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

NVR (NVR) Q1 2026 Earnings

Reported Apr 22, 2026, 2:04pm ET · SEC source
$67.76
Miss −14.44%
EPS · est. $79.20
$1.9B
Miss −6.94%
Revenue · est. $2.0B
−13.5%
Trailing market
NVR vs S&P since report
2 quarters
Consecutive EPS misses

How Did NVR Stock React to Q1 2026 Earnings?

% change · around the report
−2%0Apr 22Apr 23report 2:04pm ETearnings−0.3%+1.1%
−2%0Apr 22Apr 23earnings−0.3%+1.1%
NVR +1.1%S&P 500 −0.3%
−2%0Apr 22Apr 23report 2:04pm ETearnings−0.3%+1.1%
−2%0Apr 22Apr 23earnings−0.3%+1.1%
NVR +1.1%NASDAQ −0.3%
−4%0+4%Apr 21Apr 30report 2:04pm ETearnings+1.2%−4.2%
−4%0+4%Apr 21Apr 30earnings+1.2%−4.2%
NVR −4.2%S&P 500 +1.2%
−4%0+4%Apr 21Apr 30report 2:04pm ETearnings+2.2%−4.2%
−4%0+4%Apr 21Apr 30earnings+2.2%−4.2%
NVR −4.2%NASDAQ +2.2%
−4.65%
Day of report
+0.88%
Next session
−6.10%
One week
−8.68%
30 days

S&P 500 over the same 30 days: +4.84%.

Did NVR Beat Earnings? Q1 2026 Results

No. NVR reported Q1 2026 earnings of $67.76 a share on Apr 22, 2026, missing the $79.20 consensus estimate by 14.4%. Revenue was $1.9B against a $2.0B estimate.

NVR Inc. delivered a sharply disappointing first quarter of 2026, missing Wall Street on both top and bottom lines as affordability pressures and elevated mortgage rates took a significant toll on the homebuilder's results. Diluted earnings per share came in at $67.76, falling 14.44% short of the $79.20 consensus estimate, while revenue of $1.88 billion trailed expectations by 6.94% and slid 20.0% from the year-ago period. The central culprit was a 22% collapse in homebuilding settlements to 4,015 units, a direct consequence of entering the quarter with a backlog 15% below prior-year levels, which compressed homebuilding gross margin to 19.6% from 21.9% and sent segment pretax income down 39%. Net income fell to $198.36 million from $299.58 million a year earlier, with analysts maintaining a cautious stance on NVR and the broader homebuilding sector given persistent housing affordability challenges. A modest bright spot emerged in new orders, which rose 7% to 5,738 units, offering some reassurance that demand, while strained, has not evaporated entirely.

Key Takeaways
  • 22% decline in homebuilding settlements to 4,015 units driven by 15% lower entering backlog
  • Homebuilding gross profit margin declined to 19.6% from 21.9% due to continued pricing pressure and higher lot costs
  • Lower effective tax rate of 21.2% vs. 25.5% due to $12.6 million in excess tax benefits from stock option exercises
  • New orders increased 7% to 5,738 units with average active communities up to 432 from 401
  • Cancellation rate improved to 14% from 16%

NVR YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$700.0M$1.4B$2.1B$2.4B$1.9BRevenue$515.1M$360.3MGross Profit$376.7M$251.7MOperating Income$299.6M$198.4MNet Income
$0$700.0M$1.4B$2.1BRevenueGross ProfitOperating IncomeNet Income
NVR income statement, Q1 2026 versus Q1 2025
Metric Q1 2026 Q1 2025 Year over year
Revenue $1.9B $2.4B −20.0%
Gross Profit $360.3M $515.1M −30.0%
Operating Income $251.7M $376.7M −33.2%
Net Income $198.4M $299.6M −33.8%

NVR Revenue by Segment

Homebuilding$1.8B−22.0%
Mortgage Banking$46.2M−12.2%

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