$NVR · NVR INC
NVR filed its 10-Q for the quarter ended September 30, 2026. Total consolidated revenue was $2.402B, down 7.9% YoY from $2.610B, driven by a homebuilding revenue decline to $2.349B from $2.560B. Net income fell to $248.6M from $342.7M, with diluted EPS of $89.45 versus $112.33 a year earlier. Nine-month net income was $683.4M versus $976.0M.
- Homebuilding revenue fell to $2.349B in Q3 from $2.560B a year earlier.
- Net income dropped to $248.6M from $342.7M YoY.
- Diluted EPS declined to $89.45 from $112.33.
- Contract land deposit impairment charges rose to $24.8M in Q3 from $18.9M.
- Treasury stock repurchases totaled $1.24B in the nine months.
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NVR's core homebuilding revenue and earnings contracted sharply YoY, signaling demand softness for a premium homebuilder.
Homebuilder revenue contraction contrasts with a still-elevated rate environment pressuring affordability across the sector.
Rising lot-deposit impairment charges ($24.8M Q3 vs $18.9M) signal softening land values; inventory build-up of $649M in nine months adds balance-sheet risk.