LEN - 2Q26 Earnings Quick Take

Research evidence excerpt

LEN - 2Q26 Earnings Quick Take

Truist Securities

Equity Research Report June 11, 2026

INDUSTRIALS: Homebuilding Lennar Corporation (LEN)

LEN - 2Q26 Earnings Quick Take Jonathan Bettenhausen

404-439-7629

Jonathan.Bettenhausen@truist.com

Key Takeaways: LEN 2Q EPS was in-line with the Street. The company took down its

closings guide for the year, but in our view this was at least somewhat offset with positive

incentive reads and margin guidance that was in-line despite the weaker volume. Overall,

Current Price (Jun. 11, $94.95 we are fairly neutral on these results with some good and some not so good, but we do think

2026) it takes a worst-case margin scenario off the table at least for now. Note that the company

Stock Rating HOLD is planning to publish an investor deck tomorrow morning. We think this may have some more information on the company's land banking strategy that will be helpful for modeling Unchanged

purposes. LEN will host an earnings call tomorrow (6/12) at 11am ET.

Price Target $90.00 Results. LEN reported FY2Q EPS of $1.24 ($1.31 when excluding unrealized tech gains),

Unchanged in-line with the Street view of $1.24. This was driven by a ~2% y/y contraction in home

sale revenue ($7,595 million vs $7,657 million Street consensus). Deliveries (20,519) were

somewhat light compared to Street (20,541), but note that new orders of 21,749 beat the

consensus estimate of 21,584. ASP on deliveries was missed ($371K actual vs $374K 4 Page Document

Street), but new order ASP was almost flat y/y at $377 vs the $372 consensus and note that

incentive load during the quarter improved a good bit sequentially.

Reasons for this report Volume Guidance Below Expectations.... In accordance with prior periods, the company

outlined its guidance framework for the upcoming quarter.