Lennar Corporation's second quarter EPS meets estimates, but new orders fall 4% as it cuts full-year delivery outlook.

Lennar reported second quarter revenues of $7.9 billion and EPS of $1.24, in line with analyst expectations. The company delivered 20,519 homes, a 2% increase year-over-year, but saw new orders decline by 4% amid what management described as a challenging market with elevated mortgage rates and constrained affordability.

Key Highlights

• Gross margin on home sales was 15.6%, a decrease from 17.8% in the prior year but within the company's guided recovery range.
• New orders for homes decreased 4% year-over-year to 21,749, signaling continued market softness.
• Full-year 2026 delivery guidance was lowered to a range of 82,000 to 83,000 homes, citing pressure from interest rates and geopolitical uncertainty.