Lennar earnings fall 56% as margins compress to 15.2% amid affordability crisis

Filed April 9, 2026 · Period ending February 28, 2026 · Compared to 10-Q Apr 4, 2025 · ~1 min read

Key Changes

• high

  Net earnings plunged 56% to $229M ($0.93/share) from $520M ($1.96/share) prior year, driven by 350bp margin compression to 15.2% and 5% delivery decline as affordability pressures persist.

  MD&A: Financial Results verify on EDGAR →
• high

  Sales incentives surged to 14% of revenue versus 4-6% historical average, reflecting pricing-to-market strategy. Management expects Q1's 15.2% margin to be fiscal year low point.

  MD&A: Margins & Incentives verify on EDGAR →
• high

  Homebuilding debt-to-capital jumped to 15.7% from 8.9% after drawing $1.7B from new term loan facility, increasing total homebuilding debt to $4.1B from $2.2B prior year.

  MD&A: Capital Structure verify on EDGAR →