Q3 FY26 · Ended Aug 31, 2026 · View SEC filing
A small sales dip halved pre-tax profit
Revenue slipped 8.7% but costs fell less, so lower prices, higher land costs and a tech-share loss landed on profit.
For investorsWhat has to hold for Lennar's margin to stop shrinking
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Orders matched deliveries almost one for one, but the average home carried incentives worth 13.7% of its sales price.
Free cash flow has been negative for three straight quarters, as profit went into homes under construction and land deposits.
Land banks hold the lots until Lennar builds, so it controls 487,961 homesites while owning very few of them.
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Business Lens describes Lennar from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
