Lennar Corp Revenue Falls 13% to $6.62B in Q1 Fiscal 2026
Lennar Corp, a national homebuilder, reported first-quarter revenue of $6.62 billion for the three months ending February 28, down 13% from $7.63 billion in the prior-year period. Net income fell 56% to $229 million.
Lennar Corp, one of the nation's largest homebuilders, reported revenue of $6.62 billion for the three months ending February 28, 2026, down 13% from $7.63 billion in the same quarter a year earlier. The Miami-based company delivered fewer homes amid a challenging housing market. Read more earnings reports.
Net income for the quarter dropped 56% to $229.4 million, or $0.93 per diluted share, compared with $519.5 million, or $1.96 per diluted share, in the first quarter of fiscal 2025. The decline in profitability came as cost of revenue fell less sharply than total revenue, narrowing margins.
Revenue Breakdown
Homebuilding revenues totaled $6.27 billion, down from $7.24 billion in the prior-year quarter. The company also recorded $215.6 million in multifamily revenue, compared with $277.1 million a year earlier. Financial services revenue increased to $82.5 million from $63.2 million, while Lennar Other revenue jumped to $22.9 million from $7.4 million.
Selling, general and administrative expenses totaled $617.5 million, essentially flat compared with $615.7 million in the year-ago period. As a percentage of revenue, SG&A expenses rose to 9.3% from 8.1%.
Balance Sheet and Cash
Total assets stood at $33.21 billion as of February 28, 2026, down from $34.43 billion at the end of the prior fiscal year on November 30, 2025. Cash and cash equivalents declined sharply to $2.09 billion from $3.44 billion three months earlier.
The company reported long-term debt of $5.26 billion as of February 28, compared with $5.87 billion at November 30. Total stockholders' equity was $21.88 billion, down slightly from $21.96 billion at the prior quarter-end.
Cash Flow
Cash used in operations was $433.5 million for the quarter, compared with $289 million used in the prior-year period. The company generated $93.4 million from investing activities, while financing activities consumed $1.1 billion, largely due to debt repayments and share buybacks. Treasury stock increased to $6.73 billion from $6.46 billion, reflecting continued share repurchases.
Total liabilities fell to $11.18 billion from $12.29 billion at November 30. The company's weighted average diluted share count decreased to 244.4 million shares from 262.7 million shares a year earlier.
| Financial Metric | Q1 FY2026 | Q1 FY2025 |
|---|---|---|
| Total Revenue | $6.62 billion | $7.63 billion |
| Net Income | $229.4 million | $519.5 million |
| Diluted EPS | $0.93 | $1.96 |
| Cash from Operations | -$433.5 million | -$289 million |
| Total Assets | $33.21 billion | $34.43 billion* |
| Long-Term Debt | $5.26 billion | $5.87 billion* |
*As of November 30, 2025