Form 10-Q · Quarterly report
Lennar 10-Q, filed Oct 2, 2026
- Filed
- CIK
- 0000920760
- Accession no.
- 0001628280-26-064557
Summary
Lennar reported third-quarter net earnings attributable to Lennar of $283.9 million, or $1.19 per diluted share, down from $591.0 million, or $2.29 per diluted share, a year earlier, as home sales revenue fell 6% to $7.7 billion on a 3% decline in both deliveries and average sales price. Gross margins on home sales narrowed to 15.8% from 17.5%, and the company attributed the drop mainly to lower revenue per square foot and higher land costs, partly offset by lower construction costs.
Key points
- New home deliveries were 20,840 in the third quarter of 2026 versus 21,584 a year earlier, and the average sales price fell to $372,000 from $383,000.
- Nine-month home sales revenue fell 7% to $21.6 billion, with deliveries of 58,222 homes and gross margin of 15.5% versus 18.0%.
- Third-quarter results included $53.3 million of mark-to-market losses on technology investments, compared with $99.2 million of gains a year earlier.
- Financial Services operating earnings fell to $129.5 million from $177.4 million, including a $39.2 million one-time benefit mainly from a litigation accrual reversal after a court judgment.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2. Management’s Discussion Overview We historically have experienced, and expect to continue to experience, variability in quarterly results. Our results of operations for the three and nine months ended August 31, 2026 are not necessarily indicative of the results to be expected for the full year. Our homebuilding business is seasonal in nature and generally reflects higher levels of new home order activity in our second and third fiscal quarters and increased deliveries in the second half of our fiscal year. However, a variety of factors can alter seasonal patterns. …
An excerpt of the text as filed with the SEC, cut for length.
Readster writes AI-generated summaries of public filings for research purposes only. Summaries can be incomplete or wrong — check the original filing on SEC.gov before relying on it. Nothing here is investment, legal or medical advice.