Q3 2026 landed with adjusted EPS of $1.23 against a $1.2963 consensus, revenue of $8.05 billion, down 8.52% year over year, and new orders 9% lower. Management then trimmed full-year 2026 deliveries to between 80,000 and 81,000 homes from a prior range of 82,000 to 83,000.
A portfolio manager on Marketplace captured the setup Buffett was buying: “There is a buildup of family formations which should normally move into homes. We’re not seeing that because the housing supply for them just isn’t there.”
Why Buffett Crossed the 10% Line at a 12-Month Low Berkshire moved with Lennar down 35.1% over the past year. In August, existing home sales printed 3.98 million annualized, the softest reading in the trailing year, while housing starts, or the number of units under construction, sit at 1.27 million, below the 1.5M threshold. Undersupply coupled with a frozen resale market creates structural pull for new construction.
Lennar’s operating machine is improving. Construction cost per square foot is down 6% year over year and 14% since Q4 2023. Cycle time hit a record low 116 days. In its latest quarter, management repurchased 3 million shares for $256 million. Nevertheless, Lennar CEO Stuart Miller warned, “The fundamental shortage of housing in America has not been solved.”
Where the Bear Case Still Bites Gross margin on home sales compressed to 15.8% from 17.5%, with incentives near 12%. Net income fell 51.96% year over year. Q4 guidance calls for gross margin of 15.5% to 16.0%, meaning the trough is not confirmed.
The 30-year mortgage sat at approximately 6.8% at quarter end and has crept higher since. Miller said Lennar is not building its plan around Fed rate cuts, noting that in many communities, “Almost 50% of our visitors cannot immediately qualify” for a mortgage. Resale supply is competing aggressively in Texas and Florida, Lennar’s two biggest markets.
What Keeps Some Investors on the Sidelines There is a hold case for the stock. Lennar looks cheap because earnings are still falling. FY2025 EPS was $7.98. Q4 guidance implies an EPS range of roughly $1.30 to $1.65, extending the trajectory lower. Buying before Q4 clears the tape risks another downdraft, especially if mortgage rates push higher.
The Buffett signal reframes the debate for investors weighing the setup. Crossing the 10% threshold triggers faster disclosure than 13F reporting, so Berkshire is on record in near real time.
Price, Targets, and Performance Behind the Verdict Lennar trades at $81.47, with a market cap near $19.6 billion. Wall Street’s consensus 12-month price target is around $92, implying modest upside on a Reduce-leaning consensus. Buffett’s disclosed position is the stronger signal.
Against the S&P 500’s roughly 12.5% year-to-date gain, Lennar’s 20.7% YTD decline is a gap of more than 30 points. Over one year, Lennar is off 35.1% against the S&P’s roughly 16% gain.
Verdict: Why Buffett’s Signal Anchors the Thesis At $81.47, Lennar screens as an interesting research case. Here is why.
Appreciation runs through three catalysts: easing in mortgage rates from the current ~7% zone, clearing of older high-cost land as Lennar delivers through it, and margin normalization from today’s 15.8% toward the low 20s that defined 2022. Each lever requires time rather than a boom, and Berkshire has just that.
The risk/reward profile is asymmetric. Lennar has discounted a soft Q4, deteriorating orders, and no Fed help. Invalidators hover, including mortgages sustained above 7.5%, order declines accelerating into double digits, or debt-to-capital breaking meaningfully above the current 16.6%. Investors should watch Q4 deliveries against the 22,000 to 23,000 guide and incentive percentage each quarter.
When the country’s most patient investor buys 10% of a beaten homebuilder the day after it cuts guidance, the research case is to weigh the scarcity thesis alongside him before making a move.
Contact [email protected] for any questions or corrections.
Lennar ve fiskálním 3. čtvrtletí nesplnil odhady, když vykázal upravený EPS 1,23 USD a tržby 8,05 mld. USD. Akcie poté spadly na nové 52týdenní minimum.
Wall Street analysts had already set a relatively low bar for Lennar's NYSE: LEN fiscal Q3 2026 earnings, reflecting expectations of continued pressure on the homebuilder amid a challenging housing market.
The stock carried a consensus Reduce rating, while analysts expected earnings per share (EPS) of $1.29—about 35% below the year-ago quarter—and revenue of $8.32 billion. But Lennar still fell short, reporting adjusted EPS of $1.23 on revenue of $8.05 billion.
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Lennar Corporation (LEN) Price Chart for Saturday, September, 19, 2026
Shares responded by falling to a new 52-week low the following day, trading as low as $76.07.
The earnings report was a disappointment to shareholders who have endured a more than 25% year-to-date loss, and a one-year loss now exceeding 42%.
But the bigger takeaway is what Lennar’s miss suggests about the broader housing market: affordability pressures, elevated mortgage rates, and rising resale competition are increasingly weighing on even the nation’s largest homebuilders.
Lennar’s Earnings Miss Exposes Deeper Housing-Market PressureLennar Today
$76.43 -3.27 (-4.11%)
As of 09/18/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
$75.70▼
$133.762.62%
14.45
$89.07
The earnings call wasn’t without positive takeaways. Lennar delivered 20,840 homes last quarter and improved its gross margin on home sales to 15.8%. Incentives averaged approximately 12.0% of the sales price in Q3, down from 12.9% in Q2, as the company reduced its reliance on rate buydowns, closing-cost assistance, and other buyer incentives.
The company maintains a strong cash position, with $1.2 billion on the books, in addition to $3.6 billion in total liquidity, with 98% of homesites controlled through third-party land arrangements.
Lennar also repurchased 3 million shares at a cost of $256 million in Q3, paid $119 million in dividends, and redeemed $400 million in debt.
But management was cautious when issuing Q4 guidance, which calls for between 22,000 and 23,000 deliveries, gross margins between 15.5% and 16%, and EPS in a range of $1.30 to $1.65. Notably, the company cautioned that those results remain highly dependent on labor availability, resale competition, volatile rates, and broader market conditions.
Those conditions are an immediate and real challenge. Lennar’s disappointing Q3 isn’t an isolated issue. Amid the surge in 10-year bond rates over the past two weeks, homebuilders continue to grapple with 30-year fixed mortgage rates around 7%—less than 100 basis points from the highest levels since 2000—which are eroding potential homebuyers’ purchasing power.
Meanwhile, the housing market has largely stagnated as low consumer confidence and affordability issues persist. According to FRED data, the median sales price of new homes in the United States was $410,700 in the second quarter, marking a nearly 30% increase over the median home price in Q2 2020.
At the same time, resale inventory—particularly in some of the hottest housing markets in the country like Texas and Florida—continues to increase, thereby creating more competition for homebuilders. After hitting a 10-year low of 35,586 active listings in February 2022, FRED data shows that in August, Florida had nearly 147,000 active listings, marginally down from its 10-year high of 182,593 in April 2025.
Lennar Isn’t Alone: Other Major Homebuilders Face the Same PressuresD.R. Horton Today
$138.16 -2.22 (-1.58%)
As of 09/18/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
$131.75▼
$176.221.30%
13.15
$165.25
Lennar’s disappointing Q3 isn’t an isolated issue. Instead, it is part of a larger mosaic of homebuilders all dealing with the same headwinds.
When America’s largest homebuilder, D.R. Horton NYSE: DHI, reported its Q3 results on July 21, year-over-year (YOY) revenue growth was virtually flat at 0.02%. In Q2, that figure was negative 2.27% YOY, while in Q1 it was negative 9.54% YOY.
During the company’s earnings call, management highlighted how affordability constraints and cautious consumer sentiment have weighed on demand. D.R. Horton’s Q3 orders were flat YOY, while its cancellation rate rose to 20% from 17% the year prior.
PulteGroup NYSE: PHM hasn’t fared much better. When it reported Q2 earnings on July 22, revenue of $3.98 billion marked a 9.6% YOY decrease, following a 12.44% drop in Q1. In his earnings call comments, CEO Ryan Marshall noted that “consumer activity was impacted to varying degrees by global tensions, macroeconomic uncertainty, and the material movement in interest rates.”
Higher Rates Keep Pressure on the Housing OutlookIn June, the market was positioning for a potential interest rate cut that could have served as a boon to the housing market. But inflation remained elevated, and the Federal Reserve shifted back toward tightening.
At its Sept. 16 FOMC meeting, the central bank announced a 25-basis-point rate hike—its first since 2023.
The rate hike reduces the likelihood of near-term relief for homebuilders that had been hoping lower borrowing costs would help revive buyer demand. Lennar is facing many of the same challenges confronting D.R. Horton, PulteGroup, and other major builders, with financing conditions likely to remain a significant headwind. Investors may want to watch mortgage-rate trends, order growth, cancellation rates, and Lennar’s use of incentives for signs that housing demand is beginning to stabilize.
Should You Invest $1,000 in Lennar Right Now?Before you consider Lennar, you'll want to hear this.
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Lennar Corporation (LEN) Q3 2026 Earnings Call September 17, 2026 11:00 AM EDT
Company Participants
David Collins - VP & Controller
Stuart Miller - Executive Chairman, CEO & President
Diane Bessette - CFO & VP
Jim Parker - Chief Operating Officer
David Grove - Executive Vice President of Homebuilding
Conference Call Participants
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Trevor Allinson - Wolfe Research, LLC
John Lovallo - UBS Investment Bank, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Jay McCanless - Citizens JMP Securities, LLC, Research Division
Presentation
Operator
Welcome to Lennar's Third Quarter Earnings Conference Call. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time. I will now turn the call over to David Collins for the reading of the forward-looking statement.
David Collins
VP & Controller
Thank you, and good morning, everyone. Today's conference call may include forward-looking statements, including statements regarding Lennar's business, financial condition, results of operations, cash flows, strategies and prospects. Forward-looking statements represent only Lennar's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could affect future results and may cause Lennar's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our earnings release and our SEC filings, including those under the caption Risk Factors contained in Lennar's annual report on Form 10-K most recently filed with the SEC. Please note that Lennar assumes no obligation to update any forward-looking statements.
Operator
I would now like to introduce your host, Mr. Stuart Miller, Executive Chairman, CEO and President. Sir, you may begin.
Lennar ve 3. čtvrtletí vykázal zisk na akcii 1,23 USD a tržby 8,05 mld. USD, obojí pod odhady. Zisk byl také nižší než před rokem, kdy činil 2 USD na akcii.
Lennar (LEN - Free Report) came out with quarterly earnings of $1.23 per share, missing the Zacks Consensus Estimate of $1.29 per share. This compares to earnings of $2 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -4.65%. A quarter ago, it was expected that this homebuilder would post earnings of $1.23 per share when it actually produced earnings of $1.31, delivering a surprise of +6.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Lennar, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $8.05 billion for the quarter ended August 2026, missing the Zacks Consensus Estimate by 3.44%. This compares to year-ago revenues of $8.81 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Lennar shares have lost about 22.1% since the beginning of the year versus the S&P 500's gain of 10.8%.
What's Next for Lennar?While Lennar has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Lennar was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.98 on $9.38 billion in revenues for the coming quarter and $5.45 on $32.27 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Home Builders is currently in the bottom 16% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
KB Home (KBH - Free Report) , another stock in the same industry, has yet to report results for the quarter ended August 2026. The results are expected to be released on September 22.
This homebuilder is expected to post quarterly earnings of $0.88 per share in its upcoming report, which represents a year-over-year change of -45.3%. The consensus EPS estimate for the quarter has been revised 2.2% lower over the last 30 days to the current level.
KB Home's revenues are expected to be $1.29 billion, down 20.2% from the year-ago quarter.
Lennar ve 3. čtvrtletí vykázal čistý zisk 284 milionů USD, tedy 1,19 USD na akcii, a tržby 8,0 miliardy USD. Nové objednávky klesly o 9 % na 20 879 domů.
Net earnings per diluted share of $1.19 ($1.23 excluding mark-to-market losses on technology investments and one-time items in the Company's Financial Services segment) 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% 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 of 5.25% senior notes due June 2026 Outstanding borrowings of $650 million under the Company's $3.1 billion revolving credit facility Homebuilding debt to total capital of 16.6% Repurchased 3 million shares of Lennar common stock for $256 million , /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today reported results for its third quarter ended August 31, 2026. Third quarter net earnings attributable to Lennar in 2026 were $284 million, or $1.19 per diluted share, compared to third quarter net earnings attributable to Lennar in 2025 of $591 million, or $2.29 per diluted share. Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in the Company's Financial Services segment, third quarter net earnings attributable to Lennar in 2026 were $294 million, or $1.23 per diluted share, compared to $516 million, or $2.00 per diluted share, excluding mark-to-market gains of $99 million on technology investments, in the third quarter of 2025.
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 $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating, which has deteriorated since our last earnings call."
"Mortgage rates increased through the quarter, with the 30-year rate at approximately 6.8% at quarter end and even higher since. Rates are responding as inflation remains above the Fed's target, driven by geopolitical tension and higher oil prices. Additionally, consumer confidence has declined as rates and affordability have driven more consumers to slow their purchase decision. Nevertheless, even while market conditions have weakened, the overall housing environment remains constructive as housing shortages continue to drive demand from both primary buyers as well as 'single-family for rent' and 'build-to-rent' buyers."
"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 $8.0 billion. Our starts pace and sales pace were both 4.1 homes per community per month across our 1,713 active communities, reflecting the even-flow balance that drives efficiency."
"By maintaining volume, we have improved execution across numerous key metrics. Our construction cost per square foot improved another 1% sequentially, 6% year over year, and 14% since our fourth quarter 2023 baseline. Our cycle time reached a new record low of 116 days, down from 121 days last quarter and 126 days a year ago. Additionally, we reduced our completed, unsold inventory to 1.8 homes per community from 2.1 homes per community last quarter, and our inventory turn stands at 2.4 times. Of the approximately 488,000 homesites we own and control, we own fewer than 2.5%, on our balance sheet. Finally, we ended the quarter with $1.2 billion in cash, as we repurchased 3 million shares of stock for $256 million and repaid $400 million of senior notes."
"Our average sales price was $372,000, reflecting approximately 12.0% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constraint. Our gross margin improved sequentially to 15.8%, with SG&A of 9.2% resulting in a net margin of 6.6%."
"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 15.5% to 16.0%. We expect our average sales price to be in the range of approximately $370,000 to $380,000 and our SG&A to improve toward 8.7% to 9.0%. Given continued pressure on interest rates and the deterioration in market conditions through the quarter, we are moderating our target full-year 2026 deliveries to approximately 80,000 to 81,000 homes, from the 82,000 to 83,000 homes we discussed last quarter."
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 6% in the third quarter of 2026 to $7.7 billion from $8.2 billion in the third quarter of 2025. Revenues were lower primarily due to both a 3% decrease in the average sales price of homes and a 3% decrease in the number of home deliveries. New home deliveries were 20,840 homes in the third quarter of 2026, compared to 21,584 homes in the third quarter of 2025. The average sales price of homes delivered was $372,000 in the third quarter of 2026, compared to $383,000 in the third quarter of 2025. The decrease in average sales price of homes delivered in the third quarter of 2026 compared to the same period last year was primarily due to continued weakness in the market.
Gross margins on home sales were $1.2 billion, or 15.8%, in the third quarter of 2026, compared to $1.4 billion, or 17.5%, in the third quarter of 2025. During the third quarter of 2026, gross margins decreased primarily due to lower revenue per square foot and higher land costs year over year, which were partially offset by a decrease in construction costs, reflecting the Company's continued focus on cost-saving initiatives.
Selling, general and administrative expenses were $714 million in the third quarter of 2026, compared to $676 million in the third quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.2% in the third quarter of 2026, from 8.2% in the third quarter of 2025, primarily due to less leverage as a result of lower revenues and an increase in marketing and selling expenses.
Financial Services
Operating earnings for the Financial Services segment were $129 million in the third quarter of 2026, compared to operating earnings of $177 million in the third quarter of 2025, both amounts are net of noncontrolling interest. The operating earnings in the third quarter of 2026 included one-time items of $39 million, net, primarily related to a litigation accrual reversal resulting from a court judgment. Excluding the one-time items in the current quarter, the decrease in operating earnings was primarily due to lower profit per locked loan and lower lock volume in the mortgage business.
Ancillary Businesses
Operating loss for the Multifamily segment was $3 million in the third quarter of 2026, compared to an operating loss of $16 million in the third quarter of 2025. Operating loss for the Lennar Other segment was $84 million in the third quarter of 2026, compared to operating earnings of $62 million in the third quarter of 2025. The Lennar Other operating loss for third quarter of 2026 was primarily driven by mark-to-market losses of $53 million on the Company's technology investments. The Lennar Other operating earnings for third quarter of 2025 were primarily driven by mark-to-market gains of $99 million on the Company's technology investments.
Tax Rate
In the third quarter of 2026 and 2025, the Company had tax provisions of $102 million and $191 million, which resulted in an overall effective income tax rate of 26.4% and 24.4%, respectively. For both periods, the Company's effective income tax rate included state income tax expense and non-deductible executive compensation, partially offset by tax credits. The increase in the effective tax rate for the third quarter of 2026 compared to the prior period was primarily due to the Company's spin-off of Millrose Properties, Inc.
Share Repurchases
In the third quarter of 2026, the Company repurchased 3 million shares of its common stock for $256 million at an average share price of $85.49.
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
$370,000 - $380,000
Gross Margin % on Home Sales
15.5% - 16.0%
SG&A as a % of Home Sales
8.7% - 9.0%
Financial Services Operating Earnings
$90 million - $95 million
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.
###
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
noncontrolling interests)
285,487
599,811
826,977
1,610,344
Less: Net earnings attributable to noncontrolling
interests
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
Segment Information
(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
entities
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
entities and other income (expense), net
(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
entities and other
(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 $39 million, net, primarily related to a litigation accrual reversal resulting from a court judgment, for the three and nine months ended August 31, 2026.
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, New Jersey and Pennsylvania
Central: Alabama, Georgia, Illinois, Indiana, Maryland/Virginia, Minnesota, North Carolina, South Carolina and Tennessee
South Central: Arkansas, Kansas, Oklahoma and Texas
West: Arizona, California, Colorado, Idaho, Nevada, Oregon, Utah and Washington
Other: Urban divisions
Three Months Ended August 31,
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 $37 million and an average sales price of $735,000 represent homes from unconsolidated entities for the three months ended August 31, 2026, compared to 146 homes with a dollar value of $65 million and an average sales price of $446,000 for the three months ended August 31, 2025.
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
$ 1,800,978
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
$ 7,504,389
8,439,732
$ 359,000
367,000
Of the total new orders listed above, 37 homes with a dollar value of $32 million and an average sales price of $864,000 represent homes in five active communities from unconsolidated entities for the three months ended August 31, 2026, compared to 104 homes with a dollar value of $57 million and an average sales price of $546,000 in nine active communities for the three months ended August 31, 2025.
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 $157 million and an average sales price of $756,000 represent homes from unconsolidated entities for the nine months ended August 31, 2026, compared to 339 homes with a dollar value of $157 million and an average sales price of $463,000 for the nine months ended August 31, 2025.
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 $94 million and an average sales price of $570,000 represent homes from unconsolidated entities for the nine months ended August 31, 2026, compared to 346 homes with a dollar value of $186 million and an average sales price of $539,000 for the nine months ended August 31, 2025.
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 $23 million and an average sales price of $635,000 represent the backlog from unconsolidated entities at August 31, 2026, compared to 86 homes with a backlog dollar value of $93 million and an average sales price of $1.1 million at August 31, 2025.
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 $0.10 par value
26,312
26,158
Class B common stock of $0.10 par value
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.
Lennar Corporation (NYSE:LEN) will release its third earnings report after the closing bell on Wednesday, Sept. 16.
Analysts expect the Miami, Florida-based company to report quarterly earnings of $1.30 per share, down from $2.00 per share in the year-ago period. The consensus estimate for Lennar’s quarterly revenue is $8.37 billion. It reported $8.81 billion last year, according to Benzinga Pro.
On June 11, Lennar reported mixed second-quarter financial results.
Lennar shares gained 2.2% to close at $79.60 on Friday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
StoneX analyst Michael Rindos initiated coverage on the stock with a Hold rating on Sept. 4, 2026. This analyst has an accuracy rate of 57%. Citigroup analyst Anthony Pettinari maintained a Neutral rating and cut the price target from $104 to $88 on July 15, 2026. This analyst has an accuracy rate of 70%. UBS analyst John Lovallo maintained a Neutral rating and slashed the price target from $107 to $94 on June 16, 2026. This analyst has an accuracy rate of 62%. JP Morgan analyst Michael Rehaut maintained an Underweight rating and cut the price target from $80 to $77 on June 16, 2026. This analyst has an accuracy rate of 67%. B of A Securities analyst Rafe Jadrosich maintained an Underperform rating and slashed the price target from $84 to $77 on June 15, 2026. This analyst has an accuracy rate of 65%. Trending
Considering buying LEN stock? Here’s what analysts think:
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Lennar (NYSE:LEN – Get Free Report) is expected to release its Q3 2026 results after the market closes on Wednesday, September 16th. Analysts expect Lennar to post earnings of $1.29 per share and revenue of $8.3069 billion for the quarter. Interested persons may visit the the company’s upcoming Q3 2026 earning results page for the latest details on the call scheduled for Thursday, September 17, 2026 at 11:00 AM ET.
Lennar (NYSE:LEN – Get Free Report) last released its quarterly earnings results on Thursday, June 11th. The construction company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.07. Lennar had a net margin of 4.93% and a return on equity of 7.08%. The company had revenue of $7.94 billion for the quarter, compared to analyst estimates of $8.08 billion. During the same quarter last year, the firm posted $1.81 earnings per share. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, analysts expect Lennar to post $6 EPS for the current fiscal year and $6 EPS for the next fiscal year.
Lennar Price Performance Shares of Lennar stock opened at $80.56 on Wednesday. The company has a current ratio of 4.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $85.29 and a 200-day simple moving average of $90.27. The stock has a market capitalization of $19.41 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 2.78 and a beta of 1.39. Lennar has a 1-year low of $79.82 and a 1-year high of $141.84.
Lennar Announces Dividend The company also recently announced a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Friday, July 10th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, July 10th. Lennar’s dividend payout ratio (DPR) is 31.30%. Wall Street Analysts Forecast Growth A number of equities research analysts have issued reports on the stock. UBS Group decreased their price target on shares of Lennar from $107.00 to $94.00 and set a “neutral” rating for the company in a report on Tuesday, June 16th. Evercore lifted their price objective on Lennar from $82.00 to $87.00 and gave the stock an “underperform” rating in a research note on Monday, June 15th. Argus set a $108.00 price objective on Lennar in a research report on Thursday, July 9th. Royal Bank Of Canada lowered their target price on Lennar from $88.00 to $85.00 and set an “underperform” rating on the stock in a report on Monday, June 15th. Finally, JPMorgan Chase & Co. dropped their price target on Lennar from $80.00 to $77.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and ten have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $92.13.
Get Our Latest Report on LEN
Institutional Investors Weigh In On Lennar Several hedge funds have recently made changes to their positions in LEN. DV Equities LLC bought a new position in Lennar during the fourth quarter valued at about $31,000. Quarry LP acquired a new stake in shares of Lennar during the 4th quarter worth approximately $41,000. IFC & Insurance Marketing Inc. acquired a new stake in shares of Lennar during the 4th quarter worth approximately $45,000. Cary Street Partners Financial LLC bought a new stake in shares of Lennar during the second quarter valued at approximately $47,000. Finally, EFG International AG acquired a new position in shares of Lennar in the fourth quarter valued at $62,000. Institutional investors own 81.10% of the company’s stock.
Lennar Company Profile (Get Free Report)
Lennar Corporation (NYSE: LEN) is a U.S.-based homebuilder and real estate company that designs, constructs and sells residential housing. The company offers a range of product types including single-family detached homes, townhomes and condominiums, serving buyers from entry-level and first-time purchasers to move-up, active-adult and luxury segments. Lennar also develops master-planned communities and manages land acquisition and entitlement activities that support its homebuilding operations.
In addition to home construction and sales, Lennar provides a suite of ancillary services intended to streamline the purchase process and capture additional value.
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Lennar v poslední seanci vzrostl o 1,31 % na 88,16 USD a za měsíc přidal 2,81 %. Trh očekává výsledky s EPS 1,31 USD a tržbami 8,33 mld. USD, obojí meziročně níž.
Lennar (LEN - Free Report) ended the recent trading session at $88.16, demonstrating a +1.31% change from the preceding day's closing price. The stock exceeded the S&P 500, which registered a loss of 0.28% for the day. On the other hand, the Dow registered a gain of 0.26%, and the technology-centric Nasdaq decreased by 0.77%.
Coming into today, shares of the homebuilder had gained 2.81% in the past month. In that same time, the Construction sector lost 1.81%, while the S&P 500 gained 2.31%.
Market participants will be closely following the financial results of Lennar in its upcoming release. In that report, analysts expect Lennar to post earnings of $1.31 per share. This would mark a year-over-year decline of 34.5%. Alongside, our most recent consensus estimate is anticipating revenue of $8.33 billion, indicating a 5.42% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $5.46 per share and a revenue of $32.27 billion, signifying shifts of -32.26% and -5.6%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Lennar. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Lennar is holding a Zacks Rank of #5 (Strong Sell) right now.
Looking at its valuation, Lennar is holding a Forward P/E ratio of 15.94. Its industry sports an average Forward P/E of 14.47, so one might conclude that Lennar is trading at a premium comparatively.
Meanwhile, LEN's PEG ratio is currently 2.92. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Building Products - Home Builders industry held an average PEG ratio of 2.92.
The Building Products - Home Builders industry is part of the Construction sector. This group has a Zacks Industry Rank of 104, putting it in the top 43% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Lennar uzavřel na 87,02 USD, což znamená denní růst o 2,14 % a lepší výkon než S&P 500. Příští výsledky mají ukázat EPS 1,31 USD a tržby 8,33 miliardy USD, obojí meziročně níže.
Lennar (LEN - Free Report) ended the recent trading session at $87.02, demonstrating a +2.14% change from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 1.79%. Meanwhile, the Dow gained 1.71%, and the Nasdaq, a tech-heavy index, added 2.59%.
Coming into today, shares of the homebuilder had lost 2.8% in the past month. In that same time, the Construction sector lost 3.64%, while the S&P 500 gained 1.72%.
The upcoming earnings release of Lennar will be of great interest to investors. On that day, Lennar is projected to report earnings of $1.31 per share, which would represent a year-over-year decline of 34.5%. In the meantime, our current consensus estimate forecasts the revenue to be $8.33 billion, indicating a 5.42% decline compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.46 per share and a revenue of $32.27 billion, representing changes of -32.26% and -5.6%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Lennar. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.03% higher. Lennar is holding a Zacks Rank of #5 (Strong Sell) right now.
In terms of valuation, Lennar is currently trading at a Forward P/E ratio of 15.61. This represents a premium compared to its industry average Forward P/E of 14.17.
One should further note that LEN currently holds a PEG ratio of 2.86. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Building Products - Home Builders industry had an average PEG ratio of 2.86.
The Building Products - Home Builders industry is part of the Construction sector. This industry, currently bearing a Zacks Industry Rank of 169, finds itself in the bottom 32% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
In the latest close session, Lennar (LEN - Free Report) was down 3.53% at $84.56. The stock's change was less than the S&P 500's daily loss of 1.52%. Meanwhile, the Dow experienced a drop of 2.19%, and the technology-dominated Nasdaq saw a decrease of 1.74%.
Shares of the homebuilder have depreciated by 3.14% over the course of the past month, outperforming the Construction sector's loss of 8.26%, and lagging the S&P 500's gain of 1.92%.
The upcoming earnings release of Lennar will be of great interest to investors. The company is predicted to post an EPS of $1.31, indicating a 34.5% decline compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.33 billion, down 5.42% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $5.46 per share and a revenue of $32.27 billion, demonstrating changes of -32.26% and -5.6%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Lennar. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.22% lower. Lennar currently has a Zacks Rank of #5 (Strong Sell).
Investors should also note Lennar's current valuation metrics, including its Forward P/E ratio of 16.06. This valuation marks a premium compared to its industry average Forward P/E of 14.65.
Meanwhile, LEN's PEG ratio is currently 2.94. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Building Products - Home Builders stocks are, on average, holding a PEG ratio of 2.94 based on yesterday's closing prices.
The Building Products - Home Builders industry is part of the Construction sector. This industry currently has a Zacks Industry Rank of 172, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, announced that its Board of Directors has declared a quarterly cash dividend of $0.50 per share for both Class A and Class B common stock payable on July 24, 2026 to holders of record at the close of business on July 10, 2026.
About Lennar
Lennar Corporation, founded in 1954, is one of the nation's leading builders of quality homes for all generations. Lennar builds affordable, move-up and active adult homes primarily under the Lennar brand name. Lennar's Financial Services segment provides mortgage financing, title and closing services primarily for buyers of Lennar's homes and, through LMF Commercial, originates mortgage loans secured primarily by commercial real estate properties throughout the United States. Lennar's Multifamily segment is a nationwide developer of high-quality multifamily rental properties. LENX drives Lennar's technology, innovation and strategic investments. For more information about Lennar, please visit www.lennar.com.
Lennar prodal ve 2. čtvrtletí 2026 domy v průměru za 371 000 USD, což je nejméně od 1. čtvrtletí 2017. Firma tak snižuje ceny, aby udržela objem prodejů.
The number jumped out at me the moment I saw it. Lennar's (LEN +6.15%) average sales price for homes delivered in the second quarter of 2026 was $371,000 -- a price the company hasn't seen since the first quarter of 2017, when it averaged $365,000.
That's not a small number to sit with here. It means that one of America's largest homebuilders just rolled back its prices by nearly a decade in nominal terms. In a country where the median existing home now sits above $412,000, let's get into the signal this is sending.
Today's Change
(
6.15
%) $
5.38
Current Price
$
92.72
How Lennar got here This didn't happen because the housing market collapsed. Lennar delivered 20,519 homes in Q2 2026 -- a 2% year-over-year increase -- and maintained full-year delivery guidance of 82,000 to 83,000 homes. It happened because Lennar deliberately chose to compete on price, rather than wait for conditions to improve.
CEO Stuart Miller was direct about the math in the earnings release: The $371,000 price reflected approximately 12.9% in incentives, along with base price adjustments to keep volume moving. That incentive level is high by historical standards -- the company's normalized range is 4% to 6% -- but Miller noted that it's narrowing for the first time in three years as the gaps between elevated mortgage rates, home prices, and household incomes start to close.
The goal is volume now, margin recovery later. It's a patient strategy, and the operational data supports it -- construction costs are down 13% over the past two years, and cycle times have hit a record low of 121 days.
Image source: Getty Images.
The rate cut problem Lower home prices are not, by themselves, a solution to the affordability crisis. They're one part of a much harder equation.
The 30-year fixed mortgage rate sits at roughly 6.47% as of this week. Qualifying for a mortgage on the median existing home at today's rates requires an annual household income of approximately $95,000 -- well above what most first-time buyers earn. First-time buyers now represent just 21% of the market, the lowest share in 44 years. The NAHB estimates a nationwide shortage of roughly 1.2 million housing units. There is no shortage of demand -- there is a shortage of buyers who can afford to act on it.
Here's where Lennar's price reduction becomes relevant in a way that a simple headline misses: a $371,000 home financed at 6.47% on a 30-year real estate mortgage carries a monthly principal and interest payment of roughly $2,340. The same home priced at $412,000 -- the median existing resale -- carries a payment closer to $2,600. That $260 monthly difference won't solve the affordability crisis, but it represents real purchasing power for buyers stretching to qualify. Think of it as a builder clearing a path through a thicket that policy alone can't cut through fast enough.
What Lennar expects next -- and the investor takeaway Lennar guided for third-quarter 2026 average home prices in the range of $375,000 to $380,000, with gross margin improving to approximately 16% as incentive levels moderate and cost discipline compounds. That modest price increase suggests that the company believes the floor is in -- that it has reached a price point where demand is sufficient, and margin recovery can begin without chasing buyers away.
The gap between today's builder prices and existing resale inventory is now wide enough that new construction is increasingly the most accessible entry point for buyers who want to own. That's an unusual dynamic -- new homes are traditionally priced at a premium to existing ones -- and it reflects how much builders have absorbed to keep the market moving.
For Lennar shareholders, the compressed margin cycle is painful, but the logic behind it is sound. Miller used the phrase "execute around the affordability challenge" on the earnings call, rather than "wait it out." That posture -- active adaptation rather than passive patience -- is what separates a resilient operator from one that just hopes conditions normalize.
For the broader housing market, Lennar's pricing is a pressure valve. The structural shortage won't be solved by incentives. However, a major national builder consistently delivering homes under $400,000 in a world where resale inventory sits well above that is a real, meaningful development for the buyers who need it most.
