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NVR (NYSE: NVR) Q2 net income drops to $236.5M, EPS $83.96

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

NVR, Inc. reported weaker results for the quarter and six months ended June 30, 2026. Second-quarter net income was $236.5 million, or $83.96 per diluted share, with net income and diluted EPS down 29% and 23%, respectively, versus the 2025 quarter. Consolidated Q2 revenues were $2.33 billion, down from $2.60 billion. For the first half of 2026, revenues were $4.21 billion, a 16% decrease, while net income fell 31% to $434.8 million and diluted EPS declined 26% to $151.38.

In homebuilding, Q2 new orders rose 9% to 5,885 units, but the average sales price fell 5% and settlements decreased 8%. Homebuilding revenues declined 11% to $2.28 billion, and gross profit margin compressed to 19.2% from 21.5%, hurt by higher lot costs, affordability and sentiment pressures, plus about $21.7 million of contract land deposit impairments. Backlog increased to 10,998 units and $4.99 billion. Mortgage closed-loan production was $1.35 billion, down 13%, with segment pre-tax income down 14% to $25.4 million. NVR repurchased 54,716 shares in Q2 at an aggregate cost of $357.8 million.

Positive

  • None.

Negative

  • Profitability declined sharply: Q2 2026 net income fell to $236.5M, with net income and diluted EPS down 29% and 23% versus Q2 2025.
  • Year-to-date results weakened: First-half 2026 revenues dropped 16% to $4.21B, and net income decreased 31% while diluted EPS declined 26% compared with the 2025 period.
  • Margin pressure intensified: Homebuilding gross profit margin decreased to 19.2% from 21.5% in Q2 2025, including approximately $21.7M of contract land deposit impairments.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 consolidated revenues $2.33 billion Three months ended June 30, 2026; compared to $2.60 billion in Q2 2025
Q2 2026 net income $236.5 million Net income for the second quarter ended June 30, 2026
Six-month 2026 revenues $4.21 billion Six months ended June 30, 2026; a 16% decrease from $5.00 billion in 2025
Six-month 2026 net income $434.8 million Net income for the six months ended June 30, 2026 vs $633.3 million in 2025
Homebuilding gross profit margin Q2 2026 19.2% Second quarter 2026, down from 21.5% in the second quarter of 2025
Backlog value as of June 30, 2026 $4.99 billion Homes sold but not settled; backlog increased 5% year over year on a dollar basis
Mortgage closed loan production Q2 2026 $1.35 billion Mortgage closed loan production in the second quarter of 2026, a 13% decrease vs Q2 2025
Shares repurchased H1 2026 144,896 shares Six months ended June 30, 2026; aggregate repurchase cost $989.733 million
backlog financial
"Our backlog of homes sold but not settled as of June 30, 2026"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
gross profit margin financial
"Gross profit margin in the second quarter of 2026 decreased to 19.2%"
Gross profit margin shows how much money a company keeps from sales after paying for the goods or services it sold. It’s like checking how much profit is left over from each dollar earned before covering other costs. A higher margin indicates the company makes more money from its sales, which helps assess its profitability and efficiency.
contract land deposits financial
"contract land deposit impairments totaling approximately $21.7 million"
capture rate financial
"Capture rate | 85 % | 87 % | 84 % | 87 %"
Capture rate is the percentage of an available group that a product, service or clinical procedure actually reaches or successfully treats; for example, the share of eligible patients who receive a therapy or the share of potential customers who adopt an offering. Investors care because a higher capture rate means faster growth and stronger revenue potential—like picking more apples from the same orchard, it shows how well a company converts opportunity into sales or clinical impact.
forward-looking statements regulatory
"Some of the statements in this release made by the Company constitute “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Q2 2026 consolidated revenues $2.33 billion compared to $2.60 billion in Q2 2025
Q2 2026 net income $236.5 million decreased 29% vs Q2 2025
Q2 2026 diluted EPS $83.96 decreased 23% vs Q2 2025
Six-month 2026 revenues $4.21 billion 16% decrease from $5.00 billion in the same period of 2025
Six-month 2026 net income $434.8 million 31% decrease vs $633.3 million in the six months ended June 30, 2025
Six-month 2026 diluted EPS $151.38 26% decrease vs $203.20 in the same period of 2025

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FAQ

How did NVR (NVR) perform financially in the second quarter of 2026?
NVR reported Q2 2026 net income of $236.5 million and diluted EPS of $83.96. Net income and diluted EPS decreased 29% and 23%, respectively, compared with Q2 2025, while consolidated revenues slipped to $2.33 billion from $2.60 billion.

What were NVR (NVR) revenues and earnings for the first half of 2026?
For the six months ended June 30, 2026, NVR generated revenues of $4.21 billion and net income of $434.8 million. Revenues decreased 16%, net income fell 31%, and diluted EPS declined 26% to $151.38 versus the same period in 2025.

How did NVR (NVR) homebuilding operations trend in Q2 2026?
Homebuilding new orders increased 9% to 5,885 units, but settlements fell 8% to 5,058 units. The average sales price of new orders declined 5%, homebuilding revenues decreased 11% to $2.28 billion, and gross margin narrowed to 19.2% from 21.5%.

What is NVR (NVR) reporting for backlog and cancellation rates?
As of June 30, 2026, NVR’s backlog was 10,998 homes valued at $4.99 billion, up on both unit and dollar bases year over year. The Q2 2026 cancellation rate improved to 15%, compared with 17% in the second quarter of 2025.

How did NVR (NVR) mortgage banking perform in Q2 2026?
Mortgage closed loan production totaled $1.35 billion in Q2 2026, a 13% decrease from Q2 2025. Mortgage banking income before taxes was $25.4 million, down 14% from $29.6 million a year earlier, while the capture rate remained in the mid-80% range.

What changes occurred in NVR (NVR) share count and repurchases in 2026?
Shares outstanding were 2,678,153 at June 30, 2026. During Q2 2026, NVR repurchased 54,716 shares for an aggregate cost of $357.8 million, bringing first-half 2026 repurchases to 144,896 shares at a cost of $989.7 million.
0000906163FALSE00009061632026-07-232026-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 23, 2026

NVR, Inc.
(Exact name of registrant as specified in its charter)
Virginia1-1237854-1394360
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
11700 Plaza America Drive, Suite 500
Reston, Virginia 20190
(Address of principal executive offices) (Zip Code)

(703) 956-4000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNVRNew York Stock Exchange
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 Section13(a)of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On July 23, 2026, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended June 30, 2026. A copy of this press release is furnished herewith as Exhibit 99.1.
The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit Description
99.1
Press release dated July 23, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


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 hereunto duly authorized.
NVR, Inc.
Date: July 23, 2026By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer



image1a.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES SECOND QUARTER RESULTS

July 23, 2026, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2026 of $236.5 million, or $83.96 per diluted share. For the second quarter ended June 30, 2026, net income and diluted earnings per share decreased 29% and 23%, respectively, when compared to 2025 second quarter net income of $333.7 million, or $108.54 per diluted share. Consolidated revenues for the second quarter of 2026 totaled $2.33 billion, compared to $2.60 billion in the second quarter of 2025.
For the six months ended June 30, 2026, consolidated revenues were $4.21 billion, a 16% decrease from $5.00 billion reported for the same period of 2025. Net income for the six months ended June 30, 2026 was $434.8 million, a decrease of 31% when compared to net income for the six months ended June 30, 2025 of $633.3 million. Diluted earnings per share for the six months ended June 30, 2026 was $151.38, a decrease of 26% from $203.20 per diluted share for the same period of 2025.
Homebuilding
New orders in the second quarter of 2026 increased by 9% to 5,885 units, when compared to 5,379 units in the second quarter of 2025. The average sales price of new orders in the second quarter of 2026 was $437,100, a decrease of 5% when compared to the second quarter of 2025. The cancellation rate in the second quarter of 2026 was 15% compared to 17% in the second quarter of 2025. Settlements in the second quarter of 2026 decreased by 8% to 5,058 units, compared to 5,475 units in the second quarter of 2025. The average settlement price in the second quarter of 2026 was $450,700, a decrease of 3% when compared to the second quarter of 2025. Our backlog of homes sold but not settled as of June 30, 2026 increased on a unit basis by 9% to 10,998 units and increased on a dollar basis by 5% to $4.99 billion when compared to the respective backlog unit and dollar balances as of June 30, 2025.
Homebuilding revenues of $2.28 billion in the second quarter of 2026 decreased by 11% compared to homebuilding revenues of $2.55 billion in the second quarter of 2025. Gross profit margin in the second quarter of 2026 decreased to 19.2%, from 21.5% in the second quarter of 2025. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and weak consumer sentiment, and by contract land deposit impairments totaling approximately $21.7 million. Income before tax from the homebuilding segment totaled $293.2 million in the second quarter of 2026, a decrease of 30% when compared to the second quarter of 2025.
Mortgage Banking
Mortgage closed loan production in the second quarter of 2026 totaled $1.35 billion, a decrease of 13% when compared to the second quarter of 2025. Income before tax from the mortgage banking segment totaled $25.4 million in the second quarter of 2026, a decrease of 14% when compared to $29.6 million in the second quarter of 2025.

About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,”
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“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, NVR’s financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR’s customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
2

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

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Homebuilding:
Revenues$2,279,771 $2,548,267 $4,114,650 $4,898,712 
Other income12,095 25,088 40,144 51,800 
Cost of sales(1,841,217)(1,999,983)(3,315,756)(3,835,358)
Selling, general and administrative(150,721)(149,170)(307,692)(314,287)
Interest expense(6,698)(6,685)(13,552)(13,866)
Homebuilding income293,230 417,517 517,794 787,001 
Mortgage Banking:
Mortgage banking fees46,585 50,547 92,769 103,134 
Interest income3,983 4,493 7,612 8,299 
Other income1,292 1,301 2,069 2,394 
General and administrative(26,153)(26,425)(49,280)(51,118)
Interest expense(296)(300)(629)(573)
Mortgage banking income25,411 29,616 52,541 62,136 
Income before taxes318,641 447,133 570,335 849,137 
Income tax expense(82,183)(113,396)(135,518)(215,824)
Net income$236,458 $333,737 $434,817 $633,313 
Basic earnings per share$87.65 $114.52 $158.75 $214.78 
Diluted earnings per share$83.96 $108.54 $151.38 $203.20 
Basic weighted average shares outstanding2,698 2,914 2,739 2,949 
Diluted weighted average shares outstanding2,816 3,075 2,872 3,117 
3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
June 30, 2026December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents$1,093,736 $1,883,844 
Restricted cash44,562 34,348 
Receivables49,642 32,742 
Inventory:
Lots and housing units, covered under sales agreements with customers1,877,430 1,410,695 
Unsold lots and housing units307,698 252,029 
Land under development21,067 39,312 
Building materials and other29,094 21,524 
2,235,289 1,723,560 
Contract land deposits, net927,380 851,458 
Property, plant and equipment, net99,248 103,770 
Operating lease right-of-use assets110,893 110,535 
Other assets348,163 349,306 
4,908,913 5,089,563 
Mortgage Banking:
Cash and cash equivalents50,938 32,642 
Restricted cash8,023 6,047 
Mortgage loans held for sale, net396,678 571,596 
Property and equipment, net7,723 7,727 
Operating lease right-of-use assets22,538 23,953 
Other assets75,807 125,402 
561,707 767,367 
Total assets$5,470,620 $5,856,930 

4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
June 30, 2026December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$375,478 $259,244 
Accrued expenses and other liabilities311,697 376,976 
Customer deposits294,698 249,210 
Operating lease liabilities117,947 117,589 
Senior notes908,162 909,160 
2,007,982 1,912,179 
Mortgage Banking:
Accounts payable and other liabilities46,849 53,738 
Operating lease liabilities24,593 26,144 
71,442 79,882 
Total liabilities2,079,424 1,992,061 
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2026 and December 31, 2025206 206 
Additional paid-in capital3,223,670 3,155,367 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2026 and December 31, 2025(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings16,821,586 16,386,769 
Less treasury stock at cost – 17,877,177 and 17,755,943 shares as of June 30, 2026 and December 31, 2025, respectively(16,654,266)(15,677,473)
Total shareholders' equity3,391,196 3,864,869 
Total liabilities and shareholders' equity$5,470,620 $5,856,930 

5

NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,

2026202520262025
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
2,081$499.2 1,930$531.3 3,998 $499.2 3,796 $523.0 
North East (2)
390$639.4 424$655.3 859 $624.4 801 $674.0 
Mid East (3)
1,186$419.2 1,072$424.2 2,369 $422.2 2,170 $422.0 
South East (4)
2,228$353.3 1,953$361.7 4,397 $356.0 3,957 $359.0 
Total
5,885$437.1 5,379$458.1 11,623 $438.6 10,724 $453.3 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
1,721$511.1 2,101$537.2 3,139 $515.3 4,151 $532.6 
North East (2)
452$621.1 474$651.7 818 $637.2 945 $632.5 
Mid East (3)
1,056$429.4 1,082$415.8 1,778 $429.6 2,095 $411.6 
South East (4)
1,829$364.1 1,818$363.3 3,338 $363.0 3,417 $359.2 
Total
5,058$450.7 5,475$465.4 9,073 $453.5 10,608 $461.8 
As of June 30,
20262025
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
4,019$509.2 3,713$532.6 
North East (2)
1,014$632.9 911$698.4 
Mid East (3)
2,224$426.2 2,120$426.8 
South East (4)
3,741$362.5 3,325$371.6 
Total
10,998$453.9 10,069$472.1 
6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Average active communities:
Mid Atlantic (1)
133120129120
North East (2)
28262925
Mid East (3)
95949793
South East (4)
186186182175
Total
442426437413
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Homebuilding data:
New order cancellation rate
14.9%16.5%14.4 %16.0 %
Lots controlled at end of period
184,400 171,400 
Mortgage banking data:
Loan closings
$1,354,713$1,555,280$2,407,697 $2,988,201 
Capture rate
85%87%84%87%
Common stock information:
Shares outstanding at end of period
2,678,153 2,883,215 
Number of shares repurchased
54,71665,834144,896 142,954 
Aggregate cost of shares repurchased
$357,777$471,413$989,733 $1,054,807 

(1)Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
(2)New Jersey and Eastern Pennsylvania
(3)New York, Ohio, Western Pennsylvania, Indiana and Illinois
(4)North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky
Investor Relations Contact:
Ryan Sheplee
(703) 956-4243
ir@nvrinc.com

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Source: View Original Filing on SEC EDGAR

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