Quarter ended August 31, 2026 (fiscal Q3).
| Closings | 20,840 (↓3%) |
| Revenue | $8.05B (↓9%) |
| Gross margin | 15.8% |
| Orders | 20,879 (↓9%) |
From the call
“Our land cost per homesite is up approximately six percent, and option maintenance fees have grown to reflect a true cost of capital across our asset base.”
Land-light is not free. Lennar is accepting lower margins to work through higher-cost land, and option fees now carry the real cost of capital.
Source: Lennar 8-K and earnings call.
