Beazer Homes USA Inc reported QQ2 2025 revenue of $565.3 million, a modest YoY increase of 4.4% versus Q2 2024, but a substantial QoQ rise of 20.6% from Q1 2025. reported net income of $12.8 million and diluted EPS of $0.42, marking a sizable QoQ improvement but a material YoY decline in profitability metrics. The quarter showcases a continued revenue contribution from housing deliveries even as gross margin compressed to 15.3% (vs. 18.6% in the prior year), driven by higher construction costs and mix effects typical of a builders’ cycle within a volatile interest-rate environment. Operating margin sits at 2.36% and net margin at 2.26%, reflecting a tight profitability band amid elevated input costs and inventory dynamics. Management commentary, while not embedded in the provided transcript data, would be expected to address inventory levels, cost inflation containment, and demand trajectory as mortgage rates stabilize. On the cash flow front, operating cash flow was a modest $3.43 million, with free cash flow negative at about $4.41 million, highlighting working capital intensity and ongoing capex needs for land and development activities. The balance sheet remains leveraged with significant inventory and long-term debt, balancing liquidity against capital-intensive land holdings that are characteristic of large-scale US homebuilders. Looking ahead, Beazer faces the typical cyclicality of the US housing market: demand sensitivity to mortgage rates, supply chain normalization, and land development timing will be key drivers of the trajectory through the back half of 2025 and into 2026.