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.
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 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.
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 Balance Sheets (Continued) (in thousands, except share and per share data) (unaudited) LIABILITIES AND SHAREHOLDERS' EQUITY September 30, December 31, Homebuilding: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Accounts $ 365,207 $ 259,244 payable Accrued expenses and 306,013 376,976 other liabilities Customer 285,364 249,210 deposits Operating lease 136,289 117,589 liabilities Senior notes 907,659 909,160 2,000,532 1,912,179 Mortgage Banking: Accounts payable and 106,690 53,738 other liabilities Operating lease 23,735 26,144 liabilities 130,425 79,882 Total 2,130,957 1,992,061 liabilities Commitments and contingencies Shareholders' equity: Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 206 206 shares issued as of both September 30, 2026 and December 31, 2025 Additional paid-in 3,255,240 3,155,367 capital Deferred compensation trust – 106,697 shares of NVR, Inc. common stock -16,710 -16,710 as of both September 30, 2026 and December 31, 2025 Deferred compensation 16,710 16,710 liability Retained 17,070,191 16,386,769 earnings Less treasury stock at cost – 17,911,054 and 17,755,943 shares as of -16,890,644 -15,677,473 September 30, 2026 and December 31, 2025, respectively Total shareholders' 3,434,993 3,864,869 equity Total liabilities and $ 5,565,950 $ 5,856,930 shareholders' equity
(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
Full text with the tables
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 Nine
Months Months
Ended Ended
Septe… Septem…
30, 30,
Home… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Reve… $ 2,349,… $ 2,560… $ 6,463… $ 7,459,…
Other 12,209 22,000 52,353 73,800
inco…
Cost
of -1,920… -2,02… -5,23… -5,856…
sales
Sell…
gene… -135,0… -142,… -442,… -457,0…
and
admi…
Inte… -6,692 -6,855 -20,2… -20,721
expe…
Home… 299,716 411,3… 817,5… 1,198,…
inco…
Mort…
Bank…
Mort…
bank… 53,146 49,162 145,9… 152,296
fees
Inte… 4,293 4,881 11,905 13,180
inco…
Other 1,271 1,400 3,340 3,794
inco…
Gene…
and -23,470 -22,3… -72,7… -73,515
admi…
Inte… -268 -327 -897 -900
expe…
Mort…
bank… 34,972 32,719 87,513 94,855
inco…
Inco…
befo… 334,688 444,0… 905,0… 1,293,…
taxes
Inco…
tax -86,083 -101,… -221,… -317,2…
expe…
Net $ 248,605 $ 342,6… $ 683,4… $ 976,001
inco…
Basic
earn… $ 93.49 $ 119.26 $ 251.99 $ 333.86
per
share
Dilu…
earn… $ 89.45 $ 112.33 $ 240.54 $ 315.33
per
share
Basic
weig…
aver… 2,659 2,874 2,712 2,923
shar…
outs…
Dilu…
weig…
aver… 2,779 3,051 2,841 3,095
shar…
outs…
3
NVR, Inc.
Consolidated
Balance Sheets
(in thousands,
except share
and per share
data)
(unaudited)
ASSETS September 30, December 31,
Homebuilding: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 1,091,315 $ 1,883,844
equivalents
Restricted cash 37,549 34,348
Receivables 54,560 32,742
Inventory:
Lots and
housing units,
covered under 1,941,337 1,410,695
sales
agreements with
customers
Unsold lots and 384,837 252,029
housing units
Land under 21,792 39,312
development
Building
materials and 24,821 21,524
other
2,372,787 1,723,560
Contract land 916,747 851,458
deposits, net
Property, plant
and equipment, 109,860 103,770
net
Operating lease
right-of-use 120,701 110,535
assets
Other assets 359,355 349,306
5,062,874 5,089,563
Mortgage
Banking:
Cash and cash 34,071 32,642
equivalents
Restricted cash 6,596 6,047
Mortgage loans
held for sale, 346,874 571,596
net
Property and 7,256 7,727
equipment, net
Operating lease
right-of-use 21,741 23,953
assets
Other assets 86,538 125,402
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)
LIABILITIES
AND
SHAREHOLDERS'
EQUITY September 30, December 31,
Homebuilding: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Accounts $ 365,207 $ 259,244
payable
Accrued
expenses and 306,013 376,976
other
liabilities
Customer 285,364 249,210
deposits
Operating
lease 136,289 117,589
liabilities
Senior notes 907,659 909,160
2,000,532 1,912,179
Mortgage
Banking:
Accounts
payable and 106,690 53,738
other
liabilities
Operating
lease 23,735 26,144
liabilities
130,425 79,882
Total 2,130,957 1,992,061
liabilities
Commitments
and
contingencies
Shareholders'
equity:
Common stock,
$0.01 par
value;
60,000,000
shares
authorized;
20,555,330 206 206
shares issued
as of both
September 30,
2026 and
December 31,
2025
Additional
paid-in 3,255,240 3,155,367
capital
Deferred
compensation
trust –
106,697
shares of
NVR, Inc.
common stock -16,710 -16,710
as of
both
September 30,
2026 and
December 31,
2025
Deferred
compensation 16,710 16,710
liability
Retained 17,070,191 16,386,769
earnings
Less treasury
stock at cost
– 17,911,054
and
17,755,943
shares as of -16,890,644 -15,677,473
September
30, 2026 and
December 31,
2025,
respectively
Total
shareholders' 3,434,993 3,864,869
equity
Total
liabilities
and $ 5,565,950 $ 5,856,930
shareholders'
equity
5
… …
… …
… …
… …
… …
… … … … … … … …
… … … … … … … …
──────────────────────────────────────────────────────────────────────────────
1… $ 4… 1… $ 5… 5… $ 4… 5… $ 5…
2… $ 7… 4… $ 6… 1… $ 6… 1… $ 6…
8… $ 4… 9… $ 4… 3… $ 4… 3… $ 4…
1… $ 3… 1… $ 3… 6… $ 3… 5… $ 3…
4… $ 4… 4… $ 4… 1… $ 4… 1… $ 4…
… …
… …
… …
… …
… …
… … … …
… … … … … … … …
… … … …
1… $ 5… 2… $ 5… 4… $ 5… 6… $ 5…
4… $ 6… 4… $ 6… 1… $ 6… 1… $ 6…
1… $ 4… 1… $ 4… 2… $ 4… 3… $ 4…
1… $ 3… 2… $ 3… 5… $ 3… 5… $ 3…
5… $ 4… 5… $ 4… 1… $ 4… 1… $ 4…
As of
Septe…
30,
2026 Avera… 2025 Aver…
Back… Units Price Units Price
──────────────────────────────────────────────────────────────────────────────
Mid
Atla… 3,874 $ 508.6 3,419 $ 539.7
(1)
North
East 769 $ 681.3 924 $ 676.0
(2)
Mid
East 2,025 $ 419.1 1,851 $ 431.3
(3)
South
East 3,453 $ 359.7 2,971 $ 379.1
(4)
Total 10,121 $ 453.0 9,165 $ 479.5
6
NV…
In…
Op…
Ac…
(C…
(d…
in
th…
(u…
Av…
ac…
co…
Mid
At…
(1)
No…
Ea…
(2)
Mid
Ea…
(3)
So…
Ea…
(4)
To…
Ho…
da…
New
or… Thr… Nine
ca… Mon… Mon…
ra… End… End…
Lo… Sep… Sep…
co… 30, 30,
at 2026 2026
end Thr… 147 125 Nine 135 122
of Mon… 26 34 Mon… 28 28
pe… End… 96 100 End… 97 96
Mo… Sep… 185 191 Sep… 183 180
ba… 30, 454 20… 450 30, 16… 443 2025 17… 426
da… 2026 21… % 20… 19.4 % 2026 18… % 2025 17… %
──────────────────────────────────────────────────────────────────────────────
Lo… $ 1,3… $ 1,… $ 3,… $ 4,…
cl…
Ca… 85 % 86 % 85 % 86 %
ra…
Co…
st…
in…
Sh…
ou…
at 2,… 2,…
end
of
pe…
Nu…
of 37,… 35… 18… 17…
sh…
re…
Ag…
co…
of $ 237… $ 27… $ 1,… $ 1,…
sh…
re…
(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