NVR reported second-quarter net income of $236.5 million, or $83.96 per diluted share, for the quarter ended June 30, 2026, down from $333.7 million and $108.54 per diluted share a year earlier. Consolidated revenues for Q2 2026 were $2.33 billion and declined to $4.21 billion for the six months ended June 30, 2026. The company cited a reduced homebuilding gross profit margin and contract land deposit impairments as contributors to lower profitability.
Financial Highlights
- Net income (three months ended June 30, 2026): $236.5 million; diluted EPS: $83.96.
- Consolidated revenues (Q2 2026): $2.33 billion; consolidated revenues (six months ended June 30, 2026): $4.21 billion.
- Homebuilding revenues (Q2 2026): $2.28 billion.
- Income before taxes (Q2 2026): $318.6 million; income tax expense: $82.2 million.
- Gross profit margin — homebuilding (Q2 2026): 19.2% (down from 21.5% in Q2 2025).
Business Highlights
- New orders in Q2 2026 increased 9% year-over-year to 5,885 units; average sales price of new orders was $437,100 (down 5% YoY).
- Settlements decreased 8% year-over-year to 5,058 units in Q2 2026; average settlement price was $450,700 (down 3% YoY).
- Backlog as of June 30, 2026 rose 9% on a unit basis to 10,998 homes and increased 5% on a dollar basis to $4.99 billion versus June 30, 2025.
- Mortgage closed loan production in Q2 2026 totaled $1.35 billion; mortgage banking income before tax was $25.4 million.
- Company reported operational headwinds including higher lot costs, pricing pressure from affordability challenges and weaker consumer sentiment, and contract land deposit impairments of approximately $21.7 million impacting homebuilding margins.
Original SEC Filing:
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