LEN

AI Research

Q1 earnings miss → Revenue down 13% amid affordability pressures; stock up 2.82% premarket

Lennar reported Q1 2026 EPS of $0.88 (missing $0.95 forecast) and revenue of $6.6B (below $6.84B expected) with homebuilding revenue down 13% on 8% lower pricing and 5% fewer deliveries amid affordability headwinds. Despite earnings miss, stock rose 2.82% premarket reflecting $2.1B cash position and improved inventory turn to 2.5x. Management projects EPS of $1.45 for Q2 and $1.99 for Q3 signaling confidence despite 2026 demand and rising cost concerns.