Q1 26 EPS
$67.76
Q1 26 Revenue
$1.88B
MISS 6.94%
Est. $2.02B
vs S&P Since Q1 26
-13.0%
TRAILING MARKET
NVR -11.2% vs S&P +1.7%
Market Reaction
Did NVR Beat Earnings? Q1 2026 Results
NVR Inc. Delivered a sharply disappointing first quarter of 2026, missing Wall Street on both top and bottom lines as affordability pressures and elevated mortgage rates took a significant toll on the homebuilder's results. Diluted earnings per share… Read more NVR Inc. Delivered a sharply disappointing first quarter of 2026, missing Wall Street on both top and bottom lines as affordability pressures and elevated mortgage rates took a significant toll on the homebuilder's results. Diluted earnings per share came in at $67.76, falling 14.44% short of the $79.20 consensus estimate, while revenue of $1.88 billion trailed expectations by 6.94% and slid 20.0% from the year-ago period. The central culprit was a 22% collapse in homebuilding settlements to 4,015 units, a direct consequence of entering the quarter with a backlog 15% below prior-year levels, which compressed homebuilding gross margin to 19.6% from 21.9% and sent segment pretax income down 39%. Net income fell to $198.36 million from $299.58 million a year earlier, with analysts maintaining a cautious stance on NVR and the broader homebuilding sector given persistent housing affordability challenges. A modest bright spot emerged in new orders, which rose 7% to 5,738 units, offering some reassurance that demand, while strained, has not evaporated entirely.
Key Takeaways
- • 22% decline in homebuilding settlements to 4,015 units driven by 15% lower entering backlog
- • Homebuilding gross profit margin declined to 19.6% from 21.9% due to continued pricing pressure and higher lot costs
- • Lower effective tax rate of 21.2% vs. 25.5% due to $12.6 million in excess tax benefits from stock option exercises
- • New orders increased 7% to 5,738 units with average active communities up to 432 from 401
- • Cancellation rate improved to 14% from 16%
NVR YoY Financials
Q1 2026 vs Q1 2025, 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% |