Lennar's Miller says 2026 delivery target moderates to approximately 82,000 to 83,000

On June 11, 2026, Lennar reported results for the second quarter ended May 31, 2026. Excluding pretax mark-to-market losses of $23 million on technology investments, net earnings were $322 million, or $1.31 per diluted share, compared with $499 million, or $1.90 per diluted share, in the second quarter of 2025.

Revenues from home sales fell 2% to $7.6 billion, as the average sales price of homes delivered dropped to $371,000 from $389,000 a year earlier. Deliveries rose from 20,131 homes to 20,519 homes, while new orders fell 4% to 21,749 homes. The gross margin on home sales was 15.6%, down from 17.8%.

Financial Services operating earnings were $100 million, down from $157 million, mainly due to lower profit per locked loan in the mortgage business. Multifamily operating earnings were $18 million, and Lennar Other had an operating loss of $39 million. Lennar repurchased 5 million shares for $447 million.

For the third quarter of 2026, Lennar said it expects new orders of 21,000 to 22,000 homes and deliveries of 20,500 to 21,500 homes. It also said it expects gross margin on home sales of approximately 16%, an average sales price of $375,000 to $380,000, and SG&A as a percentage of home sales of 8.8% to 9.0%. It expects Financial Services operating earnings of $95 million to $100 million.

Executive Chairman, Chief Executive Officer and President Stuart Miller said that, given current pressure on interest rates and geopolitical uncertainty, Lennar is moderating its full-year 2026 delivery target to approximately 82,000 to 83,000 homes. Lennar also said it is publishing a new investor deck on its investor relations website to give investors a current view of its asset-light operating model and technology platform.