NVR, Inc. reported financial results for the third quarter ended September 30, 2026, showing a decline in net income and revenues compared to the prior year period. The company recorded net income of $248.6 million, or $89.45 per diluted share, a decrease of 27% and 20% respectively from the $342.7 million and $112.33 per share reported in the third quarter of 2025.
Consolidated revenues for the third quarter of 2026 totaled $2.40 billion, down from $2.61 billion in the prior year. Over the first nine months of 2026, consolidated revenues were $6.61 billion, a 13% decrease from $7.61 billion for the same period in 2025.
Within the Homebuilding segment, new orders decreased by 7% to 4,391 units, while settlements fell by 7% to 5,268 units. The average sales price for new orders was $442,100, a 5% decrease from the prior year. The cancellation rate for new orders was 21% in the third quarter of 2026, up from 19% in the third quarter of 2025. Homebuilding revenues for the quarter were $2.35 billion, an 8% decrease from the prior year. Gross profit margin decreased to 18.3% from 21.0% in the prior year, attributed to higher lot costs, pricing pressure, and contract land deposit impairments of approximately $24.8 million.
NVR’s backlog of homes sold but not settled increased on a unit basis by 10% to 10,121 units and increased on a dollar basis by 4% to $4.59 billion as of September 30, 2026.
In the Mortgage Banking segment, closed loan production totaled $1.38 billion, a 10% decrease from the prior year. Income before tax from this segment increased by 7% to $35.0 million.
