Lennar Q1 diluted EPS $0.93, down from $1.96; home sales revenue falls 13% to $6.3B

LENNAR CORP /NEW/

2026-Q1 EPS reported $0.93 revenue$6,619,476,000

Net earnings $229M ($0.93 diluted EPS) vs $520M ($1.96) in Q1 2025; adjusted EPS $0.88 excluding tech gains.
Revenues from home sales $6.3B, down 13% YoY; deliveries 16,863 (-5%); avg sales price $374,000 (-$34k).
Gross margin on home sales 15.2% vs 18.7% a year ago; SG&A as % of home sales 9.8% vs 8.5%.
New orders increased 1% to 18,515 homes; backlog 15,588 homes valued at $6.0B.
Q2 guidance: deliveries 20,000-21,000; gross margin 15.5%-16.0%; Financial Services operating earnings $100M-$110M.

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