Company file · NVR

NVR

NVR's revenue fell 1.9% in FY2025, to $10.3B, and net income fell 20.3% to $1.3B

Revenue fell 1.9% to $10.3B in FY2025, from $10.5B in FY2024. Net income fell 20.3% to $1.3B. Home Building was the largest segment, at 98% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

NVR (NYSE: NVR) reported revenue of $10.3B for fiscal 2025, the year ended Dec 31, 2025, down 1.9% from fiscal 2024. Net income was $1.3B, down 20.3%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $2.4B, down 7.9% from the same quarter a year earlier, and net income was $249M. The largest piece by segment was Home Building, at 98% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$10.3BFY2025 · −1.9% vs FY2024

Net income$1.3BFY2025 · −20.3% vs FY2024

Operating cash flow$1.1BFY2025 · −18.4% vs FY2024

Cash & equivalents$1.2Bat Sep 30, 2026 · −40.2% vs FY2025 end

Diluted shares3MFY2025 avg · −7.5% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Home Building$10.1B98%−1.9%
Mortgage Banking$230M2%−1.0%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Home Building (98%) and Mortgage Banking (2%), as shares of total revenue. Total revenue was $10.3B.

By segment: three-year mixShare of the total each fiscal year

FY2023

98%

FY2024

98%

FY2025

98%

Home BuildingMortgage Banking

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$2.4B Q3 2026

$2.6B Q3 2025

7.9% decrease

Net income

$249M Q3 2026

$343M Q3 2025

27.5% decrease

Source: NVR 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

By segment

Home Building

$2.3B Q3 2026

$2.6B Q3 2025

8.2% decrease

Mortgage Banking

$53M Q3 2026

$49M Q3 2025

8.1% increase

Source: NVR 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $1.2B at Sep 30, 2026, vs $2.0B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $412M vs $682M a year earlier.

The bull case and the bear case

The bull case

Diluted shares fell 7.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Net income was $1.3B in FY2025. 10-K, FY2025

The bear case

Revenue fell 1.9% in FY2025 to $10.3B, from $10.5B a year earlier. 10-K, FY2025
Net income fell 20.3% in FY2025 to $1.3B, from $1.7B. 10-K, FY2025
Operating cash flow fell 18.4% in FY2025 to $1.1B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $2.4B, down 7.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

NVR is in the homebuilding industry, part of the consumer discretionary sector. The SEC files it under Operative Builders.

NVR reports 2 segments: Home Building and Mortgage Banking.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the homebuilding industry. They are not a summary of NVR’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$9.5B	$10.5B	$10.3B
Net income	$1.6B	$1.7B	$1.3B
Operating cash flow	$1.5B	$1.4B	$1.1B
Cash & equivalents (year end)	$3.2B	$2.7B	$2.0B
Diluted shares	3M	3M	3M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

What we left out

Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
10-Q	Aug 5, 2026	Jun 30, 2026
10-Q	May 6, 2026	Mar 31, 2026
DEF 14A	Mar 17, 2026	May 7, 2026
10-K	Feb 11, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about NVR

How does NVR make money?

NVR's revenue was $10.3B in fiscal 2025. By segment in FY2025: Home Building (98%) and Mortgage Banking (2%), as shares of total revenue. Total revenue was $10.3B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was NVR's revenue in fiscal 2025?

$10.3B of revenue for the fiscal year ended Dec 31, 2025, down 1.9% from $10.5B in fiscal 2024. Fiscal 2023 was $9.5B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is NVR profitable?

NVR reported net income of $1.3B for fiscal 2025, down 20.3% from $1.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $249M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did NVR report in its latest quarterly filing?

Revenue was $2.4B in the quarter ended Sep 30, 2026, down 7.9% from $2.6B a year earlier. Net income was $249M, down 27.5% from $343M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

What are the main risks NVR faces?

NVR's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the homebuilding industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these NVR numbers come from?

From NVR's own SEC filings: the 10-K for fiscal 2025 (filed Feb 11, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning NVR

Berkshire Hathaway: 11,112 shares, reported value $75.7M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Markel Group: 12,167 shares, reported value $74.9M at Sep 30, 2026 (+0.6% in shares since the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Citadel Advisors: 8,485 shares, reported value $57.8M at Jun 30, 2026 (+260.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Renaissance Technologies: 5,650 shares, reported value $38.5M at Jun 30, 2026 (−20.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Millennium Management: 3,969 shares, reported value $27.0M at Jun 30, 2026 (−59.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 1,501 shares, reported value $10.2M at Jun 30, 2026 (+146.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 431 shares, reported value $2.9M at Jun 30, 2026 (−55.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in NVR: The editor holds no position in NVR (NVR). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell NVR from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold NVR, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
NVR	FY2025	$10.3B	−1.9%	$1.3B
D. R. HortonDHI	FY2025	$34.3B	−6.9%	$3.6B
PulteGroupPHM	FY2025	$17.3B	−3.5%	$2.2B
LennarLEN	FY2025	$34.2B	−3.5%	$2.1B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.