STOCK TITAN
  1. Home
  2. SEC Filings
  3. NVR
  4. [8-K] NVR INC Reports Material Event

NVR Q3 2026 earnings fall 27% to $249M

Homebuilding orders and settlements declined year over year, while mortgage-banking pretax income rose.

Filing Impact
(High)
Filing Sentiment

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment worksHow the balance works

Form Type
8-K

Rhea-AI Filing Summary

NVR, Inc. reported third-quarter 2026 net income of $248.6 million, down 27% from $342.7 million a year earlier, and diluted earnings per share of $89.45, down 20% from $112.33. Consolidated revenue was $2.40 billion, compared with $2.61 billion. For the nine months ended September 30, 2026, revenue was $6.61 billion, down 13%, and net income was $683.4 million, down 30%.

Homebuilding new orders fell 7% to 4,391 units and settlements fell 7% to 5,268 units. Backlog as of September 30, 2026, increased 10% to 10,121 units and 4% to $4.59 billion on a dollar basis. Gross profit margin fell to 18.3% from 21.0%; NVR cited higher lot costs, pricing pressure due to affordability challenges and weak consumer sentiment, and approximately $24.8 million of contract land deposit impairments.

Mortgage-banking income before taxes increased 7% to $35.0 million from $32.7 million, while mortgage closed loan production declined 10% to $1.38 billion.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

  • Moderate pointMortgage-banking pretax income increased 7% in the third quarter of 2026.

Negative

  • Moderate pointNVR's third-quarter net income declined 27% year over year.
  • Moderate pointNine-month revenue declined 13% and net income declined 30% year over year.

Filing Explained

The release reports that NVR repurchased 181,984 shares in the first nine months of 2026; shares outstanding were 2,644,276 on September 30, 2026, versus 2,860,899 a year earlier, so the reported share count was lower.

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, or exhibit attachments filed with this report.
Net income $248.6 million Third quarter 2026; down 27% from $342.7 million in third quarter 2025
Diluted earnings per share $89.45 Third quarter 2026; down 20% from $112.33 in third quarter 2025
Consolidated revenue $2.40 billion Third quarter 2026, compared with $2.61 billion in third quarter 2025
Revenue $6.61 billion Nine months ended September 30, 2026; down 13% from $7.61 billion in 2025
Net income $683.4 million Nine months ended September 30, 2026; down 30% from $976.0 million in 2025
New orders 4,391 units Third quarter 2026; down 7% from 4,735 units in third quarter 2025
New-order cancellation rate 21.0% Third quarter 2026, compared with 19.4% in third quarter 2025
Mortgage-banking income before taxes $35.0 million Third quarter 2026; increased 7% from $32.7 million in third quarter 2025
backlog of homes sold but not settled financial
"backlog of homes sold but not settled as of September 30, 2026"
contract land deposit impairments financial
"contract land deposit impairments totaling approximately $24.8 million"
An accounting charge taken when a company determines that deposits paid under a land purchase or development contract are unlikely to be fully recovered. It treats part or all of the cash or receivable tied to a land contract as reduced in value, similar to acknowledging that a prepayment or deposit has lost some of its worth. Investors watch these impairments because they reduce reported assets and profit, and signal problems with specific land deals or project viability.
capture rate financial
"Capture rate | 85%"
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.
Net income $248.6 million Down 27% from $342.7 million in third quarter 2025
Diluted earnings per share $89.45 Down 20% from $112.33 in third quarter 2025
Consolidated revenue $2.40 billion Compared with $2.61 billion in third quarter 2025
Mortgage-banking income before taxes $35.0 million Increased 7% from $32.7 million in third quarter 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did NVR earn in the third quarter of 2026?
NVR reported $248.6 million in net income and $89.45 in diluted earnings per share for the quarter ended September 30, 2026. Net income declined 27% and diluted earnings per share declined 20% from the third quarter of 2025.

How many new orders did NVR record in Q3 2026, and what was its cancellation rate?
NVR recorded 4,391 new orders in the third quarter of 2026, down 7% from 4,735 a year earlier. The new-order cancellation rate was 21.0%, compared with 19.4% in the third quarter of 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Available on EDGAR Accepted by SEC EDGAR
0000906163FALSE00009061632026-10-222026-10-22

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):  October 22, 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.)
 
1900 Oracle Way, Suite 300
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 October 22, 2026, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended September 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 October 22, 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: October 22, 2026By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer



image1.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES THIRD QUARTER RESULTS

October 22, 2026, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2026 of $248.6 million, or $89.45 per diluted share. For the third quarter ended September 30, 2026, net income and diluted earnings per share decreased 27% and 20%, respectively, when compared to 2025 third quarter net income of $342.7 million, or $112.33 per diluted share. Consolidated revenues for the third quarter of 2026 totaled $2.40 billion, compared to $2.61 billion in the third quarter of 2025.
For the nine months ended September 30, 2026, consolidated revenues were $6.61 billion, a 13% decrease from $7.61 billion reported for the same period of 2025. Net income for the nine months ended September 30, 2026 was $683.4 million, a decrease of 30% when compared to net income for the nine months ended September 30, 2025 of $976.0 million. Diluted earnings per share for the nine months ended September 30, 2026 was $240.54, a decrease of 24% from $315.33 per diluted share for the same period of 2025.
Homebuilding
New orders in the third quarter of 2026 decreased by 7% to 4,391 units, when compared to 4,735 units in the third quarter of 2025. The average sales price of new orders in the third quarter of 2026 was $442,100, a decrease of 5% when compared to the third quarter of 2025. The cancellation rate in the third quarter of 2026 was 21% compared to 19% in the third quarter of 2025. Settlements in the third quarter of 2026 decreased by 7% to 5,268 units, compared to 5,639 units in the third quarter of 2025. The average settlement price in the third quarter of 2026 was $445,900, a decrease of 2% when compared to the third quarter of 2025. Our backlog of homes sold but not settled as of September 30, 2026 increased on a unit basis by 10% to 10,121 units and increased on a dollar basis by 4% to $4.59 billion when compared to the respective backlog unit and dollar balances as of September 30, 2025.
Homebuilding revenues of $2.35 billion in the third quarter of 2026 decreased by 8% compared to homebuilding revenues of $2.56 billion in the third quarter of 2025. Gross profit margin in the third quarter of 2026 decreased to 18.3%, from 21.0% in the third 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 $24.8 million. Income before tax from the homebuilding segment totaled $299.7 million in the third quarter of 2026, a decrease of 27% when compared to the third quarter of 2025.
Mortgage Banking
Mortgage closed loan production in the third quarter of 2026 totaled $1.38 billion, a decrease of 10% when compared to the third quarter of 2025. Income before tax from the mortgage banking segment totaled $35.0 million in the third quarter of 2026, an increase of 7% when compared to $32.7 million in the third 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,”
1

“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 September 30,Nine Months Ended September 30,
2026202520262025
Homebuilding:
Revenues$2,349,284 $2,560,343 $6,463,934 $7,459,055 
Other income12,209 22,000 52,353 73,800 
Cost of sales(1,920,068)(2,021,398)(5,235,824)(5,856,756)
Selling, general and administrative(135,017)(142,736)(442,709)(457,023)
Interest expense(6,692)(6,855)(20,244)(20,721)
Homebuilding income299,716 411,354 817,510 1,198,355 
Mortgage Banking:
Mortgage banking fees53,146 49,162 145,915 152,296 
Interest income4,293 4,881 11,905 13,180 
Other income1,271 1,400 3,340 3,794 
General and administrative(23,470)(22,397)(72,750)(73,515)
Interest expense(268)(327)(897)(900)
Mortgage banking income34,972 32,719 87,513 94,855 
Income before taxes334,688 444,073 905,023 1,293,210 
Income tax expense(86,083)(101,385)(221,601)(317,209)
Net income$248,605 $342,688 $683,422 $976,001 
Basic earnings per share$93.49 $119.26 $251.99 $333.86 
Diluted earnings per share$89.45 $112.33 $240.54 $315.33 
Basic weighted average shares outstanding2,659 2,874 2,712 2,923 
Diluted weighted average shares outstanding2,779 3,051 2,841 3,095 
3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
September 30, 2026December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents$1,091,315 $1,883,844 
Restricted cash37,549 34,348 
Receivables54,560 32,742 
Inventory:
Lots and housing units, covered under sales agreements with customers1,941,337 1,410,695 
Unsold lots and housing units384,837 252,029 
Land under development21,792 39,312 
Building materials and other24,821 21,524 
2,372,787 1,723,560 
Contract land deposits, net916,747 851,458 
Property, plant and equipment, net109,860 103,770 
Operating lease right-of-use assets120,701 110,535 
Other assets359,355 349,306 
5,062,874 5,089,563 
Mortgage Banking:
Cash and cash equivalents34,071 32,642 
Restricted cash6,596 6,047 
Mortgage loans held for sale, net346,874 571,596 
Property and equipment, net7,256 7,727 
Operating lease right-of-use assets21,741 23,953 
Other assets86,538 125,402 
503,076 767,367 
Total assets$5,565,950 $5,856,930 

4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
September 30, 2026December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$365,207 $259,244 
Accrued expenses and other liabilities306,013 376,976 
Customer deposits285,364 249,210 
Operating lease liabilities136,289 117,589 
Senior notes907,659 909,160 
2,000,532 1,912,179 
Mortgage Banking:
Accounts payable and other liabilities106,690 53,738 
Operating lease liabilities23,735 26,144 
130,425 79,882 
Total liabilities2,130,957 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 September 30, 2026 and December 31, 2025206 206 
Additional paid-in capital3,255,240 3,155,367 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both September 30, 2026 and December 31, 2025(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings17,070,191 16,386,769 
Less treasury stock at cost – 17,911,054 and 17,755,943 shares as of September 30, 2026 and December 31, 2025, respectively(16,890,644)(15,677,473)
Total shareholders' equity3,434,993 3,864,869 
Total liabilities and shareholders' equity$5,565,950 $5,856,930 

5

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

2026202520262025
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
1,641$499.0 1,714$529.7 5,639 $499.1 5,510 $525.1 
North East (2)
232$733.2 433$647.1 1,091 $647.5 1,234 $664.6 
Mid East (3)
891$417.7 931$431.9 3,260 $421.0 3,101 $425.0 
South East (4)
1,627$356.7 1,657$368.6 6,024 $356.2 5,614 $361.8 
Total
4,391$442.1 4,735$464.8 16,014 $439.6 15,459 $456.8 
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
1,786$501.4 2,008$517.9 4,925 $510.2 6,159 $527.8 
North East (2)
477$603.7 420$694.6 1,295 $624.9 1,365 $651.7 
Mid East (3)
1,090$432.5 1,200$423.8 2,868 $430.7 3,295 $416.1 
South East (4)
1,915$362.6 2,011$357.9 5,253 $362.9 5,428 $358.8 
Total
5,268$445.9 5,639$454.0 14,341 $450.7 16,247 $459.1 
As of September 30,
20262025
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
3,874$508.6 3,419$539.7 
North East (2)
769$681.3 924$676.0 
Mid East (3)
2,025$419.1 1,851$431.3 
South East (4)
3,453$359.7 2,971$379.1 
Total
10,121$453.0 9,165$479.5 
6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Average active communities:
Mid Atlantic (1)
147125135122
North East (2)
26342828
Mid East (3)
961009796
South East (4)
185191183180
Total
454450443426
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Homebuilding data:
New order cancellation rate
21.0%19.4%16.3 %17.1 %
Lots controlled at end of period
185,300 175,300 
Mortgage banking data:
Loan closings
$1,381,742$1,539,781$3,789,439 $4,527,982 
Capture rate
85%86%85%86%
Common stock information:
Shares outstanding at end of period
2,644,276 2,860,899 
Number of shares repurchased
37,08835,224181,984 178,178 
Aggregate cost of shares repurchased
$237,218$276,405$1,226,951 $1,331,212 

(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

7

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents

Keep reading

More on NVR

All NVR news

Trending in the feed

NUR
NuRAN Wireless Secures US$10 Million Non-Dilutive Facility and Confirms No ATM Sales at Current Market Levels Open the live feed