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When Berkshire Hathaway moves aggressively into three names in a single quarter, allocators pay attention. Greg Abel’s team, per the Q1 2026 13F, built or expanded positions in an airline, a mega-cap platform, and a homebuilder. Patient institutional capital is leaning into cyclicals and cash generators trading below what the underlying earnings power can support. Here is how the trio looks in July, with tool-verified data driving each thesis.

Delta Air Lines: A Cash Machine Absorbing a Fuel Shock Delta Air Lines (NYSE:DAL | DAL Price Prediction) is the boldest signal in the filing. Berkshire re-entering a legacy carrier is the kind of move that only makes sense if the underlying earnings trajectory has structurally changed. Delta’s numbers say it has.

Q2 2026 delivered adjusted EPS of $1.56 versus a $1.50 consensus, the fifth consecutive EPS beat. Delta produced $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in company history, $4.41 billion at $3.93 per gallon. Premium ticket revenue rose 17%, loyalty revenue jumped 19%, and American Express remuneration hit $2.40 billion, up 16%. Diversified, high-margin revenue streams now account for 61% of the total, which is why Delta absorbed a 77% year-over-year fuel expense increase and still guided FY2026 EPS to $6.50 to $7.50 with roughly 20% earnings growth. Management also announced a 15% dividend increase beginning the September quarter.

Shares traded around $86.19 on July 16, up more than 55% over the past year. The Street is aligned: 96% bullish, with 25 Buy or Strong Buy ratings against a single Sell rating, and an analyst target of $99.56. That is roughly 14x trailing earnings for a business generating record free cash flow at scale.

Risk: Operating margin compressed 4.5 points to 8.8%, and non-fuel unit costs rose 6.8% YoY, above the long-term target. If fuel stays elevated into 2027, the 20% earnings growth story slips.

Alphabet: Cloud Backlog Doubled, Yet the Stock Trades Like Value Alphabet (NASDAQ:GOOGL) is the AI infrastructure trade Berkshire evidently wants to own. Q1 2026 was a blowout: EPS of $5.11 versus a $2.63 estimate, revenue of $109.90 billion (+21.8% YoY). Google Cloud posted $20.03 billion in revenue, up 63%, and Sundar Pichai flagged that “Google Cloud revenues grew 63% with backlog nearly doubling quarter on quarter to over $460 billion.”

Search remains the cash engine: $60.40 billion in revenue, up 19%. Paid subscriptions crossed 350 million, Gemini processes 16 billion tokens per minute, and Waymo now runs more than 500,000 fully autonomous rides per week. Operating income expanded 30% to $39.70 billion, with an operating margin of 36.1%.

On July 16, shares traded around $373.61, up more than 104% over the trailing year yet still below the 52-week high of $408.37. Analysts sit at $431.91, with 57 Buy or Strong Buy ratings, seven Hold ratings and zero Sell ratings. At a forward P/E near 25 for a business compounding earnings at 82% year over year, the setup is asymmetric.

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Risk: FY2026 CapEx guidance of $175 to $185 billion is straining free cash flow, which fell 46.6% YoY in Q1. If AI monetization lags the buildout, that gap widens before it closes.

Lennar: The Contrarian Housing Bet Lennar (NYSE:LEN) is the deep-value leg. Shares are down more than 17% year to date and more than 20% over the past year, trading at roughly 0.94x book value. Berkshire buying here is a bet that the mortgage-rate freeze on affordability is thawing.

Q2 fiscal 2026 delivered EPS of $1.24 on revenue of $7.94 billion, with gross margin on home sales of 15.6%, up sequentially from the Q1 trough. CEO Stuart Miller framed the margin catalyst directly: “The gap between our current incentive levels of 12.9% and normalized levels of 4% to 6% is narrowing for the first time in three years as the mismatch between higher home prices with higher interest rates and household income is narrowing.” That is the margin recovery catalyst, and base-case modeling puts the stock at $95.50 within a year, a 15.28% return, with a bull case at $113.51.

Operationally, Lennar is running the leanest homebuilder in the market: construction cycle time of 121 days, down from 132, construction costs down 13% over several years, and less than 5% of land on the balance sheet. The company bought back 5 million shares at an average $89.35 for $447 million in Q2. Miller added: “Demand is real, deferred, and building. Lennar is positioned better than at any point in recent history to capture demand as conditions normalize.”

Risk: Analyst sentiment is genuinely mixed: only 11% bullish, 44% bearish, with five Strong Sell ratings. Miller cited “a resurgent inflation reading of 4.2% driven by higher energy prices,” and if rates stay pinned, the incentive-normalization thesis stalls.

What to Watch Next The through-line: three cyclicals with self-help stories, buying back stock, and generating cash before their end markets fully re-rate. Watch Delta’s Q3 EPS against the $2.00 to $2.50 guide, Alphabet’s next capex commentary, and Lennar’s Q3 gross margin against the ~16% target. If each hits, Berkshire’s Q1 build will look early rather than lucky.

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Contact [email protected] for any questions or corrections.

Should the housing market cool or continue to climb in 2026? Deciding between industry giants Lennar (LEN 0.36%) and NVR (NVR +0.21%) requires understanding how scale and land strategies impact long-term returns.

Lennar operates as a diversified powerhouse with a massive national footprint and a growing financial services arm. NVR focuses on a unique land-light model that prioritizes capital efficiency and risk mitigation over direct land ownership. Both companies offer distinct ways to gain exposure to the residential construction industry.

The case for LennarLennar builds homes across 30 states, catering to a wide range of buyers from first-time homeowners to luxury seekers. The company also provides mortgage financing, title, and closing services through its financial services segment. This integrated approach allows it to capture more value from every home sale in the consumer discretionary sector while managing a complex national supply chain.

In FY 2025, revenue reached nearly $32.7 billion, representing a decrease of approximately 4.2% compared to the prior year. The company reported net income of close to $1.6 billion during this period, down from higher levels in previous years. This resulted in a net margin of roughly 5%, which reflects the percentage of revenue remaining after all expenses are paid.

As of its November 2025 balance sheet, the current ratio is approximately 3.1x. This metric measures a company's ability to cover its short-term debts with its current assets. The debt-to-equity ratio, which compares total debt to the value of shareholder equity, is about 0.3x. Note that stock-based compensation represented roughly 75.4% of operating cash flow, which inflates reported cash generation since SBC is a non-cash expense added back in the cash flow statement.

The case for NVRNVR builds and sells homes under brands like Ryan Homes, NVHomes, and Heartland Homes across 16 states and Washington, D.C. Unlike many traditional builders, it typically does not buy land for future development. Instead, it uses fixed-price lot purchase agreements to control sites, which minimizes the capital tied up in real estate and provides significant flexibility during market shifts.

During FY 2025, NVR generated revenue of approximately $9.6 billion, a slight decline of about 4.9% year-over-year. Net income for the fiscal year was close to $1.4 billion, demonstrating consistent profitability despite broader market headwinds. The company achieved a healthy net margin of roughly 13%, which is the portion of total sales that remains as profit after all costs are considered.

Based on its December 2025 balance sheet, the current ratio is roughly 4.0x. Its debt-to-equity ratio is approximately 0.3x, indicating a similar balance of debt and equity to its peer. Free cash flow, which is the cash a company generates after accounting for the money spent on equipment and buildings, reached nearly $1.1 billion.

Risk profile comparisonLennar faces significant risks related to the cyclical nature of the housing market, where employment levels and consumer confidence drive demand. Rising interest rates pose a direct threat by increasing mortgage costs and making homes less affordable for potential buyers. Furthermore, its reliance on third-party land banks like Millrose could lead to site access issues if those entities face financial distress or cannot secure funding.

NVR is also sensitive to interest rate fluctuations that affect mortgage banking profitability and buyer volume. While its land-light model limits downside, the company relies heavily on independent subcontractors for actual construction work. Any failures by these partners or disruptions caused by competitors like D.R. Horton could lead to warranty claims and higher repair costs. The company also must navigate a tightening of credit standards, which could prevent customers from qualifying for mortgage loans.

Valuation comparisonLennar appears more attractive on a price-to-sales basis, while NVR trades at a higher multiple of its future earnings estimates.

MetricLennarNVRSector BenchmarkForward P/E16.66x18.8x29.5xP/S ratio0.7x2.1xSector benchmark uses the SPDR XLY sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

The real differentiator here isn't geography or product mix — it's how each company thinks about risk. Lennar's spin-off of Millrose Properties in early 2025 was the most visible expression of its land-light ambitions: billions in inventory moved off the balance sheet, converted into optioned homesites. It's a smart strategic move, but Lennar now lists Millrose as its largest land bank partner — meaning its land-light strategy depends on an entity it no longer controls. That's a different animal from NVR's model, where option deposits cap downside to forfeitable cash and nothing more. The Q1 2026 results show where that difference shows up. Lennar is burning margin to maintain volume, running sales incentives well above its historical norm, and its recovery depends on rates coming down. NVR posted meaningfully higher gross margins in the same environment and returned an extraordinary amount of capital to shareholders in the same quarter. That margin resilience isn't cyclical. It's the product of a discipline NVR has maintained through every housing downturn since the early 1990s. Lennar deserves credit for attempting the transition seriously, and if rates drop and incentive spending normalizes, its scale makes it an interesting recovery play. But NVR doesn't need conditions to improve to protect your downside. The road back to a housing boom is likely long and uneven, and NVR may not be the hottest name when things finally pop — but it's the one most likely to come out the other side in the best shape. For a long-term hold, that's the one I'd buy.

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.

Contact:
Jorge Almeida
Investor Relations
Lennar Corporation
(305) 485-4129

SOURCE Lennar Corporation

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.

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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.

LEN looks cheap on valuation metrics after its pullback, but falling earnings, estimate cuts and housing-market pressure keep the value-trap debate alive.

Homebuilding stocks have been in a rut for quite some time. The SPDR S&P Homebuilders ETF NYSEARCA: XHB is a commonly used proxy for this industry's performance. The fund has greatly underperformed the general market, with returns of 10% in 2024, -0.7% in 2025, and a single-digit return in 2026. Low housing affordability, driven partially by elevated interest rates, has led to steeply declining revenues and earnings across the industry.

Investors just got their latest look at the status of the housing market. Lennar NYSE: LEN, one of the country’s top homebuilders and a Berkshire Hathaway NYSE: BRK.B portfolio company, recently reported earnings. Lennar’s report was decidedly mixed, but multiple important variables showed signs of improvement. It is possible the worst is over for Lennar, but homebuilders generally continue to face a difficult macro backdrop.

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Lennar’s Mixed Report: Sales Miss, EPS Beat, Delivery Guidance DownIn its fiscal Q2 2026, Lennar reported revenue of $7.94 billion, equating to a year-over-year (YOY) decline of 5.2%. (Note that Lennar’s fiscal reporting period is slightly ahead of the standard reporting period used by many firms.) The figure significantly missed Wall Street estimates, which called for sales of $8.08 billion.

Lennar Today

$89.86 +0.11 (+0.12%)

As of 06/16/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$81.18▼

$144.24Dividend Yield2.23%

P/E Ratio14.06

Price Target$95.07

Still, the 5.2% decline marks a substantial improvement over the prior quarter, when sales tanked 13.3% YOY. That quarter was Lennar’s weakest sales growth since the aftermath of the Great Financial Crisis. This helps highlight the severity of Lennar's stunted growth over recent quarters. In this context, it is good to see that growth is moving closer to 0%, despite the sales miss.

Another silver lining is the fact that Lennar beat estimates on earnings per share (EPS). The figure came in at $1.31, dropping nearly 28% YOY, but was better than the $1.24 anticipated. On the other hand, Lennar reduced its outlook for full-year home deliveries. The company now expects to deliver 82,500 homes at the midpoint, down 2.9% from prior expectations of 85,000 deliveries. Illustrating the difficult economic environment Lennar is operating in, the company attributed this decrease to “current pressure on interest rates and geopolitical uncertainty.”

Lennar Makes Solid Progress on Gross Margin and IncentivesUnder the surface, one solid positive was the improvement in Lennar’s gross margin. Like sales growth, gross margin improved from a multi-year trough seen last quarter, rising sequentially from 15.2% to 15.6%. This came partially due to the firm offering fewer incentives to homebuyers. Its sales incentives rate came down to 12.9%, compared to 14.1% last quarter. This was likely a key reason why revenue was worse than expected, but earnings were better than expected. Fewer incentives translate to fewer sales but increase profitability.

Critically, Lennar noted, “After three years of incentive levels that have been generally increasing, we're starting to see the first real and potentially sustainable decline.” This indicates that underlying demand is improving to a point where Lennar may be able to reverse the trend in its incentives and still entice buyers.

Nonetheless, the company clearly remains cautious, calling this reversal “potentially sustainable” and lowering its delivery outlook. Still, Lennar is forecasting another improvement in gross margin next quarter, guiding for 16%. It also notes, “we expect sequential margin improvement quarter-to-quarter as the year progresses," indicating further increases.

At the midpoint, the firm is guiding for EPS of $1.30 next quarter, holding the figure essentially flat versus its latest report.

Lennar: Rate Headwinds Cast a Cloud Over Sustained Recovery HopesShares fell 4.9% the day after Lennar’s report, indicating that despite some underlying improvements, management’s cautious stance did not inspire investors. Notably, 30-year fixed mortgage rates now sit near 6.5%, their highest level since September 2025. This is likely one of the key factors Lennar was referring to when lowering its delivery outlook. During the company’s prior report, rates were significantly lower, near 6.1%. This subsequent increase puts further pressure on affordability in an already depressed market.

Lennar Corporation (LEN) Price Chart for Wednesday, June, 17, 2026

Adding insult to injury, Evercore, Royal Bank of Canada, and Bank of America all issued Underperform ratings on Lennar after its report. The highest updated target among them is $87, which projects downside in shares and is considerably below the MarketBeat consensus price target of about $95.

Taking all this data into account, it's difficult to be overly optimistic about Lennar’s outlook at this point. Gross margin and incentives will be important to watch going forward, with increases in the former and decreases in the latter being positive signals. Management taking a more confident stance on the sustainability of incentive decreases would also help change the narrative around Lennar stock.

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Key Takeaways Lennar lowered full-year delivery guidance as mortgage rates and macro uncertainty weigh on buyers.LEN said incentives eased for the first real time after three years of steady increases.Lennar cited lower costs, faster cycle times and tighter inventory as drivers of margin repair. Lennar Corporation (LEN - Free Report) used its second-quarter 2026 earnings call to argue that its operating model is starting to show through a difficult housing backdrop. Management pointed to lower incentives, faster cycle times and tighter inventory as early evidence that margins can recover even with affordability still under pressure.

The company paired that message with a more guarded volume outlook, lowering full-year delivery guidance as mortgage rates and macro uncertainty continue to weigh on buyer urgency.

LEN Sees Incentives Finally Start to EaseExecutive chairman, CEO and president Stuart Miller said the clearest change in the quarter was the sales incentive rate on deliveries, which fell to 12.9% from 14.1% in the prior quarter and 14.5% in the fourth quarter of 2025.

He said that marked the first real decline in incentives after three years of steady increases. Miller framed that shift as a potential early sign of margin recovery, even though he stressed that affordability remains strained and the market is still uneven.

That backdrop shaped the quarter’s mixed headline results. Adjusted earnings per share of $1.31 beat the Zacks Consensus Estimate of $1.23, delivering a surprise of 6.5%. However, revenues of $7.94 billion missed the Zacks Consensus Estimate of $8.07 billion by 1.6%.

Lennar Balances Demand With a More Careful PaceMiller said mortgage rates stayed in the mid- to upper-6% range during the quarter, keeping monthly payments elevated for buyers. He also described traffic as inconsistent, with interest still present but decisions taking longer.

That caution showed up in guidance. CFO Diane Bessette projected third-quarter deliveries of 20,500 to 21,500 homes and new orders of 21,000 to 22,000 homes, while full-year delivery guidance was reduced to 82,000-83,000 homes.

In the analyst Q&A, a JPMorgan analyst pressed management on why Lennar lowered closing expectations instead of sacrificing more price or margin to preserve prior volume goals. Miller said the company chose prudence, arguing that inventory discipline and start pace mattered more than pushing aggressively into a market he called erratic.

LEN Leans Harder Into Its Asset-Light ModelManagement spent much of the call reinforcing Lennar’s land-light transformation. Miller said less than 5% of land is now on the balance sheet, while Bessette said the company owns 2% of homesites and controls 98% through third parties.

Bessette said that structure lowers balance sheet risk and supports a more capital-efficient growth model. The company ended the quarter with 11,000 owned homesites, 484,000 controlled homesites, $1.8 billion in cash and total liquidity of $4.9 billion.

Analysts focused heavily on ACORE and land banking costs. Management said the build-in capitalized option maintenance fees reflect the transition to a broader multiyear off-balance-sheet land platform, not an overstatement of earnings, while also acknowledging that most land bank structures still require current pay.

Lennar Touts Cost Gains and Core ProductChief operating officer Jim Parker and executive vice president of Homebuilding David Grove said Lennar is pushing more standardized core products across divisions. They described smaller, easier-to-build homes as a key lever for better returns, faster turns and lower costs.

The operating metrics supported that argument. Construction cost per square foot fell to $81, down 7% from a year earlier, while cycle time improved to a record 121 days from 132 days a year ago. Inventory also fell to just above two homes per community from three in the first quarter.

Management tied those gains directly to cash generation. Miller said lower cycle times and lower cost per square foot should continue to lift inventory turns, which improved to 2.5x from 1.8x a year ago.

LEN Says Technology Work Should Lower OverheadTechnology was another central theme. Miller said Lennar’s foundational systems have required heavy updating and included some missteps, but he argued that the work is setting up future reductions in SG&A and corporate overhead.

Grove said the technology effort is also intended to improve the customer experience. He linked the company’s digital funnel, faster engagement and stronger conversion to a broader effort to make Lennar’s buying process more efficient and more attractive to payment-sensitive buyers.

That efficiency case also shaped margin guidance. Bessette said third-quarter gross margin should be about 16%, with SG&A at 8.8% to 9.0%, while Miller told analysts the expected improvement is driven more by core product and operating execution than by a sharp assumed drop in incentives.

Lennar Keeps a Measured but Constructive ToneThe call’s closing tone was controlled rather than celebratory. Miller argued that housing demand remains real, supply remains structurally short, and government attention to affordability has intensified, even as near-term macro pressures remain unresolved.

He repeatedly returned to consistency as the company’s edge. Across prepared remarks and Q&A, management emphasized even-flow production, disciplined inventory, lower land intensity and gradual margin repair instead of betting on a quick rebound in housing conditions.

Zacks Signals Still Point to CautionLEN carries a Zacks Rank #4 (Sell), along with a Value Score of C, Growth Score of F, Momentum Score of B and VGM Score of D. Under the Zacks framework, Style Scores are meant to complement the Zacks Rank, not override it. 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

That matters here because a weaker Zacks Rank tempers the usefulness of any stronger individual style reading. The current Momentum Score stands out, but the overall setup remains cautious, and the Zacks Rank can still change as earnings estimate revisions move after the quarter.

Key Takeaways Lennar beat EPS estimates with $1.31 per share, though earnings and revenues declined year over year.Home deliveries rose 2%, but a 5% drop in average selling price weighed on homebuilding revenues.Backlog homes increased, while Lennar lowered its full-year delivery target amid market uncertainty. Lennar Corporation (LEN - Free Report) reported mixed second-quarter fiscal 2026 results, with adjusted earnings topping the Zacks Consensus Estimate while revenues missed the same. Year over year, both metrics declined, given ongoing softness in housing demand and a lower average sales price (ASP) for homes delivered.

LEN stock trickled down 2.5% during yesterday’s after-hours trading session, post the earnings announcement.

LEN’s Quarterly NumbersLennar’s adjusted earnings of $1.31 per share beat the Zacks Consensus Estimate of $1.23 by 6.5% but declined 31.1% from $1.90 in the year-ago quarter.

Total revenues of $7.94 billion missed the consensus estimate of $8.07 billion by 1.6% and fell 5.2% year over year. Results reflected pressure from lower home prices and affordability constraints.

Lennar’s Homebuilding MetricsHomebuilding revenues declined 2% year over year to $7.62 billion from $7.84 billion. Revenues from home sales were $7.60 billion, down from $7.79 billion in the year-ago quarter, as lower pricing offset higher closings.

Home deliveries increased 2% to 20,519 homes from 20,131 homes a year ago and were within management’s guidance of 20,000-21,000 homes. The ASP of homes delivered fell 5% to $371,000 from $389,000, reflecting continued weakness in the housing market.

New orders decreased 4% year over year to 21,749 homes from 22,601 homes. The dollar value of new orders fell to $8.21 billion from $8.58 billion, while the ASP of new orders was $377,000 compared with $379,000 a year ago.

Backlog at quarter-end increased to 16,818 homes from 15,538 homes. The backlog dollar value rose to $6.61 billion from $6.48 billion, though the ASP in backlog declined to $393,000 from $417,000.

Gross margin on home sales was 15.6%, down from 17.8% in the year-ago quarter. The decline was due to lower revenue per square foot and higher land costs, partially offset by reduced construction costs as the company continued to pursue cost-saving initiatives. Meanwhile, as a percentage of home sales, SG&A expenses increased to 9.2% from 8.8%, mainly due to lower revenue leverage and higher marketing and selling expenses.

Other Segmental Highlights of LENFinancial Services revenues declined to $236.9 million from $298.1 million a year ago. Operating earnings for the segment decreased to $101.1 million from $157.3 million, primarily due to lower profit per locked loan in the mortgage business.

Lennar Multifamily revenues were $63.6 million, significantly down from $230.3 million in the prior-year quarter. But the segment generated operating earnings of $18.3 million against an operating loss of $14.8 million a year ago.

Lennar Other revenues rose to $23.1 million from $5.2 million, while the operating loss narrowed to $38.9 million from $52.9 million.

Lennar’s Balance SheetLennar ended the fiscal second quarter with homebuilding cash and cash equivalents of $1.82 billion. The company had no outstanding borrowings under its $3.1 billion revolving credit facility at quarter-end.

Homebuilding debt to total capital was 15.8% compared with 11% a year ago. During the fiscal second quarter, the homebuilder repurchased 5 million shares for $447 million at an average price of $89.35 and, after May 31, 2026, redeemed $400 million of 5.25% senior notes due in June 2026.

LEN’s Outlook for Fiscal Q3 2026For the third quarter of fiscal 2026, Lennar expects home deliveries in the range of 20,500-21,500 homes and new orders between 21,000 and 22,000 homes. The company expects the ASP to be between $375,000 and $380,000. Gross margin on home sales is expected to be approximately 16%, while SG&A expenses are projected between 8.8% and 9% of home sales.

Financial Services operating earnings are expected in the range of $95-$100 million. Management also moderated its full-year fiscal 2026 delivery target to approximately 82,000-83,000 homes, citing pressure on interest rates and geopolitical uncertainty.

LEN’s Zacks Rank & Stocks to ConsiderLennar currently carries a Zacks Rank #4 (Sell).

Here are some better-ranked stocks from the Construction sector.

Comfort Systems USA, Inc. (FIX - Free Report) currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Comfort Systems delivered a trailing four-quarter earnings surprise of 39.3%, on average. The Zacks Consensus Estimate for Comfort Systems’ 2026 sales and EPS indicates improvements of 30.5% and 49.2%, respectively, from a year ago.

Quanta Services, Inc. (PWR - Free Report) currently sports a Zacks Rank of 1. Quanta delivered a trailing four-quarter earnings surprise of 10.3%, on average.

The Zacks Consensus Estimate for Quanta’s 2026 sales and EPS implies an increase of 21.5% and 29.7%, respectively, from a year ago.

Dycom Industries, Inc. (DY - Free Report) presently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 25%, on average.

The Zacks Consensus Estimate for Dycom’s fiscal 2027 sales and EPS indicates growth of 34.8% and 30.3%, respectively, from the prior-year levels.

Wall Street heads into a big week after a sharp selloff rattled investors, with inflation data, Apple's annual developer conference and the highly anticipated SpaceX initial public offering set to dominate market attention.

Stocks ended last week under pressure after a stronger-than-expected US jobs report fueled concerns that the Federal Reserve may need to keep interest rates higher for longer. The Nasdaq suffered its biggest one-day decline in a year on Friday, falling nearly 5%, while the S&P 500 snapped a nine-week winning streak.

The spotlight now turns to Wednesday's Consumer Price Index report, which is expected to show inflation accelerating in May. Economists forecast annual headline CPI to rise to around 4.2%, while core inflation is expected to edge higher to 2.9%. Thursday's Producer Price Index report will provide another gauge of price pressures facing the economy.

"A hotter-than-expected CPI release could trigger another selloff in stocks, while a cooler reading could see stocks bounce sharply,” said Kathleen Brooks, research director at XTB.

The inflation reports arrive after May payrolls increased by 172,000, well above expectations, reinforcing the view that the US economy remains resilient despite elevated borrowing costs. Deutsche Bank said the latest labor market data showed little evidence of deterioration and suggested Federal Reserve officials may become increasingly focused on inflation risks rather than employment concerns.

Rising inflation expectations have already prompted a dramatic shift in rate forecasts. Markets are now pricing in a meaningful possibility of another Fed rate hike before year-end, helping push Treasury yields sharply higher and weighing on high-growth technology shares.

Investors will also be watching Apple Inc (NASDAQ:AAPL, XETRA:APC)'s Worldwide Developers Conference, which begins Monday. The event is expected to feature updates to Apple Intelligence, Siri and the company's broader artificial intelligence strategy. With Apple facing increasing scrutiny over its AI progress compared with rivals, the conference could prove a key catalyst for the stock.

The technology sector will remain under the microscope throughout the week. Earnings from Oracle Corp (NYSE:ORCL, XETRA:ORC), Adobe Inc (NASDAQ:ADBE) and homebuilder Lennar Corp (NYSE:LEN) are expected to provide fresh insight into enterprise software demand and housing market conditions.

Meanwhile, capital markets are preparing for one of the largest public offerings in history. SpaceX is expected to begin trading on Friday after seeking to raise approximately $75 billion at a valuation approaching $1.8 trillion. The deal is widely viewed as a major test of investor appetite for high-profile growth companies following recent volatility in the technology sector.

Despite the market's recent pullback, Brooks said demand for the offering is likely to remain strong.

"Even with the selloff in tech, we still expect the SpaceX IPO later this week to generate much excitement," she said, adding that investors increasingly appear willing to buy into long-term growth themes rather than traditional business models alone.

With inflation concerns, interest rate expectations and major corporate events all converging, analysts say the coming week could help determine whether last week's market selloff proves to be a temporary pause or the beginning of a broader rotation away from technology and toward sectors expected to benefit from stronger growth and persistent inflation.

Lennar Corporation (NYSE:LEN) will release earnings for its second quarter after the closing bell on Thursday, June 11.

Analysts expect the home construction company to report quarterly earnings of $1.24 per share. That’s down from $1.90 per share in the year-ago period. The consensus estimate for Lennar's quarterly revenue is $8.07 billion. It reported $8.38 billion last year, according to Benzinga Pro.

With the recent buzz around Lennar, some investors may be eyeing potential gains from the company's dividends too. As of now, Lennar has an annual dividend yield of 2.16%. Its quarterly dividend amount is 50 cents per share ($2.00 a year). So, how can investors exploit its dividend yield to pocket a regular $500 monthly?

To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $277,680 or around 3,000 shares. For a more modest $100 per month or $1,200 per year, you would need $55,536 or around 600 shares.

To CalculateDivide the desired annual income ($6,000 or $1,200) by the dividend ($2.00 in this case). So, $6,000 / $2.00 = 3,000 ($500 per month), and $1,200 / $2.00 = 600 shares ($100 per month).

Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.

How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.

For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).

Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.

Lennar Price ActionShares of Lennar gained 2% to close at $92.56 on Tuesday.

Ahead of quarterly earnings, Keefe, Bruyette & Woods analyst Jade Rahmani, on Tuesday, downgraded Lennar from Market Perform to Underperform and lowered the price target from $97 to $86.

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Homebuilder Lennar Corp (NYSE:LEN) reports second-quarter financial results Thursday after market close and looks to reverse recent downside for the stock.

Here are the earnings estimates and key items to watch.

Lennar Q2 Earnings EstimatesAnalysts expect Lennar to report second-quarter revenue of $8.08 billion, down from $8.38 billion, according to data from Benzinga Pro.

The company has beaten analyst estimates for revenue in six of the last 10 quarters, but missed estimates in the most recently reported first quarter.

Analysts expect Lennar to report second-quarter earnings per share of $1.24, down from $1.90 in last year's second quarter.

The company has missed analyst estimates for earnings per share in four straight quarters and missed estimates in five of the last 10 quarters overall.

Key Items to WatchBerkshire Hathaway took a stake in Lennar Class A shares in the second quarter of 2025 and owns Class A and Class B shares. Under Buffett's leadership at the time, Berkshire Hathaway also bought DR Horton shares in the second quarter of 2025, but later sold that homebuilder.

Lennar is now the big homebuilder bet from Berkshire Hathaway, with the conglomerate adding to its position in the first quarter of 2026, the first quarter with Abel as the CEO.

In the first quarter, Lennar posted a double miss with revenue and earnings per share both missing consensus estimates. The company reported that new orders were up only 1% year-over-year to 18,515 homes as well. Deliveries were down 5% year-over-year in the first quarter to 16,863 homes.

The company ended the second quarter with a backlog of 15,588 homes.

Lennar CEO Stuart Miller said the first quarter came with headwinds for the housing market, like high mortgage rates, affordability, and geopolitical uncertainty.

Keefe, Bruyette & Woods recently downgraded the stock from Market Perform to Underperform and lowered the price target from $97 to $86.

Lennar's earnings report could provide clues for investors and analysts on how the housing market is doing and what mortgage rates mean for demand.

Lennar Stock Price ActionLennar shares were down 1.62% at $91.06 on Wednesday versus a 52-week trading range of $81.18 to $144.24. Lennar stock is down 11.8% year-to-date in 2026 and down 20.1% over the last 52 weeks. The stock trades near a three-year low.

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Second Quarter 2026 Highlights

Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments) Net earnings of $305 million New orders decreased 4% year over year to 21,749 homes Backlog of 16,818 homes with a dollar value of $6.6 billion Deliveries increased 2% year over year to 20,519 homes Total revenues of $7.9 billion Homebuilding operating earnings of $489 million Gross margin on home sales of 15.6% S,G&A expenses as a % of revenues from home sales of 9.2% Net margin on home sales of 6.4% Financial Services operating earnings of $100 million Multifamily operating earnings of $18 million Lennar Other operating loss of $39 million Homebuilding cash and cash equivalents of $1.8 billion No outstanding borrowings under the Company's $3.1 billion revolving credit facility Homebuilding debt to total capital of 15.8% Repurchased 5 million shares of Lennar common stock for $447 million Redeemed $400 million of 5.25% senior notes due in June 2026, subsequent to May 31, 2026 , /PRNewswire/ -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's leading homebuilders, today reported results for its second quarter ended May 31, 2026. Second quarter net earnings attributable to Lennar in 2026 were $305 million, or $1.24 per diluted share, compared to second quarter net earnings attributable to Lennar in 2025 of $477 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23 million and $29 million on technology investments, respectively, second quarter net earnings attributable to Lennar in 2026 were $322 million, or $1.31 per diluted share compared to $499 million or $1.90 per diluted share in the second quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, "Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform. 

"We delivered 20,519 homes, within our guidance of 20,000 to 21,000, generated 21,749 new orders and produced earnings per share of $1.31 excluding mark-to-market losses. Our average sales price was $371,000, reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant. Our gross margin improved sequentially to 15.6% while our net margin increased to 6.4%."

"Our continued focus on operational execution is reflected across numerous key metrics. Our construction costs improved another 2% sequentially and 13% over the last several years. Our cycle time reached a new record low of 121 days, down from 122 days last quarter and 132 days a year ago. We reduced our inventory to 2.1 homes per community from 3 homes per community last quarter, and our inventory turn stands at 2.5 times. Less than 5% of our land is on our balance sheet and our total owned homebuilding inventory has declined from $11.4 billion a year ago to $10.9 billion today. Finally, we ended the quarter with $1.8 billion in cash as we purchased 5 million shares of stock for $447 million."

"Looking ahead to the third quarter of 2026, we expect to deliver approximately 20,500 to 21,500 homes with gross margin improving to approximately 16% as volume increases, incentive levels continue to moderate, and our cost discipline continues to gain traction. We expect our average sales price to be in the range of approximately $375,000 to $380,000 and our SG&A to improve toward 8.8% to 9.0%. Given current pressure on interest rates and geopolitical uncertainty we are moderating our target full-year 2026 deliveries to approximately 82,000 to 83,000 homes."

"In order to help clearly communicate our operating strategy and operating model, we are pleased to announce the publication of a new Investor Deck on the Lennar Investor Relations website tomorrow morning. This deck has been designed to give investors a current view of Lennar's transformation, our asset-light operating model, our technology platform, and our path to margin recovery and long-term value creation. We believe it provides important context for understanding not just where we are today, but where we are going, and why we remain so confident about Lennar's long-term position."

Mr. Miller concluded, "Our strategy consistently has been to execute around the affordability challenge rather than wait it out. We have prioritized volume to create durable scale advantages, to deliver that volume at lower prices, and ultimately improve margins. Our costs are down materially over the past two years, volume is holding, our asset-light balance sheet is functioning extremely well and improving, and our technology initiatives are defining a new Lennar. Additionally, the gap between our current incentive levels of 12.9% and normalized levels of 4% to 6% is narrowing for the first time in three years as the mismatch between higher home prices with higher interest rates and household income is narrowing, as wages drift higher and employment remains strong. The fundamental shortage of housing in America has not been solved. Demand is real, deferred, and building. Lennar is positioned better than at any point in recent history to capture demand as conditions normalize. We remain deeply committed to building the homes America needs, at prices families can afford, and to generating the returns our shareholders deserve."

RESULTS OF OPERATIONS
SECOND QUARTER 2026 COMPARED TO SECOND QUARTER 2025

Homebuilding

Revenues from home sales decreased 2% in the second quarter of 2026 to $7.6 billion from $7.8 billion in the second quarter of 2025. Revenues were lower primarily due to a 5% decrease in the average sales price of homes delivered, partially offset by a 2% increase in the number of home deliveries. New home deliveries were 20,519 homes in the second quarter of 2026, compared to 20,131 homes in the second quarter of 2025. The average sales price of homes delivered was $371,000 in the second quarter of 2026, compared to $389,000 in the second quarter of 2025. The decrease in average sales price of homes delivered in the second 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 15.6%, in the second quarter of 2026, compared to $1.4 billion, or 17.8%, in the second quarter of 2025. During the second 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 $698 million in the second quarter of 2026, compared to $689 million in the second quarter of 2025. As a percentage of revenues from home sales, selling, general and administrative expenses increased to 9.2% in the second quarter of 2026, from 8.8% in the second 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 $100 million in the second quarter of 2026, compared to $157 million in the second quarter of 2025, both amounts are net of noncontrolling interest. The decrease in operating earnings was primarily due to lower profit per locked loan in the mortgage business.

Ancillary Businesses

Operating earnings for the Multifamily segment were $18 million in the second quarter of 2026, compared to an operating loss of $15 million in the second quarter of 2025. Operating loss for the Lennar Other segment was $39 million in the second quarter of 2026, compared to an operating loss of $53 million in the second quarter of 2025. The Lennar Other operating loss for both second quarters of 2026 and 2025 was primarily driven by mark-to-market losses of $23 million and $29 million, respectively, on the Company's technology investments.

Tax Rate

In the second quarter of 2026 and 2025, the Company had tax provisions of $105 million and $160 million, which resulted in an overall effective income tax rate of 25.6% and 25.1%, 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.

Share Repurchases

In the second quarter of 2026, the Company repurchased 5 million shares of its common stock for $447 million at an average share price of $89.35.

Guidance

The following are the Company's expected results of its homebuilding and financial services activities for the third quarter of 2026:

New Orders

21,000 - 22,000

Deliveries

20,500 - 21,500

Average Sales Price

$375,000 - $380,000

Gross Margin % on Home Sales

Approximately 16%

SG&A as a % of Home Sales

8.8% - 9.0%

Financial Services Operating Earnings

$95 million - $100 million

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.

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; 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 second quarter earnings will be held at 11:00 a.m. Eastern Time on Friday, June 12, 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

Six Months Ended

May 31,

May 31,

2026

2025

2026

2025

Revenues:

Homebuilding

$  7,616,314

7,843,862

13,914,877

15,127,732

Financial Services

236,939

298,098

452,494

575,175

Multifamily

63,564

230,305

146,063

293,501

Lennar Other

23,055

5,237

45,914

12,639

Total revenues

$  7,939,872

8,377,502

14,559,348

16,009,047

Homebuilding operating earnings

$     489,371

728,234

862,399

1,537,507

Financial Services operating earnings

101,103

157,280

192,416

300,763

Multifamily operating earnings (loss)

18,325

(14,754)

36,184

(14,777)

Lennar Other operating loss

(38,944)

(52,895)

(44,190)

(142,178)

Corporate general and administrative expenses

(136,149)

(155,853)

(293,787)

(303,231)

Charitable foundation contribution

(20,519)

(20,131)

(37,382)

(37,965)

Earnings before income taxes

413,187

641,881

715,640

1,340,119

Provision for income taxes

(105,058)

(160,061)

(174,150)

(329,586)

Net earnings (including net earnings attributable to noncontrolling interests)

308,129

481,820

541,490

1,010,533

Less: Net earnings attributable to noncontrolling interests

3,357

4,371

7,335

13,558

Net earnings attributable to Lennar

$     304,772

477,449

534,155

996,975

Basic and diluted average shares outstanding

240,776

260,286

242,607

261,510

Basic and diluted earnings per share

$           1.24

1.81

2.17

3.77

Supplemental information:

Interest incurred (1)

$       56,881

41,846

111,456

73,335

EBIT (2):

Net earnings attributable to Lennar

$     304,772

477,449

534,155

996,975

Provision for income taxes

105,058

160,061

174,150

329,586

Interest expense included in:

Costs of homes and land sold

52,574

33,525

91,448

61,775

Homebuilding other income, net

2,710

3,655

5,823

7,051

Total interest expense

55,284

37,180

97,271

68,826

EBIT

$     465,114

674,690

805,576

1,395,387

(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

Six Months Ended

May 31,

May 31,

2026

2025

2026

2025

Homebuilding revenues:

Sales of homes

$   7,595,039

7,788,275

13,867,961

15,028,821

Sales of land

12,401

43,195

27,559

78,521

Other homebuilding

8,874

12,392

19,357

20,390

  Total homebuilding revenues

7,616,314

7,843,862

13,914,877

15,127,732

Homebuilding costs and expenses:

Costs of homes sold

6,412,619

6,402,532

11,734,233

12,290,676

Costs of land sold

21,544

56,173

52,855

92,250

Selling, general and administrative

698,395

688,847

1,315,890

1,304,586

  Total homebuilding costs and expenses

7,132,558

7,147,552

13,102,978

13,687,512

Homebuilding net margins

483,756

696,310

811,899

1,440,220

Homebuilding equity in earnings from unconsolidated entities

2,670

17,716

40,851

52,720

Homebuilding other income, net

2,945

14,208

9,649

44,567

Homebuilding operating earnings

$     489,371

728,234

862,399

1,537,507

Financial Services revenues

$     236,939

298,098

452,494

575,175

Financial Services costs and expenses

135,836

140,818

260,078

274,412

Financial Services operating earnings

$     101,103

157,280

192,416

300,763

Multifamily revenues

$       63,564

230,305

146,063

293,501

Multifamily costs and expenses

72,788

254,677

163,216

328,053

Multifamily equity in earnings from unconsolidated entities and other income, net

27,549

9,618

53,337

19,775

Multifamily operating earnings (loss)

$       18,325

(14,754)

36,184

(14,777)

Lennar Other revenues

$       23,055

5,237

45,914

12,639

Lennar Other costs and expenses

43,726

30,025

87,410

53,589

Lennar Other equity in earnings (loss) from unconsolidated entities and other

4,979

1,333

5,720

(9,285)

Lennar Other losses from technology investments

(23,252)

(29,440)

(8,414)

(91,943)

Lennar Other operating loss

$      (38,944)

(52,895)

(44,190)

(142,178)

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 May 31,

2026

2025

2026

2025

2026

2025

Deliveries:

Homes

Dollar Value

Average Sales Price

East

4,761

4,742

$     1,757,118

1,766,459

$       369,000

373,000

Central

4,606

4,538

1,662,594

1,743,304

361,000

384,000

South Central

6,286

6,174

1,463,140

1,505,750

233,000

244,000

West

4,863

4,669

2,758,154

2,818,980

567,000

604,000

Other

3

8

1,897

4,834

632,000

604,000

Total

20,519

20,131

$     7,642,903

7,839,327

$       371,000

389,000

Of the total homes delivered listed above, 73 homes with a dollar value of $48 million and an average sales price of $656,000 represent homes from

unconsolidated entities for the three months ended May 31, 2026, compared to 113 homes with a dollar value of $51 million and an average sales

price of $452,000 for the three months ended May 31, 2025.

As of May 31,

Three Months Ended May 31,

2026

2025

2026

2025

2026

2025

2026

2025

New Orders:

Active Communities

Homes

Dollar Value

Average Sales Price

East

346

340

5,064

5,604

$ 1,929,424

1,978,078

$   381,000

353,000

Central

462

443

5,218

5,266

1,896,583

1,987,955

363,000

378,000

South Central

433

391

6,293

6,626

1,475,500

1,607,319

234,000

243,000

West

441

441

5,173

5,098

2,906,234

2,997,528

562,000

588,000

Other

1

2

1

7

668

4,383

668,000

626,000

Total

1,683

1,617

21,749

22,601

$ 8,208,409

8,575,263

$   377,000

379,000

Of the total new orders listed above, 57 homes with a dollar value of $31 million and an average sales price of $542,000 represent homes in five active

communities from unconsolidated entities for the three months ended May 31, 2026, compared to 141 homes with a dollar value of $70 million and an

average sales price of $495,000 in 10 active communities for the three months ended May 31, 2025.

Six Months Ended May 31,

2026

2025

2026

2025

2026

2025

Deliveries:

Homes

Dollar Value

Average Sales Price

East

8,911

9,126

$      3,341,069

3,462,701

$        375,000

379,000

Central

8,407

8,494

3,007,627

3,273,497

358,000

385,000

South Central

11,325

10,904

2,623,320

2,666,273

232,000

245,000

West

8,731

9,425

5,009,901

5,707,665

574,000

606,000

Other

8

16

5,780

10,720

723,000

670,000

Total

37,382

37,965

$     13,987,697

15,120,856

$        374,000

398,000

Of the total homes delivered listed above, 157 homes with a dollar value of $120 million and an average sales price of $763,000 represent homes from

unconsolidated entities for the six months ended May 31, 2026, compared to 193 homes with a dollar value of $92 million and an average sales price of

$477,000 for the six months ended May 31, 2025.

Six Months Ended May 31,

2026

2025

2026

2025

2026

2025

New Orders:

Homes

Dollar Value

Average Sales Price

East

9,544

9,667

$      3,641,071

3,539,940

$       382,000

366,000

Central

9,810

9,816

3,532,795

3,788,150

360,000

386,000

South Central

11,298

11,547

2,639,114

2,780,180

234,000

241,000

West

9,604

9,909

5,529,034

5,886,178

576,000

594,000

Other

8

17

5,781

11,547

723,000

679,000

Total

40,264

40,956

$    15,347,795

16,005,995

$       381,000

391,000

Of the total new orders listed above, 128 homes with a dollar value of $62 million and an average sales price of $485,000 represent homes from

unconsolidated entities for the six months ended May 31, 2026, compared to 242 homes with a dollar value of $130 million and an average sales price of

$536,000 for the six months ended May 31, 2025.

At May 31,

2026

2025

2026

2025

2026

2025

Backlog:

Homes

Dollar Value

Average Sales Price

East

5,455

3,900

$     2,069,490

1,562,457

$       379,000

401,000

Central

4,875

4,706

1,797,844

1,905,125

369,000

405,000

South Central

3,018

3,430

671,772

815,681

223,000

238,000

West

3,470

3,500

2,067,167

2,200,051

596,000

629,000

Other

—

2

—

1,176

—

588,000

Total

16,818

15,538

$     6,606,273

6,484,490

$       393,000

417,000

Of the total homes in backlog listed above, 50 homes with a backlog dollar value of $28 million and an average sales price of $568,000 represent the

backlog from unconsolidated entities at May 31, 2026, compared to 128 homes with a backlog dollar value of $101 million and an average sales price

of $792,000 at May 31, 2025.

LENNAR CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(unaudited)

May 31, 2026

November 30, 2025

ASSETS

Homebuilding:

Cash and cash equivalents

$             1,816,248

3,441,324

Restricted cash

29,204

25,930

Receivables, net

978,796

1,002,629

Inventories:

  Finished homes and construction in progress

10,093,878

8,822,271

  Land and land under development

801,156

1,098,961

Inventory owned

10,895,034

9,921,232

  Consolidated inventory not owned

1,488,684

1,696,401

Inventory owned and consolidated inventory not owned

12,383,718

11,617,633

Deposits and pre-acquisition costs on real estate

7,061,935

6,383,633

Investments in unconsolidated entities

1,478,719

1,545,370

Goodwill

3,442,359

3,442,359

Other assets

1,785,201

1,794,378

28,976,180

29,253,256

Financial Services

3,123,509

3,377,413

Multifamily

801,356

902,136

Lennar Other

800,410

897,632

Total assets

$           33,701,455

34,430,437

LIABILITIES AND EQUITY

Homebuilding:

Accounts payable

$             1,784,916

1,812,484

Liabilities related to consolidated inventory not owned

1,312,689

1,476,376

Senior notes and other debts payable, net

4,047,487

4,084,686

Other liabilities

2,470,608

2,691,876

9,615,700

10,065,422

Financial Services

2,151,670

2,010,598

Multifamily

76,768

113,361

Lennar Other

91,591

100,447

Total liabilities

11,935,729

12,289,828

Stockholders' equity:

Preferred stock

—

—

Class A common stock of $0.10 par value

26,309

26,158

Class B common stock of $0.10 par value

3,660

3,660

Additional paid-in capital

6,020,306

5,909,726

Retained earnings

22,759,089

22,471,471

Treasury stock

(7,194,402)

(6,457,609)

Accumulated other comprehensive income

5,676

6,011

Total stockholders' equity

21,620,638

21,959,417

Noncontrolling interests

145,088

181,192

Total equity

21,765,726

22,140,609

Total liabilities and equity

$           33,701,455

34,430,437

LENNAR CORPORATION AND SUBSIDIARIES

Supplemental Data

(Dollars in thousands)

(unaudited)

May 31, 2026

November 30, 2025

May 31, 2025

Homebuilding debt

$          4,047,487

4,084,686

2,791,987

Stockholders' equity

21,620,638

21,959,417

22,579,080

Total capital

$        25,668,125

26,044,103

25,371,067

Homebuilding debt to total capital

15.8 %

15.7 %

11.0 %

Homebuilding debt

$          4,047,487

4,084,686

2,791,987

Less: Homebuilding cash and cash equivalents

1,816,248

3,441,324

1,168,143

Net homebuilding debt

$          2,231,239

643,362

1,623,844

Net homebuilding debt to total capital (1)

9.4 %

2.8 %

6.7 %

(1)

Net homebuilding debt to total capital is a non-GAAP financial measure defined as net homebuilding debt (homebuilding debt less homebuilding cash and cash equivalents) divided by total capital (net homebuilding debt plus stockholders' equity). The Company believes the ratio of net homebuilding debt to total capital is a relevant and a useful financial measure to investors in understanding the leverage employed in homebuilding operations. However, because net homebuilding debt to total capital is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

Contact:
Jorge Almeida
Investor Relations
Lennar Corporation
(305) 485-4129

SOURCE Lennar Corporation

LEN stock is moving. Watch the price action here. Lennar Q2 Details      Lennar reported quarterly adjusted earnings of $1.31 per share, which beat the Street consensus estimate of $1.25, according to Benzinga Pro data. 

Quarterly revenue came in at $7.94 billion, missing the analyst estimate of $8.02 billion.

Lennar reported the following second-quarter highlights:

New orders decreased 4% year over year to 21,749 homes Backlog of 16,818 homes with a dollar value of $6.6 billion Deliveries increased 2% year over year to 20,519 homes Homebuilding operating earnings of $489 million Gross margin on home sales of 15.6% SG&A expenses as a percentage of revenues from home sales of 9.2% Net margin on home sales of 6.4% “Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years — persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty, creating a resurgent inflation reading of 4.2% driven by higher energy prices,” said Stuart Miller, CEO of Lennar.

“Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform,” Miller added.

LEN Stock Price Activity: According to data from Benzinga Pro, Lennar stock was down 1.69% to $93.35 in Thursday's extended trading.  

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For the quarter ended May 2026, Lennar (LEN - Free Report) reported revenue of $7.94 billion, down 5.2% over the same period last year. EPS came in at $1.31, compared to $1.90 in the year-ago quarter.

The reported revenue represents a surprise of -1.64% over the Zacks Consensus Estimate of $8.07 billion. With the consensus EPS estimate being $1.23, the EPS surprise was +6.5%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Lennar performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Deliveries - Average sales price - Total: $371.00 versus the four-analyst average estimate of $372.83.Active Communities - Total: 1,683 versus 1,762 estimated by four analysts on average.Backlog - Homes: 16,818 compared to the 16,889 average estimate based on three analysts.Deliveries - Homes: 20,519 versus 20,314 estimated by three analysts on average.New orders - Homes: 21,749 versus the three-analyst average estimate of 21,615.Revenue- Financial Services: $236.94 million compared to the $270.68 million average estimate based on five analysts. The reported number represents a change of -20.5% year over year.Revenue- Homebuilding- Sales of homes: $7.6 billion versus the five-analyst average estimate of $7.6 billion. The reported number represents a year-over-year change of -2.5%.Revenue- Multifamily: $63.56 million versus $116.68 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -72.4% change.Revenue- Homebuilding: $7.62 billion compared to the $7.61 billion average estimate based on three analysts. The reported number represents a change of -2.9% year over year.Revenue- Homebuilding- Sales of land: $12.4 million compared to the $32.9 million average estimate based on three analysts. The reported number represents a change of -71.3% year over year.Revenue- Lennar Other: $23.06 million versus the two-analyst average estimate of $7.49 million. The reported number represents a year-over-year change of +340.2%.Revenue- Homebuilding- Other homebuilding: $8.87 million versus $10 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -28.4% change.View all Key Company Metrics for Lennar here>>>

Shares of Lennar have returned +5.7% over the past month versus the Zacks S&P 500 composite's -1.6% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

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Published in earnings earnings-estimates-revisions earnings-surprise

June 12, 2026 Thursday's MarketsS&P 500
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Source: Image created by Jester AI.

1. SpaceX Set to Open Higher on IPO Debut Early shadow market trading indicates the SpaceX (SPCX +23.92%) stock price could surge at least 35% after the market opens today, with retail investors alone submitting more than $100 billion in orders at the Thursday deadline, as final indications imply strong appetite for the company.

All 555,555,555 shares sold at $135 apiece: The WSJ reports BlackRock (BLK +1.41%) put in an order to buy at least $5 billion worth of stock, with a separate family office alone requesting $1 billion. Polymarket traders have assigned a 70% probability of the stock closing above a $2 trillion market cap today. "Space is hot right now for the same reason tech software got hot in the late 1990s": Fool contributing analyst Lou Whiteman explained, "as the cost comes down, things that weren't practical due to expense just a few years ago become feasible. And entrepreneurs are likely to think of all-new ways to use space that wouldn't have been possible when costs were higher." 2. Nvidia Opens Vera CPU Orders in China Reuters reports Nvidia (NVDA +0.13%) has informed Chinese clients of pending availability of Vera CPUs, with AI processor orders to be available as soon as August.

The Chinese market once accounted for over 20% of Nvidia's data center revenue: The move would aim to kick-start China sales and provide an alternative from the stalling progress on the powerful H200 chip, with reported demand for the Vera processors according to domestic sources. "Their local ecosystem of chip companies are doing quite well, because we've evacuated that market": Speaking in late May, Nvidia CEO Jensen Huang explained how China had large demand, but tight U.S. chip export restrictions meant the Stock Advisor Foundational Stock had largely conceded it. 3. ADBE, LEN, and RH Earnings Disappoint Adobe (ADBE 7.65%) fell around 5% ahead of the market open after the sudden departure of its CFO, Dan Durn, overshadowed a strong quarterly earnings beat. In the short term, the Team Rule Breakers recommendation expects revenue pressure as it focuses on a "freemium" model. RH (RH 3.03%) dropped about 1% in pre-market trading following a mixed bag of results. Also recommended by Team Rule Breakers, revenue for the quarter fell by 1.7% versus the same period last year, although management raised the full-year outlook based on opening new galleries. Lennar (LEN 4.47%) moved over 2% lower before the opening bell, pointing to "elevated mortgage rates and cautious consumer sentiment" in the quarterly earnings report as a factor in the 31% drop in earnings per share. 4. Rocket Lab Pops on Nasdaq 100 Promotion The quarterly Nasdaq 100 rebalance sees Rocket Lab (RKLB 9.56%) promoted alongside four others, with Zscaler (ZS +2.37%) a notable removal. All changes take effect prior to the market open on Monday June 22.

Rocket Lab pops around 6% in pre-market trading: The news carried the promoted stocks higher overnight, with the Stock Advisor rec by Team Hidden Gems now up an impressive 122% since the July 2025 selection. Rotation shows current market winners and losers: The rebalance shows the investor pivot toward AI infrastructure and cloud computing, replacing more mature consumer-facing telecoms and older software firms. 5. Your Take How are you playing the space economy theme, if at all? Pure plays like Rocket Lab? Diversified aerospace like Boeing (BA 0.49%)? Component suppliers like the ones serving SpaceX? Or are you sitting it out?

Debate with friends and family, or become a member to hear what your fellow Fools are saying!

This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. The Motley Fool has positions in and recommends Adobe, BlackRock, Boeing, Lennar, Nvidia, Rocket Lab, and Zscaler. The Motley Fool recommends RH and recommends the following options: long January 2028 $330 calls on Adobe and short January 2028 $340 calls on Adobe. The Motley Fool has a disclosure policy.

U.S. stock futures were higher this morning, with the Dow futures gaining around 300 points on Friday.

Shares of Lennar Corp (NYSE:LEN) fell sharply in pre-market trading after the company posted mixed second-quarter results.

Lennar reported quarterly adjusted earnings of $1.31 per share, which beat the Street consensus estimate of $1.25, according to Benzinga Pro data. Quarterly revenue came in at $7.94 billion, missing the analyst estimate of $8.02 billion.

Lennar shares dipped 2.7% to $92.35 in pre-market trading.

Here are some other stocks moving lower in pre-market trading.

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The Lock-In Effect Is Real—These 3 Homebuilders Are Betting on ItLennar NYSE: LEN reported second-quarter 2026 results that executives said reflected steady execution in a difficult housing market, with home deliveries near the midpoint of guidance, new orders near the high end and early signs that buyer incentives are beginning to ease.

Executive Chairman and CEO Stuart Miller said the homebuilder delivered 20,519 homes during the quarter and generated 21,749 new orders. Lennar posted a gross margin of 15.6%, net margin of 6.4% and earnings per share of $1.31 excluding mark-to-market items. On a GAAP basis, the company reported net income of $305 million and earnings per share of $1.24.

Get Lennar alerts:

Berkshire Builds a Moat Around HomebuildersMiller said Lennar’s sales incentive rate on deliveries was 12.9%, down from 14.1% in the first quarter and 14.5% in the fourth quarter of 2025. He described the decline as “the first real and potentially sustainable decline” after several years of generally rising incentives.

“While this decline may be a leading indicator of margin recovery, the overall market remains choppy as economic and geopolitical crosscurrents mark the way forward,” Miller said.

Affordability Remains Central Concern 3 Stocks That Win If Inflation Surprises to the DownsideMiller said mortgage rates remained in the mid- to upper-6% range throughout the quarter, with the 30-year fixed rate at roughly 6.4% to 6.5% at the time of the call. At those levels, he said, buyers at median family income levels are spending above 30% of gross income on housing, keeping affordability challenged.

He also pointed to a more complicated inflation backdrop, citing a May CPI report showing headline inflation at 4.2% year over year, driven primarily by energy costs. Miller said higher gasoline and electricity costs can weigh on consumer confidence and reduce buyers’ willingness to make major financial commitments, including purchasing a home.

Miller said he does not expect the Federal Reserve to provide near-term relief, adding that Lennar is “not waiting” for rate cuts and is instead operating for the market as it currently exists. He also said the economy remains solid on the surface, but buyer behavior reflects caution, including concerns about long-term job security as artificial intelligence changes the labor market.

“Traffic is inconsistent, intent is high,” Miller said. “Urgency to close is still measured and deliberate rather than confident and energized.”

Cost Controls and Asset-Light Strategy Drive Efficiency Lennar continued to emphasize its volume-based operating strategy and asset-light balance sheet model. Miller said the company remains focused on consistent production and on reducing the amount of land it owns directly.

Construction cost per square foot improved to $81 in the quarter, down 7% from a year ago and 13% from two years ago, according to Miller. The company’s construction cycle time fell to 121 days, which he described as a record low, helping improve inventory turn to 2.5 times from 1.8 times a year earlier.

Chief Financial Officer Diane Bessette said Lennar ended the quarter with $1.8 billion in cash and total liquidity of $4.9 billion. Homebuilding debt to total capital was 15.8%. The company had no outstanding borrowings under its revolving credit facility and $1.7 billion outstanding under its term loan. Bessette said Lennar used cash to redeem $400 million of 5.25% senior notes that matured June 1.

Bessette said Lennar started about 20,600 homes during the quarter and ended with approximately 38,600 homes in inventory, including about 3,500 completed unsold homes, or just above two per community. That was down from about 5,100 completed unsold homes, or three per community, in the first quarter.

On land, Bessette said Lennar owns 2% of its land on balance sheet and controls 98% through third parties. The company ended the quarter owning 11,000 homesites and controlling 484,000 homesites. She said Lennar’s ACOR balance, which refers to pre-acquisition cost on real estate, was $7.1 billion at quarter end, up $237 million sequentially, primarily due to a net increase in capitalized option maintenance fees.

Management Sees Room for Margin Recovery Lennar’s average sales price in the second quarter was $371,500. Miller said the company is seeing early indications of margin improvement but emphasized that incentive reductions are happening slowly.

In response to questions from analysts, management said the company is increasingly using its “core product” strategy to improve efficiency. Bessette said the trend toward core product is expected to benefit returns because the homes are smaller, easier to build and lower cost. Chief Operating Officer Jim Parker said Lennar is optimizing product across divisions and geographies to identify the best cost structures and use those designs across more communities.

Miller said the move toward more core product should continue to reduce cycle time and cost per square foot, supporting better inventory turns and cash flow. He also said technology investments are expected to help reduce SG&A and corporate G&A over time, though he did not quantify the potential savings or timing.

David Grove, executive vice president for homebuilding, said both core product and technology are also aimed at improving the customer experience, including through Lennar’s Everything’s Included model.

Third-Quarter and Full-Year Guidance For the third quarter, Bessette said Lennar expects:

New orders of 21,000 to 22,000 homes; Deliveries of 20,500 to 21,500 homes; Average sales price of $375,000 to $380,000; Gross margin of approximately 16%; SG&A expense of 8.8% to 9%; Financial services earnings of $95 million to $100 million; A multifamily loss of approximately $15 million; A Lennar Other segment loss of approximately $20 million, excluding potential mark-to-market adjustments; EPS of approximately $1.20 to $1.40. Bessette said the company is adjusting its annual delivery guidance to 82,000 to 83,000 homes, citing current pressure on interest rates and continued macroeconomic uncertainty.

When asked why Lennar lowered its closing outlook rather than further reducing margins to maintain previous volume expectations, Miller said the company was being prudent amid a “constantly changing macro environment.” He said Lennar wanted to manage sales, starts and inventory levels carefully after a more robust selling season did not fully materialize.

Miller also said housing affordability continues to receive significant attention in Washington, D.C., though he declined to provide specifics on policy discussions. He said the level of engagement from the federal government on affordability is unlike anything he has seen in his career.

“Affordability matters,” Miller said.

About Lennar NYSE: LENLennar 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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