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

NVR Q1 net income falls 34% to $198.4 million as revenue drops 22%

Negative Impact 3 of 5 earnings Written later

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.

Key points

  • 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.

The filing

CompanyNVR (NVR)
Form8-K, current report
Filed with the SECApr 22, 2026, 2:04 PM ET
Accession number0000906163-26-000034

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 April 22, 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.