NVR, INC. ANNOUNCES SECOND QUARTER RESULTS
NVR Inc. (NYSE: NVR), a major homebuilding and mortgage banking company, reported its Q2 2025 financial results with notable declines in key metrics. Net income fell 17% to $333.7 million, or $108.54 per diluted share, compared to $400.9 million in Q2 2024. Consolidated revenues remained relatively flat at $2.60 billion.
The homebuilding segment saw new orders decrease 11% to 5,379 units, while the cancellation rate increased to 17% from 13% year-over-year. Gross profit margin declined to 21.5% from 23.6%, impacted by higher lot costs and pricing pressures. The mortgage banking segment's income before tax decreased 34% to $29.6 million, primarily due to lower secondary marketing gains.
NVR Inc. (NYSE: NVR), una grande azienda nel settore delle costruzioni di abitazioni e del credito ipotecario, ha riportato i risultati finanziari del secondo trimestre 2025 con cali significativi nei principali indicatori. L'utile netto è diminuito del 17%, attestandosi a 333,7 milioni di dollari, pari a 108,54 dollari per azione diluita, rispetto ai 400,9 milioni di dollari del secondo trimestre 2024. I ricavi consolidati sono rimasti sostanzialmente stabili a 2,60 miliardi di dollari.
Il segmento delle costruzioni ha registrato una riduzione degli ordini nuovi dell'11%, scendendo a 5.379 unità, mentre il tasso di cancellazione è aumentato al 17% dal 13% anno su anno. Il margine di profitto lordo è sceso al 21,5% dal 23,6%, influenzato da costi dei lotti più elevati e pressioni sui prezzi. Il reddito ante imposte del segmento di credito ipotecario è calato del 34%, attestandosi a 29,6 milioni di dollari, principalmente a causa di minori guadagni dal marketing secondario.
NVR Inc. (NYSE: NVR), una importante empresa de construcción de viviendas y banca hipotecaria, reportó sus resultados financieros del segundo trimestre de 2025 con descensos notables en métricas clave. La utilidad neta cayó un 17% a 333,7 millones de dólares, o 108,54 dólares por acción diluida, en comparación con los 400,9 millones de dólares del segundo trimestre de 2024. Los ingresos consolidados se mantuvieron relativamente estables en 2,60 mil millones de dólares.
El segmento de construcción de viviendas vio una disminución del 11% en nuevos pedidos, hasta 5.379 unidades, mientras que la tasa de cancelación aumentó al 17% desde el 13% interanual. El margen de beneficio bruto disminuyó al 21,5% desde el 23,6%, afectado por mayores costos de lotes y presiones en los precios. El ingreso antes de impuestos del segmento de banca hipotecaria disminuyó un 34% a 29,6 millones de dólares, principalmente debido a menores ganancias en marketing secundario.
NVR Inc. (NYSE: NVR)는 주택 건설 및 모기지 금융 분야의 주요 기업으로, 2025년 2분기 재무 실적에서 주요 지표가 크게 하락했다고 보고했습니다. 순이익은 17% 감소한 3억 3,370만 달러, 희석 주당 순이익은 108.54달러로, 2024년 2분기의 4억 900만 달러에 비해 감소했습니다. 통합 매출은 26억 달러로 거의 변동이 없었습니다.
주택 건설 부문에서는 신규 주문이 11% 감소하여 5,379세대에 그쳤으며, 취소율은 전년 동기 대비 13%에서 17%로 상승했습니다. 총이익률은 부지 비용 상승과 가격 압박의 영향으로 21.5%에서 23.6%로 하락했습니다. 모기지 금융 부문의 세전 수익은 34% 감소한 2,960만 달러로, 주로 2차 마케팅 이익 감소 때문입니다.
NVR Inc. (NYSE : NVR), une grande entreprise de construction résidentielle et de banque hypothécaire, a publié ses résultats financiers du deuxième trimestre 2025 avec des baisses notables dans les indicateurs clés. Le bénéfice net a chuté de 17 % pour atteindre 333,7 millions de dollars, soit 108,54 dollars par action diluée, contre 400,9 millions de dollars au deuxième trimestre 2024. Les revenus consolidés sont restés relativement stables à 2,60 milliards de dollars.
Le segment construction résidentielle a enregistré une baisse de 11 % des nouvelles commandes, à 5 379 unités, tandis que le taux d'annulation a augmenté à 17 % contre 13 % un an plus tôt. La marge brute a diminué à 21,5 % contre 23,6 %, impactée par des coûts de terrain plus élevés et des pressions sur les prix. Le résultat avant impôt du segment bancaire hypothécaire a baissé de 34 % à 29,6 millions de dollars, principalement en raison de moindres gains sur le marketing secondaire.
NVR Inc. (NYSE: NVR), ein führendes Unternehmen im Bereich Hausbau und Hypothekenbankwesen, meldete seine Finanzergebnisse für das zweite Quartal 2025 mit deutlichen Rückgängen bei wichtigen Kennzahlen. Der Nettogewinn sank um 17 % auf 333,7 Millionen US-Dollar, bzw. 108,54 US-Dollar je verwässerter Aktie, im Vergleich zu 400,9 Millionen US-Dollar im zweiten Quartal 2024. Die konsolidierten Umsatzerlöse blieben mit 2,60 Milliarden US-Dollar relativ stabil.
Im Hausbausegment gingen die Neubestellungen um 11 % auf 5.379 Einheiten zurück, während die Stornierungsrate von 13 % auf 17 % im Jahresvergleich anstieg. Die Bruttogewinnmarge sank von 23,6 % auf 21,5 %, beeinträchtigt durch höhere Grundstückskosten und Preisdruck. Das Ergebnis vor Steuern im Hypothekenbanksegment verringerte sich um 34 % auf 29,6 Millionen US-Dollar, hauptsächlich aufgrund geringerer Gewinne aus dem Sekundärmarkt.
- Mortgage closed loan production increased 2% to $1.56 billion in Q2 2025
- Average settlement price rose 3% to $465,400 in Q2 2025
- Mortgage banking capture rate improved to 87% from 86% year-over-year
- Lots controlled increased to 171,400 from 149,700 year-over-year
- Net income decreased 17% to $333.7 million in Q2 2025
- New orders declined 11% to 5,379 units
- Cancellation rate increased to 17% from 13% year-over-year
- Gross profit margin decreased to 21.5% from 23.6%
- Backlog decreased 13% to 10,069 units worth $4.75 billion
- Mortgage banking income before tax fell 34% to $29.6 million
Insights
NVR reports 17% drop in Q2 net income amid housing market headwinds, with declining new orders and margins.
NVR's Q2 2025 results reveal significant challenges in the homebuilding market. Net income fell
New orders declined
Gross profit margin contracted significantly to
The mortgage banking segment showed further weakness with income before tax falling
NVR maintained its asset-light business model by controlling 171,400 lots at quarter-end (up from 149,700 a year ago) rather than owning them outright. The company also continued its aggressive share repurchase program, buying back 65,834 shares for
The effective tax rate increased to
For the six months ended June 30, 2025, consolidated revenues were
Homebuilding
New orders in the second quarter of 2025 decreased by
Homebuilding revenues of
Mortgage Banking
Mortgage closed loan production in the second quarter of 2025 totaled
Effective Tax Rate
Our effective tax rate for the three and six month periods ended June 30, 2025 was
About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-six metropolitan areas in sixteen states and
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should" or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
NVR, Inc. Consolidated Statements of Income (in thousands, except per share data) (unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Homebuilding: | ||||||||
Revenues | $ 2,548,267 | $ 2,547,891 | $ 4,898,712 | $ 4,834,068 | ||||
Other income | 25,088 | 36,184 | 51,800 | 77,050 | ||||
Cost of sales | (1,999,983) | (1,947,616) | (3,835,358) | (3,673,829) | ||||
Selling, general and administrative | (149,170) | (141,213) | (314,287) | (293,716) | ||||
Interest expense | (6,685) | (6,710) | (13,866) | (13,359) | ||||
Homebuilding income | 417,517 | 488,536 | 787,001 | 930,214 | ||||
Mortgage Banking: | ||||||||
Mortgage banking fees | 50,547 | 64,566 | 103,134 | 111,852 | ||||
Interest income | 4,493 | 4,672 | 8,299 | 8,764 | ||||
Other income | 1,301 | 1,333 | 2,394 | 2,504 | ||||
General and administrative | (26,425) | (25,351) | (51,118) | (48,709) | ||||
Interest expense | (300) | (188) | (573) | (365) | ||||
Mortgage banking income | 29,616 | 45,032 | 62,136 | 74,046 | ||||
Income before taxes | 447,133 | 533,568 | 849,137 | 1,004,260 | ||||
Income tax expense | (113,396) | (132,664) | (215,824) | (209,087) | ||||
Net income | $ 333,737 | $ 400,904 | $ 633,313 | $ 795,173 | ||||
Basic earnings per share | $ 114.52 | $ 128.21 | $ 214.78 | $ 251.94 | ||||
Diluted earnings per share | $ 108.54 | $ 120.69 | $ 203.20 | $ 237.05 | ||||
Basic weighted average shares outstanding | 2,914 | 3,127 | 2,949 | 3,156 | ||||
Diluted weighted average shares outstanding | 3,075 | 3,322 | 3,117 | 3,355 | ||||
NVR, Inc. | ||||
Consolidated Balance Sheets | ||||
(in thousands, except share and per share data) | ||||
(unaudited) | ||||
June 30, 2025 | December 31, 2024 | |||
ASSETS | ||||
Homebuilding: | ||||
Cash and cash equivalents | $ 1,726,865 | $ 2,561,339 | ||
Restricted cash | 53,240 | 42,172 | ||
Receivables | 41,496 | 32,622 | ||
Inventory: | ||||
Lots and housing units, covered under sales agreements with customers | 1,797,104 | 1,727,243 | ||
Unsold lots and housing units | 304,743 | 237,177 | ||
Land under development | 39,450 | 65,394 | ||
Building materials and other | 28,743 | 28,893 | ||
2,170,040 | 2,058,707 | |||
Contract land deposits, net | 837,845 | 726,675 | ||
Property, plant and equipment, net | 100,280 | 95,619 | ||
Operating lease right-of-use assets | 86,206 | 78,340 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 41,580 | 41,580 | ||
Other assets | 295,858 | 251,178 | ||
5,353,410 | 5,888,232 | |||
Mortgage Banking: | ||||
Cash and cash equivalents | 39,307 | 49,636 | ||
Restricted cash | 10,513 | 11,520 | ||
Mortgage loans held for sale, net | 415,974 | 355,209 | ||
Property and equipment, net | 8,053 | 7,373 | ||
Operating lease right-of-use assets | 24,515 | 23,482 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 7,347 | 7,347 | ||
Other assets | 80,220 | 38,189 | ||
585,929 | 492,756 | |||
Total assets | $ 5,939,339 | $ 6,380,988 | ||
NVR, Inc. | ||||
Consolidated Balance Sheets (Continued) | ||||
(in thousands, except share and per share data) | ||||
(unaudited) | ||||
June 30, 2025 | December 31, 2024 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Homebuilding: | ||||
Accounts payable | $ 367,929 | $ 332,772 | ||
Accrued expenses and other liabilities | 333,456 | 441,300 | ||
Customer deposits | 295,145 | 322,926 | ||
Operating lease liabilities | 92,160 | 83,939 | ||
Senior notes | 910,145 | 911,118 | ||
1,998,835 | 2,092,055 | |||
Mortgage Banking: | ||||
Accounts payable and other liabilities | 68,785 | 53,433 | ||
Operating lease liabilities | 26,588 | 25,428 | ||
95,373 | 78,861 | |||
Total liabilities | 2,094,208 | 2,170,916 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Common stock, | 206 | 206 | ||
Additional paid-in capital | 3,085,904 | 3,031,637 | ||
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both | (16,710) | (16,710) | ||
Deferred compensation liability | 16,710 | 16,710 | ||
Retained earnings | 15,680,266 | 15,046,953 | ||
Less treasury stock at cost – 17,672,115 and 17,543,686 shares as of June 30, 2025 | (14,921,245) | (13,868,724) | ||
Total shareholders' equity | 3,845,131 | 4,210,072 | ||
Total liabilities and shareholders' equity | $ 5,939,339 | $ 6,380,988 | ||
NVR, Inc. | ||||||||||||||||
Operating Activity | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Units | Average Price | Units | Average Price | Units | Average Price | Units | Average Price | |||||||||
New orders, net of cancellations: | ||||||||||||||||
Mid Atlantic (1) | 1,930 | $ 531.3 | 2,297 | $ 536.2 | 3,796 | $ 523.0 | 4,579 | $ 525.9 | ||||||||
North East (2) | 424 | $ 655.3 | 478 | $ 623.4 | 801 | $ 674.0 | 1,005 | $ 617.7 | ||||||||
Mid East (3) | 1,072 | $ 424.2 | 1,262 | $ 403.7 | 2,170 | $ 422.0 | 2,525 | $ 406.8 | ||||||||
South East (4) | 1,953 | $ 361.7 | 2,030 | $ 366.7 | 3,957 | $ 359.0 | 4,007 | $ 368.3 | ||||||||
Total | 5,379 | $ 458.1 | 6,067 | $ 458.8 | 10,724 | $ 453.3 | 12,116 | $ 456.6 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Units | Average Price | Units | Average Price | Units | Average Price | Units | Average Price | |||||||||
Settlements: | ||||||||||||||||
Mid Atlantic (1) | 2,101 | $ 537.2 | 2,199 | $ 515.5 | 4,151 | $ 532.6 | 4,165 | $ 516.5 | ||||||||
North East (2) | 474 | $ 651.7 | 487 | $ 589.8 | 945 | $ 632.5 | 950 | $ 571.5 | ||||||||
Mid East (3) | 1,082 | $ 415.8 | 1,075 | $ 403.7 | 2,095 | $ 411.6 | 2,124 | $ 400.6 | ||||||||
South East (4) | 1,818 | $ 363.3 | 1,898 | $ 365.1 | 3,417 | $ 359.2 | 3,509 | $ 367.3 | ||||||||
Total | 5,475 | $ 465.4 | 5,659 | $ 450.2 | 10,608 | $ 461.8 | 10,748 | $ 449.7 | ||||||||
As of June 30, | |||||||||
2025 | 2024 | ||||||||
Units | Average Price | Units | Average Price | ||||||
Backlog: | |||||||||
Mid Atlantic (1) | 3,713 | $ 532.6 | 4,508 | $ 531.4 | |||||
North East (2) | 911 | $ 698.4 | 1,083 | $ 643.3 | |||||
Mid East (3) | 2,120 | $ 426.8 | 2,377 | $ 416.6 | |||||
South East (4) | 3,325 | $ 371.6 | 3,629 | $ 378.0 | |||||
Total | 10,069 | $ 472.1 | 11,597 | $ 470.3 | |||||
NVR, Inc. | ||||||||
Operating Activity (Continued) | ||||||||
(dollars in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Average active communities: | ||||||||
Mid Atlantic (1) | 120 | 153 | 120 | 155 | ||||
North East (2) | 26 | 31 | 25 | 33 | ||||
Mid East (3) | 94 | 101 | 93 | 100 | ||||
South East (4) | 186 | 148 | 175 | 142 | ||||
Total | 426 | 433 | 413 | 430 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Homebuilding data: | ||||||||
New order cancellation rate | 16.5 % | 12.9 % | 16.0 % | 13.0 % | ||||
Lots controlled at end of period | 171,400 | 149,700 | ||||||
Mortgage banking data: | ||||||||
Loan closings | $ 1,555,280 | $ 1,530,081 | $ 2,988,201 | $ 2,908,090 | ||||
Capture rate | 87 % | 86 % | 87 % | 86 % | ||||
Common stock information: | ||||||||
Shares outstanding at end of period | 2,883,215 | 3,090,266 | ||||||
Number of shares repurchased | 65,834 | 83,168 | 142,954 | 150,026 | ||||
Aggregate cost of shares repurchased | $ 471,413 | $ 638,976 | $ 1,054,807 | $ 1,135,912 | ||||
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SOURCE NVR, INC.
FAQ
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