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Lennar (LEN) guidance and outlook
Lennar's 10-Q filed Oct 2, 2026 makes 16 forward-looking statements, 6 of them new and 2 no longer said since the filing before.
Guidance and outlook
Forward-looking statements, 10-Q filed Oct 2, 2026
- new · We delivered 20,840 homes, within our guidance range, and generated 20,879 new orders, just below our range, while gross margin improved sequentially to 15.8% and net earnings totaled $284 million, or $1.19 per share or $1.23 excluding one-time items.
- new · We remain intentionally focused on bringing affordable housing to an affordability-constrained consumer base, a choice that is still weighing on near-term margin but is building the volume and market position we believe will drive margin higher over time.
- new · In addition, labor availability has become more constrained in certain geographies, reflecting immigration enforcement activity and competing construction demand, which we expect will continue to add cost pressure.
- new · Land costs per home, reflected in part through option maintenance fees associated with extended deal durations, have increased and will continue to pressure margin for a period of time while we work through land positions underwritten and committed under prior market conditions.
- new · We continue to price to market and to offer incentives intended to maintain volume and affordability.
- updated · For the fourth quarter of 2026, we expect new orders in the range of 19,500 to 20,500 homes, with continued focus on matching starts and sales pace.
- updated · We anticipate deliveries in the range of 22,000 to 23,000 homes as we maintain even-flow production and convert inventory to cash.
- updated · Our average sales price on those deliveries is expected to be between $370,000 and $380,000.
- updated · We expect gross margin in the range of 15.5% to 16.0%, and our SG&A percentage should be in the range of 8.7% to 9.0%.
- new · We intend to continue managing our cost structure, cycle time, and land basis with the objective of positioning Lennar to benefit as affordability improves, whether through changes in interest rates, wages, or regulatory and entitlement reform, while remaining disciplined in the market as it exists today.
- We historically have experienced, and expect to continue to experience, variability in quarterly results.
- Our results of operations for the three and nine months ended August 31, 2026 are not necessarily indicative of the results to be expected for the full year.
Lennar's latest quarter
Lennar, Q3 FY26: revenue $8.0B (-9% year over year), operating margin 5.7%, net earnings $284M, operating cash flow −$104M. The chart follows the revenue to costs, profit and cash.
Questions
What does Lennar expect?
We delivered 20,840 homes, within our guidance range, and generated 20,879 new orders, just below our range, while gross margin improved sequentially to 15.8% and net earnings totaled $284 million, or $1.19 per share or $1.23 excluding one-time items. We remain intentionally focused on bringing affordable housing to an affordability-constrained consumer base, a choice that is still weighing on near-term margin but is building the volume and market position we believe will drive margin higher over time. In addition, labor availability has become more constrained in certain geographies, reflecti
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.