NVR, Inc. posted a 27% year-over-year drop in third-quarter net income as its homebuilding segment generated less revenue and a narrower gross margin for the quarter ended Sept. 30.
Net income was $248.6 million, while consolidated revenue fell 8% to $2.40 billion. Diluted earnings per share declined 20% to $89.45. For the first nine months of 2026, net income decreased 30% to $683.4 million and revenue fell 13% to $6.61 billion, according to NVR's earnings release.
The homebuilding segment recorded $2.35 billion in revenue, down 8% from a year earlier. Its gross margin was 18.3%, compared with 21.0% in the same quarter last year. NVR attributed the lower margin to land costs, affordability concerns and subdued consumer confidence, as well as about $24.8 million in charges against contract land deposits.
Demand indicators also weakened: new orders declined 7% to 4,391 units, and the cancellation rate rose to 21% from 19%. In mortgage banking, income before tax increased 7% to $35 million, while closed loan production decreased 10% to $1.38 billion.
NVR issued the results in a press release dated Oct. 22. The company filed a Form 8-K with the Securities and Exchange Commission (SEC) the same day, attaching the release as Exhibit 99.1. The SEC filing index lists the report under Item 2.02, Results of Operations and Financial Condition, and Item 9.01, Financial Statements and Exhibits.
