Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3170.5%
Neutral1125.0%
Bearish24.5%
Lennar Corporation · LEN-B · FY2026 Q1 · Calendar Q1 2026
Lennar maintains volume as cost efficiency offsets affordability pressure
Lennar's quarter provides partial support for a resilience thesis: stable volume, lower direct construction costs and a strong balance sheet offset affordability pressure. The evidence remains mixed because reported EPS and revenue were below consensus, while rates, incentives and demand risks persist.
Reported Before market openNYSEConsumer Cyclical
$22.28B market cap
75quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.93
Consensus $0.95
EPS surprise
-2.4%
Reported versus consensus
Reported revenue
$6.62B
Consensus $6.83B
Revenue surprise
-3.1%
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 Q1
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How did the market react to LEN-B FY2026 Q1 earnings, and why?What changed in LEN-B's guidance and outlook in FY2026 Q1?Give me the bull and bear case for LEN-B after FY2026 Q1 earnings.
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Transcript intelligence
What changed
Management emphasized stable volume and improved operating efficiency despite high rates. New or reinforced evidence included 2.5x inventory turns, an 86% land-bank delivery rate, and expected SG&A relief as technology-transition costs and senior-leadership retirements taper.
Guidance delta
Management maintained guidance; Q2 outlook called for an average sales price of $370–$375k and gross margin of 15.5–16%.
Key takeaways
- Volume remained stable despite high rates and affordability pressure.
- Direct construction costs fell 12% year over year, supported by cost and technology initiatives.
- The asset-light, land-light model improved inventory turnover and reduced balance-sheet risk.
- Management pointed to core-plan adoption, land-bank partnerships and technology as profitability drivers.
Management priorities
- Scale core-plan designs to roughly 65% of deliveries over 12–24 months.
- Complete technology integration after the JDE-to-E1 ERP transition.
- Expand land-bank partnerships and improve delivery rates.
- Invest in digital customer acquisition and AI-assisted sales engagement.
- Balance growth investment with shareholder returns.
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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 |
|---|---|---|---|---|---|
| Truist Financial | Jonathan Bettenhausen | $75 | $74.71 | - | Sep 21, 2026 |
| 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.…
Historical context
All LEN-B earningsConsumer Cyclical peers this season
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| 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 |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the LEN-B recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T08:16:11.189431+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 · As of 2026-10-02. For educational purposes only; not investment advice.