Filing Flows › Lennar (LEN) › Q1 FY26
Lennar (LEN) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Apr 9, 2026
Lennar (LEN) reported revenue of $6.6B for the first quarter fiscal 2026 (Q1 FY26), -13% from a year earlier and -29% from the quarter before. Operating margin was 3.3%, net earnings $229M (3.5% of revenue).
Lennar, Q1 FY26: revenue $6.6B (-13% year over year), operating margin 3.3%, net earnings $229M, operating cash flow −$434M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.6B | -29% | -13% |
| Operating profit | $216M | -66% | -69% |
| Net earnings | $229M | -53% | -56% |
| Operating cash flow | −$434M | -125% | — |
What changed
Revenue was $6.6B in Q1 FY26, down 13% year over year and down 29% from the previous quarter. West was the largest line at 34% of revenue. West lost $0.64B year over year (down 22%), 63% of the total change.
Operating profit was $0.22B, a 3.3% margin (down 5.9 points year over year). Total costs fell 8% while revenue fell 13%. Net earnings were $0.23B, down 56% year over year. The effective tax rate was 22.8%. Non-operating items added $0.09B, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$0.43B. Non-cash charges added back $0.03B of depreciation and amortization and $0.06B of share-based compensation. Working capital and other items used $0.76B. Capital expenditures of $0.03B exceeded it, leaving free cash flow of −$0.46B.
Questions
What was Lennar's revenue in the first quarter fiscal 2026?
Lennar (LEN) reported revenue of $6.6B for the first quarter fiscal 2026 (Q1 FY26), -13% from a year earlier and -29% from the quarter before.
Was Lennar profitable in the first quarter fiscal 2026?
Operating profit was $216M (3.3% of revenue) and net earnings $229M.
Source: Lennar 10-Q on SEC EDGAR.