NVR (NVR) Q4 2025 earnings summary

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.