Filing Flows › Lennar (LEN) › Q3 FY26 › vs Q3 FY25
Lennar (LEN) Q3 FY26 vs Q3 FY25 (year over year)
Lennar's revenue fell $764M (-9%) from $8.8B in Q3 FY25 to $8.0B in Q3 FY26. The biggest changes: Homebuilding −$491M (-6%); Multifamily −$190M (-83%); Lennar Financial Services −$88.1M (-28%). Operating margin 5.7% against 7.9% (-2.2 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Operating margin | 5.7% | 7.9% | -2.2 pts |
| Net margin | 3.5% | 6.7% | -3.2 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| West | $2.6B | $3.0B | −$370M | -12% |
| Central | $1.9B | $2.0B | −$75.5M | -4% |
| East | $1.8B | $1.8B | $77.6M | +4% |
| South Central | $1.4B | $1.5B | −$124M | -8% |
| Homebuilding | $7.8B | $8.2B | −$491M | -6% |
| Lennar Financial Services | $226M | $314M | −$88.1M | -28% |
| Multifamily | $38.5M | $228M | −$190M | -83% |
| Lennar Other | $22.0M | $13.9M | $8.1M | +58% |
| Other | $3.5M | $6.2M | −$2.7M | -44% |
| Revenue | $8.0B | $8.8B | −$764M | -9% |
| Operating profit | $460M | $700M | −$240M | -34% |
| Costs & expenses | $7.6B | $8.1B | −$524M | -6% |
| Pre-tax earnings | $387M | $791M | −$404M | -51% |
| Other expense, net | $72.7M | −$91.1M | $164M | — |
| SG&A | $714M | $676M | $37.5M | +6% |
| Other operating costs | $6.9B | $7.4B | −$562M | -8% |
| Net earnings | $284M | $591M | −$307M | -52% |
| Minority interests | $1.6M | $8.8M | −$7.2M | -82% |
| Income tax | $102M | $191M | −$89.3M | -47% |
| Operating cash sources | $453M | $809M | −$356M | -44% |
| Depreciation & amortization | $35.9M | $34.2M | $1.7M | +5% |
| Share-based compensation | $29.3M | $25.5M | $3.8M | +15% |
| Cash used in operations | $104M | $159M | −$54.3M | -34% |
| Working capital & other | $453M | $809M | −$356M | -44% |
Questions
How much did Lennar's revenue grow year over year in Q3 FY26?
Lennar's revenue fell $764M (-9%) from $8.8B in Q3 FY25 to $8.0B in Q3 FY26.
What drove Lennar's revenue change in Q3 FY26?
Homebuilding −$491M (-6%); Multifamily −$190M (-83%); Lennar Financial Services −$88.1M (-28%).