Lennar Q3 earnings halve to $283.9M as rates hit 7%, margins compress, and inventory impairments quadruple

Filed October 2, 2026 · Period ending August 31, 2026 · Compared to 10-Q Oct 3, 2025 · ~2 min read

Key Changes

• high

  Net earnings fell 52% to $283.9M, or $1.19 per diluted share, from $591.0M, or $2.29, a year earlier, as gross margin on home sales dropped to 15.8% from 17.5%.

  MD&A: Q3 earnings and margins verify on EDGAR →
• high

  Inventory valuation adjustments nearly quadrupled to $100.0M from $25.6M, with fair value losses on finished homes and construction in progress rising 79% to $211.5M.

  Notes: Inventory impairments verify on EDGAR →
• high

  Cash and restricted cash fell to $1.5B from $1.8B a year earlier, and total liquidity declined to $3.6B from $5.1B, while homebuilding debt to total capital rose to 16.6% from 13.5%.

  MD&A: Cash and liquidity verify on EDGAR →