0000906163FALSE00009061632026-01-282026-01-28

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):  January 28, 2026

NVR, Inc.
(Exact name of registrant as specified in its charter)
Virginia1-1237854-1394360
(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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNVRNew 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 January 28, 2026, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended December 31, 2025. 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 NumberExhibit Description
99.1
104Cover 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: January 28, 2026By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer

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Exhibit 99.1
NVR, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS

January 28, 2026, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its fourth quarter ended December 31, 2025 of $363.8 million, or $121.54 per diluted share. For the fourth quarter ended December 31, 2025, net income and diluted earnings per share decreased 20% and 13%, respectively, when compared to 2024 fourth quarter net income of $457.4 million, or $139.93 per diluted share. Consolidated revenues for the fourth quarter of 2025 totaled $2.71 billion, compared to $2.85 billion in the fourth quarter of 2024.
For the year ended December 31, 2025, consolidated revenues were $10.32 billion, a 2% decrease from $10.52 billion reported for the same period of 2024. Net income for the year ended December 31, 2025 was $1.34 billion, a decrease of 20% when compared to net income for the year ended December 31, 2024 of $1.68 billion. Diluted earnings per share for the year ended December 31, 2025 was $436.55, a decrease of 14% from $506.69 per diluted share for the same period of 2024.
Homebuilding
New orders in the fourth quarter of 2025 increased by 3% to 4,951 units, when compared to 4,794 units in the fourth quarter of 2024. The average sales price of new orders in the fourth quarter of 2025 was $454,200, a decrease of 3% when compared to the fourth quarter of 2024. The cancellation rate in the fourth quarter of 2025 was 16.6% compared to 16.9% in the fourth quarter of 2024. Settlements in the fourth quarter of 2025 decreased by 8% to 5,668 units, compared to 6,180 units in the fourth quarter of 2024. The average settlement price in the fourth quarter of 2025 increased by 3% to $464,900, compared to $450,000 in the fourth quarter of 2024. Our backlog of homes sold but not settled as of December 31, 2025 decreased on a unit basis by 15% to 8,448 units and decreased on a dollar basis by 16% to $4.01 billion when compared to the respective backlog unit and dollar balances as of December 31, 2024.
Homebuilding revenues of $2.64 billion in the fourth quarter of 2025 decreased by 5% compared to homebuilding revenues of $2.78 billion in the fourth quarter of 2024. Gross profit margin in the fourth quarter of 2025 decreased to 20.4%, from 23.6% in the fourth 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 $35.7 million. Income before tax from the homebuilding segment totaled $411.5 million in the fourth quarter of 2025, a decrease of 22% when compared to the fourth quarter of 2024.
New Orders for the year ended December 31, 2025 decreased by 10% to 20,410 units, compared to 22,560 units in 2024. Settlements for the year ended December 31, 2025 decreased by 4% to 21,915 units, compared to 22,836 units settled in 2024. Homebuilding revenues for the year ended December 31, 2025 totaled $10.09 billion, a 2% decrease from 2024. Gross profit margin for the year ended December 31, 2025 decreased to 21.2%, compared to 23.7% in 2024. Gross profit margin was negatively impacted by contract land deposit impairments totaling approximately $75.9 million. Income before tax for the homebuilding segment decreased 18% for the year ended December 31, 2025 to $1.61 billion, compared to $1.96 billion in 2024.
Mortgage Banking
Mortgage closed loan production in the fourth quarter of 2025 totaled $1.51 billion, a decrease of 11% when compared to the fourth quarter of 2024. Income before tax from the mortgage banking segment totaled $57.2 million in the fourth quarter of 2025, an increase of 24% when compared to $45.9 million in the fourth quarter of 2024. The increase was primarily attributable to an increase in secondary marketing gains on sales of loans.
Mortgage closed loan production for the year ended December 31, 2025 decreased 4% to $6.04 billion, compared to $6.26 billion in 2024. Income before tax from the mortgage banking segment for the year ended December 31, 2025 decreased 2% to $152.0 million from $154.9 million in 2024.
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Effective Tax Rate
Our effective tax rate for the three and twelve month periods ended December 31, 2025 was 22.4% and 24.0%, respectively, compared to 20.1% and 20.5% for the three and twelve month periods ended December 31, 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 $8.7 million and $28.3 million for the three and twelve months ended December 31, 2025, respectively, compared to $21.3 million and $95.1 million for the three and twelve months ended December 31, 2024, 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” 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.
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NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)


Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
(unaudited)
(unaudited)
(unaudited)
Homebuilding:
Revenues$2,635,214 $2,780,717 $10,094,269 $10,292,425 
Other income22,460 33,094 96,260 143,890 
Cost of sales(2,096,645)(2,125,633)(7,953,401)(7,850,549)
Selling, general and administrative(142,644)(154,714)(599,667)(598,207)
Interest expense(6,857)(6,774)(27,578)(26,988)
Homebuilding income411,528 526,690 1,609,883 1,960,571 
Mortgage Banking:
Mortgage banking fees77,394 64,891 229,690 232,054 
Interest income4,706 5,600 17,886 19,092 
Other income1,395 1,562 5,189 5,480 
General and administrative(25,944)(25,870)(99,459)(100,896)
Interest expense(357)(239)(1,257)(795)
Mortgage banking income57,194 45,944 152,049 154,935 
Income before taxes468,722 572,634 1,761,932 2,115,506 
Income tax expense(104,907)(115,202)(422,116)(433,578)
Net income$363,815 $457,432 $1,339,816 $1,681,928 
Basic earnings per share$128.52 $149.84 $462.00 $540.88 
Diluted earnings per share$121.54 $139.93 $436.55 $506.69 
Basic weighted average shares outstanding2,831 3,053 2,900 3,110 
Diluted weighted average shares outstanding2,993 3,269 3,069 3,319 
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NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)

December 31, 2025December 31, 2024
(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents$1,883,844 $2,561,339 
Restricted cash34,348 42,172 
Receivables32,742 32,622 
Inventory:
Lots and housing units, covered under sales agreements with customers1,410,695 1,727,243 
Unsold lots and housing units252,029 237,177 
Land under development39,312 65,394 
Building materials and other21,524 28,893 
1,723,560 2,058,707 
Contract land deposits, net851,458 726,675 
Property, plant and equipment, net103,770 95,619 
Operating lease right-of-use assets110,535 78,340 
Deferred tax assets, net143,666 142,192 
Other assets205,640 150,566 
5,089,563 5,888,232 
Mortgage Banking:
Cash and cash equivalents32,642 49,636 
Restricted cash6,047 11,520 
Mortgage loans held for sale, net571,596 355,209 
Property and equipment, net7,727 7,373 
Operating lease right-of-use assets23,953 23,482 
Other assets125,402 45,536 
767,367 492,756 
Total assets$5,856,930 $6,380,988 

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NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
December 31, 2025December 31, 2024
(unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$259,244 $332,772 
Accrued expenses and other liabilities376,976 441,300 
Customer deposits249,210 322,926 
Operating lease liabilities117,589 83,939 
Senior notes909,160 911,118 
1,912,179 2,092,055 
Mortgage Banking:
Accounts payable and other liabilities53,738 53,433 
Operating lease liabilities26,144 25,428 
79,882 78,861 
Total liabilities1,992,061 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 December 31, 2025 and December 31, 2024206 206 
Additional paid-in capital3,155,367 3,031,637 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both December 31, 2025 and December 31, 2024(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings16,386,769 15,046,953 
Less treasury stock at cost – 17,755,943 and 17,543,686 shares as of December 31, 2025 and December 31, 2024, respectively(15,677,473)(13,868,724)
Total shareholders' equity3,864,869 4,210,072 
Total liabilities and shareholders' equity$5,856,930 $6,380,988 

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NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,

2025202420252024
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
1,869$504.9 1,726$547.1 7,379 $520.0 8,511 $527.3 
North East (2)
544$578.8 453$639.9 1,778 $638.3 1,994 $622.4 
Mid East (3)
965$431.4 1,024$419.6 4,066 $426.5 4,654 $408.0 
South East (4)
1,573$364.8 1,591$367.4 7,187 $362.5 7,401 $364.6 
Total
4,951$454.2 4,794$469.0 20,410 $456.2 22,560 $457.7 
Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
2,128$526.8 2,143$524.8 8,287 $527.6 8,537 $518.1 
North East (2)
495$632.1 522$617.7 1,860 $646.5 1,967 $592.6 
Mid East (3)
1,183$425.9 1,242$410.3 4,478 $418.7 4,585 $406.0 
South East (4)
1,862$374.6 2,273$362.5 7,290 $362.8 7,747 $366.7 
Total
5,668$464.9 6,180$450.0 21,915 $460.6 22,836 $450.7 
As of December 31,
20252024
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
3,160$527.8 4,068$541.6 
North East (2)
973$644.0 1,055$658.1 
Mid East (3)
1,633$435.2 2,045$416.5 
South East (4)
2,682$373.9 2,785$374.3 
Total
8,448$474.4 9,953$481.4 
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NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
Average active communities:
Mid Atlantic (1)
134132125147
North East (2)
35293031
Mid East (3)
9810496101
South East (4)
183161181148
Total
450426432427
Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
Homebuilding data:
New order cancellation rate
16.6%16.9%17.0 %14.2 %
Lots controlled at end of period
180,100 162,400 
Mortgage banking data:
Loan closings
$1,511,639$1,695,831$6,039,621 $6,260,428 
Capture rate
84%86%86%86%
Common stock information:
Shares outstanding at end of period
2,799,387 3,011,644 
Number of shares repurchased
64,90464,216243,082 256,871 
Aggregate cost of shares repurchased
$487,383$564,315$1,818,595 $2,057,677 

(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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