NVR INC

NVR 10-K · Q4 2025

NVR Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 2,712,608 2,845,608 -4.7%
Show Business Segments breakouts
Home Building 2,635,214 2,780,717 -5.2%
Home Building · Mid Atlantic 1,120,944 1,124,721 -0.3%
Home Building · Mid East 503,886 509,598 -1.1%
Home Building · North East 312,903 322,421 -3.0%
Home Building · South East 697,481 823,977 -15.4%
Mortgage Banking 77,394 64,891 +19.3%
Other Income (Q)
Show Business Segments breakouts
Home Building 22,460 33,094 -32.1%
Mortgage Banking 1,395 1,562 -10.7%
Cost of Revenue (Q)
Show Business Segments breakouts
Home Building -2,096,645 -2,125,633 +1.4%
Home Building · Mid Atlantic -871,176 -849,346 -2.6%
Home Building · Mid East -396,938 -398,126 +0.3%
Home Building · North East -240,003 -240,600 +0.2%
Home Building · South East -577,831 -648,267 +10.9%
Selling, General & Administrative (Q)
Show Business Segments breakouts
Home Building -142,644 -154,714 +7.8%
Interest Expense (Q)
Show Business Segments breakouts
Home Building -6,857 -6,774 -1.2%
Mortgage Banking -357 -239 -49.4%
Income Loss From Continuing Operations Before Income Taxes Domestic 468,722 572,634 -18.1%
Show Business Segments breakouts
Home Building 411,528 526,690 -21.9%
Home Building · Mid Atlantic 176,235 202,993 -13.2%
Home Building · Mid East 75,221 79,460 -5.3%
Home Building · North East 48,507 59,749 -18.8%
Home Building · South East 47,891 107,222 -55.3%
Mortgage Banking 57,194 45,944 +24.5%
Mortgage Banking · Operating Segments 58,424 47,155 +23.9%
Show Consolidation Items breakouts
Corporate And Reconciling Items 62,444 76,055 -17.9%
Operating Segments 406,278 496,579 -18.2%
Interest And Fee Income Loans Held For Sale Mortgages (Q)
Show Business Segments breakouts
Mortgage Banking 4,706 5,600 -16.0%
General & Administrative (Q)
Show Business Segments breakouts
Mortgage Banking -25,944 -25,870 -0.3%
Income Tax Expense (Benefit) -104,907 -115,202 +8.9%
Net Income 363,815 457,432 -20.5%
Show Equity Components breakouts
Retained Earnings 363,815 457,432 -20.5%
EPS (Basic) 128.14 149.51 -14.3%
EPS (Diluted) 121.22 139.49 -13.1%
Wtd Avg Shares (Basic) -23 -19 -21.1%
Wtd Avg Shares (Diluted) -26 -16 -62.5%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents (Q)
Show Business Segments breakouts
Home Building 1,883,844 2,561,339 -26.5%
Home Building · Corporate And Reconciling Items 1,883,844 2,561,339 -26.5%
Mortgage Banking 32,642 49,636 -34.2%
Non-Current Assets
Property, Plant & Equipment (Q)
Show Business Segments breakouts
Home Building 103,770 95,619 +8.5%
Mortgage Banking 7,727 7,373 +4.8%
Operating Lease Right-of-Use Assets (Q)
Show Business Segments breakouts
Home Building 110,535 78,340 +41.1%
Home Building · Corporate And Reconciling Items 110,535 78,340 +41.1%
Mortgage Banking 23,953 23,482 +2.0%
Deferred Tax Assets (Q)
Show Business Segments breakouts
Home Building 143,666 142,192 +1.0%
Home Building · Corporate And Reconciling Items 143,666 142,192 +1.0%
Total Assets 5,856,930 6,380,988 -8.2%
Show Business Segments breakouts
Home Building 5,089,563 5,888,232 -13.6%
Home Building · Mid Atlantic 1,185,864 1,337,659 -11.3%
Home Building · Mid East 359,826 396,854 -9.3%
Home Building · North East 374,313 368,300 +1.6%
Home Building · South East 971,162 914,318 +6.2%
Mortgage Banking 767,367 492,756 +55.7%
Mortgage Banking · Operating Segments 760,020 485,409 +56.6%
Show Consolidation Items breakouts
Corporate And Reconciling Items 2,205,745 2,878,448 -23.4%
Operating Segments 3,651,185 3,502,540 +4.2%
Other Assets
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other 79,308 68,784 +15.3%
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation 4,351 4,349 0.0%
Restricted Cash And Cash Equivalents (Q)
Show Business Segments breakouts
Home Building 34,348 42,172 -18.6%
Mortgage Banking 6,047 11,520 -47.5%
Accounts Receivable Net (Q)
Show Business Segments breakouts
Home Building 32,742 32,622 +0.4%
Inventory Real Estate Land And Land Development Costs 39,312 65,394 -39.9%
Show Business Segments breakouts
Home Building 39,312 65,394 -39.9%
Real Estate Inventory Construction Materials (Q)
Show Business Segments breakouts
Home Building 21,524 28,893 -25.5%
Building Inventory (Q)
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Home Building 1,723,560 2,058,707 -16.3%
Deposits Assets 851,458 726,675 +17.2%
Show Business Segments breakouts
Home Building 851,458 726,675 +17.2%
Loans Receivable Held For Sale Net Not Part Of Disposal Group (Q)
Show Business Segments breakouts
Mortgage Banking 571,596 355,209 +60.9%
Other Assets (Q)
Show Business Segments breakouts
Home Building 205,640 150,566 +36.6%
Mortgage Banking 125,402 45,536 +175.4%
Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost 48,518 47,467 +2.2%
Deferred Tax Assets Inventory 16,727 18,468 -9.4%
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves 5,400 6,998 -22.8%
Deferred Tax Assets Other 9,833 13,595 -27.7%
Deferred Tax Assets Gross 164,137 159,661 +2.8%
Deferred Income Tax Liabilities 13,168 10,135 +29.9%
Deferred Tax Assets Liabilities Net 150,969 149,526 +1.0%
Non-Current Liabilities
Accounts Payable Current And Noncurrent (Q)
Show Business Segments breakouts
Home Building 259,244 332,772 -22.1%
Accrued Liabilities Current And Noncurrent (Q)
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Home Building 376,976 441,300 -14.6%
Total Liabilities 1,992,061 2,170,916 -8.2%
Show Business Segments breakouts
Home Building 1,912,179 2,092,055 -8.6%
Mortgage Banking 79,882 78,861 +1.3%
Other Liabilities
Contract With Customer Liability (Q)
Show Business Segments breakouts
Home Building 249,210 322,926 -22.8%
Operating Lease Liability 143,733
Show Business Segments breakouts
Home Building 117,589 83,939 +40.1%
Mortgage Banking 26,144 25,428 +2.8%
Senior Notes (Q)
Show Business Segments breakouts
Home Building 909,160 911,118 -0.2%
Show Debt Instrument breakouts
Senior Notes due 2030 909,160 911,118 -0.2%
Accounts Payable And Other Accrued Liabilities (Q)
Show Business Segments breakouts
Mortgage Banking 53,738 53,433 +0.6%
Stockholders' Equity
Common Stock 206 206 0.0%
Additional Paid In Capital Common Stock 3,155,367 3,031,637 +4.1%
Common Stock Shares Held In Employee Trust -16,710 -16,710 0.0%
Deferred Compensation Liability Current And Noncurrent 16,710 16,710 0.0%
Retained Earnings 16,386,769 15,046,953 +8.9%
Treasury Stock Common Value -15,677,473 -13,868,724 -13.0%
Total Stockholders' Equity 3,864,869 4,210,072 -8.2%
Show Equity Components breakouts
Additional Paid In Capital 3,155,367 3,031,637 +4.1%
Common Stock 206 206 0.0%
Deferred Compensation Liability 16,710 16,710 0.0%
Deferred Compensation Trust -16,710 -16,710 0.0%
Retained Earnings 16,386,769 15,046,953 +8.9%
Treasury Stock Common -15,677,473 -13,868,724 -13.0%
Total Liabilities & Equity 5,856,930 6,380,988 -8.2%
Lots And Housing Units Covered Under Sales Agreements With Customers (Q)
Show Business Segments breakouts
Home Building 1,410,695 1,727,243 -18.3%
Unsold Lots And Housing Units (Q)
Show Business Segments breakouts
Home Building 252,029 237,177 +6.3%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 6,943 4,953 +40.2%
Stock-Based Compensation 15,518 19,460 -20.3%
Show — breakouts
Stock-Based Compensation 15,518 19,460 -20.3%
Gain Loss On Sale Of Mortgage Loans -65,153 -53,676 -21.4%
Payments For Origination Of Mortgage Loans Held For Sale -1,513,582 -1,698,687 +10.9%
Proceeds From Sale Of Mortgage Loans Held For Sale 1,348,278 1,812,259 -25.6%
Change in Inventory 407,865 198,690 +105.3%
Increase Decrease In Deposits Outstanding -18,886 -70,274 +73.1%
Increase Decrease In Receivables -46,469 15,671 -396.5%
Increase Decrease In Accounts Payable And Accrued Liabilities -61,152 -23,798 -157.0%
Change in Deferred Revenue -28,141 -35,683 +21.1%
Other Operating Activities Cash Flow Statement -3,601 -7,125 +49.5%
Net Cash from Operations 439,728 637,050 -31.0%
Investing Activities
Payments To Acquire Interest In Joint Venture -10,333 -1,460 -607.7%
Capital Expenditures -3,700 -5,591 +33.8%
Proceeds From Sale Of Property Plant And Equipment 199 295 -32.5%
Net Cash from Investing -13,834 -6,756 -104.8%
Financing Activities
Share Repurchases -502,104 -564,315 +11.0%
Finance Lease Principal Payments -1,316 -826 -59.3%
Proceeds From Stock Options Exercised 10,803 30,847 -65.0%
Net Cash from Financing -492,617 -534,294 +7.8%
Net Change in Cash -66,723 96,000 -169.5%
Supplemental
Interest Paid 14,344 14,109 +1.7%
Income Taxes Paid 84,128 102,590 -18.0%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 1,956,881 2,664,667 -26.6%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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