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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Lennar (LEN) is 2/10.
Lennar posted Q1 FY2026 with starts of 17,425 homes and sales of 18,515 at an ASP of $374,000, as gross margin hit a cycle low of 15.2% with 14.1% incentives reflecting continued affordability pricing. Construction costs declined 12% over two years to below pre-COVID levels, and cycle time reached an all-time low of 122 days. FY2026 delivery guidance was maintained at approximately 85,000 homes amid uncertainty, with inventory turn improving to 2.5x. Middle East conflict and institutional buyer pullback added new macro headwinds, and technology investments were beginning to yield measurable results.
Scored from Lennar’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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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 Q2 | $7.94B | -5.2% | $1.23 | -32.0% | 6.2% | 4.4% | 3.9% | $-303M |