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NVR
NVR (NVR) investor relations material
NVR Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Fourth quarter 2025 net income was $363.8 million, down 20% year-over-year; diluted EPS fell 13% to $121.54 per share.
Full year 2025 net income was $1.34 billion, a 20% decrease from 2024; diluted EPS for the year was $436.55, down 14%.
Consolidated revenues for Q4 2025 were $2.71 billion, down from $2.85 billion in Q4 2024; full year revenues declined 2% to $10.32 billion.
Financial highlights
Q4 2025 homebuilding revenues decreased 5% to $2.64 billion; gross profit margin dropped to 20.4% from 23.6%.
Homebuilding segment income before tax fell 22% in Q4 2025 to $411.5 million.
Mortgage banking closed loan production in Q4 2025 was $1.51 billion, down 11% year-over-year.
Mortgage banking income before tax rose 24% in Q4 2025 to $57.2 million, driven by higher secondary marketing gains.
Effective tax rate increased to 22.4% for Q4 2025 and 24.0% for the year, up from 20.1% and 20.5% in 2024.
Outlook and guidance
Management notes ongoing affordability challenges and pricing pressure impacting margins.
Forward-looking statements highlight risks from economic conditions, interest rates, regulation, and supply chain factors.
What drove the homebuilding gross margin decline
Drivers of Q4 mortgage banking income increase
Rationale for increased lots and active communities
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Latest events from NVR
- Board recommends against lowering the special meeting threshold; strong governance and ESG focus.NVR
Proxy Filing1 Dec 2025 - Director elections, auditor ratification, and executive pay up for vote; board opposes special meeting rights.NVRProxy Filing1 Dec 2025
- Q3 2025 net income fell 20% on lower revenue and margins, with new orders down 16%.NVRQ3 20255 Nov 2025
- Q2 2025 net income dropped 17% as margins and new orders declined amid affordability pressures.NVRQ2 20256 Aug 2025
- Revenue up 6%, net income $429.3M, and new orders up 19% in Q3 2024.NVRQ3 202413 Jun 2025
- Q2 revenue up 12% to $2.61B; net income $400.9M; EPS up 4%; costs and cancellations rose.NVRQ2 202413 Jun 2025
- Net income fell 24% as margins and new orders declined despite higher revenue.NVRQ1 20256 Jun 2025
- Q4 and FY24 net income and revenues rose, but gross margins and order rates softened.NVRQ4 20245 Jun 2025
Next NVR earnings date
Q1 202623 Apr, 2026
NVR
Next NVR earnings date
Q1 202623 Apr, 2026
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Eferix Drawings Google Play
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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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