NVR INC - Interim / Quarterly Report 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _ to _

Commission File Number: 1-12378

NVR, Inc.

(Exact name of registrant as specified in its charter)

Virginia	54-1394360
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

11700 Plaza America Drive , Suite 500

Reston , Virginia 20190

( 703 ) 956-4000

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Not Applicable

(Former name, former address, and former fiscal year if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	NVR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026 there were 2,699,292 total shares of common stock outstanding.

NVR, Inc.

F ORM 10-Q

T ABLE OF C ONTENTS

PART I	FINANCIAL INFORMATION	Page — 1
Item 1.	Condensed Consolidated Financial Statements	1
	Condensed Consolidated Balance Sheets (unaudited)	1
	Condensed Consolidated Statements of Income (unaudited)	3
	Condensed Consolidated Statements of Cash Flows (unaudited)	4
	Notes to Condensed Consolidated Financial Statements (unaudited)	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	29
Item 4.	Controls and Procedures	29
PART II	OTHER INFORMATION	30
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5.	Other Information	30
Item 6.	Exhibits	31
	SIGNATURE	32

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NVR, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
	March 31, 2026	December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents	$ 1,645,786	$ 1,883,844
Restricted cash	40,606	34,348
Receivables	35,423	32,742
Inventory:
Lots and housing units, covered under sales agreements with customers	1,652,220	1,410,695
Unsold lots and housing units	244,499	252,029
Land under development	19,433	39,312
Building materials and other	22,358	21,524
	1,938,510	1,723,560
Contract land deposits, net	938,981	851,458
Property, plant and equipment, net	100,899	103,770
Operating lease right-of-use assets	108,985	110,535
Other assets	335,331	349,306
	5,144,521	5,089,563
Mortgage Banking:
Cash and cash equivalents	36,281	32,642
Restricted cash	7,014	6,047
Mortgage loans held for sale, net	287,475	571,596
Property and equipment, net	7,892	7,727
Operating lease right-of-use assets	23,035	23,953
Other assets	79,560	125,402
	441,257	767,367
Total assets	$ 5,585,778	$ 5,856,930

See notes to condensed consolidated financial statements.

NVR, Inc.
Condensed Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
	March 31, 2026	December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable	$ 332,321	$ 259,244
Accrued expenses and other liabilities	374,987	376,976
Customer deposits	273,422	249,210
Operating lease liabilities	116,040	117,589
Senior notes	908,662	909,160
	2,005,432	1,912,179
Mortgage Banking:
Accounts payable and other liabilities	61,162	53,738
Operating lease liabilities	25,150	26,144
	86,312	79,882
Total liabilities	2,091,744	1,992,061
Commitments and contingencies
Shareholders' equity:
Common stock, $ 0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2026 and December 31, 2025	206	206
Additional paid-in capital	3,202,642	3,155,367
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2026 and December 31, 2025	( 16,710 )	( 16,710 )
Deferred compensation liability	16,710	16,710
Retained earnings	16,585,128	16,386,769
Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March 31, 2026 and December 31, 2025, respectively	( 16,293,942 )	( 15,677,473 )
Total shareholders' equity	3,494,034	3,864,869
Total liabilities and shareholders' equity	$ 5,585,778	$ 5,856,930

See notes to condensed consolidated financial statements.

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NVR, Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

	2026	2025
Homebuilding:
Revenues	$ 1,834,879	$ 2,350,445
Other income	28,049	26,712
Cost of sales	( 1,474,539 )	( 1,835,375 )
Selling, general and administrative	( 156,971 )	( 165,117 )
Interest expense	( 6,854 )	( 7,181 )
Homebuilding income	224,564	369,484
Mortgage Banking:
Mortgage banking fees	46,184	52,587
Interest income	3,629	3,806
Other income	777	1,093
General and administrative	( 23,127 )	( 24,693 )
Interest expense	( 333 )	( 273 )
Mortgage banking income	27,130	32,520
Income before taxes	251,694	402,004
Income tax expense	( 53,335 )	( 102,428 )
Net income	$ 198,359	$ 299,576
Basic earnings per share	$ 71.33	$ 100.41
Diluted earnings per share	$ 67.76	$ 94.83
Basic weighted average shares outstanding	2,781	2,984
Diluted weighted average shares outstanding	2,928	3,159

See notes to condensed consolidated financial statements.

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NVR, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Three Months Ended March 31, — 2026	2025
Cash flows from operating activities:
Net income	$ 198,359	$ 299,576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,742	5,782
Equity-based compensation expense	13,287	18,527
Contract land deposit impairments, net	8,901	8,118
Gain on sale of loans, net	( 38,871 )	( 42,987 )
Mortgage loans closed	( 1,056,391 )	( 1,433,354 )
Mortgage loans sold and principal payments on mortgage loans held for sale	1,371,938	1,416,656
Net change in assets and liabilities:
Increase in inventory	( 214,950 )	( 51,665 )
Increase in contract land deposits	( 96,424 )	( 38,640 )
Decrease (increase) in receivables	49,904	( 18,167 )
Increase in accounts payable and accrued expenses	71,782	55,502
Increase (decrease) in customer deposits	24,212	( 7,180 )
Other, net	1,197	( 4,387 )
Net cash provided by operating activities	339,686	207,781
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	( 4,388 )	( 8,167 )
Proceeds from the sale of ownership interest in unconsolidated joint ventures	21,559	—
Purchase of property, plant and equipment	( 4,871 )	( 7,059 )
Proceeds from the sale of property, plant and equipment	165	210
Net cash provided by (used in) investing activities	12,465	( 15,016 )
Cash flows from financing activities:
Purchase of treasury stock	( 631,956 )	( 583,394 )
Principal payments on finance lease liabilities	( 1,476 )	( 1,066 )
Proceeds from the exercise of stock options	54,087	14,938
Net cash used in financing activities	( 579,345 )	( 569,522 )
Net decrease in cash, restricted cash, and cash equivalents	( 227,194 )	( 376,757 )
Cash, restricted cash, and cash equivalents, beginning of the period	1,956,881	2,664,667
Cash, restricted cash, and cash equivalents, end of the period	$ 1,729,687	$ 2,287,910
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	$ 810	$ 651
Income taxes paid during the period, net of refunds	$ 5,255	$ 3,863

See notes to condensed consolidated financial statements.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

For the three months ended March 31, 2026 and 2025, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Revenue Recognition

Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $ 273,422 and $ 249,210 as of March 31, 2026 and December 31, 2025, respectively. Substantially all customer deposits are recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $ 21,300 and $ 16,300 as of March 31, 2026 and December 31, 2025, respectively. These amounts are included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

2. Variable Interest Entities ("VIEs")

We generally do not engage in land development. Instead, we typically acquire finished building lots at market prices from various third party land development entities under lot purchase agreements ("LPAs"). The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10 % of the aggregate purchase price of the finished lots.

The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be VIEs. Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. We have concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore, we do not consolidate any of these VIEs.

As of March 31, 2026, we controlled approximately 172,100 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $ 1,004,400 and $ 5,500 , respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. For the three month periods ended March 31, 2026 and 2025, we incurred pre-tax impairment charges on lot deposits of approximately $ 8,900 and $ 8,100 , respectively. Our contract land deposit asset is shown net of a $ 113,459 and $ 110,958 impairment allowance as of March 31, 2026 and December 31, 2025, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 37,000 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with cash deposits totaling approximately $ 48,100 as of March 31, 2026, of which approximately $ 12,900 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible.

Our total risk of loss related to contract land deposits as of March 31, 2026 and December 31, 2025 was as follows:

	March 31, 2026	December 31, 2025
Contract land deposits	$ 1,052,440	$ 962,416
Allowance for losses on contract land deposits	( 113,459 )	( 110,958 )
Contract land deposits, net	938,981	851,458
Contingent obligations in the form of letters of credit	5,482	4,565
Total risk of loss	$ 944,463	$ 856,023

3. Joint Ventures

On a limited basis, we acquire finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. We determined that we are not the primary beneficiary in any of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest.

During the first quarter of 2026, we sold our ownership interest in one of our JVs to a developer for approximately $ 21,800 . In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

As of March 31, 2026, we had an aggregate investment totaling approximately $ 68,900 in four JVs that are expected to produce approximately 8,150 finished lots, all of which were controlled by us. We had additional JV funding commitments totaling approximately $ 26,000 as of March 31, 2026. As of December 31, 2025, our aggregate investment in JVs totaled approximately $ 78,100 . Investments in JVs for the respective periods are reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the JVs had any indicators of impairment as of March 31, 2026.

We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs.

We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

4. Land Under Development

On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.

During the first quarter of 2026, we sold a land parcel to a developer for approximately $ 24,500 . In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel.

As of March 31, 2026, we owned land with a carrying value of $ 19,433 that we intend to develop into approximately 1,450 finished lots. As of December 31, 2025, the carrying value of land under development was $ 39,312 . None of the raw parcels had any indicators of impairment as of March 31, 2026 .

5. Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three months ended March 31, 2026 and 2025:

	2026	2025
Weighted average number of shares outstanding used to calculate basic EPS	2,781,001	2,983,502
Dilutive securities:
Stock options and restricted share units	146,580	175,507
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	2,927,581	3,159,009

The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three months ended March 31, 2026 and 2025, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive.

	2026	2025
Anti-dilutive securities	11,940	6,600

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended March 31, 2026 is presented below:

	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Deferred Compensation Trust	Deferred Compensation Liability	Total
Balance, December 31, 2025	$ 206	$ 3,155,367	$ 16,386,769	$ ( 15,677,473 )	$ ( 16,710 )	$ 16,710	$ 3,864,869
Net income	—	—	198,359	—	—	—	198,359
Purchase of common stock for treasury	—	—	—	( 636,568 )	—	—	( 636,568 )
Equity-based compensation	—	13,287	—	—	—	—	13,287
Proceeds from Options exercised	—	54,087	—	—	—	—	54,087
Treasury stock issued upon Option exercise and RSU vesting	—	( 20,099 )	—	20,099	—	—	—
Balance, March 31, 2026	$ 206	$ 3,202,642	$ 16,585,128	$ ( 16,293,942 )	$ ( 16,710 )	$ 16,710	$ 3,494,034

A summary of changes in shareholders’ equity for the three months ended March 31, 2025 is presented below:

	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Deferred Compensation Trust	Deferred Compensation Liability	Total
Balance, December 31, 2024	$ 206	$ 3,031,637	$ 15,046,953	$ ( 13,868,724 )	$ ( 16,710 )	$ 16,710	$ 4,210,072
Net income	—	—	299,576	—	—	—	299,576
Purchase of common stock for treasury	—	—	—	( 588,449 )	—	—	( 588,449 )
Equity-based compensation	—	18,527	—	—	—	—	18,527
Proceeds from Options exercised	—	14,938	—	—	—	—	14,938
Treasury stock issued upon Option exercise and RSU vesting	—	( 8,065 )	—	8,065	—	—	—
Balance, March 31, 2025	$ 206	$ 3,057,037	$ 15,346,529	$ ( 14,449,108 )	$ ( 16,710 )	$ 16,710	$ 3,954,664

We repurchased 90,180 and 77,120 shares of our outstanding common stock during the three months ended March 31, 2026 and 2025, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 22,620 and 10,091 shares from the treasury account during the three months ended March 31, 2026 and 2025, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

7. Product Warranties

We establish warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The warranty reserve for the respective periods is reported in the homebuilding “Accrued expenses and other liabilities” line item on the accompanying condensed consolidated balance sheets.

The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2026 and 2025:

	2026	2025
Warranty reserve, beginning of period	$ 116,561	$ 133,095
Provision	10,268	17,234
Payments	( 16,167 )	( 20,537 )
Warranty reserve, end of period	$ 110,662	$ 129,792

8. Segment Disclosures

We disclose four homebuilding operating and reportable segments that aggregate geographically our homebuilding divisions, and we present our mortgage banking operations as a single reportable segment. The homebuilding reportable segments are comprised of divisions in the following geographic areas:

Mid Atlantic:	Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East:	New Jersey and Eastern Pennsylvania
Mid East:	New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East:	North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

The Company's Chief Operating Decision Maker ("CODM"), identified as the Chief Executive Officer, utilizes segment profit to evaluate the performance of the Company's homebuilding and mortgage banking operating segments against the annual plan to make resource allocation decisions.

Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the CODM to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital.

Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit.

Mortgage banking segment profit consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs, including certain corporate overhead functions. Mortgage banking operations are not charged a corporate capital allocation charge.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before taxes include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest income and expense. Our overhead functions such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our homebuilding operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.00 % Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

The f ollowing tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable:

	2026	2025
Revenues:
Homebuilding Mid Atlantic	$ 738,026	$ 1,082,235
Homebuilding North East	240,484	288,826
Homebuilding Mid East	310,452	412,409
Homebuilding South East	545,917	566,975
Mortgage Banking	46,184	52,587
Total consolidated revenues	$ 1,881,063	$ 2,403,032

	2026	2025
Segment cost of sales:
Homebuilding Mid Atlantic	$ ( 573,999 )	$ ( 821,126 )
Homebuilding North East	( 186,602 )	( 212,548 )
Homebuilding Mid East	( 246,526 )	( 328,090 )
Homebuilding South East	( 451,188 )	( 455,274 )

	2026	2025
Segment selling, general & administrative expense:
Homebuilding Mid Atlantic	$ ( 38,113 )	$ ( 37,556 )
Homebuilding North East	( 10,545 )	( 10,701 )
Homebuilding Mid East	( 18,758 )	( 19,696 )
Homebuilding South East	( 36,860 )	( 37,985 )
Mortgage Banking	( 22,326 )	( 23,507 )

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

	2026	2025
Corporate capital allocation charge:
Homebuilding Mid Atlantic	$ ( 35,061 )	$ ( 37,143 )
Homebuilding North East	( 10,978 )	( 10,602 )
Homebuilding Mid East	( 10,656 )	( 11,207 )
Homebuilding South East	( 29,766 )	( 28,675 )

	2026	2025
Other segment items, net
Homebuilding Mid Atlantic	$ 457	$ 424
Homebuilding North East	90	136
Homebuilding Mid East	155	193
Homebuilding South East	542	689
Mortgage Banking (1)	4,073	4,626

(1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.

	2026	2025
Segment profit:
Homebuilding Mid Atlantic	$ 91,310	$ 186,834
Homebuilding North East	32,449	55,111
Homebuilding Mid East	34,667	53,609
Homebuilding South East	28,645	45,730
Mortgage Banking	27,931	33,706
Total segment profit	215,002	374,990
Reconciling items:
Contract land deposit allowance adjustment (2)	( 8,817 )	( 8,117 )
Equity-based compensation expense (3)	( 13,287 )	( 18,527 )
Corporate capital allocation (4)	86,461	87,627
Unallocated corporate overhead	( 56,000 )	( 55,969 )
Consolidation adjustments and other (5)	17,815	3,932
Corporate interest income	17,359	25,199
Corporate interest expense	( 6,839 )	( 7,131 )
Reconciling items sub-total	36,692	27,014
Consolidated profit before taxes	$ 251,694	$ 402,004

(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.

(3) This item represents compensation expense for all Option and RSU grants.

(4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

(5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction period over period, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.

	March 31, 2026	December 31, 2025
Assets:
Homebuilding Mid Atlantic	$ 1,325,414	$ 1,185,864
Homebuilding North East	395,991	374,313
Homebuilding Mid East	432,000	359,826
Homebuilding South East	1,047,194	971,162
Mortgage Banking	433,910	760,020
Total segment assets	3,634,509	3,651,185
Reconciling items (1):
Cash and cash equivalents	1,645,786	1,883,844
Deferred taxes	145,328	143,666
Intangible assets	48,927	48,927
Operating lease right-of-use assets	108,985	110,535
Finance lease right-of-use assets	37,492	39,080
Contract land deposit allowance	( 113,459 )	( 110,958 )
Consolidation adjustments and other	78,210	90,651
Reconciling items sub-total	1,951,269	2,205,745
Consolidated assets	$ 5,585,778	$ 5,856,930

(1) All reconciling items except for "intangible assets" are related to the Homebuilding Segment only.

9. Fair Value

GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs.

Financial Instruments

The estimated fair values of our Senior Notes as of March 31, 2026 and December 31, 2025 were $ 846,900 and $ 852,930 , respectively. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying values as of March 31, 2026 and December 31, 2025 were $ 908,662 and $ 909,160 , respectively.

Due to the short term nature of our cash equivalents, we believe that the differences between their carrying value and fair value are insignificant.

Derivative Instruments and Mortgage Loans Held for Sale

In the normal course of business, our wholly owned subsidiary, NVR Mortgage Finance, Inc. (“NVRM”) enters into contractual commitments to extend credit to homebuyers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM,

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

and some of these commitments include a float down option. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sales contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sales contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings.

To calculate the fair value of rate lock commitments, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells its loans primarily on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience and market conditions.

The fair value of NVRM’s forward sales contracts to investors solely considers the market price movement of the same type of security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

Mortgage loans held for sale are recorded at fair value using observable market information including pricing from actual market transactions and investor commitment prices. This approach reduces earnings volatility by matching changes in fair value in mortgage loans held for sale with the offsetting change in fair value of the forward delivery contracts used to economically hedge them.

The fair value measurement of NVRM's undesignated derivative instruments was as follows:

	March 31, 2026	December 31, 2025
Rate lock commitments:
Gross assets	$ 31,468	$ 37,437
Gross liabilities	100	158
Net rate lock commitments	$ 31,368	$ 37,279
Forward sales contracts:
Gross assets	$ 13,890	$ 1,348
Gross liabilities	916	1,236
Net forward sales contracts	$ 12,974	$ 112

As of March 31, 2026 and December 31, 2025, the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying consolidated balance sheets.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The fair value measurement as of March 31, 2026 and December 31, 2025 was as follows:

	Fair Value Hierarchy	March 31, 2026 — Notional or Principal Amount	Fair Value Measurement	December 31, 2025 — Notional or Principal Amount	Fair Value Measurement
Rate lock commitments	Level 2	$ 2,049,874	$ 31,368	$ 1,707,835	$ 37,279
Forward sales contracts	Level 2	$ 1,814,000	$ 12,974	$ 1,430,400	$ 112
Mortgage loans held for sale	Level 2	$ 285,683	$ 287,475	$ 557,540	$ 571,596

The net gain on sale of loans was $ 38,377 and $ 42,651 for the periods ended March 31, 2026 and March 31, 2025, respectively, and is included in mortgage banking fees in the accompanying consolidated statements of income. These amounts include realized and unrealized gains and losses associated with fair value measurements, rate lock commitments, forward sale contracts and mortgage loans held for sale.

10. Debt

As of March 31, 2026, we had the following debt instruments outstanding:

Senior Notes

Our outstanding Senior Notes have an aggregate principal balance of $ 900,000 , mature on May 15, 2030 and bear interest at 3.00 %, payable semi-annually in arrears on May 15 and November 15 . The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness. The Senior Notes were issued in three separate issuances, $ 600,000 issued at a discount to yield 3.02 %, and the two additional issuances totaling $ 300,000 issued at a premium to yield 2.00 %. The Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet.

The indenture governing the Senior Notes does not contain any financial covenants; however, it does contain, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes as of March 31, 2026.

Credit Agreement

We have an unsecured Credit Agreement (the "Credit Agreement") which provides for aggregate revolving loan commitments of $ 300,000 (the "Facility"). The Credit Agreement has an uncommitted accordion feature allowing the Company to increase the commitment by an additional $ 300,000 , subject to certain conditions and availability of additional Lender commitments. Additionally, the Credit Agreement provides for a $ 100,000 sublimit for the issuance of letters of credit, of which approximately $ 11,200 was outstanding as of March 31, 2026. The Credit Agreement termination date is March 11, 2030. There were no borrowings outstanding under the Facility as of March 31, 2026.

Repurchase Agreement

NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $ 150,000 , subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The Repurchase Agreement expires on July 10, 2026. As of March 31, 2026, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement and there were no borrowings outstanding.

11. Commitments and Contingencies

We are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

12. Leases

We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain production equipment and facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease ROU assets and finance lease liabilities were $ 37,492 and $ 40,999 , respectively, as of March 31, 2026, and $ 39,080 and $ 42,474 , respectively, as of December 31, 2025. Our leases have remaining lease terms of up to 14.8 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease.

We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis.

We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities.

The components of lease expense were as follows:

	Three Months Ended March 31, — 2026	2025
Lease expense
Operating lease expense	$ 11,238	$ 10,316
Finance lease expense:
Amortization of ROU assets	1,588	1,333
Interest on lease liabilities	483	452
Short-term lease expense	7,877	8,307
Total lease expense	$ 21,186	$ 20,408

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

Other information related to leases was as follows:

	Three Months Ended March 31, — 2026	2025
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 9,567	$ 8,230
Operating cash flows from finance leases	483	452
Financing cash flows from finance leases	1,476	1,066
ROU assets obtained in exchange for lease obligations:
Operating leases	$ 7,031	$ 13,071
Finance leases	$ —	$ 2,427
	March 31, 2026	December 31, 2025
Weighted-average remaining lease term (in years):
Operating leases	8.4	7.2
Finance leases	7.1	8.6
Weighted-average discount rate:
Operating leases	4.8 %	4.8 %
Finance leases	4.8 %	4.8 %

13. Income Taxes

Our effective tax rate for the three months ended March 31, 2026 was 21.2 % compared to 25.5 % for the three months ended March 31, 2025. The decrease in the effective tax rate quarter over quarter is primarily attributable to recognizing a higher income tax benefit related to excess tax benefits from stock option exercises in the first quarter of 2026. For the three months ended March 31, 2026 and 2025, we recognized $ 12,590 and $ 2,664 , respectively, in such income tax benefits.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

(dollars in thousands, except per share data)

Forward-Looking Statements

Some of the statements in this Quarterly Report on Form 10-Q, as well as statements made by us in periodic press releases or other public communications, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should,” "could," or “anticipates” or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, our financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results or performance to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by us and our customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by us in our homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which we have little or no control. We undertake no obligation to update such forward-looking statements except as required by law. For additional information regarding risk factors and uncertainties, see Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Unless the context otherwise requires, references to “NVR,” “we,” “us,” or “our” include NVR and its consolidated subsidiaries.

Results of Operations for the Three Months Ended March 31, 2026 and 2025

Business Environment and Current Outlook

During the first quarter of 2026, demand for new homes continued to be negatively impacted by affordability issues, high home inventory levels in certain markets, consumer sentiment and economic volatility. We expect that these issues may continue to weigh on demand and home prices. We also expect further margin pressure from higher land prices and from repositioning of communities as the housing market continues to adjust. Although we are unable to predict the extent to which this will impact our operational and financial performance, we believe that we are well positioned to take advantage of opportunities that may arise from future economic and homebuilding market volatility due to the strength of our balance sheet and our disciplined lot acquisition strategy.

Business

Our primary business is the construction and sale of single-family detached homes, townhomes and condominiums, all of which are primarily constructed on a pre-sold basis. To fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We primarily conduct our operations in mature markets. Additionally, we generally grow our business through market share gains in our existing markets and by expanding into markets contiguous to our current active markets. Our four homebuilding

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reportable segments consist of the following regions:

Mid Atlantic:	Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East:	New Jersey and Eastern Pennsylvania
Mid East:	New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East:	North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

Our lot acquisition strategy is predicated upon avoiding the financial requirements and risks associated with direct land ownership and development. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished building lots from various third-party land developers pursuant to fixed price finished lot purchase agreements (“LPAs”). These LPAs require deposits, typically ranging up to 10% of the aggregate purchase price of the finished lots, in the form of cash or letters of credit that may be forfeited if we fail to perform under the LPA. This strategy has allowed us to maximize inventory turnover, which we believe enables us to minimize market risk and to operate with less capital, thereby enhancing rates of return on equity and total capital.

In addition to constructing homes primarily on a pre-sold basis and utilizing what we believe is a conservative lot acquisition strategy, we focus on obtaining and maintaining a leading market position in each market we serve. This strategy allows us to gain valuable efficiencies and competitive advantages in our markets, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets. Our continued success is contingent upon our ability to control an adequate supply of finished lots on which to build.

In certain specific strategic circumstances, we deviate from our historical lot acquisition strategy and engage in joint venture arrangements with land developers or directly acquire raw ground already zoned for its intended use for development. Once we acquire raw ground, we generally sell the raw parcel to a developer and enter into an LPA with the developer to purchase the finished lots or, on a limited basis, hire a developer to develop the land on our behalf. While joint venture arrangements and direct land development activity are not our preferred method of acquiring finished building lots, we may enter into additional transactions in the future on a limited basis where there exists a compelling strategic or prudent financial reason to do so. We expect, however, to continue to acquire substantially all our finished lot inventory using LPAs with forfeitable deposits.

As of March 31, 2026, we controlled approximately 181,700 lots as described below.

Lot Purchase Agreements

We controlled approximately 172,100 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $1,004,400 and $5,500, respectively. Included in the number of controlled lots are approximately 18,900 lots for which we have recorded a contract land deposit impairment allowance of approximately $113,500 as of March 31, 2026.

Joint Venture Limited Liability Corporations (“JVs”)

We had an aggregate investment totaling approximately $68,900 in four JVs, expected to produce approximately 8,150 lots. We had additional JV funding commitments totaling approximately $26,000 as of March 31, 2026.

Land Under Development

We owned land with a carrying value of approximately $19,400 that we intend to develop into approximately 1,450 finished lots.

See Notes 2, 3 and 4 to the condensed consolidated financial statements included herein for additional information regarding LPAs, JVs and land under development, respectively.

Raw Land Purchase Agreements

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controlled with deposits in cash totaling approximately $48,100, of which approximately $12,900 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible.

Key Financial Results

Our consolidated revenues for the first quarter of 2026 totaled $1,881,063, a 22% decrease from the first quarter of 2025. Net income for the first quarter ended March 31, 2026 was $198,359, or $67.76 per diluted share, decreases of 34% and 29% when compared to the first quarter of 2025, respectively. Our homebuilding gross profit margin percentage decreased to 19.6% in the first quarter of 2026 from 21.9% in the first quarter of 2025. New orders, net of cancellations (“New Orders”) increased by 7% in the first quarter of 2026 compared to the first quarter of 2025. The average sales price for New Orders in the first quarter of 2026 was $440.1, a decrease of 2% compared to the first quarter of 2025.

Homebuilding Operations

The following table summarizes the results of operations and other data for our homebuilding operations:

	2026	2025
Financial Data:
Revenues	$ 1,834,879	$ 2,350,445
Cost of sales	$ 1,474,539	$ 1,835,375
Gross profit margin percentage	19.6 %	21.9 %
Selling, general and administrative expenses	$ 156,971	$ 165,117
Operating Data:
New orders (units)	5,738	5,345
Average new order price	$ 440.1	$ 448.5
Settlements (units)	4,015	5,133
Average settlement price	$ 457.0	$ 457.9
Backlog (units)	10,171	10,165
Average backlog price	$ 462.0	$ 475.9
New order cancellation rate	13.8 %	15.5 %

Consolidated Homebuilding - Three Months Ended March 31, 2026 and 2025

Homebuilding revenues decreased 22% in the first quarter of 2026 compared to the same period in 2025, as a result of a 22% decrease in the number of units settled. The decrease in the number of units settled was attributable to a 15% lower backlog unit balance entering 2026 compared to 2025, coupled with a lower backlog turnover rate quarter over quarter. The gross profit margin percentage in the first quarter of 2026 decreased to 19.6%, compared to 21.9% in the first quarter of 2025. Gross profit margin was negatively impacted by continued pricing pressure and higher lot costs.

The number of New Orders increased 7% while the average sales price decreased 2% in the first quarter of 2026 compared to the first quarter of 2025. New Orders were favorably impacted by an 8% increase in the average number of active communities. The decrease in the average sales price of New Orders is primarily attributable to our North East segment, which had a shift to lower priced communities in certain markets year over year.

Selling, general and administrative (“SG&A”) expense in the first quarter of 2026 decreased by approximately $8,100 compared to the first quarter of 2025, but increased as a percentage of revenue to 8.6% from 7.0%. The decrease in SG&A expense was primarily attributable to a decrease of approximately $4,700 in equity-based compensation and a decrease of approximately $3,500 in personnel costs due primarily to a decrease in headcount quarter over quarter.

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Our backlog represents homes sold but not yet settled with our customers. As of March 31, 2026, backlog on a unit basis remained flat at 10,171 units and on a dollar basis decreased 3% to $4,698,779 when compared to 10,165 units and $4,837,847, respectively, as of March 31, 2025.

Our backlog may be impacted by customer cancellations for various reasons that are beyond our control, such as failure to obtain mortgage financing, inability to sell an existing home, job loss, or a variety of other reasons. In any period, a portion of the cancellations that we experience are related to new sales that occurred during the same period, and a portion are related to sales that occurred in prior periods and therefore appeared in the opening backlog for the current period. Our first quarter cancellation rate was approximately 14% and 16% for 2026 and 2025, respectively, calculated as the total of all cancellations during the period as a percentage of gross sales during that same period. During the most recent four quarters, approximately 6% of the quarter’s opening backlog cancelled during the fiscal quarter. We can provide no assurance that our historical cancellation rates are indicative of the actual cancellation rate that may occur during the remainder of 2026 or future years. Other than those units that are cancelled, we expect to settle substantially all of our March 31, 2026 backlog within the next twelve months.

The rate at which we turn over our backlog is impacted by various factors, including, but not limited to, changes in New Order activity, internal production capacity, external subcontractor capacity, building material availability, regulatory approvals and other external factors over which we do not exercise control.

Reportable Segments

Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, SG&A expenses, and a corporate capital allocation charge determined by corporate management. The corporate capital allocation charge eliminates in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker to determine whether the operating segment is providing the desired rate of return after covering our cost of capital.

We record charges on contract land deposits when we determine that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit. We evaluate our entire net contract land deposit portfolio for impairment each quarter. For presentation purposes below, the contract land deposit allowance as of March 31, 2026 and December 31, 2025 has been allocated to the respective year’s reportable segments to show contract land deposits on a net basis. The net contract land deposit balances below also include approximately $5,500 and $4,600 as of March 31, 2026 and December 31, 2025, respectively, of letters of credit issued as deposits in lieu of cash.

The following tables summarize certain homebuilding operating activity by reportable segment for the three months ended March 31, 2026 and 2025.

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Selected Segment Financial Data:

	2026	2025
Revenues:
Mid Atlantic	$ 738,026	$ 1,082,235
North East	240,484	288,826
Mid East	310,452	412,409
South East	545,917	566,975

	2026	2025
Gross profit margin:
Mid Atlantic	$ 164,027	$ 261,109
North East	53,882	76,278
Mid East	63,926	84,319
South East	94,729	111,701

	2026	2025
Gross profit margin percentage:
Mid Atlantic	22.2 %	24.1 %
North East	22.4 %	26.4 %
Mid East	20.6 %	20.4 %
South East	17.4 %	19.7 %

	2026	2025
Segment profit:
Mid Atlantic	$ 91,310	$ 186,834
North East	32,449	55,111
Mid East	34,667	53,609
South East	28,645	45,730

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Segment Operating Activity:

2026	2025
	Units	Average Price	Units	Average Price
New orders, net of cancellations:
Mid Atlantic	1,917	$ 499.3	1,866	$ 514.5
North East	469	$ 612.0	377	$ 695.0
Mid East	1,183	$ 425.3	1,098	$ 419.9
South East	2,169	$ 358.8	2,004	$ 356.3
Total	5,738	$ 440.1	5,345	$ 448.5

2026	2025
	Units	Average Price	Units	Average Price
Settlements:
Mid Atlantic	1,418	$ 520.4	2,050	$ 527.9
North East	366	$ 657.1	471	$ 613.2
Mid East	722	$ 430.0	1,013	$ 407.1
South East	1,509	$ 361.7	1,599	$ 354.6
Total	4,015	$ 457.0	5,133	$ 457.9

	As of March 31, — 2026		2025
	Units	Average Price	Units	Average Price
Backlog:
Mid Atlantic	3,659	$ 515.7	3,884	$ 535.7
North East	1,076	$ 625.6	961	$ 694.4
Mid East	2,094	$ 431.4	2,130	$ 422.6
South East	3,342	$ 369.6	3,190	$ 372.9
Total	10,171	$ 462.0	10,165	$ 475.9

	2026	2025
New order cancellation rate:
Mid Atlantic	16.3 %	16.5 %
North East	13.8 %	13.7 %
Mid East	12.3 %	14.6 %
South East	12.5 %	15.2 %

	2026	2025
Average active communities:
Mid Atlantic	124	120
North East	31	24
Mid East	99	93
South East	178	164
Total	432	401

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Homebuilding Inventory:

	March 31, 2026	December 31, 2025
Sold inventory:
Mid Atlantic	$ 682,999	$ 595,369
North East	228,804	220,684
Mid East	292,536	219,389
South East	458,024	386,759
Total (1)	$ 1,662,363	$ 1,422,201

	March 31, 2026	December 31, 2025
Unsold lots and housing units inventory:
Mid Atlantic	$ 106,574	$ 90,988
North East	35,714	24,423
Mid East	19,813	29,253
South East	83,785	108,812
Total (1)	$ 245,886	$ 253,476

(1) The reconciling items between segment inventory and consolidated inventory include certain consolidation adjustments necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes. These consolidation adjustments are not allocated to our operating segments.

Lots Controlled and Land Deposits:

	March 31, 2026	December 31, 2025
Total lots controlled:
Mid Atlantic	61,600	60,100
North East	19,500	19,000
Mid East	28,900	28,100
South East	71,700	72,900
Total	181,700	180,100

	March 31, 2026	December 31, 2025
Contract land deposits, net:
Mid Atlantic	$ 411,383	$ 347,941
North East	106,721	105,051
Mid East	88,836	85,515
South East	337,523	317,516
Total	$ 944,463	$ 856,023

Mid Atlantic

Three Months Ended March 31, 2026 and 2025

The Mid Atlantic segment had an approximate $95,500, or 51%, decrease in segment profit in the first quarter of 2026 compared to the first quarter of 2025. The decrease in segment profit was driven by a decrease in segment revenues of approximately $344,200, or 32%, coupled with a decrease in gross profit margin to 22.2% in the first quarter of 2026 from 24.1% in the same period of 2025. Segment revenues decreased due to a 31% decrease in the number of units settled. The decrease in settlements was primarily attributable to a 22% lower backlog unit balance entering 2026 compared to backlog entering 2025, coupled with a lower backlog turnover rate quarter over quarter. Gross profit margins were negatively impacted by higher lot costs and pricing pressure.

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Segment New Orders increased 3%, while the average sales price of New Orders decreased 3% in the first quarter of 2026 compared to the first quarter of 2025. New Orders were higher primarily due to a 4% increase in the average number of active communities.

North East

Three Months Ended March 31, 2026 and 2025

The North East segment had an approximate $22,700, or 41%, decrease in segment profit in the first quarter of 2026 compared to the first quarter of 2025. The decrease in segment profit was driven by a decrease in segment revenues of approximately $48,300, or 17%, coupled with a decrease in gross profit margin to 22.4% in the first quarter of 2026 from 26.4% in the same period of 2025. Segment revenues decreased due to a 22% decrease in the number of units settled, offset partially by a 7% higher average settlement price quarter over quarter. The decrease in settlements was primarily attributable to an 8% lower backlog unit balance entering 2026 compared to the backlog entering 2025, coupled with a lower backlog turnover rate quarter over quarter. The increase in the average settlement price was primarily attributable to a relative shift in settlements to higher priced communities in certain markets. Gross profit margins were negatively impacted by higher lot costs and certain material costs.

Segment New Orders increased 24% while the average sales price of new orders decreased 12%, in the first quarter of 2026 compared to the first quarter of 2025. The increase in New Orders was primarily attributable to a 30% increase in the average number of active communities quarter over quarter. The average sales price of New Orders was negatively impacted by a shift to lower priced communities in certain markets within the segment.

Mid East

Three Months Ended March 31, 2026 and 2025

The Mid East segment had an approximate $18,900, or 35%, decrease in segment profit in the first quarter of 2026 compared to the first quarter of 2025. The decrease in segment profit was driven by a decrease in segment revenues of approximately $102,000, or 25%. Segment revenues decreased due to a 29% decrease in the number of units settled, offset partially by a 6% higher average settlement price. The decrease in settlements was primarily attributable to a 20% lower backlog unit balance entering 2026 compared to the backlog entering 2025, coupled with a lower backlog turnover rate quarter over quarter. The increase in the average settlement price was attributable to a 5% higher average price of units in backlog entering 2026 compared to backlog entering 2025.

Segment New Orders increased 8%, while the average sales price of New Orders increased 1% in the first quarter of 2026 compared to the first quarter of 2025. The increase in New Orders was primarily attributable to a 6% increase in the average number of active communities quarter over quarter.

South East

Three Months Ended March 31, 2026 and 2025

The South East segment had an approximate $17,100, or 37%, decrease in segment profit in the first quarter of 2026 compared to the first quarter of 2025. The decrease in segment profit was primarily due to a decrease in segment revenues of approximately $21,100, or 4%, coupled with a decrease in gross profit margin percentage to 17.4% in the first quarter of 2026 from 19.7% in the same period of 2025. The decrease in segment revenues was attributable primarily to a 6% decrease in the number of units settled. The decrease in settlements was attributable to a 4% lower backlog unit balance entering 2026 compared to the backlog entering 2025, coupled with a lower backlog turnover rate quarter over quarter. Gross profit margins were negatively impacted by higher lot costs and an increase in lot deposit impairment charges quarter over quarter.

Segment New Orders increased 8% while the average sales price of New Orders remained flat in the first quarter of 2026 when compared to the first quarter of 2025. The increase in New Orders was primarily attributable to a 9% increase in the average number of active communities quarter over quarter.

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Homebuilding Segment Reconciliations to Consolidated Homebuilding Operations

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between homebuilding segment profit and homebuilding consolidated income before tax include unallocated corporate overhead (which includes all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. Our overhead functions, such as accounting, treasury and human resources, are centrally performed and the costs are not allocated to our operating segments. Consolidation adjustments consist of such items to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our Senior Notes, and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

	2026	2025
Homebuilding consolidated gross profit:
Mid Atlantic	$ 164,027	$ 261,109
North East	53,882	76,278
Mid East	63,926	84,319
South East	94,729	111,701
Consolidation adjustments and other	(16,224)	(18,337)
Homebuilding consolidated gross profit	$ 360,340	$ 515,070

	2026	2025
Homebuilding consolidated income before taxes:
Mid Atlantic	$ 91,310	$ 186,834
North East	32,449	55,111
Mid East	34,667	53,609
South East	28,645	45,730
Reconciling items:
Contract land deposit allowance adjustment (1)	(8,817)	(8,117)
Equity-based compensation expense	(12,486)	(17,341)
Corporate capital allocation (2)	86,461	87,627
Unallocated corporate overhead	(56,000)	(55,969)
Consolidation adjustments and other	17,815	3,932
Corporate interest income	17,359	25,199
Corporate interest expense	(6,839)	(7,131)
Reconciling items sub-total	37,493	28,200
Homebuilding consolidated income before taxes	$ 224,564	$ 369,484

(1) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2 in the accompanying condensed consolidated financial statements.

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(2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and is as follows for the periods presented:

	2026	2025
Corporate capital allocation charge:
Mid Atlantic	$ 35,061	$ 37,143
North East	10,978	10,602
Mid East	10,656	11,207
South East	29,766	28,675
Total	$ 86,461	$ 87,627

Mortgage Banking Segment

Three Months Ended March 31, 2026 and 2025

We conduct our mortgage banking activity through NVRM Mortgage Finance, Inc. ("NVRM"), a wholly owned subsidiary. NVRM focuses exclusively on serving the homebuilding segment customer base. NVRM sells the loans it originates into the secondary markets primarily on a servicing-released basis, typically within 30 days from the loan closing. The following table summarizes the results of our mortgage banking operations and certain statistical data for the three months ended March 31, 2026 and 2025:

	2026	2025
Loan closing volume:
Total principal	$ 1,052,984	$ 1,432,922
Loan volume mix:
Adjustable rate mortgages	17 %	3 %
Fixed-rate mortgages	83 %	97 %
Operating profit:
Segment profit	$ 27,931	$ 33,706
Equity-based compensation expense	(801)	(1,186)
Mortgage banking income before tax	$ 27,130	$ 32,520
Capture rate:	83 %	86 %
Mortgage banking fees:
Net gain on sale of loans	$ 38,377	$ 42,651
Title services	7,732	9,843
Servicing fees	75	93
	$ 46,184	$ 52,587

Loan closing volume for the three months ended March 31, 2026 decreased by approximately $380,000, or 27%, from the same period in 2025. The decrease in loan closing volume during the three months ended March 31, 2026 was primarily due to a 26% decrease in the number of loans closed in the first quarter of 2026 compared to the first quarter of 2025, consistent with the 22% decrease in settlements in our homebuilding operations.

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Segment profit for the three months ended March 31, 2026 decreased by approximately $5,800, or 17%, from the same period in 2025. The decrease was primarily attributable to a decrease in mortgage banking fees, partially offset by a decrease in general and administrative expenses. Mortgage banking fees decreased by approximately $6,400, or 12%, primarily due to lower gains on sales of loans. General and administrative expenses decreased by $1,100, or 5%, which was the result of decreased personnel costs.

Seasonality

We historically have experienced variability in our quarterly results, generally having higher New Order activity in the first half of the year and higher home settlements, revenue and net income in the second half of the year. However, in recent years our typical seasonal trends have been affected by significant changes in market conditions. As a result, our quarterly results of operations are not necessarily indicative of the results that may be expected for the full year.

Effective Tax Rate

Our effective tax rate during the three months ended March 31, 2026 was 21.2% compared to 25.5% for the three months ended March 31, 2025. The decrease in the effective tax rate in the first quarter of 2026 is primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled approximately $12,600 and $2,700 for the three months ended March 31, 2026 and March 31, 2025, respectively.

We expect continued tax rate volatility in future periods attributable to the recognition of excess tax benefits from equity-based awards activity and distributions from the deferred compensation plans. Given the limited number of participants in our deferred compensation plan, the retirement of a participant could result in a significant distribution of the rabbi trust shares and corresponding tax deduction for the Company.

Liquidity and Capital Resources

We fund our operations primarily from our current cash holdings and cash flows generated by operating activities. In addition, we have available a short-term unsecured working capital revolving credit facility and revolving mortgage repurchase facility, as further described below. As of March 31, 2026, we had approximately $1,700,000 in cash and cash equivalents, approximately $288,800 in unused committed capacity under our revolving credit facility and $150,000 in unused committed capacity under our revolving mortgage repurchase facility.

Material Cash Requirements

We believe that our current cash holdings, cash generated from operations, and cash available under our short-term unsecured credit agreement and revolving mortgage repurchase facility, as well as the public debt and equity markets, will be sufficient to satisfy both our short term and long term cash requirements for working capital to support our daily operations and meet commitments under our contractual obligations with third parties. Our material contractual obligations primarily consist of the following:

(i) Payments due to service our debt and interest on that debt. Our current outstanding Senior Notes total $900,000 and mature in May 2030. Future interest payments on our outstanding Senior Notes total approximately $118,050, with $27,000 due within the next twelve months.

(ii) Payment obligations totaling approximately $698,600 under existing LPAs for deposits to be paid to land developers, assuming that contractual development milestones are met by the developers and we exercise our option to acquire finished lots under those LPAs. We expect to make the majority of these payments within the next three years.

(iii) Obligations under operating and finance leases related primarily to office space and our production facilities (see Note 12 of this Form 10-Q for additional discussion of our leases).

In addition to funding growth in our homebuilding and mortgage banking operations, we historically have used a substantial portion of our excess liquidity to repurchase outstanding shares of our common stock in open

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market and privately negotiated transactions. This ongoing repurchase program assists us in accomplishing our primary objective, creating increases in shareholder value. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, of this Form 10-Q for further discussion of repurchase activity during the first quarter of 2026. For the quarter ended March 31, 2026, we repurchased 90,180 shares of our common stock at an aggregate purchase price of $631,956 As of March 31, 2026, we had approximately $667,600 available under a Board approved repurchase authorization.

Capital Resources

Senior Notes

As of March 31, 2026, we had $900,000 of unsecured 3% senior notes outstanding, which mature in May 2030.

Credit Agreement

We have an unsecured revolving credit agreement (the "Credit Agreement") which provides for aggregate revolving loan commitments of $300,000, and a $100,000 sublimit for the issuance of letters of credit, of which there was approximately $11,200 outstanding as of March 31, 2026. There were no borrowings outstanding under the Credit Agreement as of March 31, 2026.

Repurchase Agreement

NVRM has an unsecured revolving mortgage repurchase facility (the “Repurchase Agreement”) which provides for aggregate borrowings up to $150,000. There were no borrowings outstanding under the Repurchase Agreement as of March 31, 2026.

For additional information regarding the Senior Notes, Credit Agreement and Repurchase Agreement, see Note 10 to the condensed consolidated financial statements included herein, and Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

Cash Flows

For the three months ended March 31, 2026, cash, restricted cash, and cash equivalents decreased by $227,194. Net cash provided by operating activities was $339,686, due primarily to cash provided by earnings for the three months ended March 31, 2026 and a $276,676 reduction in mortgage loans held for sale. Cash was primarily used to fund the increase in inventory of $214,950, attributable to an increase in units under construction as of March 31, 2026 compared to December 31, 2025.

Net cash provided by investing activities for the three months ended March 31, 2026 was $12,465, due primarily to cash provided by the sale of our interest in an unconsolidated joint venture of $21,559. Cash was used primarily for investments in unconsolidated joint ventures totaling $4,388 and purchases of property, plant and equipment of $4,871.

Net cash used in financing activities was $579,345 for the three months ended March 31, 2026. Cash was used to repurchase 90,180 shares of our common stock at an aggregate purchase price of $631,956 under our ongoing common stock repurchase program, discussed above. Cash was provided from stock option exercise proceeds totaling $54,087.

Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates as previously disclosed in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

Recently Issued Accounting Pronouncements

See Note 1 of this Form 10-Q for additional discussion of recently issued accounting pronouncements.

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Item 3. Quantitative and Qualitative Disclosure about Market Risk

There have been no material changes in our market risks during the three months ended March 31, 2026. For additional information regarding our market risks, see Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective. There have been no changes in our internal control over financial reporting in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are involved in various litigation matters arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Item 1A. Risk Factors

There have been no material changes to the risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the quarter ended March 31, 2026, we fully utilized the remaining amount available under our $750 million share repurchase authorization that was publicly announced on August 8, 2025. On February 11, 2026, we publicly announced that our Board of Directors had approved an additional repurchase authorization in the amount of up to $750 million. The share repurchase authorizations authorized the repurchase of our outstanding common stock in one or more open market and/or privately negotiated transactions, with no expiration date. Repurchase activity is typically executed in accordance with the safe-harbor provisions of Rule 10b-18 and Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The following table provides information regarding common stock repurchases during the quarter ended March 31, 2026:

Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 - 31, 2026	23,802	$ 7,459.41	23,802	$ 372,048
February 1 - 28, 2026	13,228	$ 7,447.00	13,228	$ 1,023,539
March 1 - 31, 2026 (1)	53,150	$ 6,696.11	53,150	$ 667,641
Total	90,180	$ 7,007.72	90,180

(1) Of the shares repurchased in March 2026, 40,535 shares were repurchased under the August 8, 2025 share repurchase authorization, which fully utilized the August 8, 2025 authorization. The remaining 12,615 shares were repurchased under the February 11, 2026 share repurchase authorization.

Item 5. Other Information

During the quarter ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b-5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.

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Item 6. Exhibits

Exhibit Number	Exhibit Description
31.1	Certification of NVR’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2	Certification of NVR’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32	Certification of NVR’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NVR, Inc. — /s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer

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