Lennar Corp. (LEN) reported its fiscal second-quarter results after Thursday's closing bell, and it's a classic mixed bag. The homebuilder beat Wall Street's profit expectations but fell short on revenue — a sign that the housing market's funk isn't letting up.

Lennar posted adjusted earnings of $1.31 per share, topping the Street consensus of $1.25, according to market data. But quarterly revenue came in at $7.94 billion, missing the $8.02 billion analysts were looking for.

Here are the key operational highlights from the quarter:

• New orders fell 4% year over year to 21,749 homes
• Backlog stood at 16,818 homes, valued at $6.6 billion
• Deliveries edged up 2% to 20,519 homes
• Homebuilding operating earnings were $489 million
• Gross margin on home sales was 15.6%
• SG&A expenses were 9.2% of home sales revenue
• Net margin on home sales was 6.4%

CEO Stuart Miller summed up the environment bluntly: "Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years — persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty, creating a resurgent inflation reading of 4.2% driven by higher energy prices."

Miller added that "against that backdrop, our team delivered results that demonstrate the strength and resilience of our operating platform."

Investors weren't entirely convinced. Lennar stock was down 1.69% to $93.35 in Thursday's extended trading session.