Filing Flows › Dream Finders Homes (DFH) › Q1 2025
Dream Finders Homes (DFH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
Dream Finders Homes (DFH) reported revenue of $990M for the first quarter 2025 (Q1 2025), +20% from a year earlier and -37% from the quarter before. Operating margin was 7.2%, net earnings $54.9M (5.5% of revenue).
Dream Finders Homes, Q1 2025: revenue $990M (+20% year over year), operating margin 7.2%, net earnings $54.9M, operating cash flow −$44.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $990M | -37% | +20% |
| Operating profit | $71.2M | -58% | +0.5% |
| Net earnings | $54.9M | -58% | +0.8% |
| Operating cash flow | −$44.7M | — | — |
What changed
Revenue was $989.9M in Q1 2025, up 20% year over year and down 37% from the previous quarter. Homebuilding was the largest line at 98% of revenue. Homebuilding added $144.9M year over year (up 18%), 89% of the total change.
Operating profit was $71.2M, a 7.2% margin (down 1.4 points year over year). Of the extra revenue versus a year earlier, 0% reached operating profit, below the 9% margin then. Total costs grew 21% against revenue growth of 20%. The fastest-growing cost line was SG&A (+46%). Net earnings were $54.9M, up 1% year over year. The effective tax rate was 22.7%.
Operating cash flow was −$44.7M. Non-cash charges added back $3.3M of depreciation and amortization and $9.5M of share-based compensation. Working capital and other items used $112.4M. Capital expenditures of $3.2M exceeded it, leaving free cash flow of −$47.9M.
Questions
What was Dream Finders Homes' revenue in the first quarter 2025?
Dream Finders Homes (DFH) reported revenue of $990M for the first quarter 2025 (Q1 2025), +20% from a year earlier and -37% from the quarter before.
Was Dream Finders Homes profitable in the first quarter 2025?
Operating profit was $71.2M (7.2% of revenue) and net earnings $54.9M.