Q3 25 EPS
$112.33
BEAT +2.72%
Est. $109.36
Q3 25 Revenue
$2.61B
BEAT +7.36%
Est. $2.43B
vs S&P Since Q3 25
-27.5%
TRAILING MARKET
NVR -20.2% vs S&P +7.3%
Market Reaction
Did NVR Beat Earnings? Q3 2025 Results
NVR posted a headline beat in its third quarter ended September 30, 2025, topping Wall Street estimates on both lines even as the underlying business continued to soften year-over-year. The homebuilder reported diluted EPS of $112.33, ahead of the $1… Read more NVR posted a headline beat in its third quarter ended September 30, 2025, topping Wall Street estimates on both lines even as the underlying business continued to soften year-over-year. The homebuilder reported diluted EPS of $112.33, ahead of the $109.36 consensus by 2.72%, while revenue of $2.61 billion cleared the $2.43 billion estimate by 7.36%, though that top line still slipped 4.7% from the prior-year period. The most material drag was margin compression in the homebuilding segment, where gross profit margin fell to 21.0% from 23.4% a year earlier, driven by higher lot costs, persistent affordability pressure, and roughly $18.90 million in contract land deposit impairments. Those headwinds also weighed on demand, with new orders falling 16% to 4,735 units and the cancellation rate climbing to 19.4% from 14.5%. Net income declined 20% to $342.69 million. Notably, an insider director purchased shares shortly after the report, a small signal of internal confidence despite the challenging housing environment.
Key Takeaways
- • Gross profit margin declined to 21.0% from 23.4% due to higher lot costs, pricing pressure from affordability challenges, and $18.9 million in contract land deposit impairments
- • New orders decreased 16% to 4,735 units with cancellation rate rising to 19.4% from 14.5%
- • Settlements decreased 5% to 5,639 units while average settlement price remained relatively flat
- • Effective tax rate increased to 22.8% from 20.3% due to lower excess tax benefits from stock option exercises
- • Average new order price increased 3% to $464,800
NVR YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NVR Revenue by Segment
With YoY comparisons, source: SEC Filings
NVR Earnings Trends
NVR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NVR EPS Trend
Earnings per share: estimate vs actual
NVR Revenue Trend
Quarterly revenue: estimate vs actual
NVR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $67.76 | — | $1.88B | -6.94% |
| Q4 25 BEAT FY | $105.90 | $121.54 | +14.77% | $2.71B | +12.39% |
| FY Full Year | $421.88 | $436.55 | +3.48% | $10.32B | +4.56% |
| Q3 25 BEAT | $109.36 | $112.33 | +2.72% | $2.61B | +7.36% |
| Q2 25 BEAT | $107.52 | $108.54 | +0.95% | $2.60B | +4.81% |
| Q1 25 MISS | $106.07 | $94.83 | -10.60% | $2.40B | +2.47% |