Short answer
NVR, Inc. (NVR) filed its Q3 2025 10-Q quarterly report on Nov 5, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.6B (down 4.5% year over year) with net income of $343M.
Q3 2025 key financials · XBRL
- Revenue
- $2.6B
- −4.5% YoY · +0.4% QoQ
- Net income
- $343M
- −20.2% YoY · +2.7% QoQ
- EPS (diluted)
- $112.13
- −13.8% YoY · +3.5% QoQ
Source: XBRL data from the NVR, Inc. (NVR) Q3 2025 10-Q on SEC EDGAR. USD.
NVR, Inc. Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
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
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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