NVR, INC. ANNOUNCES SECOND QUARTER RESULTS
RESTON, VA, July 23, 2026 /PRNewswire/ -- 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," "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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Homebuilding:
Revenues
$ 2,279,771
$ 2,548,267
$ 4,114,650
$ 4,898,712
Other income
12,095
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 income
293,230
417,517
517,794
787,001
Mortgage Banking:
Mortgage banking fees
46,585
50,547
92,769
103,134
Interest income
3,983
4,493
7,612
8,299
Other income
1,292
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 income
25,411
29,616
52,541
62,136
Income before taxes
318,641
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 outstanding
2,698
2,914
2,739
2,949
Diluted weighted average shares outstanding
2,816
3,075
2,872
3,117
NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
June 30, 2026
December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents
$ 1,093,736
$ 1,883,844
Restricted cash
44,562
34,348
Receivables
49,642
32,742
Inventory:
Lots and housing units, covered under sales agreements with customers
1,877,430
1,410,695
Unsold lots and housing units
307,698
252,029
Land under development
21,067
39,312
Building materials and other
29,094
21,524
2,235,289
1,723,560
Contract land deposits, net
927,380
851,458
Property, plant and equipment, net
99,248
103,770
Operating lease right-of-use assets
110,893
110,535
Other assets
348,163
349,306
4,908,913
5,089,563
Mortgage Banking:
Cash and cash equivalents
50,938
32,642
Restricted cash
8,023
6,047
Mortgage loans held for sale, net
396,678
571,596
Property and equipment, net
7,723
7,727
Operating lease right-of-use assets
22,538
23,953
Other assets
75,807
125,402
561,707
767,367
Total assets
$ 5,470,620
$ 5,856,930
NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
June 30, 2026
December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable
$ 375,478
$ 259,244
Accrued expenses and other liabilities
311,697
376,976
Customer deposits
294,698
249,210
Operating lease liabilities
117,947
117,589
Senior notes
908,162
909,160
2,007,982
1,912,179
Mortgage Banking:
Accounts payable and other liabilities
46,849
53,738
Operating lease liabilities
24,593
26,144
71,442
79,882
Total liabilities
2,079,424
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, 2025
206
206
Additional paid-in capital
3,223,670
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 liability
16,710
16,710
Retained earnings
16,821,586
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' equity
3,391,196
3,864,869
Total liabilities and shareholders' equity
$ 5,470,620
$ 5,856,930
NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Units
Average
Price
Units
Average
Price
Units
Average
Price
Units
Average
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,
2026
2025
2026
2025
Units
Average Price
Units
Average Price
Units
Average Price
Units
Average 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,
2026
2025
Units
Average
Price
Units
Average
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
NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Average active communities:
Mid Atlantic (1)
133
120
129
120
North East (2)
28
26
29
25
Mid East (3)
95
94
97
93
South East (4)
186
186
182
175
Total
442
426
437
413
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
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
54,716
65,834
144,896
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
SOURCE NVR, INC.