NVR first-quarter net income falls 24% to $299.6 million on 3% higher revenue
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.
Key points
- 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%.
The filing
Written by AI on Nov 8, 2026, 1:11 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 22, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.