Lennar misses badly
Homebuilder Lennar reported Q1 EPS $0.93 versus $0.96 est and revenue $6.619B versus $6.90B est — revenue down ~13% YoY and EPS off ~53% YoY — a clear sign housing demand softening into Q1 FY2026 .
Deliveries fell to 16,863 homes newsroom.lennar.com, the average sales price slid to about $374,000 with roughly 14% of sales supported by incentives newsroom.lennar.com, and gross margin on home sales compressed to 15.2%. newsroom.lennar.com New orders actually rose 1% to 18,515 homes newsroom.lennar.com while backlog held at 15,588 homes with a dollar value near $6.0 billion. newsroom.lennar.com Lennar closed the quarter with $2.1 billion of cash, no outstanding borrowings on its $3.1 billion revolver, and repurchased 2 million shares for $237 million. newsroom.lennar.com Management said the company is “designing around the affordability challenge” and prioritizing volume at lower prices newsroom.lennar.com, while analysts flagged softnear-term order guidance heading into Q2. seekingalpha.com
