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Sentiment · FY2026 Q2
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.
Margin | Demand | Capital Allocation | Innovation & R&D | Pricing | Cost Pressure | Guidance Reliability | Credit | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 1 | 2 | 1 | |||||
| 2025Q1 | 9 | 2 | 7 | 1 | 1 | 2 | 1 | |
| 2025Q2 | 3 | 3 | 4 | 3 | 1 | 2 | 1 | 1 |
| 2025Q3 | 6 | 7 | 5 | 1 | 2 | 1 | 3 | |
| 2025Q4 | 4 | 5 | 3 | 2 | 1 | 2 | 1 | |
| 2026Q1 | 2 | 3 | 3 | 2 | 1 | 1 | 2 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 1 | 9 | 3 | 6 | 4 | 2 |
| Demand | 2 | 2 | 3 | 7 | 5 | 3 |
| Capital Allocation | 7 | 4 | 5 | 3 | 3 | |
| Innovation & R&D | 1 | 3 | 1 | 2 | 2 | |
| Pricing | 1 | 1 | 1 | 2 | 1 | 1 |
| Cost Pressure | 2 | 2 | 2 | 1 | ||
| Guidance Reliability | 1 | 1 | 1 | 1 | 2 | |
| Credit | 1 | 3 | 1 |
| 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 |
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).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alan Ratner | Zelman & Associates | 14 (7%) |
| John Lovallo | UBS | 12 (42%) |
| Susan Maklari | Goldman Sachs | 12 (0%) |
| Mike Rehaut | JPMorgan | 10 (10%) |
| Stephen Kim | Evercore ISI | 10 (10%) |
| Jade Rahmani | KBW | 2 (50%) |
| Ken Zener | Seaport Research Partners | 2 (0%) |
| Matthew Bouley | Barclays | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Zelman & Associates | 1 | 14 (7%) |
| Goldman Sachs | 1 | 12 (0%) |
| UBS | 1 | 12 (42%) |
| JPMorgan | 1 |
What LEN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Our land banking relationships with no Rose, Angelo Gordon, Domain, Parstone, Apollo and others continue to function extremely well, providing just-in-time home site delivery in support of our manufacturing model.”
Apollo is named among Lennar's land banking counterparties providing just-in-time home site delivery, a read-through to Apollo's real-estate/land-banking capital deployment with homebuilders.
“our engagement with Opendoor and their leadership team continues to help us drive change”
Lennar cites an ongoing partnership with Opendoor supporting changes to its product offerings, customer acquisition and customer experience.
| 10 (10%) |
| Evercore ISI | 1 | 10 (10%) |
| KBW | 1 | 2 (50%) |
| Barclays | 1 | 2 (0%) |
| Seaport Research Partners | 1 | 2 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LEN Lennar | 2 | -13.1% | |
| DHI D. R. Horton | 2 | -2.3% | |
| PHM PulteGroup | 2 | -12.4% |