Lennar (LEN) Reports Q1 Earnings: What Key Metrics Have to Say

Core Insights - Lennar reported a revenue of $6.62 billion for the quarter ended February 2026, reflecting a 13.3% decline year-over-year and a surprise of -3.12% compared to the Zacks Consensus Estimate of $6.83 billion [1] - The earnings per share (EPS) was $0.88, down from $2.14 in the same quarter last year, with an EPS surprise of -8.74% against the consensus estimate of $0.96 [1] Financial Performance Metrics - Average sales price for deliveries was $374.00, slightly above the estimated $369.66 [4] - Total active communities stood at 1,678, below the average estimate of 1,784 [4] - Backlog of homes was 15,588, exceeding the three-analyst average estimate of 14,938 [4] - Total deliveries of homes were 16,863, slightly below the estimated 17,571 [4] - New orders for homes totaled 18,515, close to the average estimate of 18,572 [4] Revenue Breakdown - Revenue from financial services was $215.56 million, lower than the average estimate of $257.36 million, marking a year-over-year decline of 22.2% [4] - Homebuilding revenue from sales of homes was $6.27 billion, below the average estimate of $6.49 billion, representing a year-over-year decrease of 13.4% [4] - Multifamily revenue was $82.5 million, compared to the average estimate of $103.08 million, showing a year-over-year increase of 30.5% [4] - Homebuilding revenue was $6.3 billion, lower than the average estimate of $6.53 billion, reflecting a 13.5% year-over-year decline [4] - Revenue from sales of land in homebuilding was $15.16 million, significantly below the average estimate of $37.22 million, indicating a year-over-year drop of 57.1% [4] - Revenue from Lennar Other was $22.86 million, exceeding the average estimate of $14.31 million, with a year-over-year increase of 208.8% [4] - Revenue from other homebuilding activities was $10.48 million, above the estimated $6.97 million, representing a year-over-year increase of 31.1% [4] Stock Performance - Lennar's shares have decreased by 20.2% over the past month, contrasting with the Zacks S&P 500 composite's decline of 2.3% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]