Lennar reports lower third-quarter earnings and cuts 2026 delivery target

Lennar reported third-quarter 2026 net earnings of $284 million, or $1.19 per diluted share, on $8.0 billion of revenue for the period ended August 31, compared with $591 million, or $2.29 per share, and $8.8 billion of revenue a year earlier. New orders fell 9% to 20,879 homes, while deliveries declined 3% to 20,840 homes; citing higher mortgage rates and weaker market conditions, Lennar lowered its full-year 2026 delivery target to approximately 80,000-81,000 homes from 82,000-83,000 and expects fourth-quarter deliveries of 22,000-23,000 homes.