NVR · 10-Q · 2026Q3 · Full report

Operating Expense Trends

NVR INC · 2026-11-04 · Importance 27 · Surprise 14

Homebuilding SG&A expense declined approximately $7.7 million, or 5%, in the third quarter of 2026, while remaining relatively flat as a percentage of revenue. The quarterly reduction was primarily attributable to approximately $6.8 million lower personnel costs from lower headcount. For the first nine months, SG&A declined approximately $14.3 million, but increased to 6.8% of revenue from 6.1% in 2025 as revenue contracted. Nine-month personnel costs decreased approximately $10.2 million, primarily due to lower headcount year over year.

Key facts

• NVR's Q3 2026 SG&A expense decreased approximately $7,700, or 5%, and personnel costs declined approximately $6,800 due to lower headcount quarter over quarter. source
• NVR's first-nine-month 2026 SG&A expense decreased approximately $14,300, but increased to 6.8% of revenue from 6.1%; personnel costs declined approximately $10,200, primarily due to lower headcount. source