Analyst Consensus ?
ConsensusHold49 ratings
Bullish2346.9%
Neutral1734.7%
Bearish918.4%
Lennar Corporation · LEN · FY2025 Q3 · Calendar Q3 2025
Lennar: Margin pressure persists as efficiency efforts advance
The call supports a mixed view: efficiency gains, technology and a flexible land model provide potential long-term support, but current demand and margin pressure remain significant. The evidence does not yet establish a clear near-term improvement in earnings power.
Reported After market closeNYSEConsumer Cyclical
$19.82B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.00
Consensus $2.10
EPS surprise
-4.8%
Reported versus consensus
Reported revenue
$8.80B
Consensus $8.97B
Revenue surprise
-2.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-4.2%
Event window
SPY move
+0.2%
Same window
Abnormal move
-4.4%
Stock minus SPY
Volume
5.1×
Versus trailing sessions
Subsequent drift
-1.2%
Up to 20 sessions
LENSPY benchmark
Ask FN2 about LEN FY2025 Q3
Transcript, numbers and history already loaded
Why did LEN fall 4.2% after missing EPS estimates in FY2025 Q3?What changed in LEN's guidance and outlook in FY2025 Q3?Give me the bull and bear case for LEN after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, management continued its technology and asset-light strategy but now emphasized 17.5% gross margin pressure, lower Q4 delivery expectations and the role of Opendoor in its technology-enabled homeownership strategy.
Guidance delta
Management modestly reduced Q4 delivery and sales expectations while maintaining its full-year target and guidance direction.
Key takeaways
- Higher rates and incentives kept gross margin under pressure at 17.5%.
- Management reduced Q4 delivery expectations to protect the margin floor.
- Lower construction costs and shorter cycle times are supporting efficiency.
- Cash generation, land flexibility and technology remain central to the plan.
Management priorities
- Improve construction costs and cycle times
- Use proprietary technology and digital sales tools
- Maintain an asset-light, just-in-time land strategy
- Prioritize cash generation and capital returns
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$79.81Current
$60Low
$119.89Average
$236High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Keefe, Bruyette & Woods | Underperform | Underperform | Maintain | Sep 22, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Sep 21, 2026 |
| RBC Capital | Underperform | Underperform | Maintain | Sep 18, 2026 |
| Evercore ISI Group | Underperform | Underperform | Maintain | Sep 18, 2026 |
| Barclays | Underweight | Underweight | Maintain | Sep 18, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Sep 17, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 16, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Sep 14, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 11, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 16, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Jun 16, 2026 |
| Seaport Global | Sell | Buy | Downgrade | Apr 7, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Sep 22, 2025 |
| Raymond James | Underperform | Market Perform | Downgrade | Sep 22, 2025 |
| JMP Securities | Market Outperform | Market Perform | Upgrade | Sep 22, 2025 |
| Zelman & Assoc | Neutral | Outperform | Downgrade | Jun 18, 2025 |
| Citizens Capital Markets | Market Outperform | Market Outperform | Maintain | Mar 31, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Mar 25, 2025 |
| BTIG | Neutral | Buy | Downgrade | Dec 20, 2024 |
| Argus Research | Buy | Buy | Maintain | Jun 27, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Mar 15, 2024 |
| Deutsche Bank | Sell | Sell | Maintain | Jun 1, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 16, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Dec 16, 2022 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 16, 2021 |
| Susquehanna | Positive | Neutral | Upgrade | Sep 17, 2020 |
| CFRA | Hold | Hold | Maintain | May 11, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Oct 3, 2019 |
| Buckingham | Buy | Buy | Maintain | Oct 3, 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 23, 2018 |
| Mizuho | Buy | Neutral | Upgrade | Jan 18, 2018 |
| MKM Partners | Buy | Neutral | Upgrade | Oct 4, 2017 |
| BTIG Research | Buy | Buy | Maintain | Oct 4, 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 19, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Sep 22, 2015 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jan 15, 2015 |
| Compass Point | Neutral | Neutral | Maintain | Oct 13, 2014 |
| CRT Capital | Buy | Hold | Upgrade | Jun 27, 2013 |
| FBN Securities | Sector Perform | Underperform | Upgrade | Apr 3, 2013 |
| Williams Capital | Buy | Buy | Maintain | Jan 16, 2013 |
| Topeka | Hold | Hold | Maintain | Dec 7, 2012 |
| ISI Group | Buy | Buy | Maintain | Sep 25, 2012 |
| Williams Financial | Buy | Buy | Maintain | May 17, 2012 |
| Guggenheim | Neutral | Neutral | Maintain | Mar 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $79.81. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $65 | $81.59 | -18.6% | Oct 1, 2026 |
| RBC Capital | Mike Dahl | $69 | $75.96 | -13.5% | Sep 18, 2026 |
| BTIG | Ryan Gilbert | $63 | $79.7 | -21.1% | Sep 18, 2026 |
| Barclays | Analyst unavailable | $70 | $79.7 | -12.3% | Sep 18, 2026 |
| Truist Financial | Jonathan Bettenhausen | $75 | $80.07 | -6.0% | Sep 16, 2026 |
| Wells Fargo | Sam Reid | $80 | $77.9 | +0.2% | Sep 11, 2026 |
| Truist Financial | Jonathan Bettenhausen | $80 | $86.24 | +0.2% | Aug 6, 2026 |
| Argus Research | Christopher Graja | $108 | $84.76 | +35.3% | Jul 9, 2026 |
| UBS | John Lovallo | $94 | $89.75 | +17.8% | Jun 16, 2026 |
| RBC Capital | Analyst unavailable | $85 | $91.91 | +6.5% | Jun 15, 2026 |
| BTIG | Analyst unavailable | $67 | $90.3 | -16.1% | Jun 15, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $90.3 | +6.5% | Jun 15, 2026 |
| Barclays | Analyst unavailable | $79 | $90.3 | -1.0% | Jun 15, 2026 |
| BTIG | Analyst unavailable | $73 | $90.49 | -8.5% | Jun 8, 2026 |
| Goldman Sachs | Analyst unavailable | $125 | $120.9 | +56.6% | Jan 13, 2026 |
| RBC Capital | Analyst unavailable | $88 | $109.55 | +10.3% | Jan 9, 2026 |
| UBS | John Lovallo | $122 | $105.4 | +52.9% | Jan 6, 2026 |
| UBS | John Lovallo | $137 | $109.32 | +71.7% | Dec 18, 2025 |
| Goldman Sachs | Susan Maklari | $120 | $112.23 | +50.4% | Dec 18, 2025 |
| BTIG | Analyst unavailable | $90 | $112.23 | +12.8% | Dec 18, 2025 |
| Wells Fargo | Analyst unavailable | $110 | $112.23 | +37.8% | Dec 18, 2025 |
| Barclays | Matthew Bouley | $88 | $112.23 | +10.3% | Dec 18, 2025 |
| Evercore ISI | Analyst unavailable | $92 | $112.23 | +15.3% | Dec 18, 2025 |
| RBC Capital | Analyst unavailable | $95 | $112.23 | +19.0% | Dec 17, 2025 |
| Barclays | Matthew Bouley | $98 | $123.91 | +22.8% | Dec 8, 2025 |
| Evercore ISI | Analyst unavailable | $114 | $126.39 | +42.8% | Oct 7, 2025 |
| JMP Securities | Aaron Hecht | $140 | $127.32 | +75.4% | Sep 22, 2025 |
| Wells Fargo | Analyst unavailable | $135 | $132.68 | +69.2% | Sep 2, 2025 |
| Barclays | Analyst unavailable | $110 | $117.56 | +37.8% | Mar 24, 2025 |
| Wells Fargo | Sam Reid | $190 | $182.25 | +138.1% | Oct 7, 2024 |
| Evercore ISI | Stephen Kim | $236 | $185.8 | +195.7% | Sep 24, 2024 |
| Bank of America Securities | Rafe Jadrosich | $190 | $185.3 | +138.1% | Sep 23, 2024 |
| Citigroup | Anthony Pettinari | $196 | $184.62 | +145.6% | Sep 23, 2024 |
| BTIG | Carl Reichardt | $216 | $182.19 | +170.6% | Sep 23, 2024 |
| RBC Capital | Mike Dahl | $160 | $184.87 | +100.5% | Sep 23, 2024 |
| Goldman Sachs | Susan Maklari | $190 | $182.19 | +138.1% | Sep 23, 2024 |
| Goldman Sachs | Susan Maklari | $182 | $192.45 | +128.0% | Sep 20, 2024 |
| Wells Fargo | Sam Reid | $205 | $179.42 | +156.9% | Sep 9, 2024 |
| Goldman Sachs | Susan Maklari | $174 | $170.94 | +118.0% | Jul 22, 2024 |
| RBC Capital | Mike Dahl | $145 | $148.72 | +81.7% | Jun 20, 2024 |
| Goldman Sachs | Susan Maklari | $180 | $148.72 | +125.5% | Jun 20, 2024 |
| Evercore ISI | Stephen Kim | $237 | $148.72 | +197.0% | Jun 20, 2024 |
| Barclays | Matthew Bouley | $177 | $148.72 | +121.8% | Jun 20, 2024 |
| Citigroup | Anthony Pettinari | $183 | $153.06 | +129.3% | Jun 14, 2024 |
| Wedbush | Jay McCanless | $144 | $153.95 | +80.4% | Jun 10, 2024 |
| Argus Research | Chris Graja | $175 | $160.27 | +119.3% | Apr 11, 2024 |
| Jefferies | Collin Verron | $144 | $156.57 | +80.4% | Mar 15, 2024 |
| UBS | John Lovallo | $198 | $156.57 | +148.1% | Mar 15, 2024 |
| Wells Fargo | Deepa Raghavan | $175 | $156.57 | +119.3% | Mar 15, 2024 |
| Evercore ISI | Stephen Kim | $238 | $156.57 | +198.2% | Mar 15, 2024 |
| Raymond James | Buck Horne | $165 | $148.23 | +106.7% | Dec 19, 2023 |
| Raymond James | Buck Horne | $150 | $115.97 | +87.9% | Sep 14, 2023 |
| Wedbush | Jay McCanless | $94 | $116.46 | +17.8% | Jun 13, 2023 |
| Citigroup | Anthony Pettinari | $113 | $98.96 | +41.6% | Mar 14, 2023 |
| RBC Capital | Analyst unavailable | $79 | $93.18 | -1.0% | Dec 16, 2022 |
| J.P. Morgan | Analyst unavailable | $97 | $84.26 | +21.5% | Nov 22, 2022 |
| JMP Securities | Aaron Hecht | $115 | $80.5 | +44.1% | Oct 4, 2022 |
| Barclays | Matthew Bouley | $85 | $69.64 | +6.5% | Jun 29, 2022 |
| Wedbush | Jay McCanless | $88 | $69.48 | +10.3% | Jun 29, 2022 |
| Raymond James | Buck Horne | $75 | $69.64 | -6.0% | Jun 29, 2022 |
| Evercore ISI | Stephen Kim | $112 | $69.64 | +40.3% | Jun 29, 2022 |
| UBS | John Lovallo | $108 | $69.64 | +35.3% | Jun 29, 2022 |
| KeyBanc | Kenneth Zener | $60 | $69.64 | -24.8% | Jun 29, 2022 |
| BTIG | Carl Reichardt | $97 | $72.04 | +21.5% | Jun 28, 2022 |
| UBS | John Lovallo | $154 | $82.51 | +93.0% | Mar 28, 2022 |
| BTIG | Carl Reichardt | $118 | $88.22 | +47.9% | Mar 21, 2022 |
| KeyBanc | Kenneth Zener | $75 | $86.27 | -6.0% | Mar 15, 2022 |
| Goldman Sachs | Susan Maklari | $140 | $92.02 | +75.4% | Feb 16, 2022 |
| KeyBanc | Kenneth Zener | $86 | $96.86 | +7.8% | Jan 19, 2022 |
| Seaport Global | Mark Weintraub | $133 | $107.74 | +66.6% | Jan 14, 2022 |
| Raymond James | Buck Horne | $125 | $108.3 | +56.6% | Dec 21, 2021 |
| Argus Research | Chris Graja | $120 | $105.4 | +50.4% | Dec 20, 2021 |
| JMP Securities | Aaron Hecht | $130 | $105.43 | +62.9% | Dec 17, 2021 |
| Wedbush | Jay McCanless | $130 | $105.43 | +62.9% | Dec 17, 2021 |
Track every rating change on LEN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLennar Corporation, an influential homebuilder in the United States, operates primarily under its widely recognized Lennar brand, alongside its various subsidiaries. The company structures its diverse business initiatives across several distinct divisions: regional homebuilding segments (East, Central, Texas, and West), a Financial Services arm, a Multifamily property development unit, and a broader "Lennar Other" category. At the heart of its operations, Lennar is deeply involved in the creation and sale of single-family homes, encompassing both attached and detached designs.…
Historical context
All LEN earningsConsumer Cyclical peers this season
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| AZO AutoZone, Inc. | FY2026 Q4 · Calendar Q3 2026 | +3.6% | +3.3% | AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan |
| LEN-B Lennar Corporation | FY2026 Q3 · Calendar Q3 2026 | — | — | Lennar: Efficiency Gains Offset Housing-Market Pressures |
| 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 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 · 2026-10-04T02:50:43.833872+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T02:50:43.831173+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.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
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 2026-10-04. For educational purposes only; not investment advice.