NVR · 10-Q · 2026Q2

NVR INC

Filed 2026-08-05 · Real Estate · View original filing on EDGAR

Ranked Events

• Community Count and Land PositionImportance 64 · Surprise 42
  NVR continued to rely primarily on fixed-price finished lot purchase agreements with third-party developers to limit the financial requirements and risks of direct land ownership and development. As of June 30, 2026,…
• Capital Return ProgramImportance 64 · Surprise 42
  NVR repurchased 144,896 shares during the first six months of 2026 for an aggregate purchase price of $989,733 thousand. The repurchases represented the primary use of financing cash during the period and contributed…
• Segment Revenue PerformanceImportance 64 · Surprise 56
  Mid Atlantic six-month revenue decreased 27% to approximately $1,617,558 thousand and segment profit declined 48% to $196,859 thousand, reflecting a 24% settlement-unit decline and margin compression to 21.5%. North…
• End-Market Demand TrendsImportance 54 · Surprise 32
  Demand for new homes remained pressured in the second quarter of 2026 by affordability issues, elevated home inventory in certain markets, weak consumer sentiment and economic volatility. New orders increased 9% year…
• Mortgage Banking PerformanceImportance 54 · Surprise 40
  Mortgage loan closing volume declined 13% to $1,354,713 thousand in the second quarter of 2026 and 19% to $2,407,697 thousand in the first six months. Mortgage banking segment profit decreased 14% to $26,470 thousand…
• Geographic Market CommentaryImportance 53 · Surprise 48
  The Mid Atlantic was the weakest major region, with second-quarter settlements down 18% and segment revenue down 22%, although new orders increased 8% as active communities grew 11%. North East demand was pressured by…
• Gross Margin DriversImportance 50 · Surprise 58
  Homebuilding gross margin decreased to 19.2% in the second quarter of 2026 from 21.5% in the second quarter of 2025, and to 19.4% for the first six months from 21.7%. Higher lot costs, pricing pressure from…
• Liquidity and Debt PositionImportance 48 · Surprise 6
  NVR held approximately $1,100,000 thousand of cash and cash equivalents at June 30, 2026, plus $287,200 thousand of unused revolving-credit capacity and $150,000 thousand of unused mortgage-repurchase capacity. Senior…
• Revenue Performance and MixImportance 48 · Surprise 40
  Consolidated revenue declined 10% year over year to $2,326,356 thousand in the second quarter of 2026, while six-month revenue declined 16% to $4,898,712 thousand. Homebuilding revenue fell 11% in the second quarter…
• Operating Cash Flow and InvestmentImportance 44 · Surprise 24
  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…
• Competition and Pricing PressureImportance 37 · Surprise 32
  NVR continues to emphasize leading market positions in its existing mature markets and expects to grow primarily through market share gains and expansion into contiguous markets. Pricing pressure from affordability…
• Guidance and OutlookImportance 29 · Surprise 24
  Management expects affordability challenges, elevated inventory in certain markets, weak consumer sentiment and economic volatility to remain headwinds to new-home demand and pricing. NVR also expects higher land…
• Macroeconomic Consumer PressureImportance 23 · Surprise 24
  During the second quarter of 2026, affordability issues, high home inventory levels in certain markets, weak consumer sentiment and economic volatility negatively affected demand for new homes. NVR expects these…
• Operating Expense TrendsImportance 18 · Surprise 14
  Homebuilding SG&A expense was $150,721 thousand in the second quarter of 2026, broadly flat versus $149,170 thousand in 2025, but increased to 6.6% of revenue from 5.9%. Six-month SG&A decreased $6,600 thousand to…
• Supply Chain and CapacityImportance 15 · Surprise 14
  Backlog turnover depends on internal production capacity, external subcontractor capacity, building-material availability and regulatory approvals. NVR identifies these factors as potential constraints on the timing of…
• Income Tax Rate ChangesImportance 14 · Surprise 14
  The effective tax rate was 25.8% for the second quarter of 2026 versus 25.4% in the second quarter of 2025. The six-month effective tax rate was 23.8% versus 25.4% in the comparable 2025 period. Excess tax benefits…

Revenue by Product (in thousands)

Revenue by Geography (in thousands)