Lennar (LEN) Earnings: Q3 Fiscal 2026 Results and Next Report Date

The quarter ended August 31, 2026 and Lennar published the results on September 16, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Lennar reports EPS two ways: GAAP, under the accounting rules every US filer follows, and excluding mark-to-market and one-time items, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Lennar's fiscal year ends November 30; Q3 fiscal 2026 is the quarter ended August 31, 2026. Lennar reports in thousands of dollars.
• Lennar's adjusted EPS excludes $53 million of mark-to-market losses on technology investments and $39 million, net, of one-time items in Financial Services, mainly a litigation accrual reversal. The year-ago $2.00 excludes $99 million of mark-to-market gains.

Source: Lennar Q3 fiscal 2026 results, September 16, 2026. Also in the Form 10-Q for the quarter ended August 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Lennar splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Lennar's Homebuilding revenue was $7.8 billion in Q3 fiscal 2026, down 6% from $8.3 billion in Q3 fiscal 2025, 96% of total revenue.
• Lennar's Financial Services revenue was $226 million in Q3 fiscal 2026, down 28% from $314 million in Q3 fiscal 2025, 3% of total revenue.
• Lennar's Multifamily revenue was $38.5 million in Q3 fiscal 2026, down 83% from $228 million in Q3 fiscal 2025, under 1% of total revenue.
• Lennar's Lennar Other revenue was $22.0 million in Q3 fiscal 2026, up 58% from $13.9 million in Q3 fiscal 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 fiscal 2026 release, Lennar said:

“Looking ahead to the fourth quarter of 2026, we expect to generate new orders of approximately 19,500 to 20,500 homes, and to deliver approximately 22,000 to 23,000 homes with gross margin of approximately 15.5% to 16.0%.”

“We expect our average sales price to be in the range of approximately $370,000 to $380,000 and our SG&A to improve toward 8.7% to 9.0%.”

“we are moderating our target full-year 2026 deliveries to approximately 80,000 to 81,000 homes, from the 82,000 to 83,000 homes we discussed last quarter.”

“Financial Services Operating Earnings $90 million - $95 million”

Source: Lennar Q3 fiscal 2026 release, Sep 16, 2026.

This is the company's own guidance as of Sep 16, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LEN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenues and basic and diluted EPS, each as first reported in that quarter's release.

Lennar's next report is expected around December 15, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Sep 16, 2026

Lennar is one of the largest U.S. homebuilders, and home sales are almost all of its revenue. Total revenues were $8,046.1 million in Q3 fiscal 2026, against $8,810.3 million a year earlier, and sales of homes were $7,733.6 million of that. Financial Services, which provides mortgage financing, title and closing services mainly for Lennar's own buyers, brought in $226.1 million. (Lennar Q3 fiscal 2026 release, Sep 16, 2026; Lennar Form 10-K, fiscal 2025, Jan 28, 2026)

Lennar said revenues from home sales fell 6% to $7.7 billion because of both a 3% decrease in average sales price and a 3% decrease in deliveries. It delivered 20,840 homes, against 21,584, at an average price of $372,000, against $383,000. Lennar put the price decline down to continued weakness in the market, and said the $372,000 reflected about 12.0% in incentives plus base price adjustments. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Prices differ widely by region. Average delivered price was $571,000 in the West, $372,000 in the East, $365,000 in Central and $230,000 in South Central, which delivered the most homes at 5,969. West deliveries fell to 4,529 from 4,926 and its average price from $599,000. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Lennar's strategy is to hold volume steady and push costs down. Starts and sales pace were both 4.1 homes per community per month across 1,713 active communities, construction cost per square foot improved 6% year over year, and cycle time fell to a record low of 116 days from 126 days a year earlier. Of about 488,000 homesites it owns and controls, Lennar owns fewer than 2.5% on its balance sheet. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Lennar's GAAP EPS was $1.19 in Q3 fiscal 2026, against $2.29, on net earnings attributable to Lennar of $284 million, down from $591 million. Excluding $53 million of mark-to-market losses on technology investments and $39 million, net, of one-time items in Financial Services, EPS was $1.23, against $2.00 a year earlier excluding $99 million of mark-to-market gains. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Homebuilding margins narrowed. Gross margin on home sales fell to 15.8% from 17.5%, which Lennar attributed to lower revenue per square foot and higher land costs, partly offset by lower construction costs. SG&A rose to 9.2% of home sales revenue from 8.2%, and homebuilding operating earnings fell to $502.0 million from $759.8 million. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Average shares were 237,756 thousand, against 255,601 thousand. Lennar repurchased 3 million shares for $256 million in the quarter at an average $85.49. The effective tax rate rose to 26.4% from 24.4%, which Lennar attributed mainly to its spin-off of Millrose Properties. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Lennar gives next-quarter guidance in its release. For Q4 fiscal 2026 it expects new orders of 19,500 to 20,500 homes, deliveries of 22,000 to 23,000, gross margin on home sales of 15.5% to 16.0%, an average sales price of $370,000 to $380,000, SG&A of 8.7% to 9.0% of home sales and Financial Services operating earnings of $90 million to $95 million. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

Lennar cut its full-year 2026 delivery target to about 80,000 to 81,000 homes from 82,000 to 83,000, citing continued pressure on interest rates and deterioration in market conditions. It said the 30-year mortgage rate was about 6.8% at quarter end. (Lennar Q3 fiscal 2026 release, Sep 16, 2026)

A consensus figure is the average of the models published by the analysts who cover Lennar, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Lennar's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LEN is on is LEN a buy or a sell?, what analysts expect next is on the LEN forecast, and what the company does is on the Lennar (LEN) stock page.

Every number on this page can be traced to a document Lennar published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.