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Lennar (LEN) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Oct 2, 2026 · Lennar (LEN) Q3 FY26 earnings results →

Q3 FY26 Revenue down 9% year over year to $8.0B · 4¢ of every $1 of revenue kept as net profit · operating margin 5.7%

Lennar made $8.0B in Q3 FY26 (-9% Y/Y): Homebuilding $7.8B, Lennar Financial Services $226M, Multifamily $38.5M. Operating margin 5.7%, net earnings $284M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 2, 2026.

Revenue$8.0B
Year over year-9%
Operating margin5.7%
Net earnings$284M
Operating cash flow−$104M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Lennar Q3 FY26 revenue breakdown: Sankey diagram of revenue (Homebuilding, Lennar Financial Services, Multifamily, Lennar Other), costs, profit and cash flow
Lennar Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $8.0B in Q3 FY26, down 9% year over year and up 1% from the previous quarter. West was the largest line at 32% of revenue. West lost $0.37B year over year (down 12%), 48% of the total change.

Operating profit was $0.46B, a 5.7% margin (down 2.2 points year over year). Total costs fell 6% while revenue fell 9%. Net earnings were $0.28B, down 52% year over year. The effective tax rate was 26.2%.

Operating cash flow was −$0.10B. Non-cash charges added back $0.04B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.45B. Capital expenditures of −$0.01B exceeded it, leaving free cash flow of −$0.10B.

Quarterly history

Lennar revenue by quarterLennar revenue by quarter$9.9BQ4 FY24$8.4BQ2 FY25$8.8BQ3 FY25$9.4BQ4 FY25$6.6BQ1 FY26$7.9BQ2 FY26$8.0BQ3 FY26
Lennar net earnings by quarterLennar net earnings by quarter$1.1BQ4 FY24$477MQ2 FY25$591MQ3 FY25$490MQ4 FY25$229MQ1 FY26$308MQ2 FY26$284MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QOct 2, 2026$8.0B-9%5.7%$284M−$104M
Q2 FY2610-QJun 29, 2026$7.9B-5%5.0%$308M−$284M
Q1 FY2610-QApr 9, 2026$6.6B-13%3.3%$229M−$434M
Q4 FY2510-KJan 28, 2026$9.4B-6%6.9%$490M$1.8B
Q3 FY2510-QOct 3, 2025$8.8B-6%7.9%$591M−$159M
Q2 FY2510-QJul 1, 2025$8.4B-4%7.5%$477M−$1.1B
Q4 FY2410-KJan 23, 2025$9.9B-9%13.7%$1.1B$975M

Charts

Lennar: revenue growth, year over year and quarter over quarterLennar: revenue growth, year over year and quarter over quarterY/YQ/Q-9%Q4 FY24-4%-16%Q2 FY25-6%+5%Q3 FY25-6%+6%Q4 FY25-13%-29%Q1 FY26-5%+20%Q2 FY26-9%+1%Q3 FY26
Latest (Q3 FY26): Y/Y -9%, Q/Q +1%.
Lennar: where the cash came from (+) and went (−), TTM to Q3 FY26Lennar: where the cash came from (+) and went (−), TTM to Q3 FY26Buybacks−$993MOperating cash flow$937MOther financing$569MDividends−$493MNet borrowing (+) / repaid (−)−$400MOther investing$286MCash drawn (+) / kept (−)$258MCapital spending−$126MPartners−$39.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Lennar: profit against cash, quarter by quarterLennar: profit against cash, quarter by quarterNet incomeOperating cash flow$1.1B$975MQ4 FY24$529M−$289MQ1 FY25$482M−$1.1BQ2 FY25$600M−$159MQ3 FY25$498M$1.8BQ4 FY25$233M−$434MQ1 FY26$308M−$284MQ2 FY26$285M−$104MQ3 FY26
Latest (Q3 FY26): Net income $285M, Operating cash flow −$104M.
Lennar: diluted shares by fiscal yearLennar: diluted shares by fiscal year309MFY20307MFY21290MFY22283MFY23272MFY24
-12.1% since FY20: buybacks shrank the count.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Lennar

We are one of the largest homebuilders in the United States by deliveries, revenues and net earnings, an originator of residential and commercial mortgage loans, a provider of title insurance and closing services and a developer of multifamily rental properties. In addition, we are a sponsor and manager of funds and joint ventures engaged in development and ownership of multifamily rental properties and a sponsor and manager of a fund engaged in ownership of single-family rental properties. We also have investments in companies that are engaged in applying technology to improve the homebuilding industry and real estate related aspects of the financial services industry.

In its own words, from its 10-K, filed Jan 28, 2026.

Lennar against its General Bldg Contractors - Residential Bldgs peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -9% against the peers' median +4%. Operating margin: 5.7% against the peers' median 11.3%.

CompanyQuarterRevenueY/YOp. margin
LEN LennarQ3 FY26$8.0B-9%5.7%
IBP Installed Building ProductsQ3 2026$808M+4%11.3%
GEO GEO GroupQ3 2026$761M+12%13.5%

Source: Lennar 10-Q on SEC EDGAR · CIK 920760 · General Bldg Contractors - Residential Bldgs

Guidance and outlook

Lennar: what its forward-looking statements are about (10-Q filed 2026-10-02)Lennar: what its forward-looking statements are about (10-Q filed 2026-10-02)Demand5Other4Margins3Deals2Costs1Financing1
16 statements; tone +0.19 (−1 all cautious, +1 all confident); 1 hedged.
Lennar: outlook statements against the filing beforeLennar: outlook statements against the filing beforeNew6Updated4Dropped2Confident4Cautious1

13F: who owns LEN and who is buying

Largest holders of LEN (13F)Largest holders of LEN (13F)Vanguard Group$2.5BBlackRock$1.7BBerkshire Hathaway$1.2BVanguard Capital Management LLC$1.2BGreenhaven Associates$1.1BEagle Capital Management LLC$967MState Street$944MVanguard Portfolio Management LLC$864MAristotle Capital Management, LLC$709MManufacturers Life Insurance Comp…$605M
Funds' net buying of LEN by quarter (13F)Funds' net buying of LEN by quarter (13F)$502M2024-09−$715M2024-12−$189M2025-03$268M2025-06−$1.2B2025-09−$564M2025-12$287M2026-03$691M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LEN

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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