Form 8-K

8-K — NVR INC

Accession: 0000906163-26-000034

Filed: 2026-04-22

Period: 2026-04-22

CIK: 0000906163

SIC: 1531 (OPERATIVE BUILDERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nvr-20260422.htm (Primary)

EX-99.1 (q12026ex991_earningsrelease.htm)

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8-K

8-K (Primary)

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0000906163FALSE00009061632026-04-222026-04-22

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): April 22, 2026

NVR, Inc.

(Exact name of registrant as specified in its charter)

Virginia 1-12378 54-1394360

(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 class Trading Symbol(s) Name of each exchange on which registered

Common stock, par value $0.01 per share NVR New 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 April 22, 2026, NVR, Inc. issued a press release reporting its financial results for the first quarter ended March 31, 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 Number Exhibit Description

99.1

Press release dated April 22, 2026

104 Cover 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: April 22, 2026 By: /s/ Daniel D. Malzahn

Daniel D. Malzahn

Senior Vice President, Chief Financial Officer and Treasurer

EX-99.1

Filename: q12026ex991_earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

NVR, INC. ANNOUNCES FIRST QUARTER RESULTS

April 22, 2026, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2026 of $198.4 million, or $67.76 per diluted share. Net income and diluted earnings per share for the first quarter ended March 31, 2026 decreased 34% and 29%, respectively, when compared to 2025 first quarter net income of $299.6 million, or $94.83 per diluted share. Consolidated revenues for the first quarter of 2026 totaled $1.88 billion, which decreased 22% from $2.40 billion in the first quarter of 2025.

Homebuilding

New orders in the first quarter of 2026 increased by 7% to 5,738 units, when compared to 5,345 units in the first quarter of 2025. The average sales price of new orders in the first quarter of 2026 was $440,100, a decrease of 2% when compared with the first quarter of 2025. The cancellation rate in the first quarter of 2026 was 14% compared to 16% in the first quarter of 2025. Settlements in the first quarter of 2026 decreased by 22% to 4,015 units, compared to 5,133 units in the first quarter of 2025. The decrease in settlements was primarily attributable to a 15% lower backlog balance of homes sold but not settled entering the first quarter of 2026 compared to the same period in 2025. The average settlement price in the first quarter of 2026 was $457,000, which remained relatively flat when compared to the first quarter of 2025. As of March 31, 2026 our backlog of homes totaled 10,171 units, which was flat compared to March 31, 2025, while the dollar value of backlog declined 3% to $4.70 billion.

Homebuilding revenues of $1.83 billion in the first quarter of 2026 decreased by 22% compared to homebuilding revenues of $2.35 billion in the first quarter of 2025. Gross profit margin in the first quarter of 2026 decreased to 19.6%, compared to 21.9% in the first quarter of 2025. Gross profit margin was negatively impacted by continued pricing pressure and higher lot costs. Income before tax from the homebuilding segment totaled $224.6 million in the first quarter of 2026, a decrease of 39% when compared to the first quarter of 2025.

Mortgage Banking

Mortgage closed loan production in the first quarter of 2026 totaled $1.05 billion, a decrease of 27% when compared to the first quarter of 2025. Income before tax from the mortgage banking segment totaled $27.1 million in the first quarter of 2026, a decrease of 17% when compared to $32.5 million in the first quarter of 2025.

Effective Tax Rate

Our effective tax rate for the three months ended March 31, 2026 was 21.2% compared to 25.5% for the three months ended March 31, 2025. The decrease in the effective tax rate in the first quarter of 2026 was primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $12.6 million and $2.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

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,” “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.

NVR, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31,

2026 2025

Homebuilding:

Revenues 1,834,879 $ 2,350,445

Other income 28,049 26,712

Cost of sales (1,474,539) (1,835,375)

Selling, general and administrative (156,971) (165,117)

Interest expense (6,854) (7,181)

Homebuilding income 224,564 369,484

Mortgage Banking:

Mortgage banking fees 46,184 52,587

Interest income 3,629 3,806

Other income 777 1,093

General and administrative (23,127) (24,693)

Interest expense (333) (273)

Mortgage banking income 27,130 32,520

Income before taxes 251,694 402,004

Income tax expense (53,335) (102,428)

Net income $ 198,359 $ 299,576

Basic earnings per share $ 71.33 $ 100.41

Diluted earnings per share $ 67.76 $ 94.83

Basic weighted average shares outstanding 2,781 2,984

Diluted weighted average shares outstanding 2,928 3,159

NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

(unaudited)

March 31, 2026 December 31, 2025

ASSETS

Homebuilding:

Cash and cash equivalents $ 1,645,786 $ 1,883,844

Restricted cash 40,606 34,348

Receivables 35,423 32,742

Inventory:

Lots and housing units, covered under sales agreements with customers 1,652,220 1,410,695

Unsold lots and housing units 244,499 252,029

Land under development 19,433 39,312

Building materials and other 22,358 21,524

1,938,510 1,723,560

Contract land deposits, net 938,981 851,458

Property, plant and equipment, net 100,899 103,770

Operating lease right-of-use assets 108,985 110,535

Other assets 335,331 349,306

5,144,521 5,089,563

Mortgage Banking:

Cash and cash equivalents 36,281 32,642

Restricted cash 7,014 6,047

Mortgage loans held for sale, net 287,475 571,596

Property and equipment, net 7,892 7,727

Operating lease right-of-use assets 23,035 23,953

Other assets 79,560 125,402

441,257 767,367

Total assets $ 5,585,778 $ 5,856,930

NVR, Inc.

Consolidated Balance Sheets (Continued)

(in thousands, except share and per share data)

(unaudited)

March 31, 2026 December 31, 2025

LIABILITIES AND SHAREHOLDERS' EQUITY

Homebuilding:

Accounts payable $ 332,321 $ 259,244

Accrued expenses and other liabilities 374,987 376,976

Customer deposits 273,422 249,210

Operating lease liabilities 116,040 117,589

Senior notes 908,662 909,160

2,005,432 1,912,179

Mortgage Banking:

Accounts payable and other liabilities 61,162 53,738

Operating lease liabilities 25,150 26,144

86,312 79,882

Total liabilities 2,091,744 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 March 31, 2026 and December 31, 2025 206 206

Additional paid-in capital 3,202,642 3,155,367

Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2026 and December 31, 2025 (16,710) (16,710)

Deferred compensation liability 16,710 16,710

Retained earnings 16,585,128 16,386,769

Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March 31, 2026 and December 31, 2025, respectively (16,293,942) (15,677,473)

Total shareholders' equity 3,494,034 3,864,869

Total liabilities and shareholders' equity $ 5,585,778 $ 5,856,930

NVR, Inc.

Operating Activity

(dollars in thousands)

(unaudited)

Three Months Ended March 31,

2026 2025

Units Average Price Units Average Price

New orders, net of cancellations:

Mid Atlantic (1)

1,917 $ 499.3 1,866 $ 514.5

North East (2)

469 $ 612.0 377 $ 695.0

Mid East (3)

1,183 $ 425.3 1,098 $ 419.9

South East (4)

2,169 $ 358.8 2,004 $ 356.3

Total

5,738 $ 440.1 5,345 $ 448.5

Three Months Ended March 31,

2026 2025

Units Average Price Units Average Price

Settlements:

Mid Atlantic (1)

1,418 $ 520.4 2,050 $ 527.9

North East (2)

366 $ 657.1 471 $ 613.2

Mid East (3)

722 $ 430.0 1,013 $ 407.1

South East (4)

1,509 $ 361.7 1,599 $ 354.6

Total

4,015 $ 457.0 5,133 $ 457.9

As of March 31,

2026 2025

Units Average Price Units Average Price

Backlog:

Mid Atlantic (1)

3,659 $ 515.7 3,884 $ 535.7

North East (2)

1,076 $ 625.6 961 $ 694.4

Mid East (3)

2,094 $ 431.4 2,130 $ 422.6

South East (4)

3,342 $ 369.6 3,190 $ 372.9

Total

10,171 $ 462.0 10,165 $ 475.9

NVR, Inc.

Operating Activity (Continued)

(dollars in thousands)

(unaudited)

Three Months Ended March 31,

2026 2025

Average active communities:

Mid Atlantic (1)

124 120

North East (2)

31 24

Mid East (3)

99 93

South East (4)

178 164

Total

432 401

Three Months Ended March 31,

2026 2025

Homebuilding data:

New order cancellation rate

14 % 16 %

Lots controlled at end of period

181,700 167,600

Mortgage banking data:

Loan closings

$ 1,052,984 $ 1,432,922

Capture rate

83 % 86 %

Common stock information:

Shares outstanding at end of period

2,731,827 2,944,615

Number of shares repurchased

90,180 77,120

Aggregate cost of shares repurchased

$ 631,956 $ 583,394

(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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