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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alan Ratner | Zelman & Associates | 14 questions · 7% challenging |
| Susan Maklari | Goldman Sachs | 14 questions · 0% challenging |
| John Lovallo | UBS | 14 questions · 43% challenging |
| Stephen Kim | Evercore ISI | 12 questions · 8% challenging |
| Mike Rehaut | JPMorgan | 10 questions · 10% challenging |
| Jay McCanless | Citizens JMP Securities | 3 questions · 0% challenging |
| Ken Zener | Seaport Research Partners | 2 questions · 0% challenging |
| Matthew Bouley | Barclays | 2 questions · 0% challenging |
| Trevor Allinson | Wolfe Research | 2 questions · 0% challenging |
| Jade Rahmani | KBW | 2 questions · 50% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 analyst | 14 questions · 43% challenging |
| Goldman Sachs | 1 analyst | 14 questions · 0% challenging |
| Zelman & Associates | 1 analyst | 14 questions · 7% challenging |
| Evercore ISI | 1 analyst | 12 questions · 8% challenging |
| JPMorgan | 1 analyst | 10 questions · 10% challenging |
| Citizens JMP Securities | 1 analyst | 3 questions · 0% challenging |
| KBW | 1 analyst | 2 questions · 50% challenging |
| Barclays | 1 analyst | 2 questions · 0% challenging |
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Calendar quarter Q2 2026Earnings call Jun 12, 2026
FY2026 Q2 in brief
Lennar's fiscal Q2 2026 was a down-cycle quarter: revenue declined year over year and GAAP earnings per share dropped to $1.24 (or $1.31 excluding mark-to-market technology losses), as three years of elevated incentives left gross margin at 15.6% and net…
Newest quarter is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Lennar (LEN), FY2026 Q2: 1/10. Scores: Lennar’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: LEN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Lennar's fiscal Q2 2026 was a down-cycle quarter: revenue declined year over year and GAAP earnings per share dropped to $1.24 (or $1.31 excluding mark-to-market technology losses), as three years of elevated incentives left gross margin at 15.6% and net margin at 6.4%. The most encouraging signal was the sales incentive rate on deliveries falling to 12.9%, down from 14.1% in Q1 and 14.5% in Q4 2025, the first sustained decline in three years. Lennar held volume steady, delivering 20,500 homes and booking 21,700 new orders, while advancing its asset-light model to 98% controlled land and trimming construction cost per square foot to $81. Management lowered full-year delivery guidance to 82,000 to 83,000 homes on elevated mortgage rates and macro uncertainty, but guided Q3 gross margin up to approximately 16%, framing the quarter as the start of a gradual margin recovery.
GAAP revenue YoY -5.22% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Margin | Capital Allocation | Demand | Pricing | Innovation & R&D | Cost Pressure | Guidance Reliability | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 1 | 2 | 1 | |||||
| 2025Q1 | 9 | 7 | 2 | 1 | 1 | 2 | 1 | |
| 2025Q2 | 3 | 4 | 3 | 1 | 3 | 2 | 1 | 1 |
| 2025Q3 | 6 | 5 | 7 | 2 | 1 | 1 | 3 | |
| 2025Q4 | 4 | 3 | 5 | 1 | 2 | 2 | 1 | |
| 2026Q1 | 2 | 3 | 3 | 1 | 2 | 1 | 2 | 1 |
| 2026Q2 | 5 | 3 | 2 | 4 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Margin | 1 | 9 | 3 | 6 | 4 | 2 | 5 |
| Capital Allocation | 7 | 4 | 5 | 3 | 3 | 3 | |
| Demand | 2 | 2 | 3 | 7 | 5 | 3 | 2 |
| Pricing | 1 | 1 | 1 | 2 | 1 | 1 | 4 |
| Innovation & R&D | 1 | 3 | 1 | 2 | 2 | 1 | |
| Cost Pressure | 2 | 2 | 2 | 1 | 1 | ||
| Guidance Reliability | 1 | 1 | 1 | 1 | 2 | 1 | |
| Credit | 1 | 3 | 1 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $9.95B | -9.3% | $4.06 | -15.8% | 15.6% | 13.9% | 11.0% | $933M |
| FY2025 Q1 | $7.63B | +4.4% | $1.96 | -23.7% | 11.3% | 9.4% | 6.8% | $-345M |
| FY2025 Q2 | $8.38B | -4.4% | $1.81 | -47.5% | 9.6% | 7.7% | 5.7% | $-1.11B |
| FY2025 Q3 | $8.81B | -6.4% | $2.29 | -46.2% | 10.1% | 8.2% | 6.7% | $-191M |
| FY2025 Q4 | $9.37B | -5.8% | $1.93 | -52.5% | 8.9% | 7.1% | 5.2% | $1.67B |
| FY2026 Q1 | $6.62B | -13.3% | $0.94 | -52.0% | 5.9% | 3.5% | 3.5% | $-358M |
| FY2026 Q2Selected | $7.94B | -5.2% | $1.23 | -32.0% | 6.2% | 4.4% | 3.9% | $-303M |
| FY2026 Q3 | $8.05B | -8.7% | $1.19 | -48.0% | 16.6% | 5.7% | 3.5% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LEN Lennar | 1 | -5.2% | |
| DHI D. R. Horton | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| PHM PulteGroup | Newest quarter — available with Pro | Newest quarter — available with Pro |
Newest-quarter details for 2 peers (score, revenue, headline, themes and macro signals) are available with Pro.