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AI brief of an SEC Form 8-K · NVR (NVR)

NVR Q4 net income falls 20% to $363.8 million as revenue drops

Negative Impact 3 of 5 earnings Written later

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.

Key points

  • 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

The filing

CompanyNVR (NVR)
Form8-K, current report
Filed with the SECJan 28, 2026, 1:47 PM ET
Accession number0000906163-26-000004

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

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 January 28, 2026.

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.