LEN

EX-99.1

2 ex991-2026831x8kq3.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Jorge Almeida

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Third Quarter 2026 Results

Third Quarter 2026 Highlights

•Net earnings per diluted share of $1.19 ($1.23 excluding mark-to-market losses on technology investments and one-time items in the Company's Financial Services segment)

•Net earnings of $284 million

•New orders decreased 9%, to 20,879 homes, compared to prior year

•Backlog of 16,857 homes with a dollar value of $6.3 billion

•Deliveries decreased 3%, to 20,840 homes, compared to prior year

•Total revenues of $8.0 billion

•Homebuilding operating earnings of $502 million

◦Gross margin on home sales of 15.8%

◦S,G&A expenses as a % of revenues from home sales of 9.2%

◦Net margin on home sales of 6.6%

•Financial Services operating earnings of $129 million

•Multifamily operating loss of $3 million

•Lennar Other operating loss of $84 million

•Homebuilding cash and cash equivalents of $1.2 billion

•Redeemed $400 million of 5.25% senior notes due June 2026

•Outstanding borrowings of $650 million under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 16.6%

•Repurchased 3 million shares of Lennar common stock for $256 million

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Miami, September 16, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its third quarter ended August 31, 2026. Third quarter net earnings attributable to Lennar in 2026 were $284 million, or $1.19 per diluted share, compared to third quarter net earnings attributable to Lennar in 2025 of $591 million, or $2.29 per diluted share. Excluding mark-to-market losses of $53 million on technology investments and one-time items of $39 million, net, in the Company's Financial Services segment, third quarter net earnings attributable to Lennar in 2026 were $294 million, or $1.23 per diluted share, compared to $516 million, or $2.00 per diluted share, excluding mark-to-market gains of $99 million on technology investments, in the third quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, “Our third quarter 2026 results reflect consistent focus on our operating strategy of maintaining volume and production while navigating a challenging economic environment. While our earnings of $1.19 per share were below expectations, they reflect the nature of the environment in which we are operating, which has deteriorated since our last earnings call.”

“Mortgage rates increased through the quarter, with the 30-year rate at approximately 6.8% at quarter end and even higher since. Rates are responding as inflation remains above the Fed’s target, driven by geopolitical tension and higher oil prices. Additionally, consumer confidence has declined as rates and affordability have driven more consumers to slow their purchase decision. Nevertheless, even while market conditions have weakened, the overall housing environment remains constructive as housing shortages continue to drive demand from both primary buyers as well as ‘single-family for rent’ and ‘build-to-rent’ buyers.”

“Against that backdrop, our team adhered to our strategy of leveraging consistent volume in order to drive costs lower. We delivered 20,840 homes, within our guidance of 20,500 to 21,500, generated 20,879 new orders and produced total revenues of $8.0 billion. Our starts pace and sales pace were both 4.1 homes per community per month across our 1,713 active communities, reflecting the even-flow balance that drives efficiency.”

“By maintaining volume, we have improved execution across numerous key metrics. Our construction cost per square foot improved another 1% sequentially, 6% year over year, and 14% since our fourth quarter 2023 baseline. Our cycle time reached a new record low of 116 days, down from 121 days last quarter and 126 days a year ago. Additionally, we reduced our completed, unsold inventory to 1.8 homes per community from 2.1 homes per community last quarter, and our inventory turn stands at 2.4 times. Of the approximately 488,000 homesites we own and control, we own fewer than 2.5%, on our balance sheet. Finally, we ended the quarter with $1.2 billion in cash, as we repurchased 3 million shares of stock for $256 million and repaid $400 million of senior notes.”

“Our average sales price was $372,000, reflecting approximately 12.0% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constraint. Our gross margin improved sequentially to 15.8%, with SG&A of 9.2% resulting in a net margin of 6.6%.”

“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 expec

EX-99.1

2 ex991-2026531x8kq1.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Jorge Almeida

Investor Relations

Lennar Corporation

(305) 485-4129

FOR IMMEDIATE RELEASE

Lennar Reports Second Quarter 2026 Results

Second Quarter 2026 Highlights

•Net earnings per diluted share of $1.24 ($1.31 excluding mark-to-market losses on technology investments)

•Net earnings of $305 million

•New orders decreased 4% year over year to 21,749 homes

•Backlog of 16,818 homes with a dollar value of $6.6 billion

•Deliveries increased 2% year over year to 20,519 homes

•Total revenues of $7.9 billion

•Homebuilding operating earnings of $489 million

◦Gross margin on home sales of 15.6%

◦S,G&A expenses as a % of revenues from home sales of 9.2%

◦Net margin on home sales of 6.4%

•Financial Services operating earnings of $100 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $39 million

•Homebuilding cash and cash equivalents of $1.8 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.8%

•Repurchased 5 million shares of Lennar common stock for $447 million

•Redeemed $400 million of 5.25% senior notes due in June 2026, subsequent to May 31, 2026

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Miami, June 11, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its second quarter ended May 31, 2026. Second quarter net earnings attributable to Lennar in 2026 were $305 million, or $1.24 per diluted share, compared to second quarter net earnings attributable to Lennar in 2025 of $477 million, or $1.81 per diluted share. Excluding pretax mark-to-market losses of $23 million and $29 million on technology investments, respectively, second quarter net earnings attributable to Lennar in 2026 were $322 million, or $1.31 per diluted share compared to $499 million or $1.90 per diluted share in the second quarter of 2025.

Stuart Miller, Executive Chairman, Chief Executive Officer and President of Lennar, said, "Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years – persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices. Against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform.

"We delivered 20,519 homes, within our guidance of 20,000 to 21,000, generated 21,749 new orders and produced earnings per share of $1.31 excluding mark-to-market losses. Our average sales price was $371,000, reflecting approximately 12.9% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constant. Our gross margin improved sequentially to 15.6% while our net margin increased to 6.4%."

"Our continued focus on operational execution is reflected across numerous key metrics. Our construction costs improved another 2% sequentially and 13% over the last several years. Our cycle time reached a new record low of 121 days, down from 122 days last quarter and 132 days a year ago. We reduced our inventory to 2.1 homes per community from 3 homes per community last quarter, and our inventory turn stands at 2.5 times. Less than 5% of our land is on our balance sheet and our total owned homebuilding inventory has declined from $11.4 billion a year ago to $10.9 billion today. Finally, we ended the quarter with $1.8 billion in cash as we purchased 5 million shares of stock for $447 million.”

"Looking ahead to the third quarter of 2026, we expect to deliver approximately 20,500 to 21,500 homes with gross margin improving to approximately 16% as volume increases, incentive levels continue to moderate, and our cost discipline continues to gain traction. We expect our average sales price to be in the range of approximately $375,000 to $380,000 and our SG&A to improve toward 8.8% to 9.0%. Given current pressure on interest rates and geopolitical uncertainty we are moderating our target full-year 2026 deliveries to approximately 82,000 to 83,000 homes."

"In order to help clearly communicate our operating strategy and operating model, we are pleased to announce the publication of a new Investor Deck on the Lennar Investor Relations website tomorrow morning. This deck has been designed to give investors a current view of Lennar's transformation, our asset-light operating model, our technology platform, and our path to margin recovery and long-term value creation. We believe it provides important context for understanding not just where we are today, but where we are going, and why we remain so confident about Lennar's long-term position."

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Mr. Miller concluded, "Our strategy consistently has been to execute around the af

EX-99.1

2 ex991-2026228x8kq1.htm

EX-99.1

Document

Exhibit 99.1

Contact:

Diane Bessette

Chief Financial Officer

Lennar Corporation

(305) 229-6419

FOR IMMEDIATE RELEASE

Lennar Reports First Quarter 2026 Results

First Quarter 2026 Highlights

•Net earnings per diluted share of $0.93 ($0.88 excluding mark-to-market gains on technology investments)

•Net earnings of $229 million

•New orders increased 1% year over year to 18,515 homes

•Backlog of 15,588 homes with a dollar value of $6.0 billion

•Deliveries decreased 5% year over year to 16,863 homes

•Total revenues of $6.6 billion

•Homebuilding operating earnings of $373 million

◦Gross margin on home sales of 15.2%

◦S,G&A expenses as a % of revenues from home sales of 9.8%

◦Net margin on home sales of 5.3%

•Financial Services operating earnings of $91 million

•Multifamily operating earnings of $18 million

•Lennar Other operating loss of $5 million

•Homebuilding cash and cash equivalents of $2.1 billion

•No outstanding borrowings under the Company's $3.1 billion revolving credit facility

•Homebuilding debt to total capital of 15.7%

•Repurchased 2 million shares of Lennar common stock for $237 million

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Miami, March 12, 2026 -- Lennar Corporation (NYSE: LEN and LEN.B), one of the nation’s leading homebuilders, today reported results for its first quarter ended February 28, 2026. First quarter net earnings attributable to Lennar in 2026 were $229 million, or $0.93 per diluted share, compared to first quarter net earnings attributable to Lennar in 2025 of $520 million, or $1.96 per diluted share. Excluding pretax mark-to-market gains of $15 million on technology investments, first quarter net earnings attributable to Lennar in 2026 were $218 million, or $0.88 per diluted share. Excluding pretax mark-to-market losses of $63 million on technology investments, first quarter net earnings attributable to Lennar in 2025 were $567 million or $2.14 per diluted share.

Stuart Miller, Executive Chairman and Chief Executive Officer of Lennar, said, "Our first quarter of fiscal year 2026 was defined by the same persistent headwinds that have challenged the housing market for over three years - high mortgage rates, constrained affordability, cautious consumer sentiment, and geopolitical uncertainty, especially now including the recent conflict in Iran. As our results reflect, Lennar remained focused on executing our consistent operating strategy to maintain production and support housing supply, while driving structural improvements across our business."

"During the first quarter, we delivered 16,863 homes, generated 18,515 new orders, and maintained our disciplined, production-first operating strategy. Our average sales price was $374,000, reflecting the continued use of approximately 14% in incentives, along with base price adjustments necessary to sustain volume in a market where affordability remains the defining constraint. Gross margin came in at 15.2%, with SG&A of 9.8%, resulting in a net margin of 5.3%."

"Our strategy has been to actively design around the affordability challenge rather than waiting it out. We have focused on prioritizing volume to create durable scale advantages, delivering that volume at lower prices, and ultimately improving margins. Operationally, our starts pace of 3.4 homes per community per month and sales pace of 3.6 reflect a measured, even-flow approach across our 1,678 active communities. Our cycle time improved to 122 days, our shortest ever, and our inventory turn increased to 2.5 times, reflecting the strength of our land-light model, as well as improved execution across our construction operations and supply chain. Additionally, our construction costs improved just over 2.5% in the first quarter and have decreased 12% over the last two years, even as labor remains constrained and materials face constant pricing pressure."

"In the second quarter, we expect to deliver approximately 20,000 to 21,000 homes with gross margin improving to 15.5% to 16% and SG&A improving to 8.9% to 9.1%, as volume increases and the spring selling season unfolds."

Mr. Miller concluded, "While the broader market remains challenged in the near term, exacerbated by current events, we are continuing to operate with conviction and clarity. The fundamental shortage of housing in America has not been solved - demand is real, deferred, and building. As affordability gradually improves, as rates find a more stable footing, and as the nation begins in earnest to address the regulatory and entitlement barriers that constrain supply, Lennar is extremely well positioned for long-term growth. But, until then, we are building the homes America needs, at the prices the market can absorb, with an operating platform that is continuously improving and becoming more efficient every quarter."

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RESULTS OF OPERATIONS

FIRST QUARTER 2026 COMPARED TO FIRST QUARTER 2025

Homebuilding

Revenues from home sales decreased 13% in the first quar