NVR Q3 net income falls 20% to $342.7 million as revenue declines
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.
Key points
- 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%
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 October 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.