NVR (NVR) Q4 2024 earnings summary

Executive summary

• Fourth quarter 2024 net income rose 12% year-over-year to $457.4M; diluted EPS up 15% to $139.93.

• Full-year 2024 net income increased 6% to $1.68B; diluted EPS up 9% to $506.69.

• Consolidated revenues for Q4 2024 grew 17% to $2.85B; full-year revenues up 11% to $10.52B.

Financial highlights

• Q4 2024 gross profit margin declined to 23.6% from 24.1% in Q4 2023.

• Effective tax rate increased to 20.1% in Q4 2024 from 15.3% in Q4 2023.

• Cash and cash equivalents at year-end 2024 totaled $2.61B, down from $3.16B at year-end 2023.

• Shareholders' equity at year-end 2024 was $4.21B, down from $4.36B at year-end 2023.

Outlook and guidance

• Forward-looking statements highlight risks from economic conditions, interest rates, regulation, and supply chain factors.