Lennar Corporation reported third-quarter 2026 net earnings attributable to Lennar of $284 million, or $1.19 per diluted share, compared with $591 million, or $2.29 per share, a year earlier. Adjusted earnings were $1.23 per share, below the $1.28 FactSet consensus cited by The Wall Street Journal, while revenue fell to $8.05 billion from $8.81 billion and missed the $8.32 billion estimate. Deliveries declined 3% to 20,840 homes and new orders fell 9% to 20,879 as mortgage rates and affordability pressures weakened demand. Lennar cut its full-year delivery target for a second time, to 80,000-81,000 homes from 82,000-83,000, after previously reducing the target from about 85,000. The builder offered buyer incentives of about 12% during the quarter and forecast fourth-quarter deliveries of 22,000-23,000 homes at average prices of $370,000-$380,000. Shares closed down 2.1% at $78.36 and fell a further 2.6% after hours to $76.34.