Companies /Consumer Cyclical
NVR Inc
NYSE: NVR Residential Construction
$6,414.18
▲ $37.36 (+0.59%) today
Markets closed · 10:38pm ET

NVR (NVR) Q4 2025 Earnings

Reported Jan 28, 2026, 1:47pm ET · SEC source
$121.54
Beat +14.76%
EPS · est. $105.90
$2.7B
Beat +12.38%
Revenue · est. $2.4B
−1.5%
Trailing market
NVR vs S&P since report
2 quarters
Consecutive EPS misses

How Did NVR Stock React to Q4 2025 Earnings?

% change · around the report
−1%0+1%+2%Jan 28Jan 29report 1:47pm ETearnings−0.2%−0.2%
−1%0+1%+2%Jan 28Jan 29earnings−0.2%−0.2%
NVR −0.2%S&P 500 −0.2%
−2%0+2%Jan 28Jan 29report 1:47pm ETearnings−0.6%−0.2%
−2%0+2%Jan 28Jan 29earnings−0.6%−0.2%
NVR −0.2%NASDAQ −0.6%
−3%0+3%+6%Jan 27Feb 5report 1:47pm ETearnings−2.3%+6.0%
−3%0+3%+6%Jan 27Feb 5earnings−2.3%+6.0%
NVR +6.0%S&P 500 −2.3%
−4%0+4%Jan 27Feb 5report 1:47pm ETearnings−5.5%+6.0%
−4%0+4%Jan 27Feb 5earnings−5.5%+6.0%
NVR +6.0%NASDAQ −5.5%
+1.68%
Day of report
−0.03%
Next session
+5.24%
One week
−2.76%
30 days

S&P 500 over the same 30 days: −1.30%.

Did NVR Beat Earnings? Q4 2025 Results

Yes. NVR reported Q4 2025 earnings of $121.54 a share on Jan 28, 2026, beating the $105.90 consensus estimate by 14.8%. Revenue was $2.7B against a $2.4B estimate.

NVR delivered a headline beat in Q4 2025, with earnings per share of $121.54 topping the $105.90 consensus estimate by 14.77% and revenue of $2.71 billion clearing expectations by 12.39%, yet the underlying results told a more complicated story. Revenue fell 5.0% year-over-year as settlement units dropped 8% to 5,668 homes, and net income declined 20% to $363.81 million, pressured most acutely by homebuilding gross margin compression to 20.4% from 23.6% a year earlier, a squeeze driven by higher lot costs, affordability-related pricing headwinds, and roughly $35.70 million in contract land deposit impairments during the quarter. A 24% jump in mortgage banking income to $57.20 million provided a partial offset, as did modest new order growth of 3% in the period, though backlog entering 2026 stands 15% lower in units and 16% lower in value at $4.01 billion, signaling continued revenue pressure ahead. Separately, NVR's board authorized a fresh $750 million share repurchase program, extending a capital return strategy the company has maintained since 1994.

Key Takeaways
  • 3% increase in average settlement price to $464,900 in Q4
  • 3% increase in new orders to 4,951 units in Q4
  • 24% increase in mortgage banking income before tax driven by higher secondary marketing gains
  • Gross profit margin decline to 20.4% from 23.6% due to higher lot costs, pricing pressure, and $35.7 million in contract land deposit impairments
  • 8% decrease in settlement units to 5,668 in Q4
  • Higher effective tax rate of 22.4% vs 20.1% due to lower excess tax benefits from stock option exercises

NVR YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$800.0M$1.6B$2.4B$2.9B$2.7BRevenue$725.5M$538.6MGross Profit$533.5M$468.7MOperating Income$457.5M$363.8MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income
NVR income statement, Q4 2025 versus Q4 2024
Metric Q4 2025 Q4 2024 Year over year
Revenue $2.7B $2.9B −5.0%
Gross Profit $538.6M $725.5M −25.8%
Operating Income $468.7M $533.5M −12.1%
Net Income $363.8M $457.5M −20.5%

NVR Revenue by Segment

Homebuilding$2.6B
Mortgage Banking$83.5M

Figures from SEC filings and company reports. Not investment advice.