NVR (NVR) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $2,402,430 thousand, down 8% YoY; net income was $248,605 thousand and diluted EPS was $89.45, down 27% and 20%, respectively.

• 9M revenue declined 13% to $6,609,849 thousand; net income fell 30% to $683,422 thousand and diluted EPS fell 24% to $240.54.

Financial highlights

• Q3 homebuilding revenue was $2,349,284 thousand vs. $2,560,343 thousand YoY; pretax income declined 27% to $299.7 million.

• Q3 mortgage banking income was $34,972 thousand vs. $32,719 thousand; 9M mortgage banking income was $87,513 thousand vs. $94,855 thousand.

• 9M operating cash flow was $412,096 thousand vs. $681,592 thousand; cash, restricted cash and equivalents fell $787,350 thousand to $1,169,531 thousand.

• Homebuilding SG&A declined 5% YoY in Q3; 9M SG&A fell $14,300 thousand but rose to 6.8% of revenue from 6.1%.

Outlook and guidance

• Weaker demand and home-price pressure may persist; higher land prices and community repositioning are expected to add margin pressure.

• Substantially all September 30 backlog, excluding cancellations, is expected to settle within 12 months; no full-year earnings guidance was stated.

• Cash, operating cash generation and available credit facilities are expected to cover operating needs and contractual commitments.