Lennar Q3 10-Q: EPS $1.19, Q4 guidance set at 22,000-23,000 deliveries, cash down to $1.5B
LEN is trading near its 52-week low of $75.7 (5.8% above the low) on elevated volume (2.6× avg).
Summary
Lennar's Q3 10-Q confirms EPS of $1.19 and adds Q4 guidance of 22,000-23,000 deliveries. Cash fell to $1.5B from $3.8B at fiscal year-end, and homebuilding leverage rose to 16.6%.
Key Events · Earnings and Guidance · LEN
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Q3 EPS $1.19, revenue $8.05B
Net earnings attributable to Lennar were $283.9M, or $1.19 per diluted share, down from $591.0M, or $2.29 per share, a year earlier. Total revenues fell to $8.05B from $8.81B.
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Q4 guidance: 22,000-23,000 deliveries
Management expects Q4 new orders of 19,500-20,500 homes, deliveries of 22,000-23,000 homes, average sales price of $370,000-$380,000, gross margin of 15.5%-16.0%, and SG&A of 8.7%-9.0%.
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Cash down to $1.5B from $3.8B
Cash and cash equivalents plus restricted cash fell to $1.5B at August 31, 2026 from $3.8B at November 30, 2025, driven by $1.7B of inventory increases, $795M of option deposits, and $993M of stock repurchases.
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Homebuilding leverage rises to 16.6%
Homebuilding debt to total capital increased to 16.6% from 15.7% at fiscal year-end, and net homebuilding debt to total capital rose to 12.7% from 2.8%, reflecting $650M of revolving credit borrowings and lower cash.
Analysis · LEN · Real Estate & Construction
Lennar's third-quarter 10-Q confirms the earnings miss already reported in its September 16 8-K, but adds the full financial picture and forward guidance. Homebuilding debt to total capital climbed to 16.6% from 15.7% at fiscal year-end, while cash and equivalents fell to $1.5 billion from $3.8 billion — a sharp liquidity drawdown driven by land purchases, option deposits, and $993 million of stock repurchases. Management guided Q4 deliveries to 22,000-23,000 homes with gross margin of 15.5%-16.0%, signaling continued margin pressure from higher land costs and affordability constraints. The balance sheet remains covenant-compliant with $3.6 billion of total liquidity, but the cash burn and rising leverage are the key watch items.
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At the time of this filing, LEN was trading at $80.08 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $19.2B. The 52-week trading range was $75.70 to $133.76. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.