Document

October 22, 2026, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2026 of $248.6 million, or $89.45 per diluted share. For the third quarter ended September 30, 2026, net income and diluted earnings per share decreased 27% and 20%, respectively, when compared to 2025 third quarter net income of $342.7 million, or $112.33 per diluted share. Consolidated revenues for the third quarter of 2026 totaled $2.40 billion, compared to $2.61 billion in the third quarter of 2025.

For the nine months ended September 30, 2026, consolidated revenues were $6.61 billion, a 13% decrease from $7.61 billion reported for the same period of 2025. Net income for the nine months ended September 30, 2026 was $683.4 million, a decrease of 30% when compared to net income for the nine months ended September 30, 2025 of $976.0 million. Diluted earnings per share for the nine months ended September 30, 2026 was $240.54, a decrease of 24% from $315.33 per diluted share for the same period of 2025.

New orders in the third quarter of 2026 decreased by 7% to 4,391 units, when compared to 4,735 units in the third quarter of 2025. The average sales price of new orders in the third quarter of 2026 was $442,100, a decrease of 5% when compared to the third quarter of 2025. The cancellation rate in the third quarter of 2026 was 21% compared to 19% in the third quarter of 2025. Settlements in the third quarter of 2026 decreased by 7% to 5,268 units, compared to 5,639 units in the third quarter of 2025. The average settlement price in the third quarter of 2026 was $445,900, a decrease of 2% when compared to the third quarter of 2025. Our backlog of homes sold but not settled as of September 30, 2026 increased on a unit basis by 10% to 10,121 units and increased on a dollar basis by 4% to $4.59 billion when compared to the respective backlog unit and dollar balances as of September 30, 2025.

Homebuilding revenues of $2.35 billion in the third quarter of 2026 decreased by 8% compared to homebuilding revenues of $2.56 billion in the third quarter of 2025. Gross profit margin in the third quarter of 2026 decreased to 18.3%, from 21.0% in the third quarter of 2025. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and weak consumer sentiment, and by contract land deposit impairments totaling approximately $24.8 million. Income before tax from the homebuilding segment totaled $299.7 million in the third quarter of 2026, a decrease of 27% when compared to the third quarter of 2025.

NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.

Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,”

“will,” “should,” "could," or “anticipates” or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR’s financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR’s customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025

Homebuilding:
Revenues	$	2,349,284	$	2,560,343	$	6,463,934	$	7,459,055
Other income	12,209		22,000		52,353		73,800
Cost of sales	(1,920,068)		(2,021,398)		(5,235,824)		(5,856,756)
Selling, general and administrative	(135,017)		(142,736)		(442,709)		(457,023)
Interest expense	(6,692)		(6,855)		(20,244)		(20,721)
Homebuilding income	299,716		411,354		817,510		1,198,355

Mortgage Banking:
Mortgage banking fees	53,146		49,162		145,915		152,296
Interest income	4,293		4,881		11,905		13,180
Other income	1,271		1,400		3,340		3,794
General and administrative	(23,470)		(22,397)		(72,750)		(73,515)
Interest expense	(268)		(327)		(897)		(900)
Mortgage banking income	34,972		32,719		87,513		94,855

Income before taxes	334,688		444,073		905,023		1,293,210
Income tax expense	(86,083)		(101,385)		(221,601)		(317,209)

Net income	$	248,605	$	342,688	$	683,422	$	976,001

Basic earnings per share	$	93.49	$	119.26	$	251.99	$	333.86

Diluted earnings per share	$	89.45	$	112.33	$	240.54	$	315.33

Basic weighted average shares outstanding	2,659		2,874		2,712		2,923

Diluted weighted average shares outstanding	2,779		3,051		2,841		3,095


NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

	September 30, 2026		December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,091,315	$	1,883,844
Restricted cash	37,549		34,348
Receivables	54,560		32,742
Inventory:
Lots and housing units, covered under sales agreements with customers	1,941,337		1,410,695
Unsold lots and housing units	384,837		252,029
Land under development	21,792		39,312
Building materials and other	24,821		21,524
	2,372,787		1,723,560

Contract land deposits, net	916,747		851,458
Property, plant and equipment, net	109,860		103,770
Operating lease right-of-use assets	120,701		110,535
Other assets	359,355		349,306
	5,062,874		5,089,563
Mortgage Banking:
Cash and cash equivalents	34,071		32,642
Restricted cash	6,596		6,047
Mortgage loans held for sale, net	346,874		571,596
Property and equipment, net	7,256		7,727
Operating lease right-of-use assets	21,741		23,953
Other assets	86,538		125,402
	503,076		767,367
Total assets	$	5,565,950	$	5,856,930


NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)

	September 30, 2026		December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable	$	365,207	$	259,244
Accrued expenses and other liabilities	306,013		376,976
Customer deposits	285,364		249,210
Operating lease liabilities	136,289		117,589
Senior notes	907,659		909,160
	2,000,532		1,912,179
Mortgage Banking:
Accounts payable and other liabilities	106,690		53,738
Operating lease liabilities	23,735		26,144
	130,425		79,882
Total liabilities	2,130,957		1,992,061

Commitments and contingencies

Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both September 30, 2026 and December 31, 2025	206		206
Additional paid-in capital	3,255,240		3,155,367
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both September 30, 2026 and December 31, 2025	(16,710)		(16,710)
Deferred compensation liability	16,710		16,710
Retained earnings	17,070,191		16,386,769
Less treasury stock at cost – 17,911,054 and 17,755,943 shares as of September 30, 2026 and December 31, 2025, respectively	(16,890,644)		(15,677,473)
Total shareholders' equity	3,434,993		3,864,869
Total liabilities and shareholders' equity	$	5,565,950	$	5,856,930


NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
	Units	Average Price		Units	Average Price		Units	Average Price		Units	Average Price
New orders, net of cancellations:
Mid Atlantic (1)	1,641	$	499.0	1,714	$	529.7	5,639	$	499.1	5,510	$	525.1
North East (2)	232	$	733.2	433	$	647.1	1,091	$	647.5	1,234	$	664.6
Mid East (3)	891	$	417.7	931	$	431.9	3,260	$	421.0	3,101	$	425.0
South East (4)	1,627	$	356.7	1,657	$	368.6	6,024	$	356.2	5,614	$	361.8
Total	4,391	$	442.1	4,735	$	464.8	16,014	$	439.6	15,459	$	456.8


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
	Units	Average Price		Units	Average Price		Units	Average Price		Units	Average Price
Settlements:
Mid Atlantic (1)	1,786	$	501.4	2,008	$	517.9	4,925	$	510.2	6,159	$	527.8
North East (2)	477	$	603.7	420	$	694.6	1,295	$	624.9	1,365	$	651.7
Mid East (3)	1,090	$	432.5	1,200	$	423.8	2,868	$	430.7	3,295	$	416.1
South East (4)	1,915	$	362.6	2,011	$	357.9	5,253	$	362.9	5,428	$	358.8
Total	5,268	$	445.9	5,639	$	454.0	14,341	$	450.7	16,247	$	459.1


NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Average active communities:
Mid Atlantic (1)	147			125			135			122
North East (2)	26			34			28			28
Mid East (3)	96			100			97			96
South East (4)	185			191			183			180
Total	454			450			443			426


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Homebuilding data:
New order cancellation rate	21.0		%	19.4		%	16.3		%	17.1		%
Lots controlled at end of period							185,300			175,300

Mortgage banking data:
Loan closings	$	1,381,742		$	1,539,781		$	3,789,439		$	4,527,982
Capture rate	85		%	86		%	85		%	86		%

Common stock information:
Shares outstanding at end of period							2,644,276			2,860,899
Number of shares repurchased	37,088			35,224			181,984			178,178
Aggregate cost of shares repurchased	$	237,218		$	276,405		$	1,226,951		$	1,331,212


	As of September 30,
	2026			2025
	Units	Average Price		Units	Average Price
Backlog:
Mid Atlantic (1)	3,874	$	508.6	3,419	$	539.7
North East (2)	769	$	681.3	924	$	676.0
Mid East (3)	2,025	$	419.1	1,851	$	431.3
South East (4)	3,453	$	359.7	2,971	$	379.1
Total	10,121	$	453.0	9,165	$	479.5


(1)			Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
(2)			New Jersey and Eastern Pennsylvania
(3)			New York, Ohio, Western Pennsylvania, Indiana and Illinois
(4)			North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

Investor Relations Contact:
Ryan Sheplee
(703) 956-4243
ir@nvrinc.com