Lennar Q2 Revenue Drops to $7.9 Billion, Guides 20.5K–21.5K Q3 Deliveries
LEN•Lennar reported adjusted EPS of $1.31 and Q2 revenue of $7.9 billion, missing the $8.0 billion consensus and producing a 15.6% gross margin. New orders declined 4% to 21,749 homes while deliveries rose 2% to 20,519, and management guided Q3 deliveries of 20,500–21,500 homes and full-year deliveries of 82,000–83,000 homes.
1. Second-Quarter Financial Performance
Lennar delivered adjusted EPS of $1.31 for Q2 and reported revenue of $7.9 billion, below the $8.0 billion consensus. The quarter saw a 15.6% gross margin and faced headwinds from high mortgage rates and constrained affordability.
2. Demand Trends and Margin Profile
New orders fell 4% year-over-year to 21,749 homes, while home deliveries rose 2% to 20,519 units. Gross margin on home sales held at 15.6%, with net margin at 6.4%, reflecting cost discipline amid market pressures.
3. Forward Guidance and Full-Year Outlook
Lennar projected Q3 deliveries of 20,500 to 21,500 homes and expects gross margin to improve to around 16%. The company moderated its full-year 2026 delivery outlook to approximately 82,000–83,000 homes due to ongoing interest rate and geopolitical challenges.
