Filing Flows › Lennar (LEN) › Q3 FY26 › vs Q2 FY26
Lennar (LEN) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Lennar's revenue rose $106M (+1%) from $7.9B in Q2 FY26 to $8.0B in Q3 FY26. The biggest changes: Homebuilding +$144M (+2%); Multifamily −$25.1M (-39%); Lennar Financial Services −$10.8M (-5%). Operating margin 5.7% against 5.0% (+0.7 pts).
Lennar, Q3 FY26: revenue $8.0B (-9% year over year), operating margin 5.7%, net earnings $284M, operating cash flow −$104M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Operating margin | 5.7% | 5.0% | +0.7 pts |
| Net margin | 3.5% | 3.8% | -0.3 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| West | $2.6B | $2.8B | −$176M | -6% |
| Central | $1.9B | $1.7B | $284M | +17% |
| East | $1.8B | $1.7B | $119M | +7% |
| South Central | $1.4B | $1.5B | −$82.0M | -6% |
| Homebuilding | $7.8B | $7.6B | $144M | +2% |
| Lennar Financial Services | $226M | $237M | −$10.8M | -5% |
| Multifamily | $38.5M | $63.6M | −$25.1M | -39% |
| Lennar Other | $22.0M | $23.1M | −$1.0M | -4% |
| Other | $3.5M | $4.3M | −$807K | -19% |
| Revenue | $8.0B | $7.9B | $106M | +1% |
| Operating profit | $460M | $398M | $61.5M | +15% |
| Costs & expenses | $7.6B | $7.5B | $44.7M | +0.6% |
| Pre-tax earnings | $387M | $413M | −$26.1M | -6% |
| Other expense, net | $72.7M | −$14.9M | $87.6M | — |
| SG&A | $714M | $698M | $15.6M | +2% |
| Other operating costs | $6.9B | $6.8B | $29.1M | +0.4% |
| Net earnings | $284M | $305M | −$20.9M | -7% |
| Minority interests | $1.6M | $3.4M | −$1.7M | -52% |
| Income tax | $102M | $105M | −$3.5M | -3% |
| Operating cash sources | $453M | $651M | −$197M | -30% |
| Depreciation & amortization | $35.9M | $35.3M | $582K | +2% |
| Share-based compensation | $29.3M | $26.3M | $3.0M | +11% |
| Cash used in operations | $104M | $284M | −$180M | -63% |
| Working capital & other | $453M | $651M | −$197M | -30% |
Questions
How much did Lennar's revenue grow quarter over quarter in Q3 FY26?
Lennar's revenue rose $106M (+1%) from $7.9B in Q2 FY26 to $8.0B in Q3 FY26.
What drove Lennar's revenue change in Q3 FY26?
Homebuilding +$144M (+2%); Multifamily −$25.1M (-39%); Lennar Financial Services −$10.8M (-5%).