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American homebuilding company
NVR, Inc. is an American company engaged in home construction headquartered in Reston, Virginia. It also operates a mortgage banking and title services business. The company primarily operates on the East Coast of the United States, but its operations encompass 14 states as well as Washington, D.C. In 2021, 22% of the company's revenue was from the Washington metropolitan area.3 It was founded by Dwight Schar.1Wikipedia text CC BY-SA 4.0
$5,931.56down 9.27 (0.16%)Price as of Oct 16, 2026 at 19:58 UTC
NVR, Inc. is an American company engaged in home construction headquartered in Reston, Virginia. It also operates a mortgage banking and title services business. The company primarily operates on the East Coast of the United States, but its operations encompass 14 states as well as Washington, D.C. In 2021, 22% of the company's revenue was from the Washington metropolitan area.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2025
Share buybacks
Capital spending1¢$24.5M
Share buybacks99¢$1.8B
Out of $1.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.10
Financial statements
Revenue1112131410$10.3B in 2025+40% since 2019Net income1112131410$1.3B in 2025+53% since 2019
Revenue1516$2.3B in Q2 FY2026+24% since Q1 FY2026Net income1516$236.5M in Q2 FY2026+19% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$10.3B
$10.5B
$9.5B
Profit before taxes
$1.8B
$2.1B
$1.9B
Income tax expense
-$422.1M
-$433.6M
-$336.8M
Net income
$1.3B
$1.7B
$1.6B
Basic earnings per share (USD per share)
$462.00
$540.88
$491.52
Diluted earnings per share (USD per share)
$436.55
$506.69
$463.31
Basic weighted average shares outstanding (in Shares)
2.9M shares
3.1M shares
3.2M shares
Diluted weighted average shares outstanding (in Shares)
3.1M shares
3.3M shares
3.4M shares
No quarter-by-quarter statement was filed.
Total assets171112131410$5.9B in 2025+54% since 2019Total liabilities171112131410$2.0B in 2025+36% since 2019Shareholders’ equity12131410$3.9B in 2025+65% since 2019Cash171410$2.0B in 2025+69% since 2019
Total assets1516$5.5B in Q2 FY2026−7% since Q1 FY2025Total liabilities1516$2.1B in Q2 FY2026+4% since Q1 FY2025Shareholders’ equity1516$3.4B in Q2 FY2026−12% since Q1 FY2025Cash1516$1.2B in Q2 FY2026−39% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Land under development
$39.3M
$65.4M
Contract land deposits, net
$851.5M
$726.7M
Total assets
$5.9B
$6.4B
Operating lease liabilities
$143.7M
Total liabilities
$2.0B
$2.2B
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2025 and December 31, 2024
$206.0K
$206.0K
Additional paid-in capital
$3.2B
$3.0B
Deferred compensation trust 106,697 shares of NVR, Inc. common stock as of both December 31, 2025 and December 31, 2024
-$16.7M
-$16.7M
Deferred compensation liability
$16.7M
$16.7M
Retained earnings
$16.4B
$15.0B
Less treasury stock at cost 17,755,943 and 17,543,686 shares as of December 31, 2025 and December 31, 2024, respectively
-$15.7B
-$13.9B
Total shareholders' equity
$3.9B
$4.2B
$4.4B
$3.5B
Total liabilities and shareholders' equity
$5.9B
$6.4B
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
60.0M shares
60.0M shares
Common stock, shares issued
20.6M shares
20.6M shares
Deferred compensation trust, shares
106.7K shares
106.7K shares
Treasury stock, shares
17.8M shares
17.5M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Land under development
$39.3M
$65.4M
Contract land deposits, net
$851.5M
$726.7M
Total assets
$5.9B
$6.4B
Operating lease liabilities
$143.7M
Total liabilities
$2.0B
$2.2B
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2025 and December 31, 2024
$206.0K
$206.0K
Additional paid-in capital
$3.2B
$3.0B
Deferred compensation trust 106,697 shares of NVR, Inc. common stock as of both December 31, 2025 and December 31, 2024
-$16.7M
-$16.7M
Deferred compensation liability
$16.7M
$16.7M
Retained earnings
$16.4B
$15.0B
Less treasury stock at cost 17,755,943 and 17,543,686 shares as of December 31, 2025 and December 31, 2024, respectively
-$15.7B
-$13.9B
Total shareholders' equity
$3.9B
$4.2B
$4.4B
$3.5B
Total liabilities and shareholders' equity
$5.9B
$6.4B
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
60.0M shares
60.0M shares
Common stock, shares issued
20.6M shares
20.6M shares
Deferred compensation trust, shares
106.7K shares
106.7K shares
Treasury stock, shares
17.8M shares
17.5M shares
Cash from operations1112131410$1.1B in 2025+29% since 2019Capital spending1112131410$24.5M in 2025+8% since 2019Free cash flow1112131410$1.1B in 2025+30% since 2019Share buybacks1112131410$1.8B in 2025+162% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$1.3B
$1.7B
$1.6B
Depreciation and amortization
$24.5M
$18.4M
$16.9M
Equity-based compensation expense
$69.2M
$73.9M
$99.5M
Contract land deposit impairments (recoveries) and other impairments, net
$75.9M
$7.2M
-$2.9M
Gain on sale of loans, net
-$187.1M
-$189.5M
-$163.3M
Deferred tax (benefit) expense
-$1.4M
$5.8M
-$3.7M
Mortgage loans closed
-$6.0B
-$6.3B
-$5.7B
Mortgage loans sold and principal payments on mortgage loans held for sale
$6.0B
$6.4B
$5.9B
Distribution of earnings from unconsolidated joint ventures
$0
$1.5M
$2.0M
Decrease (increase) in inventory
$335.1M
-$108.6M
-$161.9M
Increase in contract land deposits
-$200.7M
-$157.3M
-$77.6M
(Increase) decrease in receivables
-$57.4M
$62.7M
-$59.7M
(Decrease) increase in accounts payable and accrued expenses
-$142.3M
-$83.2M
$49.1M
Increase (Decrease) in Contract with Customer, Liability
-$73.7M
-$11.5M
$20.6M
Other, net
-$9.5M
-$10.5M
-$22.2M
Operating activities
$1.1B
$1.4B
$1.5B
Investments in and advances to unconsolidated joint ventures
-$47.6M
-$3.1M
-$1.8M
Distribution of capital from unconsolidated joint ventures
$0
$2.7M
$180.0K
Purchase of property, plant and equipment
-$24.5M
-$29.2M
-$24.9M
Proceeds from the sale of property, plant and equipment
$914.0K
$3.0M
$2.4M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation
-$71.2M
-$26.6M
-$24.1M
Purchase of treasury stock
-$1.8B
-$2.1B
-$1.1B
Principal payments on finance lease liabilities
-$4.7M
-$2.6M
-$1.7M
Proceeds from the exercise of stock options
$80.1M
$161.6M
$250.5M
Net cash used in financing activities
-$1.8B
-$1.9B
-$833.0M
Net (decrease) increase in cash, restricted cash, and cash equivalents
-$707.8M
-$550.8M
$640.9M
Interest paid during the year, net of interest capitalized
NVR, Inc. sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
BlackRockFiled SCHEDULE 13G/A on NVR, Inc., latest Apr 24, 2026 (5 filings since Feb 1, 2022)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on NVR, Inc., latest Mar 27, 2026 (4 filings since Feb 10, 2022)
NVR, Inc.Reston, Virginia, United States
NVR Funding II, Inc. Subsidiary · Delaware, United States
NVR Mortgage Finance, Inc. Subsidiary · Reston, Virginia, United States
NVR Settlement Services, Inc. Subsidiary · Pennsylvania, United States
RVN, Inc. Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What NVR, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate offices are located in Reston, Virginia, where we currently lease approximately 61,000 square feet of office space. In 2025, we entered into a lease agreement for office space in Reston, Virginia to replace our current corporate office lease which expires in October 2026. The lease is expected to commence September 2026 and is for approximately 68,000 square feet of office space with a lease term of 11 years.
In connection with both our homebuilding and mortgage banking businesses, we also lease office space in multiple locations for homebuilding divisional offices and mortgage banking and title services branches under leases expiring at various times through 2033, none of which are individually material to our business.
The rest of Item 2
In connection with the operation of the homebuilding business, we lease production facilities in the following ten locations: Thurmont, Maryland; Burlington County, New Jersey; Farmington, New York; Kings Mountain, North Carolina; Darlington, Pennsylvania; Portland, Tennessee; Richmond, Virginia; Fayetteville, North Carolina, Lavonia, Georgia and Haines City, Florida. These facilities range in size from approximately 40,000 square feet to 400,000 square feet and total approximately 1.5 million square feet. Each of these leases contains various options for extensions of the lease and for the purchase of the facility. Additionally, certain facility leases have early termination options. These leases currently expire between 2027 and 2040. In addition, we own a production facility of approximately 100,000 square feet in Dayton, Ohio. Our plant utilization was 45% and 49% of total capacity in 2025 and 2024, respectively.
We anticipate that, upon expiration of existing production facility and office leases, we will be able to renew them or obtain comparable facilities on terms acceptable to us.
The company was formed in 1980 as NVHomes, Inc. (formerly North Virginia Homes Inc.) by Dwight Schar.
In 1986, the company acquired Ryan Homes. It was founded in 1948 in Pittsburgh, Pennsylvania, to provide housing in the expanding post-war economy.
In April 1992, during the early 1990s recession, the company filed bankruptcy. In September 1993, the company emerged from bankruptcy protection and once again became a public company.
In December 2012, the company acquired Heartland Homes.
In September 2019, the company was added to the S&P 500 stock market index.
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Controversies and legal
Lawsuit
In February 2010, then Attorney General of Delaware, Beau Biden, sued the company for fraud, seeking damages of $10,000 for each of 39 homeowners, alleging that the company did not provide promised amenities, primarily a clubhouse with restaurant and fitness center, for homeowners of a development built by the company in Townsend, Delaware. The lawsuit was settled in April 2010, with the company agreeing to complete development of the promised amenities and reimburse homeowners for the period when they had been paying for promised amenities that they did not receive.
Oct 28, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $112.33 a share, on Oct 22, 2025.65
When it reported results
Jul 23, 2026Reported quarterly or annual results53
Apr 22, 2026Reported quarterly or annual results56
Jan 28, 2026Reported quarterly or annual results57
Oct 22, 2025Reported quarterly or annual results58
Jul 23, 2025Reported quarterly or annual results60
Apr 22, 2025Reported quarterly or annual results63
Jan 28, 2025Reported quarterly or annual results66
Oct 22, 2024Reported quarterly or annual results67
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
305 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 31 major events, 167 insider forms, 13 large holders, 74 other. The latest 20:
135 open-market trades by officers, directors and large owners since October 2021: 5 buys and 130 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks NVR, Inc. names in Item 1A of its 10-K filed Feb 11, 2026: 21 risks under these headings, as written.18
Business and Industry Risks
An economic downturn or decline in economic conditions could adversely affect our business and our results of operations.
Interest rate movements, inflation and other economic factors can negatively impact our business.
Because almost all of our customers require mortgage financing, limited availability of suitable mortgage financing could impair the affordability of our homes, lower demand for our products, and increase cancellation of homes in our backlog.
If the market value of our inventory or controlled lot position declines, our profit could decrease and we may incur losses.
We face competition in our homebuilding and mortgage banking operations.
Any inability to secure and control an adequate inventory of lots could adversely impact our operations.
A shortage of building materials or labor, or increases in materials or labor costs may adversely impact our operations.
We rely on subcontractors to construct our homes. The failure of our subcontractors to properly construct our homes may be costly.
Product liability litigation and warranty claims may adversely impact our operations.
We are subject to litigation proceedings that could harm our business if an unfavorable ruling were to occur.
If the underwriting quality of our mortgage originations is found to be deficient, our profit could decrease and we may incur losses.
The other 10 risks
We may be subject to claims on mortgage loans sold to third parties.
The loss of key personnel could adversely impact our business.
Cybersecurity incidents affecting our electronic and other confidential information could expose us to liability and materially adversely affect our financial condition and results of operations.
Volatility in the credit and capital markets may impact our ability to access necessary financing.
Our current indebtedness may impact our future operations.
Regulatory Risks
Government regulations and environmental matters could negatively affect our operations.
Increased regulation of the mortgage industry could harm our future sales and earnings.
Risks Related to Other External Risks
Health epidemics could have an adverse impact on our business and operations, and the markets, states and local communities in which we operate.
Weather-related and other events beyond our control may adversely impact our operations.
Our continued success is dependent on positive perceptions of us and our brands which, if eroded, could adversely affect our business and our relationships with our customers.
Legal proceedings
We are involved in various litigation matters arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, these matters are not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation matters are expensed as incurred.
