Lennar-B Shares

Q2 FY2026 EarningsQ2 FY26 revenue reached $7.94B, down 5.22% YoY, as a 5% decrease in ASP outweighed a 2% rise in deliveries. Homebuilding gross margin contracted to 15.6% (down 220bps YoY) due to lower revenue per square foot and higher land costs. Diluted EPS fell to $1.24 from $1.81 YoY, impacted by margin compression and $23.3M in mark-to-market technology losses. Management provided Q3 guidance for deliveries of 20.5k-21.5k and a target gross margin of approximately 16.0%.