Filing Flows › Lennar (LEN) › Q2 FY25
Lennar (LEN) Q2 FY25 earnings results (second quarter fiscal 2025)
10-Q filed Jul 1, 2025
Lennar (LEN) reported revenue of $8.4B for the second quarter fiscal 2025 (Q2 FY25), -4% from a year earlier and +10% from the quarter before. Operating margin was 7.5%, net earnings $477M (5.7% of revenue).
Lennar, Q2 FY25: revenue $8.4B (-4% year over year), operating margin 7.5%, net earnings $477M, operating cash flow −$1.1B. The chart follows the revenue to costs, profit and cash.
| Q2 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.4B | +10% | -4% |
| Operating profit | $628M | -10% | -48% |
| Net earnings | $477M | -8% | -50% |
| Operating cash flow | −$1.1B | -212% | — |
What changed
Revenue was $8.4B in Q2 FY25, down 4% year over year and up 10% from the previous quarter.
Operating profit was $0.63B, a 7.5% margin (down 6.4 points year over year). Total costs grew 3% against a revenue fall of 4%. Net earnings were $0.48B, down 50% year over year. The effective tax rate was 24.9%.
Operating cash flow was −$1.1B. Non-cash charges added back $0.03B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $1.6B. Capital expenditures of $0.02B exceeded it, leaving free cash flow of −$1.1B.
Questions
What was Lennar's revenue in the second quarter fiscal 2025?
Lennar (LEN) reported revenue of $8.4B for the second quarter fiscal 2025 (Q2 FY25), -4% from a year earlier and +10% from the quarter before.
Was Lennar profitable in the second quarter fiscal 2025?
Operating profit was $628M (7.5% of revenue) and net earnings $477M.
Source: Lennar 10-Q on SEC EDGAR.