Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3170.5%
Neutral1125.0%
Bearish24.5%
Lennar Corporation · LEN-B · FY2026 Q3 · Calendar Q3 2026
Lennar: Efficiency Gains Offset Housing-Market Pressures
Lennar's Q3 evidence supports a cautiously constructive operating thesis: housing-shortage demand, lower construction costs, shorter cycle times and an asset-light land model are supporting resilience, but the balance is not decisively positive while rates, labor availability, resale competition and affordability remain constraints.
Reported Before market openNYSEConsumer Cyclical
$22.28B market cap
65quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.30
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $8.31B
Revenue surprise
—
Reported versus consensus
Market reaction
unavailable
Stock move
—
Event window
SPY move
—
Same window
Abnormal move
—
Stock minus SPY
Volume
—
Versus trailing sessions
Subsequent drift
—
Up to 20 sessions
Price and volume data were unavailable at publication time.
Ask FN2 about LEN-B FY2026 Q3
Transcript, numbers and history already loaded
How did the market react to LEN-B FY2026 Q3 earnings, and why?What changed in LEN-B's guidance and outlook in FY2026 Q3?Give me the bull and bear case for LEN-B after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Compared with the prior quarter, the analysis shifts from early margin recovery and lowered annual delivery expectations to modestly improved Q3 gross margin, lower sales incentives and additional construction-efficiency gains. Management's tone is more cautious, with labor, rates and resale competition emphasized alongside the continuing housing-shortage demand.
Guidance delta
Management maintained its guidance stance and provided Q4 delivery, margin and earnings guidance; the supplied analysis does not provide the underlying Q4 figures.
Key takeaways
- Q3 deliveries were inside guidance, while gross margin improved modestly as sales incentives fell to 12%.
- Construction cost per square foot fell to $80, and construction cycle time reached a record-low 116 days.
- Management emphasized housing-shortage demand, an asset-light land strategy and balance-sheet flexibility, while flagging rates, labor and resale competition.
Management priorities
- Maintain even-flow production for Q4 delivery targets.
- Continue refining land acquisition, option management, technology and construction processes.
- Use the balance sheet for shareholder returns and potential strategic initiatives while adapting pricing and incentives.
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Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Oct 11, 2023 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 19, 2023 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Sep 18, 2023 |
| Citigroup | Buy | Buy | Maintain | Sep 18, 2023 |
| UBS | Buy | Buy | Maintain | Sep 17, 2023 |
| RBC Capital | Underperform | Underperform | Maintain | Sep 17, 2023 |
| BTIG | Buy | Buy | Maintain | Sep 17, 2023 |
| Wedbush | Neutral | Neutral | Maintain | Sep 14, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Aug 29, 2023 |
| Raymond James | Outperform | Market Perform | Upgrade | Jul 13, 2023 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 15, 2023 |
| Deutsche Bank | Sell | Sell | Maintain | Jun 1, 2023 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Mar 20, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 15, 2023 |
| B of A Securities | Neutral | Underperform | Upgrade | Jan 10, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Dec 15, 2022 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jun 16, 2022 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 13, 2022 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 16, 2021 |
| Susquehanna | Outperform | Neutral | Upgrade | Sep 17, 2020 |
| CFRA | Hold | Hold | Maintain | May 10, 2020 |
| Argus Research | Buy | Buy | Maintain | Dec 22, 2019 |
| Buckingham | Buy | Buy | Maintain | Oct 3, 2019 |
| Buckingham Research | Buy | Buy | Maintain | Oct 2, 2019 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Aug 13, 2019 |
| Bank of America | Buy | Buy | Maintain | Jun 26, 2019 |
| Argus | Buy | Buy | Maintain | Oct 15, 2018 |
| Maxim Group | Buy | Buy | Maintain | May 22, 2018 |
| Mizuho | Buy | Neutral | Upgrade | Jan 17, 2018 |
| BTIG Research | Buy | Buy | Maintain | Oct 4, 2017 |
| MKM Partners | Buy | Neutral | Upgrade | Oct 3, 2017 |
| Keefe Bruyette & Woods | Outperform | Outperform | Maintain | Sep 21, 2016 |
| Sterne Agee CRT | Buy | Neutral | Upgrade | Jan 19, 2016 |
| Sterne Agee | Buy | Neutral | Upgrade | Jan 18, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Sep 21, 2015 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jan 15, 2015 |
| Compass Point | Neutral | Neutral | Maintain | Oct 12, 2014 |
| CRT Capital | Buy | Hold | Upgrade | Jun 26, 2013 |
| FBN Securities | Perform | Underperform | Upgrade | Apr 3, 2013 |
| Williams Capital | Buy | Buy | Maintain | Jan 15, 2013 |
| Topeka | Hold | Hold | Maintain | Dec 7, 2012 |
| ISI Group | Buy | Buy | Maintain | Sep 24, 2012 |
| Williams Financial | Buy | Buy | Maintain | May 17, 2012 |
| Guggenheim | Neutral | Neutral | Maintain | Mar 26, 2012 |
Named analyst price targets
Upside is unavailable because neither a positive current snapshot nor previous close is persisted. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wells Fargo | Analyst unavailable | $70 | $78.27 | - | Sep 14, 2026 |
| UBS | John Lovallo | $94 | $88.08 | - | Jun 16, 2026 |
| RBC Capital | Mike Dahl | $85 | $88.5 | - | Jun 15, 2026 |
| Oppenheimer | Analyst unavailable | $84 | $89.19 | - | Jun 11, 2026 |
| Truist Financial | Jonathan Bettenhausen | $110 | $101.34 | - | Mar 3, 2026 |
| UBS | John Lovallo | $137 | $104.72 | - | Dec 18, 2025 |
| UBS | Analyst unavailable | $80 | $106.19 | - | Dec 18, 2025 |
| Wells Fargo | Deepa Raghavan | $110 | $106.19 | - | Dec 18, 2025 |
| BTIG | Ryan Gilbert | $90 | $106.19 | - | Dec 18, 2025 |
| RBC Capital | Analyst unavailable | $76 | $82.07 | - | Jan 13, 2023 |
| Citigroup | Analyst unavailable | $113 | $75.84 | - | Dec 19, 2022 |
| RBC Capital | Analyst unavailable | $79 | $75.64 | - | Dec 16, 2022 |
| BTIG | Analyst unavailable | $101 | $70.68 | - | Dec 6, 2022 |
| J.P. Morgan | Analyst unavailable | $97 | $69.35 | - | Nov 22, 2022 |
Track every rating change on LEN-B the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLennar Corporation is a leading residential construction company in the United States, primarily operating under the Lennar brand alongside its various subsidiaries. Its diverse business activities are structured across several key divisions, including regional Homebuilding segments (East, Central, Texas, and West), Financial Services, Multifamily, and an "Lennar Other" category. The company's core homebuilding operations involve not only the development and sale of both attached and detached single-family residences but also the acquisition, preparation, and sale of land intended for residential use.…
Consumer Cyclical peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| LEN Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | -4.1% | Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds |
| TCOM Trip.com Group Limited | FY2026 Q2 · Calendar Q3 2026 | +22.3% | +3.0% | Trip.com pairs international growth with heavier AI investment |
| CASY Casey's General Stores, Inc. | FY2027 Q1 · Calendar Q3 2026 | +8.7% | -14.2% | Casey's Q1: Prepared Food Drives Growth as Fuel Margins Stay Volatile |
| LULU Lululemon Athletica Inc. | FY2026 Q2 · Calendar Q3 2026 | +63.1% | -17.4% | Lululemon lowers FY2026 outlook as North America weakens |
| FIVE Five Below, Inc. | FY2027 Q2 · Calendar Q3 2026 | +20.0% | -1.3% | Five Below raises outlook as its retail flywheel gains momentum |
| BURL Burlington Stores, Inc. | FY2026 Q2 · Calendar Q3 2026 | +35.2% | -7.6% | Burlington raises earnings outlook as value investment supports demand |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the LEN-B recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-09-17T21:19:50.265041+00:00
- FN2 earnings calendar · 2026-09-03T01:23:14.877038+00:00
- Polygon adjusted daily market bars
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-20T21:20:41.588673+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.