{"success":true,"data":{"pressRelease":{"id":"4893","rtpr_id":"nPn1nGqfka","ticker":"NVR","exchange":"NYSE","all_tickers":["NVR"],"title":"NVR, INC. ANNOUNCES FIRST QUARTER RESULTS","author":"PR Newswire","published_at":"2026-04-22T13:00:45.211Z","article_body":"NVR, INC. ANNOUNCES FIRST QUARTER RESULTS\n\nPR Newswire\n\nRESTON, Va., April 22, 2026\n\nRESTON, Va., April 22, 2026 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the\nnation's largest homebuilding and mortgage banking companies, announced net\nincome for its first quarter ended March 31, 2026 of $198.4 million, or\n$67.76 per diluted share.  Net income and diluted earnings per share for the\nfirst quarter ended March 31, 2026 decreased 34% and 29%, respectively, when\ncompared to 2025 first quarter net income of $299.6 million, or $94.83 per\ndiluted share.  Consolidated revenues for the first quarter of 2026 totaled\n$1.88 billion, which decreased 22% from $2.40 billion in the first quarter of\n2025.\n\nHomebuilding\n\nNew orders in the first quarter of 2026 increased by 7% to 5,738 units, when\ncompared to 5,345 units in the first quarter of 2025. The average sales price\nof new orders in the first quarter of 2026 was $440,100, a decrease of 2% when\ncompared with the first quarter of 2025.  The cancellation rate in the first\nquarter of 2026 was 14% compared to 16% in the first quarter of 2025.\nSettlements in the first quarter of 2026 decreased by 22% to 4,015 units,\ncompared to 5,133 units in the first quarter of 2025. The decrease in\nsettlements was primarily attributable to a 15% lower backlog balance of homes\nsold but not settled entering the first quarter of 2026 compared to the same\nperiod in 2025. The average settlement price in the first quarter of 2026 was\n$457,000, which remained relatively flat when compared to the first quarter of\n2025. As of March 31, 2026 our backlog of homes totaled 10,171 units, which\nwas flat compared to March 31, 2025, while the dollar value of backlog\ndeclined 3% to $4.70 billion.\n\nHomebuilding revenues of $1.83 billion in the first quarter of 2026 decreased\nby 22% compared to homebuilding revenues of $2.35 billion in the first quarter\nof 2025.  Gross profit margin in the first quarter of 2026 decreased to\n19.6%, compared to 21.9% in the first quarter of 2025.  Gross profit margin\nwas negatively impacted by continued pricing pressure and higher lot costs.\nIncome before tax from the homebuilding segment totaled $224.6 million in the\nfirst quarter of 2026, a decrease of 39% when compared to the first quarter of\n2025.\n\nMortgage Banking\n\nMortgage closed loan production in the first quarter of 2026 totaled $1.05\nbillion, a decrease of 27% when compared to the first quarter of 2025.\nIncome before tax from the mortgage banking segment totaled $27.1 million in\nthe first quarter of 2026, a decrease of 17% when compared to $32.5 million in\nthe first quarter of 2025.\n\nEffective Tax Rate\n\nOur effective tax rate for the three months ended March 31, 2026 was 21.2%\ncompared to 25.5% for the three months ended March 31, 2025.  The decrease\nin the effective tax rate in the first quarter of 2026 was primarily\nattributable to a higher income tax benefit recognized for excess tax benefits\nfrom stock option exercises, which totaled $12.6 million and $2.7 million for\nthe three months ended March 31, 2026 and March 31, 2025, respectively.\n\nAbout NVR\n\nNVR, Inc. operates in two business segments:  homebuilding and mortgage\nbanking.  The homebuilding segment sells and builds homes under the Ryan\nHomes, NVHomes and Heartland Homes trade names, and operates in thirty-seven\nmetropolitan areas in sixteen states and Washington, D.C.  For more\ninformation about NVR, Inc. and its brands, see www.nvrinc.com\n(http://www.nvrinc.com) , www.ryanhomes.com (http://www.ryanhomes.com) ,\nwww.nvhomes.com (http://www.nvhomes.com) and www.heartlandluxuryhomes.com\n(http://www.heartlandluxuryhomes.com) .\n\nSome of the statements in this release made by the Company constitute\n\"forward-looking statements\" within the meaning of the Private Securities\nLitigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as\namended, and Section 21E of the Securities Exchange Act of 1934, as amended.\nCertain, but not necessarily all, of such forward-looking statements can be\nidentified by the use of forward-looking terminology, such as \"believes,\"\n\"expects,\" \"may,\" \"will,\" \"should,\" \"could,\" or \"anticipates\" or the negative\nthereof or other comparable terminology.  All statements other than of\nhistorical facts are forward-looking statements.  Forward-looking statements\ncontained in this document may include those regarding market trends, NVR's\nfinancial position and financial results, business strategy, the outcome of\npending litigation, investigations or similar contingencies, and projected\nplans and objectives of management for future operations.  Such\nforward-looking statements involve known and unknown risks, uncertainties and\nother factors that may cause the actual results or performance of NVR to be\nmaterially different from future results, performance or achievements\nexpressed or implied by the forward-looking statements.  Such risk factors\ninclude, but are not limited to the following: general economic and business\nconditions (on both a national and regional level); interest rate changes;\naccess to suitable financing by NVR and NVR's customers; increased regulation\nin the mortgage banking industry; the ability of our mortgage banking\nsubsidiary to sell loans it originates into the secondary market; competition;\nthe availability and cost of land and other raw materials used by NVR in its\nhomebuilding operations; shortages of labor; the economic impact of a major\nepidemic or pandemic; weather related slow-downs; building moratoriums;\ngovernmental regulation; fluctuation and volatility of stock and other\nfinancial markets; mortgage financing availability; and other factors over\nwhich NVR has little or no control.  NVR undertakes no obligation to update\nsuch forward-looking statements except as required by law.\n NVR, Inc.\n\nConsolidated Statements of Income\n\n(in thousands, except per share data)\n\n(unaudited)\n\n \n                                                        Three Months Ended March 31,\n                                                        2026                                        2025\n\n Homebuilding:\n Revenues                                               1,834,879                                   $       2,350,445\n Other income                                           28,049                                      26,712\n Cost of sales                                          (1,474,539)                                 (1,835,375)\n Selling, general and administrative                    (156,971)                                   (165,117)\n Interest expense                                       (6,854)                                     (7,181)\n Homebuilding income                                    224,564                                     369,484\n\n Mortgage Banking:\n Mortgage banking fees                                  46,184                                      52,587\n Interest income                                        3,629                                       3,806\n Other income                                           777                                         1,093\n General and administrative                             (23,127)                                    (24,693)\n Interest expense                                       (333)                                       (273)\n Mortgage banking income                                27,130                                      32,520\n\n Income before taxes                                    251,694                                     402,004\n Income tax expense                                     (53,335)                                    (102,428)\n\n Net income                                             $         198,359                           $         299,576\n\n Basic earnings per share                               $            71.33                          $          100.41\n\n Diluted earnings per share                             $            67.76                          $            94.83\n\n Basic weighted average shares outstanding              2,781                                       2,984\n\n Diluted weighted average shares outstanding            2,928                                       3,159\n\n \n NVR, Inc.\n Consolidated Balance Sheets\n (in thousands, except share and per share data)\n (unaudited)\n\n                                                                          March 31, 2026                  December 31, 2025\n ASSETS\n Homebuilding:\n Cash and cash equivalents                                                $         1,645,786             $         1,883,844\n Restricted cash                                                          40,606                          34,348\n Receivables                                                              35,423                          32,742\n Inventory:\n Lots and housing units, covered under sales agreements with customers    1,652,220                       1,410,695\n Unsold lots and housing units                                            244,499                         252,029\n Land under development                                                   19,433                          39,312\n Building materials and other                                             22,358                          21,524\n                                                                          1,938,510                       1,723,560\n\n Contract land deposits, net                                              938,981                         851,458\n Property, plant and equipment, net                                       100,899                         103,770\n Operating lease right-of-use assets                                      108,985                         110,535\n Other assets                                                             335,331                         349,306\n                                                                          5,144,521                       5,089,563\n Mortgage Banking:\n Cash and cash equivalents                                                36,281                          32,642\n Restricted cash                                                          7,014                           6,047\n Mortgage loans held for sale, net                                        287,475                         571,596\n Property and equipment, net                                              7,892                           7,727\n Operating lease right-of-use assets                                      23,035                          23,953\n Other assets                                                             79,560                          125,402\n                                                                          441,257                         767,367\n Total assets                                                             $         5,585,778             $         5,856,930\n\n \n NVR, Inc.\n Consolidated Balance Sheets (Continued)\n (in thousands, except share and per share data)\n (unaudited)\n\n                                                                                   March 31, 2026                    December 31, 2025\n LIABILITIES AND SHAREHOLDERS' EQUITY\n Homebuilding:\n Accounts payable                                                                  $           332,321               $           259,244\n Accrued expenses and other liabilities                                            374,987                           376,976\n Customer deposits                                                                 273,422                           249,210\n Operating lease liabilities                                                       116,040                           117,589\n Senior notes                                                                      908,662                           909,160\n                                                                                   2,005,432                         1,912,179\n Mortgage Banking:\n Accounts payable and other liabilities                                            61,162                            53,738\n Operating lease liabilities                                                       25,150                            26,144\n                                                                                   86,312                            79,882\n Total liabilities                                                                 2,091,744                         1,992,061\n\n Commitments and contingencies\n\n Shareholders' equity:\n Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares    206                               206\n issued as of both March 31, 2026 and December 31, 2025\n Additional paid-in capital                                                        3,202,642                         3,155,367\n Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of      (16,710)                          (16,710)\n both March 31, 2026 and December 31, 2025\n Deferred compensation liability                                                   16,710                            16,710\n Retained earnings                                                                 16,585,128                        16,386,769\n Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March        (16,293,942)                      (15,677,473)\n 31, 2026 and December 31, 2025, respectively\n Total shareholders' equity                                                        3,494,034                         3,864,869\n Total liabilities and shareholders' equity                                        $         5,585,778               $         5,856,930\n\n \n NVR, Inc.\n Operating Activity\n (dollars in thousands)\n (unaudited)\n\n                                 Three Months Ended March 31,\n                                 2026                                          2025\n                                 Units                Average                  Units         Average\n                                                      Price                                  Price\n New orders, net of cancellations:\n Mid Atlantic (1)                1,917                $     499.3              1,866         $     514.5\n North East (2)                  469                  $     612.0              377           $     695.0\n Mid East (3)                    1,183                $     425.3              1,098         $     419.9\n South East (4)                  2,169                $     358.8              2,004         $     356.3\n Total                           5,738                $     440.1              5,345         $     448.5\n\n                                 Three Months Ended March 31,\n                                 2026                                          2025\n                                 Units                Average                  Units         Average\n                                                      Price                                  Price\n Settlements:\n Mid Atlantic (1)                1,418                $     520.4              2,050         $     527.9\n North East (2)                  366                  $     657.1              471           $     613.2\n Mid East (3)                    722                  $     430.0              1,013         $     407.1\n South East (4)                  1,509                $     361.7              1,599         $     354.6\n Total                           4,015                $     457.0              5,133         $     457.9\n\n \n                     As of March 31,\n                     2026                                2025\n                     Units        Average                Units        Average\n                                  Price                               Price\n Backlog:\n Mid Atlantic (1)    3,659        $     515.7            3,884        $     535.7\n North East (2)      1,076        $     625.6            961          $     694.4\n Mid East (3)        2,094        $     431.4            2,130        $     422.6\n South East (4)      3,342        $     369.6            3,190        $     372.9\n Total               10,171       $     462.0            10,165       $     475.9\n\n \n NVR, Inc.\n Operating Activity (Continued)\n (dollars in thousands)\n (unaudited)\n\n                                         Three Months Ended March 31,\n                                         2026                                  2025\n Average active communities:\n Mid Atlantic (1)                        124                                   120\n North East (2)                          31                                    24\n Mid East (3)                            99                                    93\n South East (4)                          178                                   164\n Total                                   432                                   401\n\n                                         Three Months Ended March 31,\n                                         2026                                  2025\n Homebuilding data:\n New order cancellation rate             14 %                                  16 %\n Lots controlled at end of period        181,700                               167,600\n\n Mortgage banking data:\n Loan closings                           $      1,052,984                      $      1,432,922\n Capture rate                            83 %                                  86 %\n\n Common stock information:\n Shares outstanding at end of period     2,731,827                             2,944,615\n Number of shares repurchased            90,180                                77,120\n Aggregate cost of shares repurchased    $        631,956                      $        583,394\n\n (1)  Maryland, Virginia, West Virginia, Delaware and Washington, D.C.\n (2)  New Jersey and Eastern Pennsylvania\n (3)  New York, Ohio, Western Pennsylvania, Indiana and Illinois\n (4)  North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky\n\n \n\nView original\ncontent:https://www.prnewswire.com/news-releases/nvr-inc-announces-first-quarter-results-302749387.html\n(https://www.prnewswire.com/news-releases/nvr-inc-announces-first-quarter-results-302749387.html)\n\nSOURCE NVR, INC.\n\n\n\nInvestor Relations Contact: Ryan Sheplee, (703) 956-4243, ir@nvrinc.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn1nGqfka","title":"NVR, INC. ANNOUNCES FIRST QUARTER RESULTS","author":"PR Newswire","ticker":"NVR","created":"2026-04-22T13:00:45.211Z","tickers":["NVR"],"exchange":"NYSE","article_body":"NVR, INC. ANNOUNCES FIRST QUARTER RESULTS\n\nPR Newswire\n\nRESTON, Va., April 22, 2026\n\nRESTON, Va., April 22, 2026 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the\nnation's largest homebuilding and mortgage banking companies, announced net\nincome for its first quarter ended March 31, 2026 of $198.4 million, or\n$67.76 per diluted share.  Net income and diluted earnings per share for the\nfirst quarter ended March 31, 2026 decreased 34% and 29%, respectively, when\ncompared to 2025 first quarter net income of $299.6 million, or $94.83 per\ndiluted share.  Consolidated revenues for the first quarter of 2026 totaled\n$1.88 billion, which decreased 22% from $2.40 billion in the first quarter of\n2025.\n\nHomebuilding\n\nNew orders in the first quarter of 2026 increased by 7% to 5,738 units, when\ncompared to 5,345 units in the first quarter of 2025. The average sales price\nof new orders in the first quarter of 2026 was $440,100, a decrease of 2% when\ncompared with the first quarter of 2025.  The cancellation rate in the first\nquarter of 2026 was 14% compared to 16% in the first quarter of 2025.\nSettlements in the first quarter of 2026 decreased by 22% to 4,015 units,\ncompared to 5,133 units in the first quarter of 2025. The decrease in\nsettlements was primarily attributable to a 15% lower backlog balance of homes\nsold but not settled entering the first quarter of 2026 compared to the same\nperiod in 2025. The average settlement price in the first quarter of 2026 was\n$457,000, which remained relatively flat when compared to the first quarter of\n2025. As of March 31, 2026 our backlog of homes totaled 10,171 units, which\nwas flat compared to March 31, 2025, while the dollar value of backlog\ndeclined 3% to $4.70 billion.\n\nHomebuilding revenues of $1.83 billion in the first quarter of 2026 decreased\nby 22% compared to homebuilding revenues of $2.35 billion in the first quarter\nof 2025.  Gross profit margin in the first quarter of 2026 decreased to\n19.6%, compared to 21.9% in the first quarter of 2025.  Gross profit margin\nwas negatively impacted by continued pricing pressure and higher lot costs.\nIncome before tax from the homebuilding segment totaled $224.6 million in the\nfirst quarter of 2026, a decrease of 39% when compared to the first quarter of\n2025.\n\nMortgage Banking\n\nMortgage closed loan production in the first quarter of 2026 totaled $1.05\nbillion, a decrease of 27% when compared to the first quarter of 2025.\nIncome before tax from the mortgage banking segment totaled $27.1 million in\nthe first quarter of 2026, a decrease of 17% when compared to $32.5 million in\nthe first quarter of 2025.\n\nEffective Tax Rate\n\nOur effective tax rate for the three months ended March 31, 2026 was 21.2%\ncompared to 25.5% for the three months ended March 31, 2025.  The decrease\nin the effective tax rate in the first quarter of 2026 was primarily\nattributable to a higher income tax benefit recognized for excess tax benefits\nfrom stock option exercises, which totaled $12.6 million and $2.7 million for\nthe three months ended March 31, 2026 and March 31, 2025, respectively.\n\nAbout NVR\n\nNVR, Inc. operates in two business segments:  homebuilding and mortgage\nbanking.  The homebuilding segment sells and builds homes under the Ryan\nHomes, NVHomes and Heartland Homes trade names, and operates in thirty-seven\nmetropolitan areas in sixteen states and Washington, D.C.  For more\ninformation about NVR, Inc. and its brands, see www.nvrinc.com\n(http://www.nvrinc.com) , www.ryanhomes.com (http://www.ryanhomes.com) ,\nwww.nvhomes.com (http://www.nvhomes.com) and www.heartlandluxuryhomes.com\n(http://www.heartlandluxuryhomes.com) .\n\nSome of the statements in this release made by the Company constitute\n\"forward-looking statements\" within the meaning of the Private Securities\nLitigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as\namended, and Section 21E of the Securities Exchange Act of 1934, as amended.\nCertain, but not necessarily all, of such forward-looking statements can be\nidentified by the use of forward-looking terminology, such as \"believes,\"\n\"expects,\" \"may,\" \"will,\" \"should,\" \"could,\" or \"anticipates\" or the negative\nthereof or other comparable terminology.  All statements other than of\nhistorical facts are forward-looking statements.  Forward-looking statements\ncontained in this document may include those regarding market trends, NVR's\nfinancial position and financial results, business strategy, the outcome of\npending litigation, investigations or similar contingencies, and projected\nplans and objectives of management for future operations.  Such\nforward-looking statements involve known and unknown risks, uncertainties and\nother factors that may cause the actual results or performance of NVR to be\nmaterially different from future results, performance or achievements\nexpressed or implied by the forward-looking statements.  Such risk factors\ninclude, but are not limited to the following: general economic and business\nconditions (on both a national and regional level); interest rate changes;\naccess to suitable financing by NVR and NVR's customers; increased regulation\nin the mortgage banking industry; the ability of our mortgage banking\nsubsidiary to sell loans it originates into the secondary market; competition;\nthe availability and cost of land and other raw materials used by NVR in its\nhomebuilding operations; shortages of labor; the economic impact of a major\nepidemic or pandemic; weather related slow-downs; building moratoriums;\ngovernmental regulation; fluctuation and volatility of stock and other\nfinancial markets; mortgage financing availability; and other factors over\nwhich NVR has little or no control.  NVR undertakes no obligation to update\nsuch forward-looking statements except as required by law.\n NVR, Inc.\n\nConsolidated Statements of Income\n\n(in thousands, except per share data)\n\n(unaudited)\n\n \n                                                        Three Months Ended March 31,\n                                                        2026                                        2025\n\n Homebuilding:\n Revenues                                               1,834,879                                   $       2,350,445\n Other income                                           28,049                                      26,712\n Cost of sales                                          (1,474,539)                                 (1,835,375)\n Selling, general and administrative                    (156,971)                                   (165,117)\n Interest expense                                       (6,854)                                     (7,181)\n Homebuilding income                                    224,564                                     369,484\n\n Mortgage Banking:\n Mortgage banking fees                                  46,184                                      52,587\n Interest income                                        3,629                                       3,806\n Other income                                           777                                         1,093\n General and administrative                             (23,127)                                    (24,693)\n Interest expense                                       (333)                                       (273)\n Mortgage banking income                                27,130                                      32,520\n\n Income before taxes                                    251,694                                     402,004\n Income tax expense                                     (53,335)                                    (102,428)\n\n Net income                                             $         198,359                           $         299,576\n\n Basic earnings per share                               $            71.33                          $          100.41\n\n Diluted earnings per share                             $            67.76                          $            94.83\n\n Basic weighted average shares outstanding              2,781                                       2,984\n\n Diluted weighted average shares outstanding            2,928                                       3,159\n\n \n NVR, Inc.\n Consolidated Balance Sheets\n (in thousands, except share and per share data)\n (unaudited)\n\n                                                                          March 31, 2026                  December 31, 2025\n ASSETS\n Homebuilding:\n Cash and cash equivalents                                                $         1,645,786             $         1,883,844\n Restricted cash                                                          40,606                          34,348\n Receivables                                                              35,423                          32,742\n Inventory:\n Lots and housing units, covered under sales agreements with customers    1,652,220                       1,410,695\n Unsold lots and housing units                                            244,499                         252,029\n Land under development                                                   19,433                          39,312\n Building materials and other                                             22,358                          21,524\n                                                                          1,938,510                       1,723,560\n\n Contract land deposits, net                                              938,981                         851,458\n Property, plant and equipment, net                                       100,899                         103,770\n Operating lease right-of-use assets                                      108,985                         110,535\n Other assets                                                             335,331                         349,306\n                                                                          5,144,521                       5,089,563\n Mortgage Banking:\n Cash and cash equivalents                                                36,281                          32,642\n Restricted cash                                                          7,014                           6,047\n Mortgage loans held for sale, net                                        287,475                         571,596\n Property and equipment, net                                              7,892                           7,727\n Operating lease right-of-use assets                                      23,035                          23,953\n Other assets                                                             79,560                          125,402\n                                                                          441,257                         767,367\n Total assets                                                             $         5,585,778             $         5,856,930\n\n \n NVR, Inc.\n Consolidated Balance Sheets (Continued)\n (in thousands, except share and per share data)\n (unaudited)\n\n                                                                                   March 31, 2026                    December 31, 2025\n LIABILITIES AND SHAREHOLDERS' EQUITY\n Homebuilding:\n Accounts payable                                                                  $           332,321               $           259,244\n Accrued expenses and other liabilities                                            374,987                           376,976\n Customer deposits                                                                 273,422                           249,210\n Operating lease liabilities                                                       116,040                           117,589\n Senior notes                                                                      908,662                           909,160\n                                                                                   2,005,432                         1,912,179\n Mortgage Banking:\n Accounts payable and other liabilities                                            61,162                            53,738\n Operating lease liabilities                                                       25,150                            26,144\n                                                                                   86,312                            79,882\n Total liabilities                                                                 2,091,744                         1,992,061\n\n Commitments and contingencies\n\n Shareholders' equity:\n Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares    206                               206\n issued as of both March 31, 2026 and December 31, 2025\n Additional paid-in capital                                                        3,202,642                         3,155,367\n Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of      (16,710)                          (16,710)\n both March 31, 2026 and December 31, 2025\n Deferred compensation liability                                                   16,710                            16,710\n Retained earnings                                                                 16,585,128                        16,386,769\n Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March        (16,293,942)                      (15,677,473)\n 31, 2026 and December 31, 2025, respectively\n Total shareholders' equity                                                        3,494,034                         3,864,869\n Total liabilities and shareholders' equity                                        $         5,585,778               $         5,856,930\n\n \n NVR, Inc.\n Operating Activity\n (dollars in thousands)\n (unaudited)\n\n                                 Three Months Ended March 31,\n                                 2026                                          2025\n                                 Units                Average                  Units         Average\n                                                      Price                                  Price\n New orders, net of cancellations:\n Mid Atlantic (1)                1,917                $     499.3              1,866         $     514.5\n North East (2)                  469                  $     612.0              377           $     695.0\n Mid East (3)                    1,183                $     425.3              1,098         $     419.9\n South East (4)                  2,169                $     358.8              2,004         $     356.3\n Total                           5,738                $     440.1              5,345         $     448.5\n\n                                 Three Months Ended March 31,\n                                 2026                                          2025\n                                 Units                Average                  Units         Average\n                                                      Price                                  Price\n Settlements:\n Mid Atlantic (1)                1,418                $     520.4              2,050         $     527.9\n North East (2)                  366                  $     657.1              471           $     613.2\n Mid East (3)                    722                  $     430.0              1,013         $     407.1\n South East (4)                  1,509                $     361.7              1,599         $     354.6\n Total                           4,015                $     457.0              5,133         $     457.9\n\n \n                     As of March 31,\n                     2026                                2025\n                     Units        Average                Units        Average\n                                  Price                               Price\n Backlog:\n Mid Atlantic (1)    3,659        $     515.7            3,884        $     535.7\n North East (2)      1,076        $     625.6            961          $     694.4\n Mid East (3)        2,094        $     431.4            2,130        $     422.6\n South East (4)      3,342        $     369.6            3,190        $     372.9\n Total               10,171       $     462.0            10,165       $     475.9\n\n \n NVR, Inc.\n Operating Activity (Continued)\n (dollars in thousands)\n (unaudited)\n\n                                         Three Months Ended March 31,\n                                         2026                                  2025\n Average active communities:\n Mid Atlantic (1)                        124                                   120\n North East (2)                          31                                    24\n Mid East (3)                            99                                    93\n South East (4)                          178                                   164\n Total                                   432                                   401\n\n                                         Three Months Ended March 31,\n                                         2026                                  2025\n Homebuilding data:\n New order cancellation rate             14 %                                  16 %\n Lots controlled at end of period        181,700                               167,600\n\n Mortgage banking data:\n Loan closings                           $      1,052,984                      $      1,432,922\n Capture rate                            83 %                                  86 %\n\n Common stock information:\n Shares outstanding at end of period     2,731,827                             2,944,615\n Number of shares repurchased            90,180                                77,120\n Aggregate cost of shares repurchased    $        631,956                      $        583,394\n\n (1)  Maryland, Virginia, West Virginia, Delaware and Washington, D.C.\n (2)  New Jersey and Eastern Pennsylvania\n (3)  New York, Ohio, Western Pennsylvania, Indiana and Illinois\n (4)  North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky\n\n \n\nView original\ncontent:https://www.prnewswire.com/news-releases/nvr-inc-announces-first-quarter-results-302749387.html\n(https://www.prnewswire.com/news-releases/nvr-inc-announces-first-quarter-results-302749387.html)\n\nSOURCE NVR, INC.\n\n\n\nInvestor Relations Contact: Ryan Sheplee, (703) 956-4243, ir@nvrinc.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-04-22T13:00:45.314508142Z","server_sent_at_ms":1776862845314},"received_at":"2026-04-22T13:00:45.456Z","source_url":null},"analysis":{"id":"3494","press_release_id":"4893","analysis_json":{"industry":{"label":"Consumer Durables & Apparel","sector":"Consumer Discretionary"},"redFlags":["Consolidated revenue decreased 22% year-over-year","Net income decreased 34% year-over-year","Homebuilding gross profit margin decreased to 19.6% from 21.9%"],"eventType":"earnings","narrative":"NVR reported Q1 2026 net income of $198.4 million, or $67.76 per share, down 34% and 29% respectively from the prior year, as consolidated revenue fell 22% to $1.88 billion.\n\nOperational metrics showed mixed performance with new orders rising 7% to 5,738 units and cancellation rates improving to 14%, while settlements dropped 22% to 4,015 units.\n\nHomebuilding gross margins compressed to 19.6% from 21.9% due to pricing pressure and higher lot costs, and the backlog value decreased 3% to $4.70 billion.","sentiment":"bearish","agentHooks":{"shouldPost":true,"suggestedAngle":"Significant double-digit declines in revenue and earnings pressure the stock despite modest order growth."},"keyFigures":{"eps":67.76,"revenue":1880000000,"customDimensions":{"new_orders":5738,"settlements":4015}},"namedEntities":{"people":[{"name":"Ryan Sheplee","role":"Investor Relations Contact"}],"products":["Ryan Homes","NVHomes","Heartland Homes"],"companies":[{"name":"NVR, Inc.","ticker":"NVR"}],"dollarAmounts":[{"amount":"$198.4 million","context":"Q1 2026 net income"},{"amount":"$67.76","context":"Q1 2026 diluted earnings per share"},{"amount":"$1.88 billion","context":"Q1 2026 consolidated revenues"},{"amount":"$299.6 million","context":"Q1 2025 net income"},{"amount":"$94.83","context":"Q1 2025 diluted earnings per share"},{"amount":"$2.40 billion","context":"Q1 2025 consolidated revenues"},{"amount":"$440,100","context":"average sales price of new orders in Q1 2026"},{"amount":"$457,000","context":"average settlement price in Q1 2026"},{"amount":"$4.70 billion","context":"dollar value of backlog as of March 31, 2026"},{"amount":"$12.6 million","context":"income tax benefit from stock option exercises in Q1 2026"},{"amount":"$631,956","context":"aggregate cost of shares repurchased in Q1 2026"}]},"materialImpact":{"score":4,"reasoning":"Reported a 22% decline in consolidated revenue and a 34% drop in net income year-over-year, alongside significant compression in gross margins."},"tickerRelevance":{"others":[],"primary":"NVR"},"eventTypeSecondary":[]},"event_type":"earnings","event_type_secondary":null,"sentiment":"bearish","material_impact_score":4,"narrative":"NVR reported Q1 2026 net income of $198.4 million, or $67.76 per share, down 34% and 29% respectively from the prior year, as consolidated revenue fell 22% to $1.88 billion.\n\nOperational metrics showed mixed performance with new orders rising 7% to 5,738 units and cancellation rates improving to 14%, while settlements dropped 22% to 4,015 units.\n\nHomebuilding gross margins compressed to 19.6% from 21.9% due to pricing pressure and higher lot costs, and the backlog value decreased 3% to $4.70 billion.","key_figures":{"eps":67.76,"revenue":1880000000,"customDimensions":{"new_orders":5738,"settlements":4015}},"named_entities":{"people":[{"name":"Ryan Sheplee","role":"Investor Relations Contact"}],"products":["Ryan Homes","NVHomes","Heartland Homes"],"companies":[{"name":"NVR, Inc.","ticker":"NVR"}],"dollarAmounts":[{"amount":"$198.4 million","context":"Q1 2026 net income"},{"amount":"$67.76","context":"Q1 2026 diluted earnings per share"},{"amount":"$1.88 billion","context":"Q1 2026 consolidated revenues"},{"amount":"$299.6 million","context":"Q1 2025 net income"},{"amount":"$94.83","context":"Q1 2025 diluted earnings per share"},{"amount":"$2.40 billion","context":"Q1 2025 consolidated revenues"},{"amount":"$440,100","context":"average sales price of new orders in Q1 2026"},{"amount":"$457,000","context":"average settlement price in Q1 2026"},{"amount":"$4.70 billion","context":"dollar value of backlog as of March 31, 2026"},{"amount":"$12.6 million","context":"income tax benefit from stock option exercises in Q1 2026"},{"amount":"$631,956","context":"aggregate cost of shares repurchased in Q1 2026"}]},"model_name":"glm-4.7","prompt_hash":"sha256:2f2748f0fcc8c4f2","schema_hash":"sha256:ad96b863d7123008","created_at":"2026-04-22T17:40:25.739Z","global_importance":3,"audience_relevance":3,"importance_components":{"method":"backfill-heuristic","signals":{"bodyLong":false,"headlineTier1":false,"tickerCovered":false,"hadSignificance":false},"version":1,"computedAt":"2026-04-27T11:52:54.227Z"}},"durationMs":42284,"modelName":"glm-4.7"}}