Companies · NVR
NVR Inc.
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Latest analysis
Updated Nov 4, 2026
NVR Q3 2026: Homebuilding gross margin collapses 280bps to 18.3% as demand weakens, cancellation rates rise, and lot costs accelerate across all four segments.
NVR's third quarter 2026 results mark a material deterioration across every operating dimension: homebuilding revenues declined 8% year-over-year, gross margin compressed 280 basis points to 18.3%, net income fell 27%, and the new order cancellation rate rose to 21.0% from 19.4%. Management explicitly flags further margin pressure from higher land prices and community repositioning, with no recovery timeline offered. The North East segment was the sharpest stress point, with cancellation rates spiking to 34.1% and gross margin collapsing from 26.3% to 21.1% quarter-over-quarter.
Tone: defensiveRevenue
$10.3B
NVR 10-K · FY 2025
Employees
6,300
Revenue growth YoY
-2%
Founded
1980
Profile
NVR 10-K Item 1 · Feb 11, 2026NVR, Inc. is one of the largest homebuilders in the United States, constructing and selling single-family detached homes, townhomes and condominiums primarily on a pre-sold basis across thirty-seven metropolitan areas in sixteen states and Washington, D.C. The company operates under three trade names — Ryan Homes, NVHomes and Heartland Homes — targeting first-time, move-up and luxury buyers. NVR also provides mortgage banking and title services exclusively to its homebuilding customers through its subsidiary NVR Mortgage Finance, Inc.
Read filing description ↓ Collapse description ↑
NVR, Inc., a Virginia corporation, was formed in 1980 as NVHomes, Inc. Our primary business is the construction and sale of single-family detached homes, townhomes and condominium buildings, all of which are primarily constructed on a pre-sold basis. To more fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We are one of the largest homebuilders in the United States. We operate in thirty-seven metropolitan areas in sixteen states, and Washington, D.C. Our homebuilding operations include the construction and sale of single-family detached homes, townhomes and condominium buildings under three trade names: Ryan Homes, NVHomes and Heartland Homes. Our Ryan Homes product is marketed primarily to first-time and first-time move-up buyers. Our NVHomes and Heartland Homes products are marketed primarily to move-up and luxury buyers. We generally do not engage in land development. Instead, we typically acquire finished building lots from various third-party land developers pursuant to fixed price lot purchase agreements that require deposits that may be forfeited if we fail to perform. We believe that our lot acquisition strategy avoids the financial requirements and risks associated with direct land ownership and land development. We focus on obtaining and maintaining a leading market position in each market we serve, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets. We provide a number of mortgage and title-related services through our mortgage banking operations. Through operations in each of our homebuilding markets, NVRM originates mortgage loans exclusively for our homebuyers.
Primary products
- single-family detached homes
- townhomes
- condominium buildings
- mortgage banking services
- title insurance brokerage
- title search services
Business segments
End markets
Geographies
“Historically, we have been one of the market leaders in each of the markets where we build homes.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Consolidated revenues decreased 2% in 2025 compared to 2024, driven primarily by a 4% decline in the number of homes settled.
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