Filing Flows › Lennar (LEN) › Q2 FY26 › vs Q1 FY26
Lennar (LEN) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Lennar's revenue rose $1.3B (+20%) from $6.6B in Q1 FY26 to $7.9B in Q2 FY26. The biggest changes: Homebuilding +$1.3B (+21%); Lennar Financial Services +$21.4M (+10%); Multifamily −$18.9M (-23%). Operating margin 5.0% against 3.3% (+1.8 pts).
Lennar, Q2 FY26: revenue $7.9B (-5% year over year), operating margin 5.0%, net earnings $308M, operating cash flow −$284M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 5.0% | 3.3% | +1.8 pts |
| Net margin | 3.9% | 3.5% | +0.4 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| West | $2.8B | $2.3B | $512M | +23% |
| East | $1.7B | $1.5B | $189M | +12% |
| Central | $1.7B | $1.3B | $317M | +24% |
| South Central | $1.5B | $1.2B | $302M | +26% |
| Homebuilding | $7.6B | $6.3B | $1.3B | +21% |
| Lennar Financial Services | $237M | $216M | $21.4M | +10% |
| Multifamily | $63.6M | $82.5M | −$18.9M | -23% |
| Lennar Other | $23.1M | $22.9M | $196K | +0.9% |
| Other | $4.3M | $6.5M | −$2.2M | -34% |
| Revenue | $7.9B | $6.6B | $1.3B | +20% |
| Operating profit | $398M | $216M | $182M | +84% |
| Costs & expenses | $7.5B | $6.4B | $1.1B | +18% |
| Pre-tax earnings | $413M | $302M | $111M | +37% |
| SG&A | $698M | $617M | $80.9M | +13% |
| Other operating costs | $6.8B | $5.8B | $1.1B | +18% |
| Net earnings | $308M | $233M | $74.8M | +32% |
| Income tax | $105M | $69.1M | $36.0M | +52% |
| Operating cash sources | $654M | $763M | −$109M | -14% |
| Depreciation & amortization | $35.3M | $33.4M | $1.9M | +6% |
| Share-based compensation | $26.3M | $62.4M | −$36.1M | -58% |
| Cash used in operations | $284M | $434M | −$149M | -34% |
| Working capital & other | $654M | $763M | −$109M | -14% |
Questions
How much did Lennar's revenue grow quarter over quarter in Q2 FY26?
Lennar's revenue rose $1.3B (+20%) from $6.6B in Q1 FY26 to $7.9B in Q2 FY26.
What drove Lennar's revenue change in Q2 FY26?
Homebuilding +$1.3B (+21%); Lennar Financial Services +$21.4M (+10%); Multifamily −$18.9M (-23%).