$NVR

NVR INC

CIK:0000906163|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 2,326,356	$ 2,598,814	$ 4,207,419	$ 5,001,846
Income before taxes	318,641	447,133	570,335	849,137
Income tax expense	(82,183)	(113,396)	(135,518)	(215,824)
Net income	$ 236,458	$ 333,737	$ 434,817	$ 633,313
Basic earnings per share (USD per share)	$ 87.65	$ 114.52	$ 158.75	$ 214.78
Diluted earnings per share (USD per share)	$ 83.96	$ 108.54	$ 151.38	$ 203.20
Basic weighted average shares outstanding (in shares)	2,697,634	2,914,319	2,739,087	2,948,719
Diluted weighted average shares outstanding (in shares)	2,816,295	3,074,869	2,872,444	3,116,757
Home Building Segment
Revenues	$ 2,279,771	$ 2,548,267	$ 4,114,650	$ 4,898,712
Other income	12,095	25,088	40,144	51,800
Cost of Product and Service Sold	1,841,217	1,999,983	3,315,756	3,835,358
Selling, general and administrative	(150,721)	(149,170)	(307,692)	(314,287)
Interest expense	(6,698)	(6,685)	(13,552)	(13,866)
Income before taxes	293,230	417,517	517,794	787,001
Mortgage Banking
Revenues	46,585	50,547	92,769	103,134
Interest income	3,983	4,493	7,612	8,299
Other income	1,292	1,301	2,069	2,394
General and administrative	(26,153)	(26,425)	(49,280)	(51,118)
Interest expense	(296)	(300)	(629)	(573)
Income before taxes	$ 25,411	$ 29,616	$ 52,541	$ 62,136

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 434,817	$ 633,313
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	13,173	11,471
Equity-based compensation expense	32,580	36,339
Contract land deposit impairments, net	30,587	21,270
Gain on sale of loans, net	(76,607)	(83,165)
Mortgage loans closed	(2,412,511)	(2,990,585)
Mortgage loans sold and principal payments on mortgage loans held for sale	2,665,140	2,991,852
Net change in assets and liabilities:
Increase in inventory	(511,729)	(111,333)
Increase in contract land deposits	(106,509)	(132,440)
Decrease (increase) in receivables	33,002	(16,872)
Increase (decrease) in accounts payable and accrued expenses	49,200	(79,234)
Increase (decrease) in customer deposits	45,488	(27,781)
Other, net	(8,475)	(9,949)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation	188,156	242,886
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(6,911)	(35,350)
Distribution of capital from unconsolidated joint ventures	21,559	0
Purchase of property, plant and equipment	(11,023)	(15,362)
Proceeds from the sale of property, plant and equipment	291	448
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	3,916	(50,264)
Cash flows from financing activities:
Purchase of treasury stock	(1,005,556)	(1,054,807)
Principal payments on finance lease liabilities	(2,922)	(2,219)
Proceeds from the exercise of stock options	56,784	29,662
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation	(951,694)	(1,027,364)
Net decrease in cash, restricted cash, and cash equivalents	(759,622)	(834,742)
Cash, restricted cash, and cash equivalents, beginning of the period	1,956,881	2,664,667
Cash, restricted cash, and cash equivalents, end of the period	1,197,259	1,829,925
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	14,953	14,746
Income taxes paid during the period, net of refunds	$ 157,284	$ 247,220

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Contract land deposits, net	$ 927,380	$ 851,458
Total assets	5,470,620	5,856,930
Inventory:
Land under development	21,067
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	2,079,424	1,992,061
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2026 and December 31, 2025	206	206
Additional paid-in capital	3,223,670	3,155,367
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2026 and December 31, 2025	(16,710)	(16,710)
Deferred compensation liability	16,710	16,710
Retained earnings	16,821,586	16,386,769
Less treasury stock at cost – 17,877,177 and 17,755,943 shares as of June 30, 2026 and December 31, 2025, respectively	(16,654,266)	(15,677,473)
Total shareholders' equity	3,391,196	3,864,869
Total liabilities and shareholders' equity	5,470,620	5,856,930
Mortgage Banking
ASSETS
Cash and cash equivalents	50,938	32,642
Restricted cash	8,023	6,047
Mortgage loans held for sale, net	396,678	571,596
Property, plant and equipment, net	7,723	7,727
Operating lease right-of-use assets	22,538	23,953
Other assets	75,807	125,402
Total assets	561,707	767,367
LIABILITIES AND SHAREHOLDERS' EQUITY
Operating lease liabilities	24,593	26,144
Accounts payable and other liabilities	46,849	53,738
Total liabilities	71,442	79,882
Home Building Segment
ASSETS
Cash and cash equivalents	1,093,736	1,883,844
Restricted cash	44,562	34,348
Receivables	49,642	32,742
Contract land deposits, net	927,380	851,458
Property, plant and equipment, net	99,248	103,770
Operating lease right-of-use assets	110,893	110,535
Other assets	348,163	349,306
Total assets	4,908,913	5,089,563
Inventory:
Lots and housing units, covered under sales agreements with customers	1,877,430	1,410,695
Unsold lots and housing units	307,698	252,029
Land under development	21,067	39,312
Building materials and other	29,094	21,524
Total Inventory	2,235,289	1,723,560
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	375,478	259,244
Accrued expenses and other liabilities	311,697	376,976
Customer deposits	294,698	249,210
Operating lease liabilities	117,947	117,589
Senior notes	908,162	909,160
Total liabilities	$ 2,007,982	$ 1,912,179