NVR, Inc. (NVR) FY2025 10-K Annual Report
NVR, Inc. (NVR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NVR, Inc. FY2025 10-K Analysis
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
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
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
NVR, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$10.3B
▼ -1.9% YoY
Net Income
$1.3B
▼ -20.3% YoY
Net Margin
13.0%
▼ -300bp YoY
ROE
34.7%
▼ -528bp YoY
Total Assets
$5.9B
▼ -8.2% YoY
EPS (Diluted)
$436.55
▼ -13.8% YoY
Operating Cash Flow
$1.1B
▼ -18.4% YoY
Source: XBRL data from NVR, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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