A major U.S. homebuilder, NVR builds pre-sold homes under the Ryan Homes, NVHomes, and Heartland Homes brands—from starter to luxury—and runs a mortgage arm that lends to its own buyers. Founder Dwight Schar, a former Ryan Homes executive, started NVHomes in 1980, then stunned the industry by having his smaller company swallow his old employer in a deal dubbed "the pygmy eating the whale," which gave the firm its NVR name.
NVR Q2 2026 net income fell 29% to $236.5M; revenue down 11% to $2.33B
Second quarter 2026 net income was $236.5 million, or $83.96 per diluted share, down from $333.7 million, or $108.54 per diluted share, in Q2 2025.
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Consolidated revenues for Q2 2026 were $2.33 billion, compared to $2.60 billion in Q2 2025.
New orders increased 9% to 5,885 units, while settlements decreased 8% to 5,058 units in Q2 2026.
Homebuilding gross profit margin fell to 19.2% from 21.5%, impacted by higher lot costs, pricing pressure, and $21.7 million in land deposit impairments.
Mortgage banking income before tax decreased 14% to $25.4 million in Q2 2026.
For the six months ended June 30, 2026, net income was $434.8 million, down 31% from $633.3 million in the prior-year period.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NVR grants stock options to executive officers under 2018 Equity Incentive Plan
On May 14, 2026, NVR's Compensation Committee approved non-qualified stock option grants to four executive officers.
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Paul C. Saville (Executive Chairman) and Eugene J. Bredow (President and CEO) each received 5,238 options; Daniel D. Malzahn (SVP, CFO, Treasurer) received 2,670; Matthew B. Kelpy (VP, CAO, Controller) received 544.
Each grant consists of a time-based option vesting 100% on December 31, 2028, and a performance-based option vesting on the same date subject to NVR's return on capital for 2026-2028.
The exercise price is $5,720.10 per share, the closing price on the day before the grant date.
Options were granted under the NVR, Inc. 2018 Equity Incentive Plan; forms of agreements filed as Exhibits 10.1 and 10.2.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits
NVR, Inc. held its 2026 Annual Meeting of Shareholders on May 7, 2026, with all director nominees elected and KPMG ratified as auditor.
All 11 director nominees were elected to one-year terms, with votes for ranging from 2,189,214 (Alfred E. Festa) to 2,432,973 (Sallie B. Bailey).
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Shareholders ratified KPMG LLP as independent auditor for fiscal year ending December 31, 2026, with 2,408,041 votes for and 159,929 against.
The non-binding advisory vote on executive compensation was approved with 2,356,887 votes for and 84,062 against.
A shareholder proposal to reduce the special meeting ownership threshold was not voted on because the proponent failed to present it personally or via a qualified representative.
A shareholder proposal to disclose greenhouse gas emissions was not approved, with 1,146,987 votes for and 1,285,845 against.
A total of 2,778,119 shares were eligible to vote at the meeting.
5.07 Submission of Matters to a Vote of Security Holders · 9.01 Financial Statements and Exhibits
NVR reports Q4 2025 net income of $363.8M, down 20% from prior year
Fourth quarter 2025 consolidated revenues were $2.71 billion, down from $2.85 billion in Q4 2024.
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Full year 2025 net income was $1.34 billion, down 20% from $1.68 billion in 2024.
Q4 homebuilding gross profit margin fell to 20.4% from 23.6%, hurt by higher lot costs, pricing pressure, and $35.7 million in land deposit impairments.
Q4 new orders rose 3% to 4,951 units, while settlements fell 8% to 5,668 units.
Mortgage banking Q4 income before tax increased 24% to $57.2 million, driven by higher secondary marketing gains.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NVR reports Q3 2025 net income of $342.7M, down 20% from prior year
Third quarter 2025 net income was $342.7 million, or $112.33 per diluted share, down from $429.3 million, or $130.50 per diluted share, in Q3 2024.
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Consolidated revenues for Q3 2025 were $2.61 billion, down from $2.73 billion in Q3 2024.
New orders decreased 16% to 4,735 units, and the cancellation rate rose to 19% from 15%.
Homebuilding gross profit margin fell to 21.0% from 23.4%, impacted by higher lot costs, pricing pressure, and $18.9 million in land deposit impairments.
Backlog as of September 30, 2025 was 9,165 units, down 19% year-over-year.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NVR appoints George R. Oliver to Board of Directors as independent director
Oliver will serve until the 2026 Annual Meeting of Shareholders and until his successor is elected.
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George R. Oliver was appointed to NVR's Board of Directors effective October 1, 2025.
He was also appointed to the Nominating and Corporate Governance Committee effective October 1, 2025.
Oliver received a grant of 338 non-qualified stock options under the 2018 Equity Incentive Plan.
Oliver previously served as Chairman and CEO of Johnson Controls International plc from 2016 to July 2025.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits