SHARPE
Reported results
- Net earnings attributable to Lennar of $284 million, or $1.19 per diluted share (GAAP); $294 million, or $1.23 per diluted share excluding mark-to-market losses on technology investments and one-time items (non-GAAP)
- Total revenues of $8.0 billion; homebuilding revenues of $7.7 billion with gross margin on home sales of 15.8% and net margin on home sales of 6.6%
- Home deliveries of 20,840 homes (down 3% vs prior year); new orders of 20,879 homes (down 9% vs prior year); average sales price of $372,000
- Backlog of 16,857 homes with dollar value of $6.3 billion and average sales price of $376,000
- Homebuilding operating earnings of $502 million; Financial Services operating earnings of $129 million; SG&A expenses of 9.2% of homebuilding revenues
- Homebuilding cash and cash equivalents of $1.2 billion; homebuilding debt to total capital of 16.6%; repurchased 3 million shares for $256 million
Guidance
- Q4 2026 new orders: 19,500 to 20,500 homes
- Q4 2026 deliveries: 22,000 to 23,000 homes
- Q4 2026 average sales price: $370,000 to $380,000
- Q4 2026 gross margin on home sales: 15.5% to 16.0%
- Q4 2026 SG&A as % of home sales: 8.7% to 9.0%
- Q4 2026 Financial Services operating earnings: $90 million to $95 million
- Full-year 2026 deliveries: approximately 80,000 to 81,000 homes (moderated from prior guidance of 82,000 to 83,000 homes)
Notes
The company excluded mark-to-market losses of $53 million on technology investments and one-time items of $39 million (primarily litigation accrual reversal) in Financial Services segment from non-GAAP earnings. Prior quarter guidance for full-year 2026 deliveries was 82,000 to 83,000 homes, which has been reduced to 80,000 to 81,000 homes due to deteriorated market conditions.
Price and volatility reaction
The stock moved +1.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -8.2 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 78.36 | 2026-09-16 |
| Close after release | 79.7 | 2026-09-17 |
| Realised move | +1.7% | close to close |
| 30d ATM IV change | -8.2 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-16 (8-K, Item 2.02). Read the original filing on sec.gov.