NVR (NVR) FY2025 results: revenue $10.3 billion, down 1.9% on the year

NVR builds and sells houses, almost all of them sold before they are built. It was formed in Virginia in 1980 as NVHomes, Inc., and the filing describes it as one of the largest homebuilders in the United States. A mortgage banking and title services arm sits alongside the building, lending only to the company's own homebuyers. The company works in thirty-seven metropolitan areas across sixteen states and Washington, D.C.

The houses

Single-family detached homes, townhomes and condominium buildings, under three trade names. Ryan Homes is aimed at first-time and first-time move-up buyers and covers all thirty-seven metropolitan areas. NVHomes and Heartland Homes are aimed at move-up and luxury buyers: NVHomes in Delaware, New Jersey and the Washington, D.C., Baltimore and Philadelphia areas, Heartland Homes in the Pittsburgh area. Designs combine traditional, transitional, cottage or urban exteriors with contemporary interiors, generally run two to five bedrooms and from approximately 900 to 7,000 finished square feet. Homes settled during 2025 went from approximately $170,000 to $2.3 million, and the average price settled was $460,600, up from $450,700 in 2024. Building is reported through four segments: Mid Atlantic, North East, Mid East and South East.

The land it does not own

The company generally does not develop land. It buys finished building lots from third-party developers under fixed price lot purchase agreements, putting up deposits in cash or letters of credit that typically run up to 10% of the purchase price of the lots. If it decides not to buy, it gives notice and forfeits the deposit; that is the whole of its legal obligation and its loss, it gives no financial guarantees or completion obligations, and creditors of the development entities have no recourse to its general credit. The filing says this avoids the financial requirements and risks of owning and developing land directly, and that the company aims to control a supply of lots sufficient for its five-year business plan. In certain strategic cases it departs from that, entering joint ventures with developers or buying raw ground already zoned for its intended use, and then generally selling the raw parcel on to a developer and signing a lot purchase agreement to buy the finished lots back.

The order book

Backlog, meaning homes sold but not yet settled, was 8,448 units and approximately $4.0 billion at 31 December 2025, against 9,953 units and approximately $4.8 billion a year earlier. The average price of a home in backlog slipped to $474,400 from $481,400. Cancellations, as a share of gross sales in the period, were approximately 17% in 2025 against 14% and 13% in the two years before, and in each of those years around 6%, 5% and 4% of a quarter's opening backlog cancelled within the quarter. Construction is done by independent subcontractors on fixed price contracts, many in each market and with no dependence on one or a few. The preferred way to sell is a furnished model home on a landscaped lot, its garage usually converted into a temporary sales centre.

Mortgages and title

NVR Mortgage Finance originates loans only for the company's homebuyers, which makes it dependent on the homebuilding side, and separate subsidiaries broker title insurance and run title searches for commissions and fees. Its earnings come from origination fees, gains on sales of loans and title fees. In 2025 it closed approximately 16,400 loans with an aggregate principal amount of approximately $6.0 billion, against approximately 17,300 loans and $6.3 billion in 2024, and loans in process at the year end stood at approximately $2.1 billion against $2.9 billion. Loans are sold into the secondary market on a servicing released basis, typically within 30 days of closing. It is an approved seller and servicer for Fannie Mae and Freddie Mac loans and an approved seller, issuer and servicer for Ginnie Mae, Veterans Affairs and Federal Housing Administration loans.

Competition and people

The filing describes the housing industry as highly competitive and cyclical, contested against homebuilders from local to national in scale, some with greater financial resources, and against the resale market, on price, location, design, quality, service and reputation. The mortgage arm competes with national, regional and local mortgage bankers, brokers, credit unions and banks. There were approximately 6,300 full-time employees at 31 December 2025, approximately 5,320 in homebuilding and approximately 980 in mortgage banking, down from approximately 7,000 a year earlier. None are covered by collective bargaining agreements.

From NVR's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.