Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
The order book grew while revenue shrank
NVR sold more homes than it handed over, so the revenue drop sits beside a backlog 9.2% larger than a year ago.
For investorsWhat has to go right for the backlog to become profit
For foundersThe option playbook: growing without owning the land
Revenue fell 10.48% but pre-tax income fell 28.74%, as cost of sales, pushed by higher lot costs, fell more slowly than sales.
Mortgage and title brought 2.0% of revenue but 8.0% of pre-tax income, and its profit held up better than homebuilding's.
Net income fell 29.15%, but diluted earnings per share fell 22.6%, because NVR keeps retiring its own shares.
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Business Lens describes NVR from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
