Filing Flows › Lennar (LEN) › Q2 FY26 › vs Q2 FY25
Lennar (LEN) Q2 FY26 vs Q2 FY25 (year over year)
Lennar's revenue fell $438M (-5%) from $8.4B in Q2 FY25 to $7.9B in Q2 FY26. The biggest changes: Homebuilding −$223M (-3%); Multifamily −$167M (-72%); Lennar Financial Services −$61.2M (-21%). Operating margin 5.0% against 7.5% (-2.5 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 5.0% | 7.5% | -2.5 pts |
| Net margin | 3.9% | 5.8% | -1.9 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| West | $2.8B | $2.8B | −$66.0M | -2% |
| East | $1.7B | $1.7B | −$19.0M | -1% |
| Central | $1.7B | $1.7B | −$81.6M | -5% |
| South Central | $1.5B | $1.5B | −$56.8M | -4% |
| Homebuilding | $7.6B | $7.8B | −$223M | -3% |
| Lennar Financial Services | $237M | $298M | −$61.2M | -21% |
| Multifamily | $63.6M | $230M | −$167M | -72% |
| Lennar Other | $23.1M | $5.2M | $17.8M | +340% |
| Other | $4.3M | $8.4M | −$4.1M | -49% |
| Revenue | $7.9B | $8.4B | −$438M | -5% |
| Operating profit | $398M | $628M | −$230M | -37% |
| Costs & expenses | $7.5B | $7.7B | −$207M | -3% |
| Pre-tax earnings | $413M | $642M | −$229M | -36% |
| SG&A | $698M | $689M | $9.5M | +1% |
| Other operating costs | $6.8B | $7.1B | −$217M | -3% |
| Net earnings | $308M | $482M | −$174M | -36% |
| Income tax | $105M | $160M | −$55.0M | -34% |
| Operating cash sources | $654M | $1.6B | −$985M | -60% |
| Depreciation & amortization | $35.3M | $33.8M | $1.5M | +4% |
| Share-based compensation | $26.3M | $28.8M | −$2.5M | -9% |
| Cash used in operations | $284M | $1.1B | −$811M | -74% |
| Working capital & other | $654M | $1.6B | −$985M | -60% |
Questions
How much did Lennar's revenue grow year over year in Q2 FY26?
Lennar's revenue fell $438M (-5%) from $8.4B in Q2 FY25 to $7.9B in Q2 FY26.
What drove Lennar's revenue change in Q2 FY26?
Homebuilding −$223M (-3%); Multifamily −$167M (-72%); Lennar Financial Services −$61.2M (-21%).