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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Lennar
Lennar (LEN) investor relations material
Lennar Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary17 Sep, 2026
Executive summary
Delivered 20,840 homes and recorded 20,879 net new orders in Q3; deliveries fell 3% and orders fell 9% year over year.
Net earnings were $283.9M, or $1.19 per diluted share; adjusted net earnings were $294.3M, or $1.23 per share.
Gross margin improved sequentially to 15.8%, while affordability-focused pricing and incentives weighed on margins year over year.
Higher mortgage rates, inflation and resale competition challenged demand, while persistent housing shortages supported underlying demand.
Financial highlights
Q3 revenue was $8.05B versus $8.81B a year earlier; net earnings were $283.9M versus $591.0M, and diluted EPS was $1.19 versus $2.29.
Home sales revenue declined 6% year over year to $7.7B as deliveries and average delivered price each fell 3%; average delivered price was $372,000.
Home sales net margin was 6.6%; SG&A rose to 9.2% of home sales revenue from 8.2% a year earlier.
Financial Services operating earnings were $129.5M, including a $39.2M one-time net benefit from reversal of a litigation accrual.
Q3 Multifamily recorded a $2.9M operating loss; the Other segment recorded an $83.6M loss, including $53.3M in technology investment mark-to-market losses.
Outlook and guidance
Q4 guidance: 19,500–20,500 new orders, 22,000–23,000 deliveries and average delivered price of $370,000–$380,000.
Q4 gross margin is expected at 15.5%–16.0% and SG&A at 8.7%–9.0%.
Full-year 2026 delivery target was moderated to 80,000–81,000 homes; Q4 Financial Services operating earnings are expected at $90–$95M.
Strategy remains focused on even-flow production, volume, affordability and an asset-light land model; ~2% of homesites are owned, and 86% of Q3 deliveries came through land banking arrangements.
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Latest events from Lennar
- Asset-light model, tech-driven efficiency, and strong growth position remain undervalued by the market.LEN
Investor presentation - Q2 2026 saw strong earnings, resilient margins, and robust capital returns amid market headwinds.LENQ2 2026
- Board and executive pay approved; shareholder proposals on voting rights and transparency rejected.LENAGM 2026
- Net earnings fell to $229.4M as affordability and rates pressured margins, but demand held steady.LENQ1 2026
- Board recommends director elections, pay-for-performance, and opposes voting rights proposals.LENProxy Filing
- Key votes include director elections, say-on-pay, auditor ratification, and voting rights proposals.LENProxy Filing
- Deliveries and new orders rose, but margins and earnings declined amid affordability challenges.LENQ4 2025
- Q4 missed targets, but strong liquidity and asset-light strategy support 2025 growth.LENQ4 2024
- Earnings and orders surged, margins held firm, and liquidity remained strong amid market shifts.LENQ2 2024
Next Lennar earnings date
Q4 202616 Dec, 2026
Lennar
Next Lennar earnings date
Q4 202616 Dec, 2026
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Frequently asked questions
Building and Selling Homes
Lennar Corporation is an American homebuilding company. Lennar's primary business involves constructing and selling residential homes, catering to various market segments, including first-time, move-up, and active adult buyers. Lennar's portfolio includes a diverse range of home types, from single-family residences to townhomes and condominiums, addressing the varying needs of the modern American homeowner. The company also offers financial services, such as mortgage financing, title insurance, and closing services, primarily to its homebuyers. Lennar is headquartered in Miami, and its shares are listed on the NYSE.
F&R Builders to Lennar Corporation
Lennar Corporation, founded in 1954 by Leonard Miller and Arnold Rosen as F&R Builders, has evolved significantly in the U.S. homebuilding sector. Initially a small homebuilder in Miami, Florida, the company rebranded as Lennar in 1971, deriving its name from a combination of the founders' first names. Lennar grew by acquiring smaller homebuilders, expanding its geographical footprint. This approach propelled Lennar into becoming one of the nation's leading homebuilders. The company's growth was further bolstered by diversifying into various aspects of home construction and real estate, including financial services.
The Homes
Lennar Corporation's portfolio includes a variety of home types to cater to different customer segments. They build single-family homes, which are standalone structures typically designed for family living. These homes usually offer more space and may come with personal yards. Lennar also constructs townhomes and condominiums. Both townhomes and condominiums usually require less maintenance than single-family homes and can be more affordable. Additionally, Lennar offers what they call Next Gen homes, designed to provide an additional, separate living space within the home, accommodating multi-generational living or other flexible living arrangements. Companies operating on a similar business model include D.R. Horton, PulteGroup, and KB Home, to name a few.
The Financial Services
Lennar Financial Services, a division of the company, offers mortgage financing, title insurance, and closing services primarily to buyers of Lennar's homes. It is structured to streamline the home buying process, providing a more integrated experience for customers. It offers a variety of mortgage products, including fixed-rate and adjustable-rate mortgages, as well as government-backed loans like FHA and VA loans.