Lennar stock reports lower Q3 revenue and EPS

Lennar stock stood at USD 81.61 on the NYSE on September 24, 2026, with a 0.11 percent daily gain and a market capitalization of USD 20,263,377,066. The homebuilder's latest quarter showed lower revenue, earnings and orders as affordability pressure weighed on demand.

Revenue falls in Q3 2026

According to Lennar in its September 16, 2026 release, total revenue reached USD 8.046 billion in Q3 2026, down 8.67 percent from USD 8.810 billion in Q3 2025. Net earnings attributable to Lennar fell to USD 283.876 million from USD 590.967 million, a decline of 51.96 percent.

GAAP diluted EPS decreased to USD 1.19 from USD 2.29 in the year-ago quarter. Excluding specified investment and Financial Services items, adjusted EPS was USD 1.23, while Zacks reported a consensus estimate of USD 1.29.

Orders point to weaker demand

Lennar delivered 20,840 homes in Q3 2026, down 3 percent from 21,584 homes a year earlier. New orders declined 9 percent to 20,879 homes from 23,004, while the average sales price of delivered homes fell 3 percent to USD 372,000.

The order data matter because they connect current revenue pressure with the next production cycle. Lennar's Q3 backlog stood at 16,857 homes, down from 16,953 homes in Q3 2025, while active communities increased to 1,713 from 1,664.

Q4 guidance sets the test

Lennar expects 19,500 to 20,500 new orders and 22,000 to 23,000 deliveries in Q4 2026. The company guided to a 15.5 to 16.0 percent gross margin on home sales, an 8.7 to 9.0 percent SG&A ratio and USD 90 million to USD 95 million in Financial Services operating earnings.

The guidance places execution against affordability pressure at the center of the next quarter. Q3 gross margin was 15.8 percent, while SG&A reached 9.2 percent, above the guided range, making cost leverage as important as unit growth.

Stock stays near yearly low

At USD 81.61 on the NYSE on September 24, 2026, Lennar stock traded 7.81 percent above its 52-week low of USD 75.70 and below its 52-week high of USD 133.76. Yahoo Finance reported on September 24, 2026 that Lennar declared a quarterly dividend of USD 0.50 per share, payable October 22, 2026.