Lennar Q2 2026 EPS of $1.24 misses prior year amid housing headwinds

Lennar reported Q2 2026 net earnings of $305 million or $1.24 per diluted share, down from $1.81 in Q2 2025, with new orders declining 4% year-over-year despite deliveries rising 2%. The homebuilder faces persistent challenges from elevated mortgage rates and constrained affordability, though gross margins improved to 15.6% and the company repurchased $447 million in shares.