Q4 25 EPS
$121.54
BEAT +14.77%
Est. $105.90
Q4 25 Revenue
$2.71B
BEAT +12.39%
Est. $2.41B
vs S&P Since Q4 25
-23.1%
TRAILING MARKET
NVR -19.3% vs S&P +3.8%
Full Year 2025 Results
FY 25 EPS
$436.55
BEAT +3.48%
Est. $421.88
FY 25 Revenue
$10.32B
BEAT +4.56%
Est. $9.87B
Market Reaction
Did NVR Beat Earnings? Q4 2025 Results
NVR delivered a headline beat in Q4 2025, with earnings per share of $121.54 topping the $105.90 consensus estimate by 14.77% and revenue of $2.71 billion clearing expectations by 12.39%, yet the underlying results told a more complicated story. Reve… Read more NVR delivered a headline beat in Q4 2025, with earnings per share of $121.54 topping the $105.90 consensus estimate by 14.77% and revenue of $2.71 billion clearing expectations by 12.39%, yet the underlying results told a more complicated story. Revenue fell 5.0% year-over-year as settlement units dropped 8% to 5,668 homes, and net income declined 20% to $363.81 million, pressured most acutely by homebuilding gross margin compression to 20.4% from 23.6% a year earlier, a squeeze driven by higher lot costs, affordability-related pricing headwinds, and roughly $35.70 million in contract land deposit impairments during the quarter. A 24% jump in mortgage banking income to $57.20 million provided a partial offset, as did modest new order growth of 3% in the period, though backlog entering 2026 stands 15% lower in units and 16% lower in value at $4.01 billion, signaling continued revenue pressure ahead. Separately, NVR's board authorized a fresh $750 million share repurchase program, extending a capital return strategy the company has maintained since 1994.
Key Takeaways
- • 3% increase in average settlement price to $464,900 in Q4
- • 3% increase in new orders to 4,951 units in Q4
- • 24% increase in mortgage banking income before tax driven by higher secondary marketing gains
- • Gross profit margin decline to 20.4% from 23.6% due to higher lot costs, pricing pressure, and $35.7 million in contract land deposit impairments
- • 8% decrease in settlement units to 5,668 in Q4
- • Higher effective tax rate of 22.4% vs 20.1% due to lower excess tax benefits from stock option exercises
NVR YoY Financials
Q4 2025 vs Q4 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% |