NVR, Inc. (NVR) Q3 2025 10-Q Quarterly Report
NVR, Inc. (NVR) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 5, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
NVR, Inc. Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Cash, restricted cash, and cash equivalents decreased by $641,063 for nine months ended September 30, 2025
- • Net cash from operating activities $681,592, driven by earnings, offset by $181,771 increase in contract land deposits
- • Investing cash outflow $57,374 mainly for joint ventures $37,281 and property, plant, and equipment $20,808
- • Financing cash outflow $1,265,281 for repurchase of 178,178 shares at $1,331,212, partly offset by $69,343 from stock options
- • No material changes in critical accounting estimates reported
Risk Factors
- • New risk: Increased contract land deposit impairments, totaling $85,400 as of Sept 30, 2025, triggered by affordability issues and market volatility
- • Material update: Homebuilding gross profit margin declined to 21.0% in Q3 2025 from 23.4% in Q3 2024 due to higher lot costs and pricing pressure
- • Regulatory/compliance risk: Potential forfeiture of up to 10% deposits under Lot Purchase Agreements if NVR fails performance obligations
- • Operational risk: New Orders down 16% in Q3 2025 with cancellation rate rising to 19.4% vs 14.5% in Q3 2024, impacting near-term sales volume
- • Financial risk: Contract land deposits increased to $872,323 with $907,600 cash deposits tied up in LPAs, highlighting liquidity exposure to land acquisition commitments
NVR, Inc. Q3 2025 Quarterly FinancialsXBRL
Revenue
$2.6B
▼ -4.5% YoY▲ +0.4% QoQ
Net Income
$343M
▼ -20.2% YoY▲ +2.7% QoQ
Net Margin
13.1%
▼ -258bp YoY▲ +29bp QoQ
Source: XBRL data from NVR, Inc. Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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