NVR, INC. ANNOUNCES THIRD QUARTER RESULTS
NVR (NYSE: NVR) reported third quarter results for the period ended September 30, 2025: net income $342.7M ($112.33 diluted EPS), down 20% and 14% respectively versus Q3 2024. Consolidated Q3 revenue was $2.61B. Nine‑month net income was $976.0M and diluted EPS was $315.33, each down 20% and 14% year‑over‑year. Homebuilding new orders fell 16% to 4,735 units; backlog units declined 19% to 9,165 and backlog dollars fell 17% to $4.39B. Q3 homebuilding gross margin decreased to 21.0% from 23.4%, partly due to higher lot costs and ~$18.9M contract land deposit impairments.
NVR (NYSE: NVR) ha riportato i risultati del terzo trimestre per il periodo terminato il 30 settembre 2025: utile netto 342,7 milioni di dollari (EPS diluito 112,33 dollari), in diminuzione del 20% e del 14% rispettivamente rispetto al Q3 2024. I ricavi consolidati del Q3 sono stati 2,61 miliardi di dollari. L’utile netto dei primi nove mesi è stato 976,0 milioni di dollari e l’EPS diluito è stato 315,33 dollari, in entrambe le metriche in calo del 20% e 14% anno su anno. Gli ordini netti nel settore edilizia abitativa sono scesi del 16% a 4.735 unità; l’inventario in lavorazione è diminuito del 19% a 9.165 e i dollari dell’inventario in backlog sono scesi del 17% a 4,39 miliardi di dollari. Il margine lordo Q3 della costruzione di case è sceso al 21,0% dal 23,4%, in parte a causa di maggiori costi dei lotti e di circa 18,9 milioni di dollari di impairment sui depositi di terreni contrattuali.
NVR (NYSE: NVR) informó los resultados del tercer trimestre para el periodo terminado el 30 de septiembre de 2025: ingreso neto de 342,7 millones de dólares (EPS diluido 112,33 dólares), con una caída del 20% y 14% respectivamente frente al Q3 2024. Los ingresos consolidados del Q3 fueron 2,61 mil millones de dólares. El ingreso neto de los primeros nueve meses fue 976,0 millones de dólares y el EPS diluido fue 315,33 dólares, cada uno con una caída interanual del 20% y 14%. Las nuevas órdenes de vivienda cayeron un 16% a 4.735 unidades; las unidades en backlog disminuyeron un 19% a 9.165 y los backlog en dólares cayeron un 17% a 4,39 mil millones de dólares. El margen bruto de la construcción de viviendas en el Q3 disminuyó al 21,0% desde el 23,4%, en parte debido a mayores costos de terrenos y a impairments de aproximadamente 18,9 millones de dólares en depósitos de terrenos contractuales.
NVR (NYSE: NVR)가 2025년 9월 30일 종료된 기간에 대한 3분기 실적을 발표했습니다: 순이익 3억4270만 달러 (희석 EPS 112.33달러), 2024년 3분기 대비 각각 20%와 14% 감소했습니다. 연결 3분기 매출은 26억1천만 달러였습니다. 9개월 누적 순이익은 9억7600만 달러이고 희석 EPS는 315.33달러로, 연간 대비 각각 20% 및 14% 감소했습니다. 주택 건설 신규 주문은 16% 감소한 4,735단위로, 백로그 유닛은 19% 감소한 9,165로, 백로그 달러는 17% 감소한 43억9천만 달러였습니다. 3분기 주택건설 총마진은 23.4%에서 21.0%로 감소했으며, 이는 더 높은 토지 비용과 약 1890만 달러의 토지 계약 예치금 impairment 때문입니다.
NVR (NYSE: NVR) a publié les résultats du troisième trimestre pour la période se terminant le 30 septembre 2025 : un bénéfice net de 342,7 M$ (EPS dilué 112,33$), en baisse de 20% et 14% respectivement par rapport au T3 2024. Le chiffre d’affaires consolidé du T3 était de 2,61 Md$. Le revenu net sur neuf mois était de 976,0 M$ et l’EPS dilué était de 315,33$, chacun en baisse de 20% et 14% d’une année sur l’autre. Les nouvelles commandes de construction de maisons ont reculé de 16% à 4 735 unités ; les unités en backlog ont diminué de 19% à 9 165 et le backlog en dollars a chuté de 17% à 4,39 Md$. La marge brute du T3 dans la construction de maisons est passée à 21,0% contre 23,4%, en partie en raison de coûts fonciers plus élevés et d’environ 18,9 M$ d’arreint sur les dépôts de terrains contractuels.
NVR (NYSE: NVR) berichtete über die Ergebnisse des dritten Quartals für den Zeitraum bis zum 30. September 2025: Nettogewinn 342,7 Mio. USD (verwässertes EPS 112,33 USD), jeweils um 20% bzw. 14% gegenüber Q3 2024 rückläufig. Der konsolidierte Q3-Umsatz betrug 2,61 Mrd. USD. Der Nettogewinn für neun Monate betrug 976,0 Mio. USD und das verwässerte EPS betrug 315,33 USD, jeweils um 20% bzw. 14% gegenüber dem Vorjahr rückläufig. Neue Aufträge im Hausbau sanken um 16% auf 4.735 Einheiten; Backlog-Einheiten sanken um 19% auf 9.165 und der Backlog in USD sank um 17% auf 4,39 Mrd. USD. Die Bruttomarge im Q3 für den Hausbau fiel von 23,4% auf 21,0%, teilweise bedingt durch höhere Grundstückskosten und ca. 18,9 Mio. USD Impairments bei Grundstücksankäufen.
NVR (NYSE: NVR) أعلـن عن نتائج الربع الثالث لل فترة المنتهية في 30 سبتمبر 2025: صافي دخل 342.7 مليون دولار (ربحية السهم المخفَّفة 112.33 دولار)، بانخفاض 20% و14% على التوالي مقارنة بالربع الثالث 2024. بلغت الإيرادات الموحدة للربع الثالث 2.61 مليار دولار. صافي الدخل لثلاثة أرباع السنة حتى الآن هو 976.0 مليون دولار وربحية السهم المخفَّفة كانت 315.33 دولار، كلاهما بانخفاض 20% و14% على أساس سنوي. انخفضت الطلبات الجديدة للوحدات السكنية بنسبة 16% إلى 4,735 وحدة؛ وانخفضت الوحدات في الرصيد الخلفي بنسبة 19% إلى 9,165، وانخفض الرصيد الخلفي بالدولارات بنسبة 17% إلى 4.39 مليار دولار. انخفض الهامش الإجمالي لقطاع البناء السكني في الربع الثالث إلى 21.0% من 23.4%، ويرجع ذلك جزئياً إلى ارتفاع تكاليف الأراضي ووجود انخفاضات بقيمة نحو 18.9 مليون دولار في ودائع الأراضي.
NVR（NYSE: NVR） 公布第三季度业绩，截止至 2025 年 9 月 30 日的期间：净利润 3.427 亿美元（摊薄后每股收益 112.33 美元），分别较 2024 年第三季度下降 20% 和 14%。合并第三季度收入为 26.1 亿美元。九个月净利润为 9.76 亿美元，摊薄后每股收益为 315.33 美元，分别同比下降 20% 和 14%。住宅建造新订单下降 16% 至 4,735 单位；在手 backlog 单位下降 19% 至 9,165，backlog 美元下降 17% 至 43.9 亿美元。第三季度住宅建筑毛利率降至 21.0%，低于 23.4%，部分原因是地块成本上升以及约 1890 万美元的土地合约存款减值。
- Diluted EPS still >$112 in Q3 2025
- Backlog value of $4.39B as of Sep 30, 2025
- Repurchased 35,224 shares in Q3 for $276.4M
- Net income down 20% in Q3 2025 versus Q3 2024
- Diluted EPS down 14% for Q3 2025 versus Q3 2024
- New orders decreased 16% to 4,735 units in Q3 2025
- Backlog units down 19% and backlog dollars down 17%
- Gross homebuilding margin fell 240 bps to 21.0% in Q3 2025
- Contract land deposit impairments of ~$18.9M in Q3 2025
Insights
NVR reported lower revenue, margin compression, falling backlog and higher cancellations in Q3
NVR reported third quarter net income of
These results show simultaneous top-line softness and margin compression within the homebuilding segment while mortgage banking results were modestly lower. Key dependencies are sales velocity, cancellation trends, lot and land cost trends, and the company’s ability to convert backlog to settlements. The effective tax rate increased to
Concrete items to watch over the next
For the nine months ended September 30, 2025, consolidated revenues were
Homebuilding
New orders in the third quarter of 2025 decreased by
Homebuilding revenues of
Mortgage Banking
Mortgage closed loan production in the third quarter of 2025 totaled
Effective Tax Rate
Our effective tax rate for the three and nine month periods ended September 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.
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NVR, Inc. Consolidated Statements of Income (in thousands, except per share data) (unaudited)
|
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|
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Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
|
|
|
|
Revenues |
|
$ 2,560,343 |
|
$ 2,677,640 |
|
$ 7,459,055 |
|
$ 7,511,708 |
|
Other income |
|
22,000 |
|
33,746 |
|
73,800 |
|
110,796 |
|
Cost of sales |
|
(2,021,398) |
|
(2,051,087) |
|
(5,856,756) |
|
(5,724,916) |
|
Selling, general and administrative |
|
(142,736) |
|
(149,777) |
|
(457,023) |
|
(443,493) |
|
Interest expense |
|
(6,855) |
|
(6,855) |
|
(20,721) |
|
(20,214) |
|
Homebuilding income |
|
411,354 |
|
503,667 |
|
1,198,355 |
|
1,433,881 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage Banking: |
|
|
|
|
|
|
|
|
|
Mortgage banking fees |
|
49,162 |
|
55,311 |
|
152,296 |
|
167,163 |
|
Interest income |
|
4,881 |
|
4,728 |
|
13,180 |
|
13,492 |
|
Other income |
|
1,400 |
|
1,414 |
|
3,794 |
|
3,918 |
|
General and administrative |
|
(22,397) |
|
(26,317) |
|
(73,515) |
|
(75,026) |
|
Interest expense |
|
(327) |
|
(191) |
|
(900) |
|
(556) |
|
Mortgage banking income |
|
32,719 |
|
34,945 |
|
94,855 |
|
108,991 |
|
|
|
|
|
|
|
|
|
|
|
Income before taxes |
|
444,073 |
|
538,612 |
|
1,293,210 |
|
1,542,872 |
|
Income tax expense |
|
(101,385) |
|
(109,289) |
|
(317,209) |
|
(318,376) |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ 342,688 |
|
$ 429,323 |
|
$ 976,001 |
|
$ 1,224,496 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ 119.26 |
|
$ 139.65 |
|
$ 333.86 |
|
$ 391.37 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
$ 112.33 |
|
$ 130.50 |
|
$ 315.33 |
|
$ 367.20 |
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
2,874 |
|
3,074 |
|
2,923 |
|
3,129 |
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average shares outstanding |
|
3,051 |
|
3,290 |
|
3,095 |
|
3,335 |
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NVR, Inc. |
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Consolidated Balance Sheets |
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(in thousands, except share and per share data) |
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(unaudited) |
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|
|
|
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|
|
September 30, 2025 |
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December 31, 2024 |
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ASSETS |
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 1,932,167 |
|
$ 2,561,339 |
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Restricted cash |
|
44,034 |
|
42,172 |
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Receivables |
|
41,377 |
|
32,622 |
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Inventory: |
|
|
|
|
|
Lots and housing units, covered under sales agreements with customers |
|
1,758,906 |
|
1,727,243 |
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Unsold lots and housing units |
|
313,971 |
|
237,177 |
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Land under development |
|
38,017 |
|
65,394 |
|
Building materials and other |
|
20,531 |
|
28,893 |
|
|
|
2,131,425 |
|
2,058,707 |
|
|
|
|
|
|
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Contract land deposits, net |
|
868,308 |
|
726,675 |
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Property, plant and equipment, net |
|
102,479 |
|
95,619 |
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Operating lease right-of-use assets |
|
87,116 |
|
78,340 |
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Reorganization value in excess of amounts allocable to identifiable assets, net |
|
41,580 |
|
41,580 |
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Other assets |
|
291,748 |
|
251,178 |
|
|
|
5,540,234 |
|
5,888,232 |
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Mortgage Banking: |
|
|
|
|
|
Cash and cash equivalents |
|
39,280 |
|
49,636 |
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Restricted cash |
|
8,123 |
|
11,520 |
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Mortgage loans held for sale, net |
|
341,579 |
|
355,209 |
|
Property and equipment, net |
|
8,081 |
|
7,373 |
|
Operating lease right-of-use assets |
|
25,252 |
|
23,482 |
|
Reorganization value in excess of amounts allocable to identifiable assets, net |
|
7,347 |
|
7,347 |
|
Other assets |
|
65,562 |
|
38,189 |
|
|
|
495,224 |
|
492,756 |
|
Total assets |
|
$ 6,035,458 |
|
$ 6,380,988 |
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NVR, Inc. |
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Consolidated Balance Sheets (Continued) |
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(in thousands, except share and per share data) |
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(unaudited) |
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|
|
|
|
|
|
|
|
September 30, 2025 |
|
December 31, 2024 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
Homebuilding: |
|
|
|
|
|
Accounts payable |
|
$ 361,209 |
|
$ 332,772 |
|
Accrued expenses and other liabilities |
|
344,658 |
|
441,300 |
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Customer deposits |
|
277,351 |
|
322,926 |
|
Operating lease liabilities |
|
93,191 |
|
83,939 |
|
Senior notes |
|
909,654 |
|
911,118 |
|
|
|
1,986,063 |
|
2,092,055 |
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Mortgage Banking: |
|
|
|
|
|
Accounts payable and other liabilities |
|
55,249 |
|
53,433 |
|
Operating lease liabilities |
|
27,384 |
|
25,428 |
|
|
|
82,633 |
|
78,861 |
|
Total liabilities |
|
2,068,696 |
|
2,170,916 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common stock, |
|
206 |
|
206 |
|
Additional paid-in capital |
|
3,131,980 |
|
3,031,637 |
|
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of |
|
(16,710) |
|
(16,710) |
|
Deferred compensation liability |
|
16,710 |
|
16,710 |
|
Retained earnings |
|
16,022,954 |
|
15,046,953 |
|
Less treasury stock at cost – 17,694,431 and 17,543,686 shares as of September 30, |
|
(15,188,378) |
|
(13,868,724) |
|
Total shareholders' equity |
|
3,966,762 |
|
4,210,072 |
|
Total liabilities and shareholders' equity |
|
$ 6,035,458 |
|
$ 6,380,988 |
|
NVR, Inc. |
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Operating Activity |
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(dollars in thousands) |
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(unaudited) |
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|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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|
|
Units |
|
Average |
|
Units |
|
Average |
|
Units |
|
Average |
|
Units |
|
Average |
|
New orders, net of cancellations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Mid Atlantic (1) |
|
1,714 |
|
$ 529.7 |
|
2,206 |
|
$ 514.7 |
|
5,510 |
|
$ 525.1 |
|
6,785 |
|
$ 522.2 |
|
North East (2) |
|
433 |
|
$ 647.1 |
|
536 |
|
$ 616.4 |
|
1,234 |
|
$ 664.6 |
|
1,541 |
|
$ 617.2 |
|
Mid East (3) |
|
931 |
|
$ 431.9 |
|
1,105 |
|
$ 400.2 |
|
3,101 |
|
$ 425.0 |
|
3,630 |
|
$ 404.8 |
|
South East (4) |
|
1,657 |
|
$ 368.6 |
|
1,803 |
|
$ 354.1 |
|
5,614 |
|
$ 361.8 |
|
5,810 |
|
$ 363.9 |
|
Total |
|
4,735 |
|
$ 464.8 |
|
5,650 |
|
$ 450.7 |
|
15,459 |
|
$ 456.8 |
|
17,766 |
|
$ 454.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||
|
|
|
Units |
|
Average |
|
Units |
|
Average |
|
Units |
|
Average |
|
Units |
|
Average |
|
Settlements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mid Atlantic (1) |
|
2,008 |
|
$ 517.9 |
|
2,229 |
|
$ 514.9 |
|
6,159 |
|
$ 527.8 |
|
6,394 |
|
$ 515.9 |
|
North East (2) |
|
420 |
|
$ 694.6 |
|
495 |
|
$ 606.9 |
|
1,365 |
|
$ 651.7 |
|
1,445 |
|
$ 583.6 |
|
Mid East (3) |
|
1,200 |
|
$ 423.8 |
|
1,219 |
|
$ 411.1 |
|
3,295 |
|
$ 416.1 |
|
3,343 |
|
$ 404.5 |
|
South East (4) |
|
2,011 |
|
$ 357.9 |
|
1,965 |
|
$ 370.5 |
|
5,428 |
|
$ 358.8 |
|
5,474 |
|
$ 368.5 |
|
Total |
|
5,639 |
|
$ 454.0 |
|
5,908 |
|
$ 453.2 |
|
16,247 |
|
$ 459.1 |
|
16,656 |
|
$ 451.0 |
|
|
|
As of September 30, |
|
||||||
|
|
|
2025 |
|
2024 |
|
||||
|
|
|
Units |
|
Average |
|
Units |
|
Average |
|
|
Backlog: |
|
|
|
|
|
|
|
|
|
|
Mid Atlantic (1) |
|
3,419 |
|
$ 539.7 |
|
4,485 |
|
$ 531.4 |
|
|
North East (2) |
|
924 |
|
$ 676.0 |
|
1,124 |
|
$ 646.5 |
|
|
Mid East (3) |
|
1,851 |
|
$ 431.3 |
|
2,263 |
|
$ 411.5 |
|
|
South East (4) |
|
2,971 |
|
$ 379.1 |
|
3,467 |
|
$ 369.8 |
|
|
Total |
|
9,165 |
|
$ 479.5 |
|
11,339 |
|
$ 469.5 |
|
|
NVR, Inc. |
||||||||
|
Operating Activity (Continued) |
||||||||
|
(dollars in thousands) |
||||||||
|
(unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Average active communities: |
|
|
|
|
|
|
|
|
|
Mid Atlantic (1) |
|
125 |
|
146 |
|
122 |
|
152 |
|
North East (2) |
|
34 |
|
32 |
|
28 |
|
32 |
|
Mid East (3) |
|
100 |
|
98 |
|
96 |
|
100 |
|
South East (4) |
|
191 |
|
146 |
|
180 |
|
143 |
|
Total |
|
450 |
|
422 |
|
426 |
|
427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Homebuilding data: |
|
|
|
|
|
|
|
|
|
New order cancellation rate |
|
19.4 % |
|
14.5 % |
|
17.1 % |
|
13.5 % |
|
Lots controlled at end of period |
|
|
|
|
|
175,300 |
|
151,800 |
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking data: |
|
|
|
|
|
|
|
|
|
Loan closings |
|
$ 1,539,781 |
|
$ 1,656,507 |
|
$ 4,527,982 |
|
$ 4,564,597 |
|
Capture rate |
|
86 % |
|
86 % |
|
86 % |
|
86 % |
|
|
|
|
|
|
|
|
|
|
|
Common stock information: |
|
|
|
|
|
|
|
|
|
Shares outstanding at end of period |
|
|
|
|
|
2,860,899 |
|
3,064,790 |
|
Number of shares repurchased |
|
35,224 |
|
42,629 |
|
178,178 |
|
192,655 |
|
Aggregate cost of shares repurchased |
|
$ 276,405 |
|
$ 357,450 |
|
$ 1,331,212 |
|
$ 1,493,362 |
|
|
|
|
(1) |
|
|
(2) |
|
|
(3) |
New |
|
(4) |
|
View original content:https://www.prnewswire.com/news-releases/nvr-inc-announces-third-quarter-results-302590735.html
SOURCE NVR, INC.
FAQ
What were NVR (NYSE: NVR) Q3 2025 net income and diluted EPS?
How did NVR new orders perform in Q3 2025 compared to Q3 2024?
What is NVR's backlog as of September 30, 2025?
Why did NVR's homebuilding gross margin decline in Q3 2025?
How did mortgage banking results affect NVR's Q3 2025 income?
Did NVR repurchase shares in 2025 and for how much?
