Lennar Corp - Class A NYSE:LEN Price, Chart, News & Insight

Lennar Stock Falls 2.3% Premarket as Q3 Earnings Miss Expectations and Housing Conditions Weaken

Lennar shares fell 2.3% in premarket trading Thursday after the homebuilder reported weaker third-quarter earnings and lowered its full-year delivery target amid higher mortgage rates and worsening housing affordability.

Lennar reported Q3 net earnings of $284 million, or $1.19 per diluted share, down sharply from $591 million, or $2.29 per share, a year earlier. Adjusted EPS was $1.23. Revenue totaled $8.0 billion, while home deliveries declined 3% to 20,840 and new orders fell 9% to 20,879.

Housing margins also remained under pressure. Home-sales gross margin declined to 15.8% from 17.5% a year earlier, reflecting lower revenue per square foot and higher land costs. The average selling price fell to $372,000 from $383,000 as Lennar used pricing adjustments and incentives to support demand.

Management said earnings were below expectations as market conditions deteriorated, with 30-year mortgage rates reaching about 6.8% at quarter-end and affordability weighing on buyer decisions.

Lennar now expects approximately 80,000–81,000 home deliveries for full-year 2026, down from its previous target of 82,000–83,000. For Q4, the company projects 22,000–23,000 deliveries and a gross margin of 15.5%–16.0%.

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Global Finance News 09-17-26

Lennar Falls 5% as Housing Market Headwinds Overshadow Solid Execution

Lennar shares fell 5% on Friday after the homebuilder reported second-quarter results that highlighted the continued challenges facing the U.S. housing market, including elevated mortgage rates, affordability pressures, and cautious consumer sentiment.

The company reported earnings of $1.24 per share, or $1.31 excluding investment-related losses, down from $1.81 a year earlier. Revenue totaled $7.9 billion as home deliveries increased 2% to 20,519 units, but a 5% decline in average selling prices to $371,000 weighed on profitability.

The key concern for investors was margin pressure. Gross margin on home sales declined to 15.6% from 17.8% a year ago as Lennar continued offering incentives and price adjustments to maintain sales volumes in a difficult housing environment. New orders also slipped 4% year over year to 21,749 homes, while backlog fell to 16,818 homes valued at $6.6 billion.

Management noted that persistently high mortgage rates and affordability challenges remain the primary obstacles for homebuyers. As a result, Lennar reduced its full-year delivery target to 82,000-83,000 homes, signaling a more cautious outlook for the remainder of 2026.

Despite the weaker earnings comparison, the report contained several positive developments. Construction costs fell another 2% sequentially, cycle times reached a record-low 121 days, and inventory levels continued to improve. The company also repurchased $447 million of stock during the quarter and ended the period with $1.8 billion in cash and no borrowings under its revolving credit facility.

Looking ahead, management expects third-quarter gross margins to improve to roughly 16% as incentives moderate and cost reductions continue to flow through the business. CEO Stuart Miller emphasized that the long-term U.S. housing shortage remains intact and argued that demand is being deferred rather than destroyed by current affordability constraints.

However, investors appeared focused on the near-term reality: declining earnings, lower selling prices, softer orders, and a reduced full-year outlook. With mortgage rates still elevated and housing affordability stretched, the market remains skeptical about how quickly homebuilders can return to stronger growth and margin expansion.

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WS Investor 06-12-26

Lennar reported first-quarter fiscal 2026 net earnings of $229 million, or $0.93 per diluted share, down from $520 million, or $1.96 per share, in the same period a year earlier, reflecting continued pressure from high mortgage rates and housing affordability challenges.

Total revenue reached $6.6 billion during the quarter. The company delivered 16,863 homes, down 5% year over year, while new orders rose 1% to 18,515 homes. Lennar ended the quarter with a backlog of 15,588 homes valued at about $6.0 billion. Gross margin on home sales was 15.2%.

The homebuilder said it continues to prioritize volume and affordability through pricing adjustments and incentives, while improving operational efficiency. For the second quarter, Lennar expects to deliver 20,000 to 21,000 homes with gross margins between 15.5% and 16%.
PRNewswire

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The Investor 03-13-26

Lennar Corporation will release its first quarter 2026 earnings after the market closes on March 12, 2026

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The Investor 02-28-26

Lennar Announces Final Exchange Ratio in Millrose Stock Swap

Lennar Corporation (NYSE: LEN, LEN.B) set a final exchange ratio of 4.1367 for its offer to swap up to 33.3 million Millrose Properties (NYSE: MRP) Class A shares for Lennar Class A shares. For each Lennar share tendered and accepted, shareholders will receive 4.1367 Millrose shares.

If fully subscribed, Lennar can exchange up to about 8.05 million of its Class A shares. The offer, which may be subject to proration if oversubscribed, expires at midnight on November 21, 2025 in New York.

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WS Investor 11-20-25

Lennar reported third quarter 2025 net earnings of $591 million, or $2.29 per diluted share, compared with $1.2 billion, or $4.26 per share, a year earlier. Excluding mark-to-market gains on technology investments, earnings were $516 million, or $2.00 per share. Revenues held at $8.8 billion, with 21,584 home deliveries, consistent with last year, and 23,004 new orders, up 12%. Backlog stood at 16,953 homes valued at $6.6 billion. Gross margin on home sales slipped to 17.5% amid higher incentives, while SG&A expenses were 8.2% of revenues.
Executives highlighted efficiency gains, including a record cycle time of 126 days and inventory turns of 1.9 times, supported by targeted incentives like mortgage rate buydowns. Lennar ended the quarter with 0.1 years’ supply of owned homesites, $1.4 billion in cash, and a homebuilding debt-to-capital ratio of 13.5%. The company repurchased 4.1 million shares for $507 million. Looking ahead, Lennar expects fourth quarter new orders of 20,000–21,000 homes, deliveries of 22,000–23,000 homes, and a gross margin near 17.5%, supported by a stabilizing rate environment and disciplined execution.

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The Investor 09-19-25

Lennar Corporation (NYSE: LEN and LEN.B), one of the nation's largest homebuilders, announced today that the Company will release earnings for the second quarter ended May 31, 2025 after the market closes on June 16, 2025. Additionally, the Company will host a conference call on June 17, 2025 at 11:00 a.m. Eastern Time.

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WS News 06-03-25

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 May 7, 2025 to holders of record at the close of business on April 23, 2025.

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WS News 05-10-25

Lennar Stockholders Approve Directors and Executive Compensation, Reject ESG Proposals at 2025 Annual Meeting

Lennar Corporation held its 2025 Annual Meeting of Stockholders where six proposals were put to a vote. Ten individuals, including Serena Wolfe, Jonathan Jaffe, and Stuart Miller, were elected as directors to serve until the 2026 Annual Meeting. The vote counts varied, with Serena Wolfe receiving the most support and Jeffrey Sonnenfeld receiving the least.

Stockholders also approved, on an advisory basis, the compensation of Lennar’s named executive officers, with over 441 million votes in favor. In addition, they ratified the appointment of Deloitte & Touche LLP as the independent auditor for fiscal year 2025.

However, three stockholder proposals were rejected. These included proposals for appointing an independent board chairman, requesting a report on reducing greenhouse gas emissions, and disclosing LGBTQIA+ equity and inclusion efforts within the company’s human capital management strategy. Each failed to receive majority support, with substantial votes against and high abstention counts in the case of environmental and social proposals.

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Global Finance News 04-12-25

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 May 7, 2025 to holders of record at the close of business on April 23, 2025.

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The Investor 04-10-25

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