NVR, Inc. reported its financial results for the second quarter and first half of 2026, revealing a decline in both revenue and net income compared to the same periods in 2025. For the three months ended June 30, 2026, the company generated revenues of $2.33 billion, a decrease of 10% from $2.60 billion in the prior year. Net income for the quarter was $236.5 million, or $83.96 per diluted share, down 29% from $333.7 million, or $108.54 per diluted share, in the same quarter of 2025. The decline in profitability was attributed to a decrease in homebuilding gross profit margin, which fell to 19.2% from 21.5% year-over-year, primarily due to higher lot costs and pricing pressures.
In the first half of 2026, NVR's revenues totaled $4.11 billion, down 16% from $4.90 billion in the first half of 2025. The company reported net income of $434.8 million, a decrease of 31% from $633.3 million in the prior year. The gross profit margin for the first half also declined to 19.4% from 21.7%, reflecting similar challenges faced in the second quarter. The company noted that new orders increased by 9% in the second quarter, driven by a higher number of active communities, although the average sales price for new orders decreased by 5%.
Operationally, NVR controlled approximately 184,400 lots as of June 30, 2026, an increase from 180,100 lots at the end of 2025. The company reported a backlog of 10,998 units, up 9% from the previous year, with a total backlog value of approximately $4.99 billion. The new order cancellation rate improved to 14.9% from 16.5% in the same quarter of 2025, indicating a slight stabilization in demand. However, the average sales price for new orders decreased to $437,100, reflecting ongoing affordability challenges in the housing market.
NVR's strategic focus remains on maintaining a strong balance sheet and disciplined lot acquisition strategy, which the company believes positions it well to navigate market volatility. The company continues to engage in share repurchase programs, having repurchased 144,896 shares at a total cost of approximately $989.7 million in the first half of 2026. Looking ahead, NVR anticipates continued pressure on margins due to high land prices and economic uncertainty, but remains optimistic about leveraging its operational strengths to capitalize on potential opportunities in the housing market.
About NVR INC
NVR, Inc. is a leading U.S. homebuilder specializing in the construction and sale of single-family homes, townhomes, and condominiums across multiple regions. The company primarily operates on a pre-sold basis, acquiring finished lots through third-party agreements, and offers mortgage banking and title services to support its homebuilding activities. Its business emphasizes market share growth, cost management, and maintaining a strong balance sheet.
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