Lennar Corporation (LEN) reported a fiscal first-quarter loss on March 12, 2026, missing earnings estimates by $0.08 at $0.88 compared to the consensus of $0.96. This marks the fourth consecutive earnings miss for the company, driven by a 13% drop in home sales revenue to $6.3 billion from $7.2 billion year-over-year due to an 8% decline in average home prices and a 5% decrease in home deliveries, which fell from 17,834 to 16,863. The average sales price decreased to $374,000 from $408,000, while gross margins fell to 15.2% from 18.7% in the prior year.
Following the results, analysts trimmed Lennar’s earnings outlook for fiscal 2026 and 2027, with current projections estimating a decline of 23.8% in earnings to $6.14 per share, down from $6.49. This decline would represent four years of decreasing earnings after posting $8.06 in fiscal 2025. The company’s stock has declined 28.5% over the past six months and currently trades at a forward price-to-earnings (P/E) ratio of 15.8.
