Document

October 22, 2025, 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, 2025 of $342.7 million, or $112.33 per diluted share. For the third quarter ended September 30, 2025, net income and diluted earnings per share decreased 20% and 14%, respectively, when compared to 2024 third quarter net income of $429.3 million, or $130.50 per diluted share. Consolidated revenues for the third quarter of 2025 totaled $2.61 billion, compared to $2.73 billion in the third quarter of 2024.

For the nine months ended September 30, 2025, consolidated revenues were $7.61 billion, a 1% decrease from $7.68 billion reported for the same period of 2024. Net income for the nine months ended September 30, 2025 was $976.0 million, a decrease of 20% when compared to net income for the nine months ended September 30, 2024 of $1.22 billion. Diluted earnings per share for the nine months ended September 30, 2025 was $315.33, a decrease of 14% from $367.20 per diluted share for the same period of 2024.

New orders in the third quarter of 2025 decreased by 16% to 4,735 units, when compared to 5,650 units in the third quarter of 2024. The average sales price of new orders in the third quarter of 2025 was $464,800, an increase of 3% when compared to the third quarter of 2024. The cancellation rate in the third quarter of 2025 was 19% compared to 15% in the third quarter of 2024. Settlements in the third quarter of 2025 decreased by 5% to 5,639 units, compared to 5,908 units in the third quarter of 2024. The average settlement price in the third quarter of 2025 was $454,000, which remained relatively flat when compared to the third quarter of 2024. Our backlog of homes sold but not settled as of September 30, 2025 decreased on a unit basis by 19% to 9,165 units and decreased on a dollar basis by 17% to $4.39 billion when compared to the respective backlog unit and dollar balances as of September 30, 2024.

Homebuilding revenues of $2.56 billion in the third quarter of 2025 decreased by 4% compared to homebuilding revenues of $2.68 billion in the third quarter of 2024. Gross profit margin in the third quarter of 2025 decreased to 21.0%, from 23.4% in the third quarter of 2024. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges, and contract land deposit impairments totaling approximately $18.9 million. Income before tax from the homebuilding segment totaled $411.4 million in the third quarter of 2025, a decrease of 18% when compared to the third quarter of 2024.

Our effective tax rate for the three and nine month periods ended September 30, 2025 was 22.8% and 24.5%, respectively, compared to 20.3% and 20.6% for the three and nine month periods ended September 30, 2024, respectively. The increase in the effective tax rate in each period is primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $13.4 million and $19.7 million for the three and nine months ended September 30, 2025, respectively, compared to $23.1 million and $73.7 million for the three and nine months ended September 30, 2024, respectively.

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” 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, 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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Homebuilding:
Revenues	$	2,560,343	$	2,677,640	$	7,459,055	$	7,511,708
Other income	22,000		33,746		73,800		110,796
Cost of sales	(2,021,398)		(2,051,087)		(5,856,756)		(5,724,916)
Selling, general and administrative	(142,736)		(149,777)		(457,023)		(443,493)
Interest expense	(6,855)		(6,855)		(20,721)		(20,214)
Homebuilding income	411,354		503,667		1,198,355		1,433,881

Mortgage Banking:
Mortgage banking fees	49,162		55,311		152,296		167,163
Interest income	4,881		4,728		13,180		13,492
Other income	1,400		1,414		3,794		3,918
General and administrative	(22,397)		(26,317)		(73,515)		(75,026)
Interest expense	(327)		(191)		(900)		(556)
Mortgage banking income	32,719		34,945		94,855		108,991

Income before taxes	444,073		538,612		1,293,210		1,542,872
Income tax expense	(101,385)		(109,289)		(317,209)		(318,376)

Net income	$	342,688	$	429,323	$	976,001	$	1,224,496

Basic earnings per share	$	119.26	$	139.65	$	333.86	$	391.37

Diluted earnings per share	$	112.33	$	130.50	$	315.33	$	367.20

Basic weighted average shares outstanding	2,874		3,074		2,923		3,129

Diluted weighted average shares outstanding	3,051		3,290		3,095		3,335


NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

	September 30, 2025		December 31, 2024
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,932,167	$	2,561,339
Restricted cash	44,034		42,172
Receivables	41,377		32,622
Inventory:
Lots and housing units, covered under sales agreements with customers	1,758,906		1,727,243
Unsold lots and housing units	313,971		237,177
Land under development	38,017		65,394
Building materials and other	20,531		28,893
	2,131,425		2,058,707

Contract land deposits, net	868,308		726,675
Property, plant and equipment, net	102,479		95,619
Operating lease right-of-use assets	87,116		78,340
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580		41,580
Other assets	291,748		251,178
	5,540,234		5,888,232
Mortgage Banking:
Cash and cash equivalents	39,280		49,636
Restricted cash	8,123		11,520
Mortgage loans held for sale, net	341,579		355,209
Property and equipment, net	8,081		7,373
Operating lease right-of-use assets	25,252		23,482
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347		7,347
Other assets	65,562		38,189
	495,224		492,756
Total assets	$	6,035,458	$	6,380,988


NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)

	September 30, 2025		December 31, 2024
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable	$	361,209	$	332,772
Accrued expenses and other liabilities	344,658		441,300
Customer deposits	277,351		322,926
Operating lease liabilities	93,191		83,939
Senior notes	909,654		911,118
	1,986,063		2,092,055
Mortgage Banking:
Accounts payable and other liabilities	55,249		53,433
Operating lease liabilities	27,384		25,428
	82,633		78,861
Total liabilities	2,068,696		2,170,916

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, 2025 and December 31, 2024	206		206
Additional paid-in capital	3,131,980		3,031,637
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both September 30, 2025 and December 31, 2024	(16,710)		(16,710)
Deferred compensation liability	16,710		16,710
Retained earnings	16,022,954		15,046,953
Less treasury stock at cost – 17,694,431 and 17,543,686 shares as of September 30, 2025 and December 31, 2024, respectively	(15,188,378)		(13,868,724)
Total shareholders' equity	3,966,762		4,210,072
Total liabilities and shareholders' equity	$	6,035,458	$	6,380,988


NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	Units	Average Price		Units	Average Price		Units	Average Price		Units	Average Price
New orders, net of cancellations:
Mid Atlantic (1)	1,714	$	529.7	2,206	$	514.7	5,510	$	525.1	6,785	$	522.2
North East (2)	433	$	647.1	536	$	616.4	1,234	$	664.6	1,541	$	617.2
Mid East (3)	931	$	431.9	1,105	$	400.2	3,101	$	425.0	3,630	$	404.8
South East (4)	1,657	$	368.6	1,803	$	354.1	5,614	$	361.8	5,810	$	363.9
Total	4,735	$	464.8	5,650	$	450.7	15,459	$	456.8	17,766	$	454.7


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
	Units	Average Price		Units	Average Price		Units	Average Price		Units	Average Price
Settlements:
Mid Atlantic (1)	2,008	$	517.9	2,229	$	514.9	6,159	$	527.8	6,394	$	515.9
North East (2)	420	$	694.6	495	$	606.9	1,365	$	651.7	1,445	$	583.6
Mid East (3)	1,200	$	423.8	1,219	$	411.1	3,295	$	416.1	3,343	$	404.5
South East (4)	2,011	$	357.9	1,965	$	370.5	5,428	$	358.8	5,474	$	368.5
Total	5,639	$	454.0	5,908	$	453.2	16,247	$	459.1	16,656	$	451.0


NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Average active communities:
Mid Atlantic (1)	125			146			122			152
North East (2)	34			32			28			32
Mid East (3)	100			98			96			100
South East (4)	191			146			180			143
Total	450			422			426			427


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Homebuilding data:
New order cancellation rate	19.4		%	14.5		%	17.1		%	13.5		%
Lots controlled at end of period							175,300			151,800

Mortgage banking data:
Loan closings	$	1,539,781		$	1,656,507		$	4,527,982		$	4,564,597
Capture rate	86		%	86		%	86		%	86		%

Common stock information:
Shares outstanding at end of period							2,860,899			3,064,790
Number of shares repurchased	35,224			42,629			178,178			192,655
Aggregate cost of shares repurchased	$	276,405		$	357,450		$	1,331,212		$	1,493,362


	As of September 30,
	2025			2024
	Units	Average Price		Units	Average Price
Backlog:
Mid Atlantic (1)	3,419	$	539.7	4,485	$	531.4
North East (2)	924	$	676.0	1,124	$	646.5
Mid East (3)	1,851	$	431.3	2,263	$	411.5
South East (4)	2,971	$	379.1	3,467	$	369.8
Total	9,165	$	479.5	11,339	$	469.5


(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