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Earnings · Guidance · Homebuilding · Housing Market
Lennar Corporation reported Q2 2026 net earnings of $305 million, or $1.24 per diluted share, a decrease from $477 million ($1.81 per share) in Q2 2025, while home deliveries increased 2% year-over-year to 20,519 homes, amidst persistent market headwinds including elevated mortgage rates and 4.2% inflation.
The company delivered 20,519 homes, within its guidance, and generated 21,749 new orders, a 4% decrease year-over-year. Despite a 5% decrease in average sales price to $371,000, gross margin on home sales improved sequentially to 15.6%, and net margin reached 6.4%.
Lennar achieved record-low cycle times of 121 days and reduced construction costs by 2% sequentially. For Q3 2026, Lennar guides for 20,500–21,500 deliveries and a gross margin of approximately 16%.
The company moderated its full-year 2026 delivery target to 82,000–83,000 homes, reflecting ongoing market realities. Lennar maintained a strong balance sheet with $1.8 billion in cash and repurchased 5 million shares for $447 million, demonstrating capital efficiency and shareholder return commitment.
