Lennar cuts FY26 deliveries outlook after Q3 EPS and revenue drop

Lennar reported Q3 EPS of $1.19 versus $2.29 last year. Revenue from home sales fell 6% to $7.7B and gross margin was 15.8%. The company targets 80,000–81,000 FY26 deliveries (down from 82,000–83,000) and guides Q4 deliveries of 22,000–23,000 with 15.5%–16.0% gross margin.