[10-Q] NVR INC Quarterly Earnings Report

Rhea-AI Filing Summary

NVR, Inc. filed its Q3 2025 report, showing softer activity amid affordability and demand headwinds. Consolidated revenue was $2,609,505 (down 5% year over year), and net income was $342,688 (down 20%), yielding diluted EPS of $112.33. Homebuilding gross margin fell to 21.0% from 23.4% as higher lot costs and pricing pressure weighed on profitability.

New orders decreased 16% to 4,735 units in the quarter, while the cancellation rate rose to 19.4%. Backlog stood at 9,165 units as of September 30, 2025, with an average backlog price of $479.5. Mortgage banking contributed income of $32,719 in Q3.

Operating cash flow for the nine months was $681,592, helped by mortgage loan sale activity and working-capital movements. The company repurchased 35,224 shares in Q3 and 178,178 shares year to date. Liquidity remained solid with homebuilding cash and cash equivalents of $1,932,167 and no borrowings under the $300,000 revolver; senior notes carried a book value of $909,654.

Insights

Homebuilding equity analyst

Margins and orders softened; cash flow and liquidity remain solid.

NVR reported Q3 revenue of $2.61B and net income of $342.7M. Homebuilding gross margin declined to 21.0% as higher lot costs and pricing pressure affected profitability. New orders fell 16%, and the cancellation rate increased to 19.4%, signaling demand pressure across regions.

Year to date, operating cash flow of $681.6M supported buybacks, while homebuilding cash of $1.93B, no revolver borrowings on a $300M facility, and fixed-rate senior notes at $909.7M illustrate balance sheet strength.

Key variables remain affordability and interest-rate volatility. Actual activity will depend on order trends and backlog conversion; the filing notes continued margin pressure without specifying timing improvements.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 1-12378

NVR, Inc.

(Exact name of registrant as specified in its charter)

Virginia						54-1394360
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

11700 Plaza America Drive, Suite 500

Reston, Virginia 20190

(703) 956-4000

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Not Applicable

(Former name, former address, and former fiscal year if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NVR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 31, 2025 there were 2,839,432 shares of common stock outstanding.

NVR, Inc.

FORM 10-Q

TABLE OF CONTENTS

						Page
PART I			FINANCIAL INFORMATION			1
Item 1.			Condensed Consolidated Financial Statements			1
			Condensed Consolidated Balance Sheets (unaudited)			1
			Condensed Consolidated Statements of Income (unaudited)			3
			Condensed Consolidated Statements of Cash Flows (unaudited)			4
			Notes to Condensed Consolidated Financial Statements (unaudited)			5
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			20
Item 3.			Quantitative and Qualitative Disclosure About Market Risk			34
Item 4.			Controls and Procedures			34
PART II			OTHER INFORMATION			35
Item 1.			Legal Proceedings			35
Item 1A.			Risk Factors			35
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			35
Item 5.			Other Information			35
Item 6.			Exhibits			36
			SIGNATURE			37

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NVR, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
						September 30, 2025						December 31, 2024
ASSETS
Homebuilding:
Cash and cash equivalents						$	1,932,167					$	2,561,339
Restricted cash						44,034						42,172
Receivables						41,377						32,622
Inventory:
Lots and housing units, covered under sales agreements with customers						1,758,906						1,727,243
Unsold lots and housing units						313,971						237,177
Land under development						38,017						65,394
Building materials and other						20,531						28,893
						2,131,425						2,058,707
Contract land deposits, net						868,308						726,675
Property, plant and equipment, net						102,479						95,619
Operating lease right-of-use assets						87,116						78,340
Reorganization value in excess of amounts allocable to identifiable assets, net						41,580						41,580
Other assets						291,748						251,178
						5,540,234						5,888,232
Mortgage Banking:
Cash and cash equivalents						39,280						49,636
Restricted cash						8,123						11,520
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

See notes to condensed consolidated financial statements.

1

NVR, Inc.
Condensed Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
						September 30, 2025						December 31, 2024
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable						$	361,209					$	332,772
Accrued expenses and other liabilities						344,658						441,300
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
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, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both September 30, 2025 and December 31, 2024						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 both September 30, 2025 and December 31, 2024						(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, 2025 and December 31, 2024, respectively						(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

See notes to condensed consolidated financial statements.

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NVR, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
						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

See notes to condensed consolidated financial statements.

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NVR, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

						Nine Months Ended September 30,
						2025						2024
Cash flows from operating activities:
Net income						$	976,001					$	1,224,496
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						17,567						13,422
Equity-based compensation expense						53,695						54,465
Contract land deposit impairments (recoveries), net						40,138						(4,868)
Gain on sale of loans, net						(121,975)						(135,799)
Mortgage loans closed						(4,532,399)						(4,568,806)
Mortgage loans sold and principal payments on mortgage loans held for sale						4,646,571						4,538,919
Distribution of earnings from unconsolidated joint ventures						—						1,500
Net change in assets and liabilities:
Increase in inventory						(72,718)						(307,247)
Increase in contract land deposits						(181,771)						(87,017)
(Increase) decrease in receivables						(10,899)						46,993
Decrease in accounts payable and accrued expenses						(81,116)						(59,417)
(Decrease) increase in customer deposits						(45,575)						24,168
Other, net						(5,927)						(3,397)
Net cash provided by operating activities						681,592						737,412
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures						(37,281)						(1,640)
Distribution of capital from unconsolidated joint ventures						—						2,715
Purchase of property, plant and equipment						(20,808)						(23,621)
Proceeds from the sale of property, plant and equipment						715						2,749
Net cash used in investing activities						(57,374)						(19,797)
Cash flows from financing activities:
Purchase of treasury stock						(1,331,212)						(1,493,362)
Principal payments on finance lease liabilities						(3,412)						(1,808)
Proceeds from the exercise of stock options						69,343						130,778
Net cash used in financing activities						(1,265,281)						(1,364,392)
Net decrease in cash, restricted cash, and cash equivalents						(641,063)						(646,777)
Cash, restricted cash, and cash equivalents, beginning of the period						2,664,667						3,215,444
Cash, restricted cash, and cash equivalents, end of the period						$	2,023,604					$	2,568,667
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized						$	15,546					$	15,094
Income taxes paid during the period, net of refunds						$	354,638					$	307,263

See notes to condensed consolidated financial statements.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements).  Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

For the three and nine months ended September 30, 2025 and 2024, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Revenue Recognition

Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $277,351 and $322,926 as of September 30, 2025 and December 31, 2024, respectively. Customer deposits held as of the reporting dates are expected to be recognized in revenue within twelve months of recording the deposit. Our contract assets consist of prepaid sales compensation and totaled approximately $20,400 and $21,700 as of September 30, 2025 and December 31, 2024, respectively. Prepaid sales compensation is included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, "Income Taxes - Improvements to Income Tax Disclosures." The amendments in the ASU require disclosure of specific categories in the rate reconciliation and for the entity to provide additional information for reconciling items that meet a quantitative threshold. The ASU will be effective for annual periods beginning with our fiscal year ending December 31, 2025. The amendments in the

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

ASU are to be applied on a prospective basis and early adoption is permitted. We do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements and related disclosures.

2.    Variable Interest Entities ("VIEs")

We generally do not engage in land development. Instead, we typically acquire finished building lots at market prices from various third party land development entities under lot purchase agreements ("LPAs"). The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots.  

The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be VIEs. Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. We have concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore, we do not consolidate any of these VIEs.

As of September 30, 2025, we controlled approximately 166,050 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $907,600 and $4,000, respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. For the three and nine months ended September 30, 2025, we incurred pre-tax impairment charges on lot deposits of approximately $18,900 and $40,100, respectively. For the three months ended September 30, 2024, we recorded pre-tax impairment charges on lot deposits of approximately $3,900. For the nine months ended September 30, 2024, we recorded a net expense reversal of approximately $4,900 related to previously impaired lot deposits. Our contract land deposit asset is shown net of a $85,368 and $58,597 impairment allowance as of September 30, 2025 and December 31, 2024, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 47,100 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with cash deposits totaling approximately $46,100 as of September 30, 2025, of which approximately $10,400 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible.

Our total risk of loss related to contract land deposits is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of September 30, 2025 and December 31, 2024, our total risk of loss was as follows:

						September 30, 2025						December 31, 2024
Contract land deposits						$	953,676					$	785,272
Allowance for losses on contract land deposits						(85,368)						(58,597)
Contract land deposits, net						868,308						726,675
Contingent obligations in the form of letters of credit						4,015						8,722
Total risk of loss						$	872,323					$	735,397

3.    Joint Ventures

On a limited basis, we obtain finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. We determined that we are not the primary beneficiary in any of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest.

As of September 30, 2025, we had an aggregate investment totaling approximately $66,500 in five JVs that are expected to produce approximately 7,300 finished lots, of which approximately 6,950 lots were controlled by us and the remaining approximately 350 lots were either under contract with unrelated parties or not currently under contract. We had additional JV funding commitments totaling approximately $11,700 as of September 30, 2025. As of December 31, 2024, our aggregate investment in JVs totaled approximately $29,300. Investments in JVs for the respective periods are reported in the homebuilding "Other assets" line item on the accompanying condensed consolidated balance sheets. None of the JVs had any indicators of impairment as of September 30, 2025.

We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs.

We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

4.    Land Under Development

On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots.  Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.

During the second quarter of 2025, we sold a land parcel to a developer for approximately $32,700. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel.

As of September 30, 2025, we owned land with a carrying value of $38,017 that we intend to develop into approximately 2,300 finished lots. As of December 31, 2024, the carrying value of land under development was $65,394. None of the raw parcels had any indicators of impairment as of September 30, 2025.

5.    Capitalized Interest

We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs to our joint venture investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest. Capitalized interest is transferred to inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The following table reflects the changes in our capitalized interest during the three and nine months ended September 30, 2025 and 2024:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Interest capitalized, beginning of period						$	556					$	206					$	333					$	151
Interest incurred						7,288						7,121						22,277						20,963
Interest charged to interest expense						(7,182)						(7,046)						(21,621)						(20,770)
Interest charged to cost of sales						(3)						(14)						(330)						(77)
Interest capitalized, end of period						$	659					$	267					$	659					$	267

6.    Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three and nine months ended September 30, 2025 and 2024:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Weighted average number of shares outstanding used to calculate basic EPS						2,873,501						3,074,230						2,923,371						3,128,709
Dilutive securities:
Stock options and restricted share units						177,219						215,694						171,816						205,984
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS						3,050,720						3,289,924						3,095,187						3,334,693

The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three and nine months ended September 30, 2025 and 2024, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Anti-dilutive securities						8,128						4,520						8,488						5,060

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

7.    Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended September 30, 2025 is presented below:

						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Deferred Compensation Trust						Deferred Compensation Liability						Total
Balance, June 30, 2025						$	206					$	3,085,904					$	15,680,266					$	(14,921,245)					$	(16,710)					$	16,710					$	3,845,131
Net income						—						—						342,688						—						—						—						342,688
Purchase of common stock for treasury						—						—						—						(278,094)						—						—						(278,094)
Equity-based compensation						—						17,356						—						—						—						—						17,356
Proceeds from Options exercised						—						39,681						—						—						—						—						39,681
Treasury stock issued upon Option exercise and RSU vesting						—						(10,961)						—						10,961						—						—						—
Balance, September 30, 2025						$	206					$	3,131,980					$	16,022,954					$	(15,188,378)					$	(16,710)					$	16,710					$	3,966,762

A summary of changes in shareholders’ equity for the nine months ended September 30, 2025 is presented below:

						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Deferred Compensation Trust						Deferred Compensation Liability						Total
Balance, December 31, 2024						$	206					$	3,031,637					$	15,046,953					$	(13,868,724)					$	(16,710)					$	16,710					$	4,210,072
Net income						—						—						976,001						—						—						—						976,001
Purchase of common stock for treasury						—						—						—						(1,342,349)						—						—						(1,342,349)
Equity-based compensation						—						53,695						—						—						—						—						53,695
Proceeds from Options exercised						—						69,343						—						—						—						—						69,343
Treasury stock issued upon Option exercise and RSU vesting						—						(22,695)						—						22,695						—						—						—
Balance, September 30, 2025						$	206					$	3,131,980					$	16,022,954					$	(15,188,378)					$	(16,710)					$	16,710					$	3,966,762

We repurchased 35,224 and 178,178 shares of our outstanding common stock during the three and nine months ended September 30, 2025, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 12,908 and 27,433 shares from the treasury account during the three and nine months ended September 30, 2025, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

A summary of changes in shareholders’ equity for the three months ended September 30, 2024 is presented below:

						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Deferred Compensation Trust						Deferred Compensation Liability						Total
Balance, June 30, 2024						$	206					$	2,935,053					$	14,160,198					$	(12,961,549)					$	(16,710)					$	16,710					$	4,133,908
Net income						—						—						429,323						—						—						—						429,323
Purchase of common stock for treasury						—						—						—						(359,520)						—						—						(359,520)
Equity-based compensation						—						19,223						—						—						—						—						19,223
Proceeds from Options exercised						—						48,314						—						—						—						—						48,314
Treasury stock issued upon Option exercise						—						(12,814)						—						12,814						—						—						—
Balance, September 30, 2024						$	206					$	2,989,776					$	14,589,521					$	(13,308,255)					$	(16,710)					$	16,710					$	4,271,248

A summary of changes in shareholders’ equity for the nine months ended September 30, 2024 is presented below:

						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Deferred Compensation Trust						Deferred Compensation Liability						Total
Balance, December 31, 2023						$	206					$	2,848,528					$	13,365,025					$	(11,849,034)					$	(16,710)					$	16,710					$	4,364,725
Net income						—						—						1,224,496						—						—						—						1,224,496
Purchase of common stock for treasury						—						—						—						(1,503,216)						—						—						(1,503,216)
Equity-based compensation						—						54,465						—						—						—						—						54,465
Proceeds from Options exercised						—						130,778						—						—						—						—						130,778
Treasury stock issued upon Option exercise and RSU vesting						—						(43,995)						—						43,995						—						—						—
Balance, September 30, 2024						$	206					$	2,989,776					$	14,589,521					$	(13,308,255)					$	(16,710)					$	16,710					$	4,271,248

We repurchased 42,629 and 192,655 shares of our outstanding common stock during the three and nine months ended September 30, 2024, respectively. We issued 17,153 and 61,939 shares from the treasury account during the three and nine months ended September 30, 2024, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares.  

8.    Product Warranties

We establish warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The Warranty Reserve for the respective periods is reported in the homebuilding “Accrued expenses and other liabilities” line item on the accompanying condensed consolidated balance sheets.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The following table reflects the changes in our Warranty Reserve during the three and nine months ended September 30, 2025 and 2024:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Warranty Reserve, beginning of period						$	127,440					$	143,341					$	133,095					$	146,283
Provision						20,989						26,270						58,888						68,491
Payments						(23,578)						(25,672)						(67,132)						(70,835)
Warranty Reserve, end of period						$	124,851					$	143,939					$	124,851					$	143,939

9.    Segment Disclosures

We disclose four homebuilding operating and reportable segments that aggregate geographically our homebuilding divisions, and we present our mortgage banking operations as a single reportable segment. The homebuilding reportable segments are comprised of divisions in the following geographic areas:

Mid Atlantic:						Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East:						New Jersey and Eastern Pennsylvania
Mid East:						New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East:						North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

The Company's Chief Operating Decision Maker ("CODM"), identified as the Chief Executive Officer, utilizes segment profit to evaluate the performance of the Company's homebuilding and mortgage banking operating segments against the annual plan to make resource allocation decisions.

Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the CODM to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital.  

Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. 

Mortgage banking segment profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs, including certain corporate overhead functions. Mortgage banking operations are not charged a corporate capital allocation charge.

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before taxes include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest income and expense. Our overhead functions such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The following tables present certain segment financial data with reconciliations to the amounts reported for the consolidated company, where applicable:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Revenues:
Homebuilding Mid Atlantic						$	1,039,957					$	1,147,893					$	3,251,066					$	3,299,047
Homebuilding North East						291,753						300,448						889,508						843,452
Homebuilding Mid East						508,798						501,190						1,371,160						1,352,137
Homebuilding South East						719,835						728,109						1,947,321						2,017,072
Mortgage Banking						49,162						55,311						152,296						167,163
Total consolidated revenues						$	2,609,505					$	2,732,951					$	7,611,351					$	7,678,871

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Segment cost of sales:
Homebuilding Mid Atlantic						$	(796,238)					$	(859,762)					$	(2,481,372)					$	(2,468,953)
Homebuilding North East						(215,063)						(222,197)						(655,666)						(621,623)
Homebuilding Mid East						(398,371)						(387,102)						(1,082,109)						(1,049,160)
Homebuilding South East						(590,149)						(568,679)						(1,582,472)						(1,557,935)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Segment selling, general & administrative expense:
Homebuilding Mid Atlantic						$	(37,832)					$	(38,448)					$	(112,559)					$	(113,287)
Homebuilding North East						(12,373)						(11,477)						(34,907)						(34,180)
Homebuilding Mid East						(21,215)						(20,917)						(61,645)						(59,185)
Homebuilding South East						(40,598)						(36,797)						(119,526)						(102,426)
Mortgage Banking						(21,910)						(25,106)						(70,633)						(71,971)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Corporate capital allocation charge:
Homebuilding Mid Atlantic						$	(38,204)					$	(35,976)					$	(112,350)					$	(104,872)
Homebuilding North East						(12,383)						(10,578)						(34,275)						(30,456)
Homebuilding Mid East						(12,917)						(11,929)						(36,157)						(32,850)
Homebuilding South East						(33,058)						(28,006)						(93,305)						(77,866)
Total						$	(96,562)					$	(86,489)					$	(276,087)					$	(246,044)

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Other segment items, net:
Homebuilding Mid Atlantic						$	458					$	425					$	1,579					$	1,327
Homebuilding North East						30						50						379						283
Homebuilding Mid East						136						143						520						432
Homebuilding South East						842						462						2,102						2,091
Mortgage Banking (1)						5,954						5,951						16,074						16,854

(1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Segment profit:
Homebuilding Mid Atlantic						$	168,141					$	214,132					$	546,364					$	613,262
Homebuilding North East						51,964						56,246						165,039						157,476
Homebuilding Mid East						76,431						81,385						191,769						211,374
Homebuilding South East						56,872						95,089						154,120						280,936
Mortgage Banking						33,206						36,156						97,737						112,046
Total segment profit						386,614						483,008						1,155,029						1,375,094
Reconciling items:
Contract land deposit allowance adjustment (2)						(18,634)						(3,079)						(39,904)						5,712
Equity-based compensation expense (3)						(17,356)						(19,223)						(53,695)						(54,465)
Corporate capital allocation (4)						96,562						86,489						276,087						246,044
Unallocated corporate overhead						(26,359)						(36,780)						(116,692)						(122,300)
Consolidation adjustments and other (5)						10,433						2,575						27,903						6,666
Corporate interest income						19,654						32,409						65,129						106,173
Corporate interest expense						(6,841)						(6,787)						(20,647)						(20,052)
Reconciling items sub-total						57,459						55,604						138,181						167,778
Consolidated profit before taxes						$	444,073					$	538,612					$	1,293,210					$	1,542,872

(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.

(3) This item represents compensation expense for all Option and RSU grants.

(4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.  The corporate capital allocation charge is based on the segment’s monthly average asset balance.

(5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction period over period, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

						September 30, 2025						December 31, 2024
Assets:
Homebuilding Mid Atlantic						$	1,374,865					$	1,337,659
Homebuilding North East						414,759						368,300
Homebuilding Mid East						442,667						396,854
Homebuilding South East						1,068,526						914,318
Mortgage Banking						487,877						485,409
Total segment assets						3,788,694						3,502,540
Reconciling items (1):
Cash and cash equivalents						1,932,167						2,561,339
Deferred taxes						150,262						142,192
Reorganization value and goodwill						49,368						49,368
Operating lease right-of-use assets						87,116						78,340
Finance lease right-of-use assets						38,516						37,638
Contract land deposit allowance						(85,368)						(58,597)
Consolidation adjustments and other						74,703						68,168
Reconciling items sub-total						2,246,764						2,878,448
Consolidated assets						$	6,035,458					$	6,380,988

(1) All reconciling items except for the "Reorganization value and goodwill" are related to the Homebuilding Segment only.

10.    Fair Value

GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs.

Financial Instruments

The estimated fair values of our Senior Notes as of September 30, 2025 and December 31, 2024 were $850,950 and $811,161, respectively. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying values as of September 30, 2025 and December 31, 2024 were $909,654 and $911,118, respectively.

Due to the short term nature of our cash equivalents, we believe that the differences between their carrying value and fair value are insignificant.

Derivative Instruments and Mortgage Loans Held for Sale

In the normal course of business, our wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our homebuyers with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM, and some of these commitments include a prepaid float down option. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and price for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sale contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. As of September 30, 2025, there were contractual

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

commitments to extend credit to borrowers aggregating $1,714,602 and open forward delivery contracts aggregating $1,728,830, which hedge both the rate lock commitments and closed loans held for sale.

The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable:

i)the assumed gain/loss of the expected resultant loan sale (Level 2);

ii)the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and

iii)the value of the servicing rights associated with the loan (Level 2).

The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells its loans primarily on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience and market conditions.

The fair value of NVRM’s forward sales contracts to investors solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

Mortgage loans held for sale are recorded at fair value when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of September 30, 2025, the fair value of loans held for sale of $341,579 included on the accompanying condensed consolidated balance sheet was increased by $8,899 from the aggregate principal balance of $332,680. As of December 31, 2024, the fair value of loans held for sale of $355,209 was increased by $2,720 from the aggregate principal balance of $352,489.

The fair value measurement of NVRM's undesignated derivative instruments was as follows:

						September 30, 2025						December 31, 2024
Rate lock commitments:
Gross assets						$	38,740					$	34,935
Gross liabilities						1,098						25,739
Net rate lock commitments						$	37,642					$	9,196
Forward sales contracts:
Gross assets						$	1,734					$	6,822
Gross liabilities						3,728						1,122
Net forward sales contracts						$	(1,994)					$	5,700

As of September 30, 2025, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accounts payable and other liabilities" on the

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

accompanying condensed consolidated balance sheets. As of December 31, 2024, the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets".

The fair value measurement as of September 30, 2025 was as follows:

						Notional or Principal Amount						Assumed Gain From Loan Sale						Interest Rate Movement Effect						Servicing Rights Value						Security Price Change						Total Fair Value Measurement
Rate lock commitments						$	1,714,602					$	4,693					$	11,660					$	21,289					$	—					$	37,642
Forward sales contracts						$	1,728,830					—						—						—						(1,994)						(1,994)
Mortgages held for sale						$	332,680					793						3,461						4,645						—						8,899
Total fair value measurement												$	5,486					$	15,121					$	25,934					$	(1,994)					$	44,547

The total fair value measurement as of December 31, 2024 was a net gain of $17,616. NVRM recorded a fair value adjustment to expense of $1,043 for the three months ended September 30, 2025, and recorded a fair value adjustment to income of $26,930 for the nine months ended September 30, 2025. NVRM recorded a fair value adjustment to income of $17,529 and $14,027 for the three and nine months ended September 30, 2024, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

11.    Debt

As of September 30, 2025, we had the following debt instruments outstanding:

Senior Notes

Our outstanding Senior Notes have an aggregate principal balance of $900,000, mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness. The Senior Notes were issued in three separate issuances, $600,000 issued at a discount to yield 3.02%, and the two additional issuances totaling $300,000 issued at a premium to yield 2.00%. The Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet.

The indenture governing the Senior Notes does not contain any financial covenants; however, it does contain, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes as of September 30, 2025.

Credit Agreement

On March 11, 2025, we entered into the Second Amended and Restated Credit Agreement ("Amended Credit Agreement") providing for a $300,000 senior unsecured revolving credit facility among the lenders and Bank of America, N.A. as Administrative Agent. The Amended Credit Agreement replaced the Company's previous credit agreement dated February 12, 2021 and most recently amended December 9, 2022, that contained substantially similar terms, and extends the maturity date from February 11, 2026 to March 11, 2030. The Amended Credit Agreement has an uncommitted accordion feature allowing the Company to increase the commitment by an additional $300,000, subject to certain conditions and availability of additional Lender commitments. Additionally, the Amended Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $10,200 was outstanding as of September 30, 2025.

The Amended Credit Agreement contains financial covenants that are substantially similar to those set forth in the prior Credit Agreement, including a maximum leverage ratio, interest coverage ratio/minimum liquidity and a minimum tangible net worth. There were no borrowings outstanding under the Facility as of September 30, 2025.

Repurchase Agreement

NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale.

Effective July 14, 2025, NVRM entered into the Fourth Amendment to Second Amended and Restated Master Repurchase Agreement with U.S. Bank National Association, as Agent and a Buyer, which extended the term of the Repurchase Agreement through July 10, 2026. All other terms and conditions under the amended Repurchase Agreement remained materially consistent. As of September 30, 2025, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement and there were no borrowings outstanding.

12.    Commitments and Contingencies

We are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

13.    Leases

We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain production equipment and facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease right-of-use ("ROU") assets and finance lease liabilities were $38,516 and $41,709, respectively, as of September 30, 2025, and $37,638 and $40,036, respectively, as of December 31, 2024. Our leases have remaining lease terms of up to 14.9 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease.

We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities.

The components of lease expense were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Lease expense
Operating lease expense						$	10,835					$	10,078					$	31,699					$	28,939
Finance lease expense:
Amortization of ROU assets						1,457						983						4,207						2,313
Interest on lease liabilities						469						350						1,391						703
Short-term lease expense						7,979						8,320						24,666						24,399
Total lease expense						$	20,740					$	19,731					$	61,963					$	56,354

Other information related to leases was as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	8,342					$	8,153					$	24,659					$	23,466
Operating cash flows from finance leases						469						350						1,391						703
Financing cash flows from finance leases						1,193						752						3,412						1,808
ROU assets obtained in exchange for lease obligations:
Operating leases						$	8,786					$	9,060					$	32,204					$	22,551
Finance leases						$	2,658					$	2,184					$	5,085					$	20,041
																		September 30, 2025						December 31, 2024
Weighted-average remaining lease term (in years):
Operating leases																		5.6						6.0
Finance leases																		8.8						9.6
Weighted-average discount rate:
Operating leases																		4.6		%				4.5		%
Finance leases																		4.8		%				4.7		%

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

14.    Income Taxes

Our effective tax rate for the three and nine month periods ended September 30, 2025 was 22.8% and 24.5%, respectively, compared to 20.3% and 20.6% for the three and nine months ended September 30, 2024, respectively. The increase in the effective tax rate in each period in 2025 is primarily attributable to recognizing a lower income tax benefit related to excess tax benefits from stock option exercises, which totaled $13,436 and $19,655 for the three and nine months ended September 30, 2025, respectively, compared to $23,128 and $73,736 for the three and nine months ended September 30, 2024, respectively.

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was signed into law, implementing several changes to U.S. federal tax law. The Company has evaluated the provisions of the Act and does not expect the Act to have a material impact on its consolidated financial statements.

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

(dollars in thousands, except per share data)

Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q, as well as statements made by us in periodic press releases or other public communications, 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,” "could," 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, our 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 our actual results or performance 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 us and our 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 us in our 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 we have little or no control.  We undertake no obligation to update such forward-looking statements except as required by law.  For additional information regarding risk factors and uncertainties, see Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Unless the context otherwise requires, references to “NVR,” “we,” “us,” or “our” include NVR and its consolidated subsidiaries.

Results of Operations for the Three and Nine Months Ended September 30, 2025 and 2024

Business Environment and Current Outlook

During the third quarter of 2025, demand for new homes continued to be negatively impacted by affordability issues, rising resale and new home inventory, declining consumer confidence and economic volatility. We expect that affordability issues, interest rate volatility and economic volatility may continue to weigh on demand and home prices. We also expect to continue to face margin pressure due to affordability issues and cost pressures. Although we are unable to predict the extent to which this will impact our operational and financial performance, we believe that we are well positioned to take advantage of opportunities that may arise from future economic and homebuilding market volatility due to the strength of our balance sheet and our disciplined lot acquisition strategy.

Business

Our primary business is the construction and sale of single-family detached homes, townhomes and condominiums, all of which are primarily constructed on a pre-sold basis. To fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We primarily conduct our operations in mature markets. Additionally, we generally grow our business through market share gains in our existing markets and by expanding into markets contiguous to our current active markets. Our four homebuilding reportable segments consist of the following regions:

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Mid Atlantic:						Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East:						New Jersey and Eastern Pennsylvania
Mid East:						New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East:						North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

Our lot acquisition strategy is predicated upon avoiding the financial requirements and risks associated with direct land ownership and development. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished building lots from various third party land developers pursuant to fixed price finished lot purchase agreements (“LPAs”). These LPAs require deposits, typically ranging up to 10% of the aggregate purchase price of the finished lots, in the form of cash or letters of credit that may be forfeited if we fail to perform under the LPA. This strategy has allowed us to maximize inventory turnover, which we believe enables us to minimize market risk and to operate with less capital, thereby enhancing rates of return on equity and total capital.

In addition to constructing homes primarily on a pre-sold basis and utilizing what we believe is a conservative lot acquisition strategy, we focus on obtaining and maintaining a leading market position in each market we serve. This strategy allows us to gain valuable efficiencies and competitive advantages in our markets, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets. Our continued success is contingent upon our ability to control an adequate supply of finished lots on which to build.

In certain specific strategic circumstances, we deviate from our historical lot acquisition strategy and engage in joint venture arrangements with land developers or directly acquire raw ground already zoned for its intended use for development. Once we acquire control of raw ground, we determine whether to sell the raw parcel to a developer and enter into an LPA with the developer to purchase the finished lots or to hire a developer to develop the land on our behalf. While joint venture arrangements and direct land development activity are not our preferred method of acquiring finished building lots, we may enter into additional transactions in the future on a limited basis where there exists a compelling strategic or prudent financial reason to do so. We expect, however, to continue to acquire substantially all our finished lot inventory using LPAs with forfeitable deposits.

As of September 30, 2025, we controlled approximately 175,300 lots as described below.

Lot Purchase Agreements

We controlled approximately 166,050 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $907,600 and $4,000, respectively. Included in the number of controlled lots are approximately 15,000 lots for which we have recorded a contract land deposit impairment allowance of approximately $85,400 as of September 30, 2025.

Joint Venture Limited Liability Corporations (“JVs”)

We had an aggregate investment totaling approximately $66,500 in five JVs, expected to produce approximately 7,300 lots. Of the lots to be produced by the JVs, approximately 6,950 lots were controlled by us and approximately 350 were either under contract with unrelated parties or currently not under contract. We had additional JV funding commitments totaling approximately $11,700 as of September 30, 2025.

Land Under Development

We owned land with a carrying value of approximately $38,000 that we intend to develop into approximately 2,300 finished lots.

See Notes 2, 3 and 4 to the condensed consolidated financial statements included herein for additional information regarding LPAs, JVs and land under development, respectively.

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Raw Land Purchase Agreements

In addition, we have certain properties under contract with land owners that are expected to yield approximately 47,100 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. As of September 30, 2025, these properties are controlled with deposits in cash totaling approximately $46,100, of which approximately $10,400 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible.

Key Financial Results

Our consolidated revenues for the third quarter of 2025 totaled $2,609,505, a 5% decrease from the third quarter of 2024. Net income for the third quarter ended September 30, 2025 was $342,688, or $112.33 per diluted share. For the third quarter ended September 30, 2025, net income decreased 20% and diluted earnings per share decreased 14% when compared to net income and diluted earnings per share for the third quarter of 2024, respectively. Our homebuilding gross profit margin percentage decreased to 21.0% in the third quarter of 2025 from 23.4% in the third quarter of 2024. New orders, net of cancellations (“New Orders”) decreased by 16% in the third quarter of 2025 compared to the third quarter of 2024. The New Order cancellation rate for the third quarter of 2025 increased to 19.4% from 14.5% in the same period in 2024. The average sales price for New Orders in the third quarter of 2025 was $464.8, an increase of 3% compared to the third quarter of 2024.

Homebuilding Operations

The following table summarizes the results of operations and other data for our homebuilding operations:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Financial Data:
Revenues						$	2,560,343					$	2,677,640					$	7,459,055					$	7,511,708
Cost of sales						$	2,021,398					$	2,051,087					$	5,856,756					$	5,724,916
Gross profit margin percentage						21.0		%				23.4		%				21.5		%				23.8		%
Selling, general and administrative expenses						$	142,736					$	149,777					$	457,023					$	443,493
Operating Data:
New orders (units)						4,735						5,650						15,459						17,766
Average new order price						$	464.8					$	450.7					$	456.8					$	454.7
Settlements (units)						5,639						5,908						16,247						16,656
Average settlement price						$	454.0					$	453.2					$	459.1					$	451.0
Backlog (units)																		9,165						11,339
Average backlog price																		$	479.5					$	469.5
New order cancellation rate						19.4		%				14.5		%				17.1		%				13.5		%

Consolidated Homebuilding - Three Months Ended September 30, 2025 and 2024

Homebuilding revenues decreased 4% in the third quarter of 2025 compared to the same period in 2024, as a result of a 5% decrease in the number of units settled. The decrease in the number of units settled was primarily attributable to a 13% lower backlog balance entering the third quarter of 2025 compared to the backlog unit balance entering the third quarter of 2024, offset partially by a higher backlog turnover rate. The gross profit margin percentage in the third quarter of 2025 decreased to 21.0%, from 23.4% in the third quarter of 2024. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and contract land deposit impairments totaling approximately $18,900 in the third quarter of 2025, compared to approximately $3,900 in impairment charges in the third quarter of 2024.

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The number of New Orders decreased 16% while the average sales price increased 3% in the third quarter of 2025 compared to the third quarter of 2024. New Orders were negatively impacted by a 21% lower sales absorption rate, due to weaker demand in each of our segments, offset partially by a 7% increase in the average number of active communities.

Selling, general and administrative (“SG&A”) expense in the third quarter of 2025 decreased by approximately $7,000, or 5%, compared to the third quarter of 2024, and as a percentage of revenue remained flat at 5.6% quarter over quarter. The decrease in SG&A expense was primarily attributable to a decrease in incentive compensation expense based on current year company performance, offset partially by higher overhead costs associated with increased headcount quarter over quarter.

Consolidated Homebuilding - Nine Months Ended September 30, 2025 and 2024

Homebuilding revenues decreased 1% in the first nine months of 2025 compared to the same period in 2024, as a result of a 2% decrease in the number of units settled. The decrease in settlements was attributable to a 3% lower backlog unit balance entering 2025 compared to the backlog unit balance entering 2024. Gross profit margin percentage in the first nine months of 2025 decreased to 21.5% from 23.8% in the first nine months of 2024. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and contract land deposit impairments totaling approximately $40,100 in the first nine months of 2025. In the first nine months of 2024, the Company recorded an approximate $4,900 expense reversal related to previously impaired lot deposits.

The number of New Orders decreased 13% in the first nine months of 2025 compared to the same period in 2024. New Orders were negatively impacted by a 13% lower sales absorption, due to weaker demand.

SG&A expense in the first nine months of 2025 increased by approximately $13,500, or 3%, compared to the same period in 2024, and as a percentage of revenue increased to 6.1% in 2025 from 5.9% in 2024. The increase in SG&A expense was primarily attributable to a $6,000 increase in sales and marketing costs driven by higher model home related expenses and increased advertising expenses.

Our backlog represents homes sold but not yet settled with our customers. As of September 30, 2025, our backlog decreased on a unit basis by 19% to 9,165 units and on a dollar basis by 17% to $4,394,695 when compared to 11,339 units and $5,323,366, respectively, as of September 30, 2024. The decrease in the number of backlog units was primarily attributable to a 13% decrease in New Orders year over year, coupled with a 3% lower backlog unit balance entering 2025 compared to the backlog unit balance entering 2024. Backlog dollars were lower primarily due to the decrease in backlog units in 2025.

Our backlog may be impacted by customer cancellations for various reasons that are beyond our control, such as failure to obtain mortgage financing, inability to sell an existing home, job loss, or a variety of other reasons. In any period, a portion of the cancellations that we experience are related to new sales that occurred during the same period, and a portion are related to sales that occurred in prior periods and therefore appeared in the opening backlog for the current period. Our cancellation rate was approximately 17% and 14% in the first nine months of 2025 and 2024, respectively, calculated as the total of all cancellations during the period as a percentage of gross sales during the same period.  During the most recent four quarters, approximately 6% of a reporting quarter’s opening backlog cancelled during the fiscal quarter. We can provide no assurance that our historical cancellation rates are indicative of the actual cancellation rate that may occur during the remainder of 2025 or future years. Other than units that are cancelled, we expect to settle substantially all of our September 30, 2025 backlog within the next twelve months.

The rate at which we turn over our backlog is impacted by various factors, including, but not limited to, changes in New Order activity, internal production capacity, external subcontractor capacity, building material availability and other external factors over which we do not exercise control.

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Reportable Segments

Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, SG&A expenses, and a corporate capital allocation charge determined by corporate management. The corporate capital allocation charge eliminates in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker to determine whether the operating segment is providing the desired rate of return after covering our cost of capital.

We record charges on contract land deposits when we determine that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. We evaluate our entire net contract land deposit portfolio for impairment each quarter. For presentation purposes below, the contract land deposit reserve as of September 30, 2025 and December 31, 2024 has been allocated to the respective year’s reportable segments to show contract land deposits on a net basis. The net contract land deposit balances below also include approximately $4,000 and $8,700 as of September 30, 2025 and December 31, 2024, respectively, of letters of credit issued as deposits in lieu of cash.

The following tables summarize certain homebuilding operating activity by reportable segment for the three and nine months ended September 30, 2025 and 2024.

Selected Segment Financial Data:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Revenues:
Mid Atlantic						$	1,039,957					$	1,147,893					$	3,251,066					$	3,299,047
North East						291,753						300,448						889,508						843,452
Mid East						508,798						501,190						1,371,160						1,352,137
South East						719,835						728,109						1,947,321						2,017,072

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Gross profit margin:
Mid Atlantic						$	243,719					$	288,131					$	769,694					$	830,097
North East						76,690						78,251						233,842						221,829
Mid East						110,427						114,087						289,051						302,977
South East						129,686						159,431						364,849						459,137

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Gross profit margin percentage:
Mid Atlantic						23.4		%				25.1		%				23.7		%				25.2		%
North East						26.3		%				26.0		%				26.3		%				26.3		%
Mid East						21.7		%				22.8		%				21.1		%				22.4		%
South East						18.0		%				21.9		%				18.7		%				22.8		%

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						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Segment profit:
Mid Atlantic						$	168,141					$	214,132					$	546,364					$	613,262
North East						51,964						56,246						165,039						157,476
Mid East						76,431						81,385						191,769						211,374
South East						56,872						95,089						154,120						280,936

Operating Activity:

						Three Months Ended September 30,																								Nine Months Ended September 30,
						2025												2024												2025												2024
						Units						Average Price						Units						Average Price						Units						Average Price						Units						Average Price
New orders, net of cancellations:
Mid Atlantic						1,714						$	529.7					2,206						$	514.7					5,510						$	525.1					6,785						$	522.2
North East						433						$	647.1					536						$	616.4					1,234						$	664.6					1,541						$	617.2
Mid East						931						$	431.9					1,105						$	400.2					3,101						$	425.0					3,630						$	404.8
South East						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 Price						Units						Average Price						Units						Average Price						Units						Average Price
Settlements:
Mid Atlantic						2,008						$	517.9					2,229						$	514.9					6,159						$	527.8					6,394						$	515.9
North East						420						$	694.6					495						$	606.9					1,365						$	651.7					1,445						$	583.6
Mid East						1,200						$	423.8					1,219						$	411.1					3,295						$	416.1					3,343						$	404.5
South East						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 Price						Units						Average Price
Backlog:
Mid Atlantic			3,419						$	539.7					4,485						$	531.4
North East			924						$	676.0					1,124						$	646.5
Mid East			1,851						$	431.3					2,263						$	411.5
South East			2,971						$	379.1					3,467						$	369.8
Total			9,165						$	479.5					11,339						$	469.5

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
New order cancellation rate:
Mid Atlantic						19.3		%				12.4		%				17.4		%				12.2		%
North East						17.4		%				12.3		%				14.8		%				13.8		%
Mid East						17.9		%				16.5		%				16.8		%				15.1		%
South East						20.8		%				16.5		%				17.4		%				13.8		%

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						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Average active communities:
Mid Atlantic						125						146						122						152
North East						34						32						28						32
Mid East						100						98						96						100
South East						191						146						180						143
Total						450						422						426						427

Homebuilding Inventory:

						September 30, 2025						December 31, 2024
Sold inventory:
Mid Atlantic						$	772,130					$	845,686
North East						233,445						229,152
Mid East						306,728						276,459
South East						466,054						402,967
Total (1)						$	1,778,357					$	1,754,264

						September 30, 2025						December 31, 2024
Unsold lots and housing units inventory:
Mid Atlantic						$	116,211					$	100,897
North East						50,122						17,198
Mid East						31,290						23,091
South East						119,620						99,369
Total (1)						$	317,243					$	240,555

(1) The reconciling items between segment inventory and consolidated inventory include certain consolidation adjustments necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes. These consolidation adjustments are not allocated to our operating segments.

Lots Controlled and Land Deposits:

						September 30, 2025						December 31, 2024
Total lots controlled:
Mid Atlantic						58,200						50,900
North East						18,700						17,000
Mid East						26,100						24,100
South East						72,300						70,400
Total						175,300						162,400

						September 30, 2025						December 31, 2024
Contract land deposits, net:
Mid Atlantic						$	339,679					$	258,333
North East						109,180						105,062
Mid East						79,856						65,147
South East						343,608						306,855
Total						$	872,323					$	735,397

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Mid Atlantic

Three Months Ended September 30, 2025 and 2024

The Mid Atlantic segment had an approximate $46,000, or 21%, decrease in segment profit in the third quarter of 2025 compared to the third quarter of 2024. This decrease was due primarily to a 9% decrease in segment revenues, coupled with a decrease in gross profit margins to 23.4% in the third quarter of 2025 from 25.1% in the same period of 2024. Segment revenues decreased due to a 10% decrease in the number of units settled in the third quarter of 2025 when compared to the third quarter of 2024. Gross profit margins were negatively impacted by higher lot costs and pricing pressure due primarily to continued affordability challenges.

Segment New Orders decreased 22% while the average sales price of New Orders increased 3%, in the third quarter of 2025 compared to the third quarter of 2024. New Orders were lower primarily due to a 14% decrease in the average number of active communities, coupled with a 9% lower sales absorption rate. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.

Nine Months Ended September 30, 2025 and 2024

The Mid Atlantic segment had an approximate $66,900, or 11%, decrease in segment profit in the first nine months of 2025 compared to the first nine months of 2024. This decrease was due primarily to a decrease in gross profit margins to 23.7% in the first nine months of 2025 from 25.2% in the first nine months of 2024, coupled with an approximate $48,000, or 1% decrease in segment revenues. Gross profit margins were negatively impacted by higher lot costs and pricing pressure due primarily to continued affordability challenges.

Segment New Orders decreased 19% while the average sales price of New Orders remained relatively flat, in the first nine months of 2025 compared to the first nine months of 2024. New Orders were lower primarily due to a 20% decrease in the average number of active communities year over year.

North East

Three Months Ended September 30, 2025 and 2024

The North East segment had an approximate $4,300, or 8%, decrease in segment profit in the third quarter of 2025 compared to the third quarter of 2024, due primarily to a decrease in segment revenues of approximately $8,700, or 3%. Segment revenues decreased due to a 15% decrease in the number of units settled, offset by a 14% increase in the average settlement price quarter over quarter. The decrease in the number of settlements is attributable to a 16% lower backlog unit balance entering the third quarter of 2025 compared to the backlog unit balance entering the third quarter of 2024. The increase in the average settlement price is attributable primarily to a 9% higher average price of units in backlog entering the third quarter of 2025 compared to backlog entering the third quarter of 2024. The segment's gross profit margin percentage remained relatively flat quarter over quarter.

Segment New Orders decreased 19% while the average sales price of New Orders increased 5%, in the third quarter of 2025 compared to the third quarter of 2024. New Orders were lower primarily due to a 23% lower sales absorption rate, offset partially by a 5% increase in the average number of active communities. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.

Nine Months Ended September 30, 2025 and 2024

The North East segment had an approximate $7,600, or 5%, increase in segment profit in the first nine months of 2025 compared to the first nine months of 2024, due primarily to an increase in segment revenue of approximately $46,100, or 5%. Segment revenues were favorably impacted by a 12% increase in the average settlement price year over year, offset by a 6% decrease in the number of units settled. The increase in the average settlement price was primarily attributable to a 9% higher average sales price of units in backlog entering 2025 compared to backlog entering 2024, coupled with a 13% increase in in the average sales price of New Orders in the first quarter of 2025 compared to the same period in 2024. The decrease in the number of units settled was driven by the 28% decrease in the number of New Orders in the first quarter of 2025 compared to the same period in 2024. The segment's gross profit margin percentage remained relatively flat year over year.

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Segment New Orders decreased 20% while the average sales price of New Orders increased 8% in the first nine months of 2025 compared to the first nine months of 2024. New Orders were lower primarily due to a 14% decrease in the average number of active communities, coupled with a 7% lower sales absorption rate year over year due to weaker demand. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.

Mid East

Three Months Ended September 30, 2025 and 2024

The Mid East segment had an approximate $5,000, or 6%, decrease in segment profit in the third quarter of 2025 compared to the third quarter of 2024, due primarily to a decrease in gross profit margins, which offset an increase in segment revenues of approximately $7,600, or 2%. The segment's gross profit margin percentage decreased to 21.7% in the third quarter of 2025 from 22.8% in the third quarter of 2024. Gross profit margin was negatively impacted by higher lot and certain operating costs, as well as by pricing pressure due primarily to continued affordability challenges.

Segment New Orders decreased 16% while the average sales price of New Orders increased 8% in the third quarter of 2025 compared to the third quarter of 2024. New Orders were negatively impacted by a 17% lower sales absorption rate quarter over quarter. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.

Nine Months Ended September 30, 2025 and 2024

The Mid East segment had an approximate $19,600, or 9%, decrease in segment profit in the first nine months of 2025 compared to the first nine months of 2024, due primarily to a decrease in gross profit margins to 21.1% in the first nine months of 2025 from 22.4% in the first nine months of 2024. Gross profit margin was negatively impacted by higher lot and certain operating costs, as well as by pricing pressure due primarily to continued affordability challenges.

Segment New Orders decreased 15% while the average sales price of New Orders increased 5% in the first nine months of 2025 compared to the first nine months of 2024. New Orders were negatively impacted by an 11% lower sales absorption rate due to weaker demand and a 4% decrease in the average number of active communities year over year. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment year over year.

South East

Three Months Ended September 30, 2025 and 2024

The South East segment had an approximate $38,200, or 40%, decrease in segment profit in the third quarter of 2025 compared to the third quarter of 2024. The decrease in segment profit was primarily due to a decrease in the segment's gross profit margin percentage, a decrease in segment revenues and an increase in SG&A expenses. The segment's gross profit margin percentage decreased to 18.0% in the third quarter of 2025 from 21.9% in the third quarter of 2024. Gross profit margins were negatively impacted by higher lot costs, an increase in certain operating costs, and pricing pressure attributable to continued affordability challenges. Additionally, gross profit margins in the third quarter of 2025 were impacted by a $9,000 increase in contract land deposit impairment charges when compared to the third quarter of 2024. SG&A expenses were 10% higher quarter over quarter, resulting primarily from higher personnel and marketing costs attributable to a 31% increase in the average number of active communities quarter over quarter.

Segment New Orders decreased 8% while the average sales price of New Orders increased 4% in the third quarter of 2025 compared to the third quarter of 2024. New Orders were negatively impacted by a 30% lower absorption rate, offset partially by the aforementioned increase in the average number of active communities within the segment quarter over quarter. Absorption rates continue to be negatively impacted by rising resale and new home inventory in several of the markets within the segment. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.

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Nine Months Ended September 30, 2025 and 2024

The South East segment had an approximate $126,800, or 45%, decrease in segment profit in the first nine months of 2025 compared to the first nine months of 2024. The decrease in segment profit was primarily due to a decrease in the segment's gross profit margin percentage, a decrease in segment revenues and an increase in SG&A expenses. The segment's gross profit margin percentage decreased to 18.7% in the first nine months of 2025 from 22.8% in the first nine months of 2024. Gross profit margins were negatively impacted by higher lot costs, an increase in certain operating costs, and by pricing pressure attributable to continued affordability challenges. Segment revenues decreased by approximately $69,800, or 3%, due to a 3% decrease in the average settlement price. The decrease in the average settlement price is primarily attributable to a 4% decrease in the average sales price of New Orders in the first quarter of 2025 compared to the same period in 2024. SG&A expenses were 17% higher year over year, resulting primarily from higher personnel and marketing costs attributable to a 26% increase in the average number of active communities quarter over quarter.

Segment New Orders decreased 3% while the average sales price of New Orders remained flat during the first nine months of 2025 compared to the first nine months of 2024. New Orders were negatively impacted by a 23% lower absorption rate due to weaker demand, offset partially by the aforementioned increase in the average number of active communities within the segment year over year. Absorption rates continue to be negatively impacted by rising resale and new home inventory in several of the markets within the segment.

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Homebuilding Segment Reconciliations to Consolidated Homebuilding Operations

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between homebuilding segment profit and homebuilding consolidated income before tax include unallocated corporate overhead (which includes all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Our overhead functions, such as accounting, treasury and human resources, are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our Senior Notes, and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Homebuilding consolidated gross profit:
Mid Atlantic						$	243,719					$	288,131					$	769,694					$	830,097
North East						76,690						78,251						233,842						221,829
Mid East						110,427						114,087						289,051						302,977
South East						129,686						159,431						364,849						459,137
Consolidation adjustments and other						(21,577)						(13,347)						(55,137)						(27,248)
Homebuilding consolidated gross profit						$	538,945					$	626,553					$	1,602,299					$	1,786,792

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Homebuilding consolidated income before taxes:
Mid Atlantic						$	168,141					$	214,132					$	546,364					$	613,262
North East						51,964						56,246						165,039						157,476
Mid East						76,431						81,385						191,769						211,374
South East						56,872						95,089						154,120						280,936
Reconciling items:
Contract land deposit reserve adjustment (1)						(18,634)						(3,079)						(39,904)						5,712
Equity-based compensation expense						(16,869)						(18,012)						(50,813)						(51,410)
Corporate capital allocation (2)						96,562						86,489						276,087						246,044
Unallocated corporate overhead						(26,359)						(36,780)						(116,692)						(122,300)
Consolidation adjustments and other						10,433						2,575						27,903						6,666
Corporate interest income						19,654						32,409						65,129						106,173
Corporate interest expense						(6,841)						(6,787)						(20,647)						(20,052)
Reconciling items sub-total						57,946						56,815						141,063						170,833
Homebuilding consolidated income before taxes						$	411,354					$	503,667					$	1,198,355					$	1,433,881

(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2 in the accompanying condensed consolidated financial statements.

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(2)This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments.  The corporate capital allocation charge is based on the segment’s monthly average asset balance, and is as follows for the periods presented:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Corporate capital allocation charge:
Mid Atlantic						$	38,204					35,976						$	112,350					104,872
North East						12,383						10,578						34,275						30,456
Mid East						12,917						11,929						36,157						32,850
South East						33,058						28,006						93,305						77,866
Total						$	96,562					$	86,489					$	276,087					$	246,044

Mortgage Banking Segment

Three and Nine Months Ended September 30, 2025 and 2024

We conduct our mortgage banking activity through NVR Mortgage Finance, Inc. (“NVRM”), a wholly owned subsidiary. NVRM focuses exclusively on serving the homebuilding segment's customers. NVRM sells almost all of the mortgage loans it closes to investors in the secondary markets on a servicing-released basis, typically within 30 days from the loan closing. The following table summarizes the results of our mortgage banking operations and certain statistical data for the three and nine months ended September 30, 2025 and 2024:

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Loan closing volume:
Total principal						$	1,539,781					$	1,656,507					$	4,527,982					$	4,564,597
Loan volume mix:
Adjustable rate mortgages						7		%				2		%				5		%				2		%
Fixed-rate mortgages						93		%				98		%				95		%				98		%
Operating profit:
Segment profit						$	33,206					$	36,156					$	97,737					$	112,046
Equity-based compensation expense						(487)						(1,211)						(2,882)						(3,055)
Mortgage banking income before tax						$	32,719					$	34,945					$	94,855					$	108,991
Capture rate:						86		%				86		%				86		%				86		%
Mortgage banking fees:
Net gain on sale of loans						$	38,776					$	43,896					$	121,295					$	135,046
Title services						10,340						11,316						30,689						31,875
Servicing fees						46						99						312						242
						$	49,162					$	55,311					$	152,296					$	167,163

Loan closing volume for the three and nine months ended September 30, 2025 decreased by approximately $116,700, or 7%, and $36,600, or 1%, respectively, from the same periods in 2024. The decrease in loan closing volume during the three and nine months ended September 30, 2025 was primarily attributable to a lower number of loans closed in the respective periods resulting from fewer homebuilder settlements.

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Segment profit for the three months ended September 30, 2025 decreased by approximately $3,000, or 8%, from the same period in 2024. This decrease was primarily due to a reduction of approximately $6,100, or 11%, in mortgage banking fees, driven by lower gains on loan sales. This was partially offset by a $3,200 decline in SG&A expenses compared to the same period in the prior year.

Segment profit for the nine months ended September 30, 2025 decreased by approximately $14,300, or 13%, from the same period in 2024. This decrease was primarily attributable to a decrease of approximately $14,900, or 9%, in mortgage banking fees due to a decrease in gains on sales of loans.

Seasonality

We historically have experienced variability in our quarterly results, generally having higher New Order activity in the first half of the year and higher home settlements, revenue and net income in the second half of the year. However, in recent years our typical seasonal trends have been affected by significant changes in market conditions. As a result, our quarterly results of operations are not necessarily indicative of the results that may be expected for the full year.

Effective Tax Rate

Our effective tax rate for the three and nine month periods ended September 30, 2025 was 22.8% and 24.5%, respectively, compared to 20.3% and 20.6% for the three and nine months ended September 30, 2024, respectively. The increase in the effective tax rate in the three and nine month periods ended September 30, 2025 compared to the same periods in 2024 was primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled approximately $13,400 and $19,700 for the three and nine months ended September 30, 2025, respectively, and approximately $23,100 and $73,700 for the three and nine months ended September 30, 2024, respectively.

We expect continued tax rate volatility in future periods attributable to the recognition of excess tax benefits from equity-based awards activity and distributions from the deferred compensation plans. Given the limited number of participants in our deferred compensation plan, the retirement of a participant could result in a significant distribution of the rabbi trust shares and corresponding tax deduction for the Company.

On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was signed into law, implementing several changes to U.S. federal tax law. The Company has evaluated the provisions of the Act and does not expect the Act to have a material impact on its consolidated financial statements.

Liquidity and Capital Resources

We fund our operations primarily from our current cash holdings and cash flows generated by operating activities. In addition, we have available a short-term unsecured working capital revolving credit facility and revolving mortgage repurchase facility, as further described below. As of September 30, 2025, we had approximately $2,000,000 in cash and cash equivalents, approximately $289,800 in unused committed capacity under our revolving credit facility and $150,000 in unused committed capacity under our revolving mortgage repurchase facility.

Material Cash Requirements

We believe that our current cash holdings, cash generated from operations, and cash available under our short-term unsecured credit agreement and revolving mortgage repurchase facility, as well as the public debt and equity markets, will be sufficient to satisfy both our short term and long term cash requirements for working capital to support our daily operations and meet commitments under our contractual obligations with third parties. Our material contractual obligations primarily consist of the following:

(i) Payments due to service our debt and interest on that debt. Our Senior Notes have an outstanding aggregate principal balance of $900,000 and mature in May 2030. Future interest payments on our outstanding Senior Notes total $131,550, with $27,000 due within the next twelve months.

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(ii) Payment obligations totaling approximately $640,900 under existing LPAs for deposits to be paid to land developers, assuming that contractual development milestones are met by the developers and we exercise our option to acquire finished lots under those LPAs. We expect to make the majority of these payments within the next three years.

(iii) Obligations under operating and finance leases related primarily to office space and our production facilities. See Note 13 of this Quarterly Report on Form 10-Q for additional discussion of our leases.

In addition to funding growth in our homebuilding and mortgage banking operations, we historically have used a substantial portion of our excess liquidity to repurchase outstanding shares of our common stock in open market and privately negotiated transactions. This ongoing repurchase program assists us in accomplishing our primary objective, creating increases in shareholder value. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, of this Quarterly Report on Form 10-Q for further discussion of repurchase activity during the third quarter of 2025. For the nine months ended September 30, 2025, we repurchased 178,178 shares of our common stock at an aggregate purchase price of $1,331,212. As of September 30, 2025, we had approximately $1,036,980 available under Board approved repurchase authorizations.

Capital Resources

Senior Notes

As of September 30, 2025, we had $900,000 of unsecured 3% senior notes outstanding, which mature in May 2030.

Credit Agreement

We have an unsecured revolving credit agreement (the "Credit Agreement") which provides for aggregate revolving loan commitments of $300,000, and a $100,000 sublimit for the issuance of letters of credit of which there was approximately $10,200 outstanding as of September 30, 2025. There were no borrowings outstanding under the Credit Agreement as of September 30, 2025.

Repurchase Agreement

NVRM has an unsecured revolving mortgage repurchase facility (the "Repurchase Agreement") which provides for aggregate borrowings up to $150,000. There were no borrowings outstanding under the Repurchase Agreement as of September 30, 2025.

For additional information regarding the Senior Notes, Credit Agreement and Repurchase Agreement, see Note 11 to the condensed consolidated financial statements included herein, and Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Cash Flows

For the nine months ended September 30, 2025, cash, restricted cash, and cash equivalents decreased by $641,063.  

Net cash provided by operating activities was $681,592 for the nine months ended September 30, 2025, due primarily to cash provided by earnings. Cash was primarily used to fund the increase of $181,771 in contract land deposits, an increase in inventory of $72,718, and a decrease in accounts payables and accrued expenses of $81,116.

Net cash used in investing activities for the nine months ended September 30, 2025 was $57,374. Cash was used primarily for investments in unconsolidated joint ventures totaling $37,281 and purchases of property, plant and equipment of $20,808.

Net cash used in financing activities was $1,265,281 for the nine months ended September 30, 2025.  Cash was used to repurchase 178,178 shares of our common stock at an aggregate purchase price of $1,331,212 under our ongoing common stock repurchase program, discussed above. Cash was provided from stock option exercise proceeds totaling $69,343.

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Critical Accounting Estimates

There have been no material changes to our critical accounting estimates as previously disclosed in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

There have been no material changes in our market risks during the nine months ended September 30, 2025. For additional information regarding our market risks, see Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15.  Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective. There have been no changes in our internal control over financial reporting in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

We are involved in various litigation matters arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Item 1A. Risk Factors

There have been no material changes to the risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

During the quarter ended September 30, 2025, we had two share repurchase authorizations outstanding. On each of May 6, 2025 and August 8, 2025, we publicly announced that our Board of Directors had approved repurchase authorizations in the amount of up to $750 million per authorization. Each share repurchase authorization authorized the repurchase of our outstanding common stock in one or more open market and/or privately negotiated transactions, with no expiration date. Repurchase activity is typically executed in accordance with the safe-harbor provisions of Rule 10b-18 and Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. We repurchased the following shares of our common stock during the quarter ended September 30, 2025:

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands)
July 1 - 31, 2025						16,473						$	7,536.77					16,473						$	439,232
August 1 - 31, 2025						—						$	—					—						$	1,189,232
September 1 - 30, 2025						18,751						$	8,119.65					18,751						$	1,036,980
Total						35,224						$	7,847.06					35,224

Item 5.    Other Information

During the quarter ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.

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Item 6.    Exhibits

Exhibit Number

Exhibit Description

10.1

Extension of Employment Agreement between NVR, Inc. and Paul C. Saville dated November 5, 2025. Filed herewith.

10.2

Extension of Employment Agreement between NVR, Inc. and Eugene J. Bredow dated November 5, 2025. Filed herewith.

10.3

Extension of Employment Agreement between NVR, Inc. and Daniel D. Malzahn dated November 5, 2025. Filed herewith.

31.1

Certification of NVR’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

31.2

Certification of NVR’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

32

Certification of NVR’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

101.INS

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

						NVR, Inc.
Date: November 5, 2025			By:			/s/ Daniel D. Malzahn
						Daniel D. Malzahn
						Senior Vice President, Chief Financial Officer and Treasurer

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FAQ

How did NVR (NVR) perform in Q3 2025?

Revenue was $2,609,505 and net income was $342,688, with diluted EPS of $112.33. Homebuilding gross margin was 21.0%.

What happened to NVR’s orders and cancellations in Q3 2025?

New orders decreased 16% to 4,735 units, and the new order cancellation rate rose to 19.4%.

What is NVR’s backlog as of September 30, 2025?

Backlog was 9,165 units with an average price of $479.5.

How strong is NVR’s liquidity and balance sheet?

Homebuilding cash was $1,932,167; no borrowings under the $300,000 revolver; senior notes carried $909,654 on the balance sheet.

What were NVR’s operating cash flows year to date?

Net cash provided by operating activities was $681,592 for the nine months ended September 30, 2025.

Did NVR repurchase shares in 2025?

Yes. NVR repurchased 35,224 shares in Q3 and 178,178 shares year to date.

Which factors pressured NVR’s margins?

Higher lot costs, pricing pressure tied to affordability, and contract land deposit impairments reduced the gross margin to 21.0%.