---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-21-018889"
form_type: "8-K"
ticker: "LEN"
cik: "0000920760"
company_name: "LENNAR CORP /NEW/"
filed_at: "2021-09-20T23:59:59+00:00"
generated_at: "2026-06-29T02:49:26.172515+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Lennar Q3 EPS $4.52 ($3.27 adj); deliveries miss low end of guidance by ~600 homes

## Summary
- Q3 net earnings $1.4B ($4.52/dil) vs $666M ($2.12) prior year; adjusted EPS $3.27 excluding $500M mark-to-market gains.
- Home deliveries 15,199 (+10% YoY) but ~600 below guidance; homebuilding gross margin 27.3% (record), SG&A 7.0% (record low).
- New orders 16,277 (+5%); backlog 25,819 homes (+31%) with $12B value (+52%).
- Homebuilding cash $2.6B; debt to capital 21.2% (record low); retired $300M notes; repurchased 2.5M shares for $246M.
- Q4 guidance: ~18,000 deliveries, gross margin ~28%, avg price ~$445k; S&P upgraded to investment grade.

## SEC filing metadata
- accession: 0001628280-21-018889
- form_type: 8-K
- ticker: LEN
- cik: 0000920760
- company_name: LENNAR CORP /NEW/
- filed_at: 2021-09-20T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920760/000162828021018889/0001628280-21-018889-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920760/000162828021018889/len-20210920.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-21-018889
- JSON: https://secwatch.observer/filing/0001628280-21-018889.json
- Plain text: https://secwatch.observer/filing/0001628280-21-018889.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.