Every material Form 8-K NVR has filed with the SEC since January 30, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
NVR reported third-quarter 2026 net income of $248.6 million, or $89.45 per diluted share, down 27% and 20% respectively from the prior-year quarter. Consolidated revenue fell to $2.40 billion from $2.61 billion, and homebuilding gross profit margin declined to 18.3% from 21.0%, which the company attributed to higher lot costs, pricing pressure and $24.8 million in contract land deposit impairments.
Q3 2026 net income $248.6 million, down from $342.7 million; diluted EPS $89.45 versus $112.33
Q3 2026 consolidated revenue $2.40 billion versus $2.61 billion in Q3 2025
Q3 2026 new orders fell 7% to 4,391 units; cancellation rate rose to 21% from 19%
Nine-month net income $683.4 million, down 30%; company repurchased $237.2 million of shares in the quarter
NVR reported second-quarter 2026 net income of $236.5 million, or $83.96 per diluted share, down 29% and 23% from the same quarter of 2025. Consolidated revenue fell to $2.33 billion from $2.60 billion, and the homebuilding gross profit margin dropped to 19.2% from 21.5%. New orders rose 9%, but settlements fell 8%, and lower profit and margins weigh on shareholder returns.
Second-quarter net income was $236.5 million, or $83.96 per diluted share, versus $333.7 million, or $108.54 per diluted share, in 2025.
Consolidated revenue was $2.33 billion versus $2.60 billion a year earlier; homebuilding gross profit margin was 19.2% versus 21.5%.
New orders rose 9% to 5,885 units, while settlements fell 8% to 5,058 units; backlog reached 10,998 units as of June 30, 2026.
Six-month net income was $434.8 million, down 31%, and six-month diluted earnings per share were $151.38, down 26%.
On May 14, 2026, NVR's Compensation Committee approved stock option grants to four executive officers, with Chairman Paul Saville and CEO Eugene Bredow each receiving 5,238 options. Half of each award vests on December 31, 2028 based on continued employment, and the other half also depends on NVR's return on capital from 2026 through 2028. The grants are routine compensation actions tied partly to performance.
Grant date May 14, 2026; exercise price $5,720.10 per share, the prior day's closing price
Paul C. Saville (Executive Chairman) and Eugene J. Bredow (President and CEO) each received 5,238 options
Daniel D. Malzahn (CFO) received 2,670 options and Matthew B. Kelpy (Chief Accounting Officer) received 544 options
Performance-based half vests based on NVR return on capital during 2026 through 2028
NVR, Inc. reported first-quarter 2026 net income of $198.4 million, or $67.76 per diluted share, down 34% and 29% from a year earlier. Consolidated revenue fell 22% to $1.88 billion as home settlements declined, and homebuilding gross profit margin narrowed to 19.6%. For shareholders, the lower profit and margins outweigh the 7% rise in new orders.
Net income was $198.4 million, or $67.76 per diluted share, versus $299.6 million, or $94.83 per diluted share, in Q1 2025.
Consolidated revenue was $1.88 billion, down 22% from $2.40 billion; settlements fell 22% to 4,015 units.
New orders rose 7% to 5,738 units, while homebuilding gross profit margin fell to 19.6% from 21.9%.
NVR repurchased 90,180 shares for an aggregate cost of $632 million in the quarter.
NVR reported fourth-quarter 2025 net income of $363.8 million, or $121.54 per diluted share, down 20% and 13% from a year earlier, on revenue of $2.71 billion versus $2.85 billion. For the full year, net income was $1.34 billion, down 20%, and diluted earnings per share were $436.55, down 14%. Shareholders are affected because profit and per-share earnings declined in both periods, with lower gross margins and land deposit impairments cited as pressures.
Q4 2025 homebuilding gross profit margin was 20.4%, down from 23.6% in Q4 2024, with contract land deposit impairments of approximately $35.7 million
Full-year 2025 diluted EPS was $436.55 versus $506.69 in 2024; full-year revenue was $10.32 billion, down 2%
Q4 2025 new orders rose 3% to 4,951 units, while settlements fell 8% to 5,668 units
NVR repurchased 243,082 shares for $1.82 billion in 2025
NVR reported third-quarter 2025 net income of $342.7 million, or $112.33 per diluted share, down 20% and 14%, respectively, from the year-earlier quarter. Consolidated revenue fell to $2.61 billion from $2.73 billion, and the homebuilding gross profit margin dropped to 21.0% from 23.4%, which the company attributed to higher lot costs, pricing pressure and land deposit impairments of about $18.9 million. For shareholders, lower earnings and margins reflect weaker demand and pricing, though the company continued to repurchase shares.
Q3 net income $342.7 million vs. $429.3 million a year earlier; diluted EPS $112.33 vs. $130.50
Q3 consolidated revenue $2.61 billion vs. $2.73 billion; new orders down 16% to 4,735 units
Homebuilding gross profit margin 21.0% vs. 23.4%, including about $18.9 million in land deposit impairments
Nine-month net income $976.0 million, down 20%; diluted EPS $315.33, down 14%
NVR, Inc. appointed George R. Oliver as an independent director effective October 1, 2025, and placed him on the Nominating and Corporate Governance Committee. Mr. Oliver previously served as Chairman and CEO of Johnson Controls International plc from 2016 to July 2025, and he received a grant of 338 non-qualified stock options under the company's 2018 Equity Incentive Plan.
Appointed to the board effective October 1, 2025; term runs until the 2026 Annual Meeting of Shareholders
Joins the Nominating and Corporate Governance Committee effective October 1, 2025
Received a grant of 338 non-qualified stock options, on terms consistent with other non-employee directors
Previously Chairman and CEO of Johnson Controls International plc from 2016 to July 2025
NVR reported second-quarter 2025 net income of $333.7 million, or $108.54 per diluted share, down 17% and 10% from a year earlier. Consolidated revenue was $2.60 billion, roughly flat compared with $2.61 billion, as homebuilding gross profit margin fell to 21.5% from 23.6%.
Net income was $333.7 million versus $400.9 million in Q2 2024; diluted EPS was $108.54 versus $120.69.
Homebuilding gross profit margin was 21.5% versus 23.6%, citing higher lot costs, pricing pressure and about $13.2 million in contract land deposit impairments.
New orders fell 11% to 5,379 units, and the cancellation rate rose to 17% from 13%.
Six-month net income was $633.3 million, down 20%, and the company repurchased shares for $471.4 million in the quarter.
NVR, Inc. appointed Michael J. DeVito as an independent director effective July 1, 2025, and added him to the Compensation Committee. DeVito previously served as CEO and Executive Director of Freddie Mac from 2021 to 2024, which the company highlights given its mortgage banking segment.
Michael J. DeVito joins the board effective July 1, 2025, with his term running until the 2026 Annual Meeting of Shareholders.
DeVito was appointed to the Compensation Committee effective the same date.
As a non-employee director, he receives compensation consistent with other non-employee directors and a grant of 342 non-qualified stock options under the 2018 Equity Incentive Plan.
Before Freddie Mac, DeVito spent twenty-four years at Wells Fargo & Company, most recently as Executive Vice President and Head of Home Lending.
NVR reported first-quarter 2025 net income of $299.6 million, or $94.83 per diluted share, down 24% and 19%, respectively, from the prior-year quarter. Consolidated revenue rose 3% to $2.40 billion, but the homebuilding gross profit margin fell to 21.9% from 24.5%, and new orders declined 12%, which weighs on profit for shareholders.
Net income was $299.6 million, down from $394.3 million in the first quarter of 2024.
Diluted earnings per share were $94.83, compared with $116.41 a year earlier.
Consolidated revenue was $2.40 billion, up 3% from $2.33 billion.
New orders fell 12% to 5,345 units, and the cancellation rate rose to 16% from 13%.
NVR entered into a Second Amended and Restated Credit Agreement on March 11, 2025, providing a five-year, $300 million senior unsecured revolving credit facility with Bank of America as administrative agent. It replaces the existing credit agreement and extends the maturity date from February 11, 2026 to March 11, 2030. The filing describes the terms as substantially similar to the prior agreement, so the change is largely administrative for shareholders.
Facility size is $300 million, with an uncommitted accordion feature allowing an increase to $600 million, subject to conditions and lender commitments.
Maturity extended from February 11, 2026 to March 11, 2030.
Includes a $100 million sublimit for letters of credit.
Financial covenants (leverage ratio, interest coverage or minimum liquidity, and minimum tangible net worth) are substantially similar to the existing agreement.
NVR reported fourth-quarter 2024 net income of $457.4 million, or $139.93 per diluted share, up 12% and 15% respectively from a year earlier, on consolidated revenue of $2.85 billion, up 17%. For the full year, revenue rose 11% to $10.52 billion and diluted earnings per share rose 9% to $506.69, though fourth-quarter new orders fell 8% and the homebuilding gross profit margin narrowed.
Q4 2024 net income $457.4 million vs. $410.1 million in Q4 2023; diluted EPS $139.93 vs. $121.56
Q4 2024 new orders fell 8% to 4,794 units; cancellation rate rose to 17% from 13%
Homebuilding gross profit margin fell to 23.6% in Q4 2024 from 24.1% a year earlier
Full-year 2024 net income $1.68 billion, up 6%; share repurchases totaled $2.06 billion for the year
NVR reported third-quarter 2024 net income of $429.3 million, or $130.50 per diluted share, down 1% in net income but up 4% in diluted earnings per share from a year earlier. Revenue rose 6% to $2.73 billion, while the gross profit margin in homebuilding fell to 23.4% from 24.3%, which the company attributed to higher lot costs and closing cost assistance. The results show higher sales alongside slightly lower net profit for shareholders.
Third-quarter net income was $429.3 million, down 1% from $433.2 million; diluted EPS was $130.50, up 4% from $125.26.
Consolidated revenue was $2.73 billion, up 6% from $2.57 billion; new orders rose 19% to 5,650 units.
Homebuilding gross profit margin fell to 23.4% from 24.3%; mortgage banking segment pre-tax income fell 9% to $34.9 million.
NVR reported second-quarter 2024 revenue of $2.61 billion, up 12%, and net income of $400.9 million, down 1% from a year earlier. Diluted earnings per share rose 4% to $120.69 because the company had fewer diluted shares outstanding, and homebuilding gross profit margin fell to 23.6% from 24.3%.
Q2 net income $400.9 million, down 1% from $404.0 million; diluted EPS $120.69, up 4% from $116.54
Q2 consolidated revenues $2.61 billion, up 12% from $2.34 billion; homebuilding gross profit margin 23.6% vs. 24.3%
Six months ended June 30, 2024: revenues $4.95 billion, up 10%; diluted EPS $237.05, up 9%
Q2 share repurchases of 83,168 shares at an aggregate cost of $639.0 million
NVR reported first-quarter 2024 net income of $394.3 million, or $116.41 per diluted share, up 14% and 17% from the first quarter of 2023. Consolidated revenues rose 7% to $2.33 billion, and the company repurchased 66,858 shares for $496.9 million during the quarter, compared with $110.0 million a year earlier. Both headline earnings measures and revenue improved, although the gross profit margin slipped slightly to 24.5% from 24.6%.
Net income of $394.3 million, up 14% from $344.4 million; diluted EPS of $116.41 versus $99.89
Consolidated revenues of $2.33 billion, up 7% from $2.18 billion
Settlements rose 10% to 5,089 units; new orders rose 3% to 6,049 units; cancellation rate 13% versus 14%
Gross profit margin of 24.5% versus 24.6%; shares repurchased for $496.9 million versus $110.0 million
NVR reported fourth-quarter 2023 net income of $410.1 million, or $121.56 per diluted share, down 10% and 9%, respectively, from a year earlier, on consolidated revenue of $2.43 billion, down 10%. For the full year, net income was $1.59 billion, down 8%, and diluted earnings per share were $463.31, down 6%, so shareholders received lower profit per share on a smaller revenue base despite higher new orders.
Q4 2023 net income was $410.1 million, or $121.56 per diluted share, versus $454.8 million, or $133.44 per diluted share, in Q4 2022.
Q4 2023 consolidated revenues were $2.43 billion, down 10% from $2.71 billion.
Q4 2023 new orders rose 25% to 5,190 units, while gross profit margin in homebuilding fell to 24.1% from 25.3%.
Full-year 2023 diluted earnings per share were $463.31, down 6% from $491.82 in 2022.
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