NVR · 10-Q · 2026Q2 · Full report
Operating Cash Flow and Investment
NVR INC · 2026-08-05 · Importance 44 · Surprise 24 · From source text
Cash, restricted cash and cash equivalents decreased $759,622 thousand during the first six months of 2026. Operating activities generated $188,156 thousand, including $176,022 thousand from a reduction in mortgage loans held for sale, while inventory investment used $511,729 thousand and contract land deposits increased $106,509 thousand. Investing activities generated $3,916 thousand, including $21,559 thousand from selling an unconsolidated-joint-venture interest, partially offset by $6,911 thousand of joint-venture investments and $11,023 thousand of property, plant and equipment purchases. NVR controlled approximately 184,400 lots at June 30, 2026, with $1,012,300 thousand of cash deposits under third-party lot purchase agreements and $73,300 thousand invested in four joint ventures.
Key facts
- Homebuilding sold inventory totaled $1,884,867 as of June 30, 2026 compared to $1,422,201 as of December 31, 2025. source
- For the six months ended June 30, 2026, cash, restricted cash, and cash equivalents decreased by $759,622. source
- Cash was primarily used to fund the increase in inventory of $511,729 and an increase of $106,509 in contract land deposits for the six months ended June 30, 2026. source
- Net cash provided by operating activities for the six months ended June 30, 2026 was $188,156, due primarily to cash provided by earnings and a $176,022 reduction in mortgage loans held for sale. source
- Unsold lots and housing units inventory totaled $308,990 as of June 30, 2026 compared to $253,476 as of December 31, 2025. source
- Net cash provided by investing activities for the six months ended June 30, 2026 was $3,916, due primarily to cash provided by the sale of our interest in an unconsolidated joint venture of $21,559, and cash used for investments in unconsolidated joint ventures totaling $6,911 and purchases of property, plant and equipment of $11,023. source
- New Orders increased by 9% in the second quarter of 2026 compared to the second quarter of 2025. source
- The New Order cancellation rate for the second quarter of 2026 decreased to 14.9% from 16.5% in the same period in 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +8.5% | Homebuilding sold inventory totaled $1,884,867 as of June 30, 2026 compared to $1,422,201 as of December 31, 2025. |