10-K · February 11, 2026
NVR emphasizes a conservative, pre‑sold homebuilding model with a lot purchase strategy that limits direct land development and typical forfeitable deposits (up to 10% of lot price). Backlog and cancellations worsened…
Earnings analysis · 10-Q
NVR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
NVR reported Q1 results for 2026 showing a substantial decline in consolidated revenue and earnings as a result of ongoing market pressures. Revenue fell 22% year-over-year to $1.88 billion, with diluted EPS declining…
Read full summary
NVR reported Q1 results for 2026 showing a substantial decline in consolidated revenue and earnings as a result of ongoing market pressures. Revenue fell 22% year-over-year to $1.88 billion, with diluted EPS declining by 29% to $67.76. Segment performance varied, with significant revenue losses in the Mid Atlantic and North East segments, while overall market headwinds include reduced home orders and increased lot costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $67.76
- Gross margin
- 19.6%
- Segment
- Mid Atlantic: $738,026, North East: $240,484, Mid East: $310,452, South East: $545,917
What stood out
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Revenue Decline of 22%
Consolidated revenues for Q1 2026 were $1.88 billion, down from $2.35 billion in Q1 2025, reflecting ongoing market challenges.
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Diluted EPS Drop of 29%
Diluted EPS decreased to $67.76 from $94.83 year-over-year, marking a significant negative trend for the company.
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Gross Margin Compression
The gross profit margin fell to 19.6% in Q1 2026 from 21.9% in Q1 2025, adversely impacted by pricing pressures.
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Homebuilding New Orders Increased 7%
Despite overall revenue declines, new orders rose 7% compared to the prior year, indicating some demand resilience.
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Cash Flow from Operations Positive
Operating cash flow was $339.69 million, highlighting continued liquidity despite increasing market challenges.
-
Share Repurchase Program Ongoing
NVR repurchased 90,180 shares at an aggregate cost of $631.96 million, reaffirming commitment to returning capital to shareholders.
What to watch
-
Significant Revenue Decline
Consolidated revenue fell 22% year-over-year, significantly impacting overall financial health.
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Gross Margin Pressures Persist
The gross margin percentage decreased from 21.9% to 19.6%, indicating ongoing profitability challenges.
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Increased Lot Costs
Rising land costs are expected to continue applying pressure on margins and overall profitability.
Management's outlook
Management indicated uncertainty regarding the impact of ongoing market conditions on future performance.
Earlier filings 4
10-Q · November 5, 2025
NVR reported Q3 2025 diluted EPS of $112.33 on consolidated revenue of $2,609,505,000, with year-over-year revenue and margin pressure but continued strong cash generation. Homebuilding remains the main driver…
10-Q · August 6, 2025
NVR reported Q2 results with revenues essentially flat year-over-year at $2,598,814 (in thousands) and diluted EPS of $108.54, beating consensus. Margins improved sequentially (gross and operating) versus Q1 but remain…
10-Q · May 5, 2025
NVR reported Q1 2025 consolidated revenues of $2,403,032,000 (up $69,569,000 vs Q1 2024) but saw meaningful margin compression and an earnings decline. Diluted EPS fell to $94.83 from $116.41 in Q1 2024 and gross margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.