NVR (NVR) Q1 FY2022 earnings: revenue $2.4 billion, up 16.5% on the year

NVR Inc. (NVR) reported revenue of $2.4 billion for Q1 FY2022, the quarter ended 31 March 2022, up 16.5% on the same quarter a year earlier as this quarter's filing gives it. Net income was $426 million, up 71.3% on the year as this quarter's filing gives it, and diluted earnings per share $116.56. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2022.

Revenue

$2.4 billion

+16.5% on the year · +6.6% on the quarter

Q2 FY2020Q1 FY2022

Operating margin

n/a

Q2 FY2020Q1 FY2022

Net income

$426 million

+71.3% on the year · +27.4% on the quarter

Q2 FY2020Q1 FY2022

Diluted EPS

$116.56

+84.4% on the year · +31.9% on the quarter

Q2 FY2020Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Revenue	2,378	2,230	2,041	+6.6%	+16.5%
Interest expense	13.2	13.2	n/a	-0.3%
Income tax	140	92.2	n/a	+51.6%
Net income	426	335	249	+27.4%	+71.3%
Net margin	17.9%	15.0%	n/a
Diluted EPS	$116.56	$88.38	$63.21	+31.9%	+84.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Operating cash flow	309	260	n/a	+18.9%
Capital expenditure	4.1	5.9	n/a	-31.6%
Free cash flow	305	254	n/a	+20.1%
Free cash flow margin	12.8%	11.4%	n/a
Cash from investing	-4.3	-6.2	n/a
Cash from financing	-715	-365	n/a
Depreciation and amortisation	4.5	4.7	5.2	-6.0%	-14.3%
Share-based compensation	11.7	15.4	n/a	-24.1%
Buybacks	749	385	n/a	+94.4%
Diluted shares, weighted	4m	4m	4m	-5.3%	-7.1%
Shares outstanding at period end	3m	3m	4m	-4.6%	-9.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Shareholders' equity	2,726	3,002	3,047	-9.2%	-10.5%
Debt	1,516	1,516	n/a	-0.0%
Other liabilities	1,485	1,316	n/a	+12.8%
Total liabilities and equity	5,726	5,834	n/a	-1.9%
Cash and equivalents	2,227	2,637	2,815	-15.5%	-20.9%
Other assets	3,499	3,197	n/a	+9.4%
Total assets	5,726	5,834	n/a	-1.9%

Questions

What was NVR's revenue in Q1 FY2022?

NVR (NVR) reported revenue of $2.4 billion for Q1 FY2022, the quarter ended 31 March 2022, up 16.5% on the same quarter a year earlier as the company restated it.

How much did NVR earn in Q1 FY2022?

Net income for Q1 FY2022 was $426 million, up 71.3% on the year, and diluted earnings per share $116.56.

When did NVR report Q1 FY2022 results?

NVR filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 3 May 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,230	2,378	2,659	2,777	2,712	2,178	2,338	2,569	2,433	2,333	2,612	2,733	2,846	2,403	2,599	2,610	2,713	1,881	2,326	2,402
Interest expense	13.2	13.2	12.3	7.2	6.9	7.3	6.8	n/a	n/a	6.8	n/a	n/a	n/a	7.5	n/a	n/a	n/a	n/a	n/a	n/a
Net income	335	426	433	411	455	344	404	433	410	394	401	429	457	300	334	343	364	198	236	249
Net margin	15%	18%	16%	15%	17%	16%	17%	17%	17%	17%	15%	16%	16%	12%	13%	13%	13%	11%	10%	10%
Diluted EPS	$88.38	$116.56	$123.65	$118.51	$133.44	$99.89	$116.54	$125.26	$121.56	$116.41	$120.69	$130.50	$139.93	$94.83	$108.54	$112.33	$121.54	$67.76	$83.96	$89.45
Operating cash flow	260	309	138	606	817	316	28.7	658	496	146	233	358	637	208	35.1	439	440	340	-152	224
Capital expenditure	5.9	4.1	4.7	3.2	6.5	2.7	8.7	7.1	6.3	9.0	6.4	8.2	5.6	7.1	8.3	5.4	3.7	4.9	6.2	18.9
Free cash flow	254	305	133	602	811	313	19.9	651	489	137	226	350	631	201	26.8	433	436	335	-158	205
Buybacks	385	749	267	368	116	110	201	484	286	497	639	357	564	583	471	276	502	632	374	237
Shares outstanding	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m	3m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 3 May 2022: the filing.