Lennar reported Q1 2025 revenue of $7.63 billion, down 30.4% year over year and 23.3% quarter over quarter, with net income of $519.5 million and diluted earnings per share of $1.98. Despite a meaningful top‑line decline, operating margin stood at 9.35% and net margin at 6.81%, signaling a degree of margin discipline amid softer volumes. The quarter reflected substantial working capital dynamics, as operating cash flow was negative at $289 million and free cash flow was negative by $345 million, primarily driven by a large outright reduction in working capital (notably a $980.8 million adverse swing) and elevated inventory levels.