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11:00
Jun 12 ◎

LEN FY2026 Q2 Watch

Lennar Corporation (LEN) FY2026 Q2 Earnings Call

LEN DHI PHM ▾

Stuart Miller

Management sees operational improvements (lower incentives, declining construction costs, record cycle times) driving margin recovery despite macro headwinds, leading to cautious optimism.

"we believe that we are well positioned for market conditions as they unfold. In the current market, incentives are declining, margins are starting to improve"

LEN WATCH

Stuart Miller

Lennar's construction cycle time reached a record low of 121 days, improving inventory turns to 2.5x, putting pressure on other builders to match efficiency or lose cost advantage. — Lennar's superior cycle time and inventory velocity give it a structural cost advantage that may force peers to accelerate their own operational improvements to remain competitive.

"our cycle time is down to 121 days, which is a record low, a direct driver of inventory turn improvement to 2.5 times from 1.8 times a year ago"

DHI WATCH PHM WATCH

MED

11:00
Mar 13 ◎

LEN FY2026 Q1 Watch

Lennar Corporation (LEN) FY2026 Q1 Earnings Call

OPEN APO ▾

Stuart Miller

Lennar is leveraging Opendoor's technology to enhance sales and customer experience, indicating a deepening strategic partnership that could boost Opendoor's credibility in the homebuilding ecosystem.

"our engagement with Opendoor and their leadership team continues to help us drive change at Lenore in both our product offerings, in our customer acquisition programs, and in improving our customer experience."

OPEN WATCH

Stuart Miller

Lennar's land banking deliveries surged to 86% from 52% a year ago, showing that its just-in-time model with private capital partners (Apollo, Hearthstone, etc.) is scaling rapidly and reducing balance-sheet risk. — Indicates deepening reliance on alternative capital providers for land financing, which could drive fee income growth for Apollo and similar firms while insulating Lennar from land ownership risk.

"We have an 86% land bank delivery rate this quarter, up from 52% in Q1 of last year"

APO WATCH

HIGH

11:00
Dec 17 ◎

LEN FY2025 Q4 Watch

Lennar Corporation (LEN) FY2025 Q4 Earnings Call

LEN ▾

Stuart Miller

Management acknowledges near-term margin pressure and soft demand but expects long-term improvement from supply shortage, cost efficiencies, and potential government support. Guidance shows Q1 margin decline but they view that as the low point.

"While the short-term road ahead might seem choppy still, we are very optimistic about our future. ... our numbers aren't where we'd like them to be, but neither are market conditions."

LEN WATCH

HIGH

11:00
Sep 19 ◎

LEN FY2025 Q3 Watch

Lennar Corporation (LEN) FY2025 Q3 Earnings Call

OPEN LEN MRP ▾

Stuart Miller

Lennar is closely tied to Opendoor's success and sees significant upside from the partnership, especially under new CEO Kai.

"the Opendoor platform functioning properly will add significant bottom line to Lenar while creating convenience and joy for our customers."

OPEN WATCH

Stuart Miller

Management is reducing volume expectations and maintaining flat margins, signaling near-term weakness despite long-term optimism.

"we are going to begin to ease back our delivery expectations for the fourth quarter and full year in order to relieve the pressure on sales and deliveries and help establish a floor on margin."

LEN WATCH

Stuart Miller

Millrose remains a key land-banking partner, though Lennar plans to diversify across multiple capital providers.

"I have tremendous affection for Milrose and Darren and the group there, and we want to do a lot of business with them."

MRP WATCH

HIGH

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