Quarter ended February 28, 2026 (fiscal Q1).
| Closings | 16,863 (↓5%) |
| Revenue | $6.6B (↓13%) |
| Gross margin | 15.2% |
| Orders | 18,515 (↑1%) |
From the call
“We have lowered our direct costs 12 of 13 quarters sequentially, and we are down 12% over the last 2 years.”
Lennar keeps volume steady and lets price adjust. Steady production is what lets it keep taking cost out quarter after quarter.
Source: Lennar 8-K and earnings call.
