NVR · 10-Q · 2026Q3

NVR INC

Filed 2026-11-04 · Real Estate · View original filing on EDGAR

Everything NVR's SEC filings said, ranked

Ranked Events

• Community Count and Land PositionImportance 57 · Surprise 32
  At September 30, 2026, NVR controlled approximately 185,300 lots, up from 180,100 at December 31, 2025, primarily through third-party lot purchase agreements. The company controlled approximately 176,000 lots under…
• Capital Return ProgramImportance 53 · Surprise 24
  NVR repurchased 181,984 shares of common stock for an aggregate $1.227 billion during the first nine months of 2026. At September 30, approximately $822.6 million remained available under Board-approved repurchase…
• Segment Revenue PerformanceImportance 48 · Surprise 40
  For the first nine months of 2026, Mid Atlantic revenue declined 23% to $2.513 billion, North East fell 9% to $809.3 million, Mid East fell 10% to $1.235 billion, and South East fell 2% to $1.906 billion. Mid…
• Gross Margin DriversImportance 48 · Surprise 40
  Homebuilding gross margin declined to 18.3% in the third quarter of 2026 from 21.1% a year earlier, and to 19.0% for the first nine months from 21.5%. Higher lot and certain construction costs pressured margins in both…
• Revenue Performance and MixImportance 48 · Surprise 32
  Consolidated revenue was $2.402 billion in the third quarter of 2026, down 8% year over year; homebuilding revenue fell 8% to $2.349 billion as settlements declined 7% and average settlement price declined 2%. For the…
• Operating Cash Flow and InvestmentImportance 43 · Surprise 24
  Cash, restricted cash, and cash equivalents decreased $787.4 million during the first nine months of 2026. Operating activities provided $412.1 million, including a $253.8 million reduction in mortgage loans held for…
• Home Closings and OrdersImportance 42 · Surprise 32
  Third-quarter 2026 new orders declined 7% to 4,391 units, and the average new-order price fell 5% to $442,100; the sales absorption rate was 8% lower year over year. The quarterly cancellation rate increased to 21.0%…
• Geographic Market CommentaryImportance 41 · Surprise 48
  Demand and order trends varied across NVR’s Mid Atlantic, North East, Mid East and South East segments. In the third quarter, North East new orders fell 46%, with active communities down 22% and sales absorption down…
• Liquidity and Debt PositionImportance 33 · Surprise 6
  At September 30, 2026, NVR had approximately $1.100 billion in cash and cash equivalents, $284.6 million of unused committed capacity under its revolving credit facility, and $150 million of unused capacity under its…
• Mortgage Banking PerformanceImportance 27 · Surprise 14
  Mortgage loan closing volume declined 10% to $1.382 billion in the third quarter of 2026 and 16% to $3.789 billion for the first nine months, consistent with lower homebuilding revenue. Mortgage banking segment profit…
• Operating Expense TrendsImportance 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…
• Income Tax Rate ChangesImportance 21 · Surprise 14
  The effective tax rate for the third quarter of 2026 was 25.7%, up from 22.8% in the third quarter of 2025; the nine-month rate remained 24.5% in both years. Excess tax benefits from stock-option exercises were…
• Macroeconomic Consumer PressureImportance 17 · Surprise 24
  In the third quarter of 2026, demand for new homes weakened further amid affordability challenges, rising mortgage interest rates, higher home inventory in certain markets, weak consumer sentiment and economic…
• Supply Chain and CapacityImportance null · Surprise 24
  NVR’s homebuilding operations faced labor-capacity issues, while backlog turnover was affected by internal production capacity, external subcontractor capacity, building-material availability and regulatory approvals.…
• Competition and Pricing PressureImportance null · Surprise 32
  NVR described pricing pressure across its homebuilding operations, with the average price of third-quarter new orders down 5% year over year to $442,100. The decrease reflected both pricing pressure and a shift in…
• End-Market Demand TrendsImportance null · Surprise 32
  NVR reported that demand for new homes weakened further in the third quarter of 2026 amid affordability issues, rising mortgage rates, higher home inventory in some markets, weak consumer sentiment and economic…

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Revenue by Geography (in thousands)