NVR net income falls 17% to $333.7 million in second quarter
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%.
Key points
- 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.
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 July 23, 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.