NVR, INC. ANNOUNCES SECOND QUARTER RESULTS
NVR Inc. (NYSE: NVR), a major homebuilding and mortgage banking company, reported its Q2 2025 financial results with notable declines in key metrics. Net income fell 17% to $333.7 million, or $108.54 per diluted share, compared to $400.9 million in Q2 2024. Consolidated revenues remained relatively flat at $2.60 billion.
The homebuilding segment saw new orders decrease 11% to 5,379 units, while the cancellation rate increased to 17% from 13% year-over-year. Gross profit margin declined to 21.5% from 23.6%, impacted by higher lot costs and pricing pressures. The mortgage banking segment's income before tax decreased 34% to $29.6 million, primarily due to lower secondary marketing gains.
NVR Inc. (NYSE: NVR), una grande azienda nel settore delle costruzioni di abitazioni e del credito ipotecario, ha riportato i risultati finanziari del secondo trimestre 2025 con cali significativi nei principali indicatori. L'utile netto 猫 diminuito del 17%, attestandosi a 333,7 milioni di dollari, pari a 108,54 dollari per azione diluita, rispetto ai 400,9 milioni di dollari del secondo trimestre 2024. I ricavi consolidati sono rimasti sostanzialmente stabili a 2,60 miliardi di dollari.
Il segmento delle costruzioni ha registrato una riduzione degli ordini nuovi dell'11%, scendendo a 5.379 unit脿, mentre il tasso di cancellazione 猫 aumentato al 17% dal 13% anno su anno. Il margine di profitto lordo 猫 sceso al 21,5% dal 23,6%, influenzato da costi dei lotti pi霉 elevati e pressioni sui prezzi. Il reddito ante imposte del segmento di credito ipotecario 猫 calato del 34%, attestandosi a 29,6 milioni di dollari, principalmente a causa di minori guadagni dal marketing secondario.
NVR Inc. (NYSE: NVR), una importante empresa de construcci贸n de viviendas y banca hipotecaria, report贸 sus resultados financieros del segundo trimestre de 2025 con descensos notables en m茅tricas clave. La utilidad neta cay贸 un 17% a 333,7 millones de d贸lares, o 108,54 d贸lares por acci贸n diluida, en comparaci贸n con los 400,9 millones de d贸lares del segundo trimestre de 2024. Los ingresos consolidados se mantuvieron relativamente estables en 2,60 mil millones de d贸lares.
El segmento de construcci贸n de viviendas vio una disminuci贸n del 11% en nuevos pedidos, hasta 5.379 unidades, mientras que la tasa de cancelaci贸n aument贸 al 17% desde el 13% interanual. El margen de beneficio bruto disminuy贸 al 21,5% desde el 23,6%, afectado por mayores costos de lotes y presiones en los precios. El ingreso antes de impuestos del segmento de banca hipotecaria disminuy贸 un 34% a 29,6 millones de d贸lares, principalmente debido a menores ganancias en marketing secundario.
NVR Inc. (NYSE: NVR)電� 欤柬儩 瓯挫劋 氚� 氇赴歆� 旮堨湹 攵勳暭鞚� 欤检殧 旮办梾鞙茧, 2025雲� 2攵勱赴 鞛 鞁れ爜鞐愳劀 欤检殧 歆�響滉皜 韥矊 頃橂澖頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟. 靾滌澊鞚奠潃 17% 臧愳唽頃� 3鞏� 3,370毵� 雼煬, 頋劃 欤茧嫻 靾滌澊鞚奠潃 108.54雼煬搿�, 2024雲� 2攵勱赴鞚� 4鞏� 900毵� 雼煬鞐� 牍勴暣 臧愳唽頄堨姷雼堧嫟. 韱淀暕 毵れ稖鞚� 26鞏� 雼煬搿� 瓯办潣 氤�霃欖澊 鞐嗢棃鞀惦媹雼�.
欤柬儩 瓯挫劋 攵�氍胳棎靹滊姅 鞁犼窚 欤茧鞚� 11% 臧愳唽頃橃棳 5,379靹鸽寑鞐� 攴胳长鞙茧┌, 旆唽鞙潃 鞝勲厔 霃欔赴 雽�牍� 13%鞐愳劀 17%搿� 靸侅姽頄堨姷雼堧嫟. 齑濎澊鞚惦鞚� 攵�歆� 牍勳毄 靸侅姽瓿� 臧�瓴� 鞎曤皶鞚� 鞓來枼鞙茧 21.5%鞐愳劀 23.6%搿� 頃橂澖頄堨姷雼堧嫟. 氇赴歆� 旮堨湹 攵�氍胳潣 靹胳爠 靾橃澋鞚� 34% 臧愳唽頃� 2,960毵� 雼煬搿�, 欤茧 2彀� 毵堨紑韺� 鞚挫澋 臧愳唽 霑岆鞛呺媹雼�.
NVR Inc. (NYSE : NVR), une grande entreprise de construction r茅sidentielle et de banque hypoth茅caire, a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec des baisses notables dans les indicateurs cl茅s. Le b茅n茅fice net a chut茅 de 17 % pour atteindre 333,7 millions de dollars, soit 108,54 dollars par action dilu茅e, contre 400,9 millions de dollars au deuxi猫me trimestre 2024. Les revenus consolid茅s sont rest茅s relativement stables 脿 2,60 milliards de dollars.
Le segment construction r茅sidentielle a enregistr茅 une baisse de 11 % des nouvelles commandes, 脿 5 379 unit茅s, tandis que le taux d'annulation a augment茅 脿 17 % contre 13 % un an plus t么t. La marge brute a diminu茅 脿 21,5 % contre 23,6 %, impact茅e par des co没ts de terrain plus 茅lev茅s et des pressions sur les prix. Le r茅sultat avant imp么t du segment bancaire hypoth茅caire a baiss茅 de 34 % 脿 29,6 millions de dollars, principalement en raison de moindres gains sur le marketing secondaire.
NVR Inc. (NYSE: NVR), ein f眉hrendes Unternehmen im Bereich Hausbau und Hypothekenbankwesen, meldete seine Finanzergebnisse f眉r das zweite Quartal 2025 mit deutlichen R眉ckg盲ngen bei wichtigen Kennzahlen. Der Nettogewinn sank um 17 % auf 333,7 Millionen US-Dollar, bzw. 108,54 US-Dollar je verw盲sserter Aktie, im Vergleich zu 400,9 Millionen US-Dollar im zweiten Quartal 2024. Die konsolidierten Umsatzerl枚se blieben mit 2,60 Milliarden US-Dollar relativ stabil.
Im Hausbausegment gingen die Neubestellungen um 11 % auf 5.379 Einheiten zur眉ck, w盲hrend die Stornierungsrate von 13 % auf 17 % im Jahresvergleich anstieg. Die Bruttogewinnmarge sank von 23,6 % auf 21,5 %, beeintr盲chtigt durch h枚here Grundst眉ckskosten und Preisdruck. Das Ergebnis vor Steuern im Hypothekenbanksegment verringerte sich um 34 % auf 29,6 Millionen US-Dollar, haupts盲chlich aufgrund geringerer Gewinne aus dem Sekund盲rmarkt.
- Mortgage closed loan production increased 2% to $1.56 billion in Q2 2025
- Average settlement price rose 3% to $465,400 in Q2 2025
- Mortgage banking capture rate improved to 87% from 86% year-over-year
- Lots controlled increased to 171,400 from 149,700 year-over-year
- Net income decreased 17% to $333.7 million in Q2 2025
- New orders declined 11% to 5,379 units
- Cancellation rate increased to 17% from 13% year-over-year
- Gross profit margin decreased to 21.5% from 23.6%
- Backlog decreased 13% to 10,069 units worth $4.75 billion
- Mortgage banking income before tax fell 34% to $29.6 million
Insights
NVR reports 17% drop in Q2 net income amid housing market headwinds, with declining new orders and margins.
NVR's Q2 2025 results reveal significant challenges in the homebuilding market. Net income fell
New orders declined
Gross profit margin contracted significantly to
The mortgage banking segment showed further weakness with income before tax falling
NVR maintained its asset-light business model by controlling 171,400 lots at quarter-end (up from 149,700 a year ago) rather than owning them outright. The company also continued its aggressive share repurchase program, buying back 65,834 shares for
The effective tax rate increased to
For the six months ended June 30, 2025, consolidated revenues were
Homebuilding
New orders in the second quarter of 2025 decreased by
Homebuilding revenues of
Mortgage Banking
Mortgage closed loan production in the second quarter of 2025 totaled
Effective Tax Rate
Our effective tax rate for the three and six month periods ended June 30, 2025 was
About NVR
NVR, Inc. operates in two business segments:听 homebuilding and mortgage banking.听 The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-six metropolitan areas in sixteen states and
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.听 Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should" or "anticipates" or the negative thereof or other comparable terminology.听 All statements other than of historical facts are forward-looking statements.听 Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations.听 Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements.听 Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control.听 NVR undertakes no obligation to update such forward-looking statements except as required by law.
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NVR, Inc. Consolidated Statements of Income (in thousands, except per share data) (unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Homebuilding: | ||||||||
Revenues | $听听听听听听听听听 2,548,267 | $听听听听听听听听听 2,547,891 | $听听听听听听听听听 4,898,712 | $听听听听听听听听听 4,834,068 | ||||
Other income | 25,088 | 36,184 | 51,800 | 77,050 | ||||
Cost of sales | (1,999,983) | (1,947,616) | (3,835,358) | (3,673,829) | ||||
Selling, general and administrative | (149,170) | (141,213) | (314,287) | (293,716) | ||||
Interest expense | (6,685) | (6,710) | (13,866) | (13,359) | ||||
Homebuilding income | 417,517 | 488,536 | 787,001 | 930,214 | ||||
Mortgage Banking: | ||||||||
Mortgage banking fees | 50,547 | 64,566 | 103,134 | 111,852 | ||||
Interest income | 4,493 | 4,672 | 8,299 | 8,764 | ||||
Other income | 1,301 | 1,333 | 2,394 | 2,504 | ||||
General and administrative | (26,425) | (25,351) | (51,118) | (48,709) | ||||
Interest expense | (300) | (188) | (573) | (365) | ||||
Mortgage banking income | 29,616 | 45,032 | 62,136 | 74,046 | ||||
Income before taxes | 447,133 | 533,568 | 849,137 | 1,004,260 | ||||
Income tax expense | (113,396) | (132,664) | (215,824) | (209,087) | ||||
Net income | $听听听听听听听听听听听听听 333,737 | $听听听听听听听听听听听听听 400,904 | $听听听听听听听听听听听听听 633,313 | $听听听听听听听听听听听听听 795,173 | ||||
Basic earnings per share | $听听听听听听听听听听听听听听听 114.52 | $听听听听听听听听听听听听听听听 128.21 | $听听听听听听听听听听听听听听听 214.78 | $听听听听听听听听听听听听听听听 251.94 | ||||
Diluted earnings per share | $听听听听听听听听听听听听听听听 108.54 | $听听听听听听听听听听听听听听听 120.69 | $听听听听听听听听听听听听听听听 203.20 | $听听听听听听听听听听听听听听听 237.05 | ||||
Basic weighted average shares outstanding | 2,914 | 3,127 | 2,949 | 3,156 | ||||
Diluted weighted average shares outstanding | 3,075 | 3,322 | 3,117 | 3,355 | ||||
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NVR, Inc. | ||||
Consolidated Balance Sheets | ||||
(in thousands, except share and per share data) | ||||
(unaudited) | ||||
June 30, 2025 | December 31, 2024 | |||
ASSETS | ||||
Homebuilding: | ||||
Cash and cash equivalents | $听听听听听听听听听听听听听 1,726,865 | $听听听听听听听听听听听听听 2,561,339 | ||
Restricted cash | 53,240 | 42,172 | ||
Receivables | 41,496 | 32,622 | ||
Inventory: | ||||
Lots and housing units, covered under sales agreements with customers | 1,797,104 | 1,727,243 | ||
Unsold lots and housing units | 304,743 | 237,177 | ||
Land under development | 39,450 | 65,394 | ||
Building materials and other | 28,743 | 28,893 | ||
2,170,040 | 2,058,707 | |||
Contract land deposits, net | 837,845 | 726,675 | ||
Property, plant and equipment, net | 100,280 | 95,619 | ||
Operating lease right-of-use assets | 86,206 | 78,340 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 41,580 | 41,580 | ||
Other assets | 295,858 | 251,178 | ||
5,353,410 | 5,888,232 | |||
Mortgage Banking: | ||||
Cash and cash equivalents | 39,307 | 49,636 | ||
Restricted cash | 10,513 | 11,520 | ||
Mortgage loans held for sale, net | 415,974 | 355,209 | ||
Property and equipment, net | 8,053 | 7,373 | ||
Operating lease right-of-use assets | 24,515 | 23,482 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 7,347 | 7,347 | ||
Other assets | 80,220 | 38,189 | ||
585,929 | 492,756 | |||
Total assets | $听听听听听听听听听听听听听 5,939,339 | $听听听听听听听听听听听听听 6,380,988 | ||
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NVR, Inc. | ||||
Consolidated Balance Sheets (Continued) | ||||
(in thousands, except share and per share data) | ||||
(unaudited) | ||||
June 30, 2025 | December 31, 2024 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Homebuilding: | ||||
Accounts payable | $听听听听听听听听听听听听听听听听听 367,929 | $听听听听听听听听听听听听听听听听听 332,772 | ||
Accrued expenses and other liabilities | 333,456 | 441,300 | ||
Customer deposits | 295,145 | 322,926 | ||
Operating lease liabilities | 92,160 | 83,939 | ||
Senior notes | 910,145 | 911,118 | ||
1,998,835 | 2,092,055 | |||
Mortgage Banking: | ||||
Accounts payable and other liabilities | 68,785 | 53,433 | ||
Operating lease liabilities | 26,588 | 25,428 | ||
95,373 | 78,861 | |||
Total liabilities | 2,094,208 | 2,170,916 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Common stock, | 206 | 206 | ||
Additional paid-in capital | 3,085,904 | 3,031,637 | ||
Deferred compensation trust 鈥� 106,697 shares of NVR, Inc. common stock as of both | (16,710) | (16,710) | ||
Deferred compensation liability | 16,710 | 16,710 | ||
Retained earnings | 15,680,266 | 15,046,953 | ||
Less treasury stock at cost 鈥� 17,672,115 and 17,543,686 shares as of June 30, 2025 | (14,921,245) | (13,868,724) | ||
Total shareholders' equity | 3,845,131 | 4,210,072 | ||
Total liabilities and shareholders' equity | $听听听听听听听听听听听听听 5,939,339 | $听听听听听听听听听听听听听 6,380,988 | ||
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NVR, Inc. | ||||||||||||||||
Operating Activity | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Units | Average Price | Units | Average Price | Units | Average Price | Units | Average Price | |||||||||
New orders, net of cancellations: | ||||||||||||||||
Mid Atlantic (1) | 1,930 | $听听听听听听听听 531.3 | 2,297 | $听听听听听听听听 536.2 | 3,796 | $听听听听听听听听 523.0 | 4,579 | $听听听听听听听听 525.9 | ||||||||
North East (2) | 424 | $听听听听听听听听 655.3 | 478 | $听听听听听听听听 623.4 | 801 | $听听听听听听听听 674.0 | 1,005 | $听听听听听听听听 617.7 | ||||||||
Mid East (3) | 1,072 | $听听听听听听听听 424.2 | 1,262 | $听听听听听听听听 403.7 | 2,170 | $听听听听听听听听 422.0 | 2,525 | $听听听听听听听听 406.8 | ||||||||
South East (4) | 1,953 | $听听听听听听听听 361.7 | 2,030 | $听听听听听听听听 366.7 | 3,957 | $听听听听听听听听 359.0 | 4,007 | $听听听听听听听听 368.3 | ||||||||
Total | 5,379 | $听听听听听听听听 458.1 | 6,067 | $听听听听听听听听 458.8 | 10,724 | $听听听听听听听听 453.3 | 12,116 | $听听听听听听听听 456.6 | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Units | Average Price | Units | Average Price | Units | Average Price | Units | Average Price | |||||||||
Settlements: | ||||||||||||||||
Mid Atlantic (1) | 2,101 | $听听听听听听听听 537.2 | 2,199 | $听听听听听听听听 515.5 | 4,151 | $听听听听听听听听 532.6 | 4,165 | $听听听听听听听听 516.5 | ||||||||
North East (2) | 474 | $听听听听听听听听 651.7 | 487 | $听听听听听听听听 589.8 | 945 | $听听听听听听听听 632.5 | 950 | $听听听听听听听听 571.5 | ||||||||
Mid East (3) | 1,082 | $听听听听听听听听 415.8 | 1,075 | $听听听听听听听听 403.7 | 2,095 | $听听听听听听听听 411.6 | 2,124 | $听听听听听听听听 400.6 | ||||||||
South East (4) | 1,818 | $听听听听听听听听 363.3 | 1,898 | $听听听听听听听听 365.1 | 3,417 | $听听听听听听听听 359.2 | 3,509 | $听听听听听听听听 367.3 | ||||||||
Total | 5,475 | $听听听听听听听听 465.4 | 5,659 | $听听听听听听听听 450.2 | 10,608 | $听听听听听听听听 461.8 | 10,748 | $听听听听听听听听 449.7 | ||||||||
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As of June 30, | |||||||||
2025 | 2024 | ||||||||
Units | Average Price | Units | Average Price | ||||||
Backlog: | |||||||||
Mid Atlantic (1) | 3,713 | $听听听听听听听听 532.6 | 4,508 | $听听听听听听听听 531.4 | |||||
North East (2) | 911 | $听听听听听听听听 698.4 | 1,083 | $听听听听听听听听 643.3 | |||||
Mid East (3) | 2,120 | $听听听听听听听听 426.8 | 2,377 | $听听听听听听听听 416.6 | |||||
South East (4) | 3,325 | $听听听听听听听听 371.6 | 3,629 | $听听听听听听听听 378.0 | |||||
Total | 10,069 | $听听听听听听听听 472.1 | 11,597 | $听听听听听听听听 470.3 | |||||
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NVR, Inc. | ||||||||
Operating Activity (Continued) | ||||||||
(dollars in thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Average active communities: | ||||||||
Mid Atlantic (1) | 120 | 153 | 120 | 155 | ||||
North East (2) | 26 | 31 | 25 | 33 | ||||
Mid East (3) | 94 | 101 | 93 | 100 | ||||
South East (4) | 186 | 148 | 175 | 142 | ||||
Total | 426 | 433 | 413 | 430 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Homebuilding data: | ||||||||
New order cancellation rate | 16.5听% | 12.9听% | 16.0听% | 13.0听% | ||||
Lots controlled at end of period | 171,400 | 149,700 | ||||||
Mortgage banking data: | ||||||||
Loan closings | $听听听听听听听听 1,555,280 | $听听听听听听听听 1,530,081 | $听听听听听听 2,988,201 | $听听听听听听 2,908,090 | ||||
Capture rate | 87听% | 86听% | 87听% | 86听% | ||||
Common stock information: | ||||||||
Shares outstanding at end of period | 2,883,215 | 3,090,266 | ||||||
Number of shares repurchased | 65,834 | 83,168 | 142,954 | 150,026 | ||||
Aggregate cost of shares repurchased | $听听听听听听听听听听听 471,413 | $听听听听听听听听听听听 638,976 | $听听听听听听 1,054,807 | $听听听听听听 1,135,912 | ||||
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SOURCE NVR, INC.
FAQ
What were NVR's key financial results for Q2 2025?
How did NVR's new home orders perform in Q2 2025?
What was NVR's gross profit margin in Q2 2025?
How did NVR's mortgage banking segment perform in Q2 2025?
What was NVR's backlog status as of June 30, 2025?
