What is NVR's earnings per share (EPS)?

NVR (NVR) reported diluted earnings per share of $436.55 for fiscal year 2025. This represents a -13.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NVR Financials

NVR

FY2025 annual

Revenue $10.3B -1.9% YoY

Net Income $1.3B -20.3% YoY

EPS (Diluted) $436.55 -13.8% YoY

Free Cash Flow $1.1B -18.5% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

NVR (NVR) reported $10.3B in revenue for fiscal year 2025, down 1.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NVR FY2025 2026-05-06

Cash-rich, low-reinvestment operations let NVR keep producing substantial free cash flow even when revenue stalls and margins cool.

Over the last three years, revenue stayed near $10B even as net margin slid to 13.0%. That margin was 16.7% in FY2023, and FY2025 capex was only $24.5M, so weaker free cash flow looks tied to a smaller profit pool rather than to a business that suddenly needed far more reinvestment.

The balance sheet still reads cash-heavy: FY2025 cash of $2.0B nearly matched total liabilities of $2.0B, which helps explain why repurchases could stay aggressive without an obvious deterioration in financial flexibility. Share buybacks also exceeded net income in each of the last two years, showing cash is being pushed back to owners rather than left idle.

Asset efficiency is the quieter operating mechanic: NVR generated $10.3B of revenue from only $5.9B of assets in FY2025, so the company does not need a massive asset base to produce strong returns. The shrinking share count mattered too, falling from 2.99M to 2.79M, which softened the hit to per-share results as total profit declined.

Financial Health Signals

Financial health score not available

NVR does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

NVR passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.84x

For every $1 of reported earnings, NVR generates $0.84 in operating cash flow ($1.1B OCF vs $1.3B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$10.3B

YoY-1.9%

5Y CAGR+6.5%

10Y CAGR+7.2%

NVR generated $10.3B in revenue in fiscal year 2025. This represents a decrease of 1.9% from the prior year.

Net Income

$1.3B

YoY-20.3%

5Y CAGR+8.3%

10Y CAGR+13.3%

NVR reported $1.3B in net income in fiscal year 2025. This represents a decrease of 20.3% from the prior year.

EPS (Diluted)

$436.55

YoY-13.8%

5Y CAGR+13.7%

10Y CAGR+17.1%

NVR earned $436.55 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.8% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$1.1B

YoY-18.5%

5Y CAGR+3.8%

10Y CAGR+18.1%

NVR generated $1.1B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.5% from the prior year.

Cash & Debt

$2.0B

YoY-26.6%

5Y CAGR-7.0%

10Y CAGR+15.8%

NVR held $2.0B in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

YoY-6.6%

5Y CAGR-5.4%

10Y CAGR-3.2%

NVR had 3M shares outstanding in fiscal year 2025. This represents a decrease of 6.6% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

13.0%

YoY-3.0pp

5Y CAGR+1.0pp

10Y CAGR+5.6pp

NVR's net profit margin was 13.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.0 percentage points from the prior year.

Return on Equity

34.7%

YoY-5.3pp

5Y CAGR+5.6pp

10Y CAGR+3.8pp

NVR's ROE was 34.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.3 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks

$1.8B

YoY-10.9%

5Y CAGR+37.6%

10Y CAGR+15.6%

NVR spent $1.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 10.9% from the prior year.

Capital Expenditures

$24.5M

YoY-16.1%

5Y CAGR+8.7%

10Y CAGR+3.0%

NVR invested $24.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.1% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

NVR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NVR annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$9.5B	$10.3B-1.9%	$10.5B+10.6%	$9.5B-9.6%	$10.5B+17.6%	$9.0B+18.8%	$7.5B+2.0%	$7.4B+3.1%	$7.2B+13.6%	$6.3B+8.3%	$5.8B+12.9%	$5.2B+16.1%	$4.4B+5.5%	$4.2B+32.2%	$3.2B+19.8%	$2.7B
Interest Expense	N/A	N/A	$27.8M+0.2%	$27.7M-29.8%	$39.5M-25.6%	$53.1M+30.0%	$40.9M+61.0%	$25.4M+1.2%	$25.1M+3.7%	$24.2M+11.4%	$21.7M-7.9%	$23.6M+1.8%	$23.1M+3.4%	$22.4M+197.3%	$7.5M+297.9%	$1.9M
Income Tax	$341.8M	$422.1M-2.6%	$433.6M+28.7%	$336.8M-36.2%	$527.6M+49.2%	$353.7M+100.1%	$176.8M+20.1%	$147.3M-9.4%	$162.5M-47.5%	$309.4M+30.9%	$236.4M+7.3%	$220.3M+28.1%	$171.9M+12.9%	$152.2M+61.1%	$94.5M+20.9%	$78.2M
Net Income	$1.1B	$1.3B-20.3%	$1.7B+5.7%	$1.6B-7.8%	$1.7B+39.5%	$1.2B+37.2%	$901.2M+2.6%	$878.5M+10.2%	$797.2M+48.3%	$537.5M+26.4%	$425.3M+11.1%	$382.9M+36.0%	$281.6M+5.7%	$266.5M+47.6%	$180.6M+39.5%	$129.4M
EPS (Diluted)	—	$436.55-13.8%	$506.69+9.4%	$463.31-5.8%	$491.82+53.5%	$320.48+39.3%	$230.11+4.1%	$221.13+13.5%	$194.80+53.7%	$126.77+22.4%	$103.61+15.1%	$89.99+41.7%	$63.50+15.9%	$54.81+56.1%	$35.12+52.6%	$23.01

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$2.3B+23.7%	$1.9B-30.7%	$2.7B+4.0%	$2.6B+0.4%	$2.6B+8.1%	$2.4B-15.6%	$2.8B+4.1%	$2.7B
Interest Expense	N/A	N/A	N/A	N/A	N/A	$7.5M	N/A	N/A
Income Tax	$82.2M+54.1%	$53.3M-49.2%	$104.9M+3.5%	$101.4M-10.6%	$113.4M+10.7%	$102.4M-11.1%	$115.2M+5.4%	$109.3M
Net Income	$236.5M+19.2%	$198.4M-45.5%	$363.8M+6.2%	$342.7M+2.7%	$333.7M+11.4%	$299.6M-34.5%	$457.4M+6.5%	$429.3M
EPS (Diluted)	$83.96+23.9%	$67.76	N/A	$112.33+3.5%	$108.54+14.5%	$94.83	N/A	$130.50

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

NVR Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NVR annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$5.9B-8.2%	$6.4B-3.3%	$6.6B+16.6%	$5.7B-3.0%	$5.8B+1.0%	$5.8B+51.6%	$3.8B+20.3%	$3.2B+5.9%	$3.0B+13.1%	$2.6B+5.3%	$2.5B+6.8%	$2.4B-5.4%	$2.5B-4.6%	$2.6B+46.4%	$1.8B
Cash & Equivalents	$2.0B-26.6%	$2.7B-17.1%	$3.2B+24.9%	$2.6B-2.4%	$2.6B-6.1%	$2.8B+142.1%	$1.2B+58.5%	$732.2M+6.2%	$689.6M+65.7%	$416.0M-7.7%	$450.8M-17.3%	$545.4M-37.0%	$866.3M-24.9%	$1.2B+139.9%	$480.8M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$441K	N/A
Total Liabilities	$2.0B-8.2%	$2.2B-3.0%	$2.2B+3.8%	$2.2B-23.9%	$2.8B+5.9%	$2.7B+82.1%	$1.5B+8.2%	$1.4B-1.9%	$1.4B+3.3%	$1.3B+5.3%	$1.3B+3.7%	$1.2B+0.2%	$1.2B+8.9%	$1.1B+177.8%	$404.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$600.1M	N/A	N/A
Total Equity	$3.9B-8.2%	$4.2B-3.5%	$4.4B+24.5%	$3.5B+16.8%	$3.0B-3.2%	$3.1B+32.5%	$2.3B+29.5%	$1.8B+12.6%	$1.6B+23.1%	$1.3B+5.3%	$1.2B+10.2%	$1.1B-10.9%	$1.3B-14.8%	$1.5B+7.7%	$1.4B
Retained Earnings	$16.4B+8.9%	$15.0B+12.6%	$13.4B+13.5%	$11.8B+17.2%	$10.0B+14.0%	$8.8B+11.4%	$7.9B+12.5%	$7.0B+12.8%	$6.2B+9.4%	$5.7B+8.1%	$5.3B+7.8%	$4.9B+6.1%	$4.6B+6.1%	$4.3B+4.3%	$4.2B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$5.5B-2.1%	$5.6B-4.6%	$5.9B-3.0%	$6.0B+1.6%	$5.9B-4.1%	$6.2B-2.9%	$6.4B-1.7%	$6.5B
Cash & Equivalents	$1.2B-30.8%	$1.7B-11.6%	$2.0B-3.3%	$2.0B+10.6%	$1.8B-20.0%	$2.3B-14.1%	$2.7B+3.7%	$2.6B
Total Liabilities	$2.1B-0.6%	$2.1B+5.0%	$2.0B-3.7%	$2.1B-1.2%	$2.1B-6.5%	$2.2B+3.2%	$2.2B-2.1%	$2.2B
Total Equity	$3.4B-2.9%	$3.5B-9.6%	$3.9B-2.6%	$4.0B+3.2%	$3.8B-2.8%	$4.0B-6.1%	$4.2B-1.4%	$4.3B
Retained Earnings	$16.8B+1.4%	$16.6B+1.2%	$16.4B+2.3%	$16.0B+2.2%	$15.7B+2.2%	$15.3B+2.0%	$15.0B+3.1%	$14.6B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities.

NVR Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

NVR annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$1.1B	$1.1B-18.4%	$1.4B-8.2%	$1.5B-19.9%	$1.9B+50.5%	$1.2B+34.3%	$925.3M+6.8%	$866.5M+19.8%	$723.1M+26.8%	$570.4M+45.1%	$393.0M+73.4%	$226.7M+22.8%	$184.5M-31.7%	$270.2M+2.2%	$264.4M+17971.4%	$1.5M
Capital Expenditures	$20.2M	$24.5M-16.1%	$29.2M+17.4%	$24.9M+35.0%	$18.4M+3.1%	$17.9M+10.9%	$16.1M-29.0%	$22.7M+15.4%	$19.7M-3.0%	$20.3M-9.4%	$22.4M+22.4%	$18.3M-42.3%	$31.7M+66.6%	$19.0M+53.8%	$12.4M+8.0%	$11.4M
Free Cash Flow	$1.0B	$1.1B-18.5%	$1.3B-8.7%	$1.5B-20.4%	$1.9B+51.2%	$1.2B+34.7%	$909.1M+7.7%	$843.8M+20.0%	$703.5M+27.9%	$550.1M+48.4%	$370.6M+77.8%	$208.4M+36.3%	$152.9M-39.1%	$251.2M-0.3%	$252.0M+2625.0%	-$10.0M
Investing Cash Flow	-$17.0M	-$71.2M-168.2%	-$26.6M-10.2%	-$24.1M+12.1%	-$27.4M-50.9%	-$18.2M-362.2%	-$3.9M+70.4%	-$13.3M-62.5%	-$8.2M+46.2%	-$15.2M	N/A	N/A	N/A	-$34.5M-52.5%	-$22.6M+63.5%	-$61.9M
Financing Cash Flow	-$1.7B	-$1.8B+7.4%	-$1.9B-127.9%	-$833.0M+56.3%	-$1.9B-36.4%	-$1.4B-292.0%	$727.6M+271.3%	-$424.7M+36.8%	-$672.3M-138.7%	-$281.6M	N/A	N/A	N/A	-$523.0M-221.4%	$430.9M+166.0%	-$652.6M
Share Buybacks	$1.8B	$1.8B-10.9%	$2.1B+90.2%	$1.1B-27.9%	$1.5B-2.4%	$1.5B+314.5%	$371.1M-46.9%	$698.4M-17.5%	$846.1M+100.4%	$422.2M-7.3%	$455.4M+5.6%	$431.4M-24.0%	$567.5M+2.4%	$554.5M+144.0%	$227.3M-67.0%	$689.3M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$151.5M-144.6%	$339.7M-22.8%	$439.7M+0.2%	$438.7M+1149.7%	$35.1M-83.1%	$207.8M-67.4%	$637.0M+77.8%	$358.3M
Capital Expenditures	$6.2M+26.3%	$4.9M+31.6%	$3.7M-32.1%	$5.4M-34.4%	$8.3M+17.6%	$7.1M+26.3%	$5.6M-31.9%	$8.2M
Free Cash Flow	-$157.7M-147.1%	$334.8M-23.2%	$436.0M+0.6%	$433.3M+1516.5%	$26.8M-86.6%	$200.7M-68.2%	$631.5M+80.4%	$350.1M
Investing Cash Flow	-$8.5M-168.6%	$12.5M+190.1%	-$13.8M-94.6%	-$7.1M+79.8%	-$35.2M-134.7%	-$15.0M-122.3%	-$6.8M+21.9%	-$8.7M
Financing Cash Flow	-$372.3M+35.7%	-$579.3M-17.6%	-$492.6M-107.1%	-$237.9M+48.0%	-$457.8M+19.6%	-$569.5M-6.6%	-$534.3M-72.4%	-$309.9M
Share Buybacks	$373.6M-40.9%	$632.0M+25.9%	$502.1M+81.7%	$276.4M-41.4%	$471.4M-19.2%	$583.4M+3.4%	$564.3M+57.9%	$357.4M

Not reported in any period shown, so not listed: Dividends Paid.

NVR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

NVR annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	13.0%-3.0pp	16.0%-0.7pp	16.7%+0.3pp	16.4%+2.6pp	13.8%+1.9pp	12.0%+0.1pp	11.9%+0.8pp	11.1%+2.6pp	8.5%+1.2pp	7.3%-0.1pp	7.4%+1.1pp	6.3%0.0pp	6.3%+0.7pp	5.7%+0.8pp	4.9%
Return on Equity	34.7%-5.3pp	40.0%+3.5pp	36.5%-12.7pp	49.2%+8.0pp	41.2%+12.2pp	29.0%-8.5pp	37.5%-6.6pp	44.1%+10.6pp	33.5%+0.9pp	32.6%+1.7pp	30.9%+5.8pp	25.1%+3.9pp	21.1%+8.9pp	12.2%+2.8pp	9.4%
Return on Assets	22.9%-3.5pp	26.4%+2.2pp	24.1%-6.4pp	30.5%+9.3pp	21.2%+5.6pp	15.6%-7.5pp	23.1%-2.1pp	25.2%+7.2pp	18.0%+1.9pp	16.1%+0.8pp	15.3%+3.3pp	12.0%+1.3pp	10.7%+3.8pp	6.9%-0.3pp	7.3%
Debt-to-Equity	0.520.0x	0.520.0x	0.51-0.1x	0.61-0.3x	0.94+0.1x	0.86+0.2x	0.63-0.1x	0.75-0.1x	0.86-0.2x	1.030.0x	1.03-0.1x	1.09+0.6x	0.48-0.3x	0.76+0.5x	0.29
FCF Margin	10.6%-2.2pp	12.8%-2.7pp	15.5%-2.1pp	17.6%+3.9pp	13.7%+1.6pp	12.1%+0.6pp	11.4%+1.6pp	9.8%+1.1pp	8.7%+2.3pp	6.4%+2.3pp	4.0%+0.6pp	3.4%-2.5pp	6.0%-1.9pp	7.9%+8.3pp	-0.4%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	10.2%-0.4pp	10.5%-2.9pp	13.4%+0.3pp	13.1%+0.3pp	12.8%+0.4pp	12.5%-3.6pp	16.1%+0.4pp	15.7%
Return on Equity	7.0%+1.3pp	5.7%-3.7pp	9.4%+0.8pp	8.6%0.0pp	8.7%+1.1pp	7.6%-3.3pp	10.9%+0.8pp	10.1%
Return on Assets	4.3%+0.8pp	3.5%-2.7pp	6.2%+0.5pp	5.7%+0.1pp	5.6%+0.8pp	4.8%-2.3pp	7.2%+0.6pp	6.6%
Debt-to-Equity	0.610.0x	0.60+0.1x	0.520.0x	0.520.0x	0.540.0x	0.57+0.1x	0.520.0x	0.52
FCF Margin	-6.8%-24.6pp	17.8%+1.7pp	16.1%-0.5pp	16.6%+15.6pp	1.0%-7.3pp	8.3%-13.8pp	22.2%+9.4pp	12.8%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

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Frequently Asked Questions

What is NVR's annual revenue?

NVR (NVR) reported $10.3B in total revenue for fiscal year 2025. This represents a -1.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is NVR's revenue growing?

NVR (NVR) revenue declined by 1.9% year-over-year, from $10.5B to $10.3B in fiscal year 2025.

Is NVR profitable?

Yes, NVR (NVR) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 13.0%.

What is NVR's net profit margin?

NVR (NVR) had a net profit margin of 13.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is NVR's return on equity (ROE)?

NVR (NVR) has a return on equity of 34.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NVR's free cash flow?

NVR (NVR) generated $1.1B in free cash flow during fiscal year 2025. This represents a -18.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is NVR's operating cash flow?

NVR (NVR) generated $1.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NVR's total assets?

NVR (NVR) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are NVR's capital expenditures?

NVR (NVR) invested $24.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does NVR buy back shares?

Yes, NVR (NVR) spent $1.8B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does NVR have outstanding?

NVR (NVR) had 3M shares outstanding as of fiscal year 2025.

What is NVR's debt-to-equity ratio?

NVR (NVR) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NVR's return on assets (ROA)?

NVR (NVR) had a return on assets of 22.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NVR's Piotroski F-Score?

NVR (NVR) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are NVR's earnings high quality?

NVR (NVR) has an earnings quality ratio of 0.84x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.