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Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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.
Key Themes7
mixed📊 company
Gross Margin Compresses YOY But Improves Sequentially
Gross margin was 15.6% and net margin was 6.4%, producing net income of $305 million; margins remain well below year-ago levels but improved sequentially.
Margin
mixed📊 company
Sales Incentives Decline For First Time In Three Years
Sales incentive rate on deliveries fell to 12.9%, down from 14.1% in Q1 and 14.5% in Q4 2025, the first sustained decline in three years, though incentives remain elevated and the decline is described as slow.
PricingMargin
mixed📊 company
Steady Deliveries And Orders Amid Choppy Demand
Delivered 20.5 thousand homes around the midpoint of guidance and generated 21.7 thousand new orders near the high end, holding a sales pace of 4.3 per community per week.
DemandRevenue Growth
positive📊 company
Asset-Light Model Controls 98% Of Land Off Balance Sheet
Lennar owns 2% of land on balance sheet and controls 98% through third parties; total homebuilding inventory declined to $10.9 billion from $11.4 billion a year ago.
Capital AllocationCapex Investment
positive📊 company
Construction Cost And Cycle Time Reach Record Efficiency
Construction cost per square foot improved to $81, down 7% from a year ago, and a record-low cycle time lifted inventory turn to 2.5x from 1.8x a year ago.
Cost PressureMargin
positive📊 company
Share Repurchases And Dividends On A Strong Balance Sheet
Repurchased 5 million shares for $447 million and paid dividends totaling $123 million; homebuilding debt to total capital was 15.8% with $1.8 billion of cash.
Capital Allocation
negative📊 company
Annual Delivery Guidance Lowered On Macro Uncertainty
Management lowered full-year delivery guidance to 82 thousand to 83 thousand homes given current pressures on interest rates and continued macro uncertainty, while guiding Q3 gross margin to approximately 16%.
CompanyFiscal year ends NovMost recent earnings call: Sep 17, 2026 (FY2026 Q3)Est. next earnings call: Dec 15, 2026
1/ 10
FY2026 Q2Cautious−1.0 vs FY2026 Q1
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…
MixedGross Margin Compresses YOY But Improves Sequentially
MixedSales Incentives Decline For First Time In Three Years
MixedSteady Deliveries And Orders Amid Choppy Demand
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
13%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
LEN $77.951Y -36.3%YTD -24.2%● earnings calls (score)
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.
Quarter
company-level, not the selected quarter
GAAP revenue YoY -5.22% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base3Base 3GAAP revenue YoY -5.22% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for homebuilders, it is real home sale revenue, with no structural sector mismatch and no one-time accounting distortion. The YoY decline reflects lower deliveries, lower ASP, and margin-driven pricing, which the base score is meant to capture. Homebuilding is not in the Sector Rules Table. transcript_adjustment = 0.+EPS-1EPS -1GAAP EPS YoY -32.04% vs revenue YoY -5.22% = spread -26.82 percentage points (outside -5 percentage points, margin compression). Operating income cross-check: operating_income_yoy -46.28% vs rev -5.22% = operating income spread -41.06 percentage points, also outside -5 percentage points in the same direction, so the GAAP-derived adjustment stands and no override is needed (both outside, same direction). The $0.07 mark-to-market technology loss ($1.24 GAAP vs $1.31 ex-MTM) is immaterial, even ex-MTM the EPS spread stays far below -5 percentage points. EPS adjustment = -1.+Guidance-1Guidance -1Full-year delivery guidance lowered from the prior midpoint of approximately 85,000 homes (maintained as recently as Q1) to 82,000-83,000 homes (midpoint 82,500), a -2.94% cut (lowered <3% → -1). Deliveries are a homebuilder's revenue-proxy volume metric. Q3 gross margin was guided up to approximately 16% with sequential improvement expected, but the standing annual guide that changed was lowered.=Final1
How this score was built
Base3Base 3GAAP revenue YoY -5.22% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean for homebuilders, it is real home sale revenue, with no structural sector mismatch and no one-time accounting distortion. The YoY decline reflects lower deliveries, lower ASP, and margin-driven pricing, which the base score is meant to capture. Homebuilding is not in the Sector Rules Table. transcript_adjustment = 0.+
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%
EPS-1EPS -1GAAP EPS YoY -32.04% vs revenue YoY -5.22% = spread -26.82 percentage points (outside -5 percentage points, margin compression). Operating income cross-check: operating_income_yoy -46.28% vs rev -5.22% = operating income spread -41.06 percentage points, also outside -5 percentage points in the same direction, so the GAAP-derived adjustment stands and no override is needed (both outside, same direction). The $0.07 mark-to-market technology loss ($1.24 GAAP vs $1.31 ex-MTM) is immaterial, even ex-MTM the EPS spread stays far below -5 percentage points. EPS adjustment = -1.
+
Guidance-1Guidance -1Full-year delivery guidance lowered from the prior midpoint of approximately 85,000 homes (maintained as recently as Q1) to 82,000-83,000 homes (midpoint 82,500), a -2.94% cut (lowered <3% → -1). Deliveries are a homebuilder's revenue-proxy volume metric. Q3 gross margin was guided up to approximately 16% with sequential improvement expected, but the standing annual guide that changed was lowered.
Newest-quarter details for 2 peers (score, revenue, headline, themes and macro signals) are available with Pro.
Shared themes this quarter
LEDHPH
Capex Investment
LEDHPH
Capital allocation
LEDHPH
Cost Pressure
LEDHPH
Demand
LEDHPH
Guidance Reliability
LEDHPH
Margin
LEDHPH
Pricing
LEDHPH
Revenue growth
LEDHPH
Macro signal alignment
Housing
LEN
Inflation
↓ LEN
Labor market
LEN
Key financials
FY2026 Q2 selectedReported GAAP figures from SEC filings
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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%
—
As stated by management
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).
EPS
“earnings per share $1.24 on a GAAP basis. Or $1.31 excluding mark to market losses on technology”
Revenue
“Delivered 20.5 thousand homes around the midpoint of guidance and generated 21.7 thousand homes or new orders; average sales price came in at 372 thousand”
Guidance
“adjusting our annual delivery guidance to 82 thousand to 83 thousand homes; Q3 EPS range of approximately $1.20 to $1.40; gross margin should be approximately 16%”
Key metric
“gross margin 15.6%, net margin 6.4%, sales incentive rate on deliveries 12.9% down from 14.1 in Q1 and 14.5% in Q4 2025”