Short answer
NVR, Inc. (NVR) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $10.3B (−1.9% year over year) and net income of $1.3B.
- Top risk flagged: Regulatory risk: Increased contract land deposit impairment allowance due to economic challenges, impacting reserve adequacy for potential losses on land deposits
FY2025 key financial metrics · XBRL
- Revenue
- $10.3B
- −1.9% YoY
- Net income
- $1.3B
- −20.3% YoY
- EPS (diluted)
- $436.55
- −13.8% YoY
- ROE
- 34.7%
- −5.3 pp YoY
- Operating cash flow
- $1.1B
- −18.4% YoY
Source: XBRL data from the NVR, Inc. (NVR) FY2025 10-K on SEC EDGAR. USD.
NVR, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: construction and sale of single-family detached homes, townhomes, condominiums on primarily pre-sold basis
- Continued reliance on fixed price lot purchase agreements (LPAs) with forfeitable deposits, avoiding direct land ownership and developmental risk
- Emphasis on market leadership in 37 metropolitan areas across 16 states and D.C. with three distinct trade brands targeting different buyer demographics
- Strategic flexibility to engage in joint ventures or direct land development in limited cases, deviating from historical lot acquisition strategy
- Focus on maintaining lot inventory to support five-year business plan, minimizing financial risk related to land acquisitions
Management Discussion & Analysis
- Revenue $10.3B in 2025, down 2% from $10.5B in 2024 due to 4% fewer units settled
- Gross margin 21.2% in 2025 vs 23.7% in 2024, impacted by higher lot costs and $75.9M land deposit impairments
- Mid Atlantic segment strongest, no segment-specific data but overall unit settlements down 4% to 21,915 units
- Net income $1.34B in 2025, down 20% YoY; mortgage banking income $152M, down 2%
- Backlog down 16% to $4.01B with 8,448 units, new orders down 10% at 20,410 units, cancellation rate up to 17%
- Cash deposits for lots $920.1M with additional $42.3M for raw land; no direct disclosure of buybacks/dividends/capex
- Guidance: Expect continued demand weakness, margin pressure, revenue decline in Q1 2026, but confident due to strong balance sheet and disciplined lot acquisition strategy
Risk Factors
- Regulatory risk: Increased contract land deposit impairment allowance due to economic challenges, impacting reserve adequacy for potential losses on land deposits
- Macroeconomic threat: 13-17% New Order cancellations and 3-16% decrease in average active communities in key regions, highlighting demand weakness and affordability pressure
- Operational risk: Higher lot costs and material cost increases causing gross margin declines to as low as 18.3% in South East segment in 2025
- Competitive risk: Mortgage banking segment exposure to tightening credit markets and increased mortgage lending regulation affecting loan closing volume and fees
- Financial risk: $900 million Senior Notes maturing in 2030 with $27 million interest due within 12 months, and $733.9 million due on land purchase commitments within 3 years
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