NVR 3Q 2026: Revenue $2.4B, Net income $248.6M, EPS $89.45— 10-Q Summary

What happened

NVR reported third-quarter 2026 revenue of $2.4B, down 7.9% from a year earlier, while net income fell 27.5% to $248.6M and diluted earnings per share declined 20.4% to $89.45. Homebuilding revenue, settlements and average settlement prices decreased, and gross margin narrowed to 18.3%.

Confirmed

Global impact / market context

Lower settlements and selling prices reduced revenue, while the narrower gross margin means NVR kept less from each dollar of homebuilding revenue. Higher lot and construction costs, labor limits and mortgage qualification challenges also weighed on build rates and profit, pressuring earnings.

Analyst inference

Management cited affordability concerns, higher mortgage rates, growing inventory and low consumer confidence as demand pressures, and expects them to persist. Backlog, meaning homes ordered but not yet settled, rose 10% year over year, offering a counterpoint to weaker current results.

Confirmed

What to watch

1. Watch whether settlements and average settlement prices stabilize: further declines would directly restrain homebuilding revenue, while improvement could help offset continuing affordability and mortgage-rate pressures. Analyst inference
2. Track gross margin, which means the share of homebuilding revenue left after direct costs, alongside higher lot and construction costs and increased land deposit impairments. Analyst inference
3. Compare net orders and the cancellation rate with backlog in coming updates; these indicators can show whether the larger September backlog is translating into completed home sales. Analyst inference

Evidence

• Original source link unavailable