🏢 官网IRNVRDoubao · 实盘不做把握 5/10不做原因:其他
北京时间·🕒 发布 21:00:00(美东 09:00)·⟳ 抓取 21:03:47回填·⚡ 决策 10-22 21:07:06·5.0 天前
NVR三季度EPS 89.45美元大幅低于一致预期102.77美元，净利润同比降27%、住宅毛利率降至18.3%，但积压订单单位数增长10%
EPS较一致预期低约13%、营收miss且住宅毛利率坍塌270bp并含减值，构成真实负向预期差；但backlog增长、估值不高（PE约13.5倍）、股价已距52周高点-28%，且盘前流动性极差，故只给小仓做空、限价不深追。
📄 原文NVR↗ 原文
NVR, INC. ANNOUNCES THIRD QUARTER RESULTS
PDF Version RESTON, Va. , Oct. 22, 2026 /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding…
不做 NVR, Inc.（NVR.US）
[契约校验:INVALID_PRICE] entry.limit_price: Input should be greater than 0 原交易逻辑:Q3 EPS/营收双miss、毛利率坍塌订单量价齐弱，盘前定价未充分，小仓做空
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
NVR Q3 EPS 89.45美元远低于预期102.77美元，营收、订单、均价、取消率与毛利率全面恶化，是实质性盈利下修式利空；但backlog同比增10%、估值已低、股价处下行通道且盘前定价极薄，做空edge被部分抵消，故小仓、限价做空。
消息传播链
- 节点
- 节点
关键理由
- EPS较一致预期102.77美元低约13%、营收24.0亿低于预期约25亿，且住宅毛利率同比降270bp至18.3%，负向surprise直接且经一手财报确认。
- 订单量-7%、订单均价-5%、取消率升至21%，量价齐弱印证可负担性压力下需求恶化，短期盈利预期仍有下修空间。
主要风险
- backlog单位数同比增10%、金额增4%且为正向数据，叠加低估值与大额回购，可能触发利空出尽式反弹。
- 盘前仅成交约15股、-3.4%的价格不可信，开盘可能大幅低开后高走（sell-the-rumor/buy-the-news），限价不成交即放弃。
反向证据
- 做空前查反向 · 来源 filing · 日期 2026-10-22 · 影响 weakens
backlog单位数+10%、金额+4%，抵押贷款分部利润+7%，PE仅约13.5倍且前三季回购12.27亿美元，2,480万减值或为一次性，均削弱做空edge。
检索:NVR Q3 backlog增长 毛利率减值一次性 估值回购 利好 原文 ↗ - 做空前查反向 · 来源 stock_quote · 日期 2026-10-22 · 影响 weakens
股价已距52周高点-28%、近20日-5.5%、13周轨迹持续下行，部分利空已被定价，深跌空间受限，故仅small且限价。
检索:NVR 股价 52周高点 下行 预期 住宅建筑商 景气
先例如何影响了这次决策
对本次决策的影响:证据薄叠加backlog利好与低估值，将仓位压到small、止盈保守（4%/8%），并以限价不追低控制开盘跳空风险。
方向:本轮未取得锚点干净的同市场同相位财报先例，无法用外部先例校准方向胜率。
涨幅量级:无高相似aligned先例，不据以设定止盈幅度；tp按本事件预期差幅度与NVR自身波动率保守设定。
形态:未能验证住宅建筑商财报miss后反复高开低走或低开高走的规律。
工具执行结果 · 成功 4 · 降级 0 · 失败 0 · 取消 0
- search_processed_events 成功 stock_tools HTTP · 2,360 ms
{"result": "search_processed_events:agent query=`nvr homebuilding new orders backlog third quarter | nvr inc q3 2026 third quarter results earnings | nvr net income 248.6 million eps 89.45`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 72.0/72 小时、26157 条本臂决策(完整)，返回 3 条候选。\n• 10-22 04:15 UTC(北京 12:15) [ticker] 不做 NVR.US - stock_quote 成功 stock_tools HTTP · 1,965 ms
{ - web_search 成功 doubao_search · 1,917 ms
豆包搜索结果（原始查询:NVR Q3 2026 earnings results stock reaction premarket EPS miss homebuilder；API SearchType:web） - search_case_library 成功 stock_tools HTTP · 19 ms
{"result": "search_case_library「NVR.US」—— 与这些标的相关、事件类型=财报/业绩预告的自家决策案例(本页 3 条,该标的全历史相关记录共 6 条；ENTER 只按该标的自己的腿统计):\n◆ NVR.US：相关历史决策 6 条 · 其中该标的 ENTER 0 条(0.0%) · 我们从没在这只票上 ENTER 过\n【对所查标的真 ENTER 过的:0 条 —— 相关案例里没有该标的自己的 ENTER 腿】\n【最近 3 条其它决策(多为「不做」,用来看这票最近在被什么消息刷屏)】\n• 2026-10-21 UTC 不做 · 事件:Seeking Al
原文全文
展开原文 · 12,436 字
PDF Version
RESTON, Va.
,
Oct. 22, 2026
/PRNewswire/ --
NVR, Inc.
(NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its third quarter ended
September 30, 2026
of
$248.6 million
, or
$89.45
per diluted share. For the third quarter ended
September 30, 2026
, net income and diluted earnings per share decreased 27% and 20%, respectively, when compared to 2025 third quarter net income of
$342.7 million
, or
$112.33
per diluted share. Consolidated revenues for the third quarter of 2026 totaled
$2.40 billion
, compared to
$2.61 billion
in the third quarter of 2025.
For the nine months ended
September 30, 2026
, consolidated revenues were
$6.61 billion
, a 13% decrease from
$7.61 billion
reported for the same period of 2025. Net income for the nine months ended
September 30, 2026
was
$683.4 million
, a decrease of 30% when compared to net income for the nine months ended
September 30, 2025
of
$976.0 million
. Diluted earnings per share for the nine months ended
September 30, 2026
was
$240.54
, a decrease of 24% from
$315.33
per diluted share for the same period of 2025.
Homebuilding
New orders in the third quarter of 2026 decreased by 7% to 4,391 units, when compared to 4,735 units in the third quarter of 2025. The average sales price of new orders in the third quarter of 2026 was
$442,100
, a decrease of 5% when compared to the third quarter of 2025. The cancellation rate in the third quarter of 2026 was 21% compared to 19% in the third quarter of 2025. Settlements in the third quarter of 2026 decreased by 7% to 5,268 units, compared to 5,639 units in the third quarter of 2025. The average settlement price in the third quarter of 2026 was
$445,900
, a decrease of 2% when compared to the third quarter of 2025. Our backlog of homes sold but not settled as of
September 30, 2026
increased on a unit basis by 10% to 10,121 units and increased on a dollar basis by 4% to
$4.59 billion
when compared to the respective backlog unit and dollar balances as of
September 30, 2025
.
Homebuilding revenues of
$2.35 billion
in the third quarter of 2026 decreased by 8% compared to homebuilding revenues of
$2.56 billion
in the third quarter of 2025. Gross profit margin in the third quarter of 2026 decreased to 18.3%, from 21.0% in the third quarter of 2025. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and weak consumer sentiment, and by contract land deposit impairments totaling approximately
$24.8 million
. Income before tax from the homebuilding segment totaled
$299.7 million
in the third quarter of 2026, a decrease of 27% when compared to the third quarter of 2025.
Mortgage Banking
Mortgage closed loan production in the third quarter of 2026 totaled
$1.38 billion
, a decrease of 10% when compared to the third quarter of 2025. Income before tax from the mortgage banking segment totaled
$35.0 million
in the third quarter of 2026, an increase of 7% when compared to
$32.7 million
in the third quarter of 2025.
About NVR
NVR, Inc.
operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the
Ryan Homes
,
NVHomes and Heartland Homes
trade names, and operates in thirty-seven metropolitan areas in sixteen states and
Washington
, D.C. For more information about
NVR, Inc.
and its brands, see
www.nvrinc.com
,
www.ryanhomes.com
,
www.nvhomes.com
and
www.heartlandluxuryhomes.com
.
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "could," or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Homebuilding:
Revenues
$ 2,349,284
$ 2,560,343
$ 6,463,934
$ 7,459,055
Other income
12,209
22,000
52,353
73,800
Cost of sales
(1,920,068)
(2,021,398)
(5,235,824)
(5,856,756)
Selling, general and administrative
(135,017)
(142,736)
(442,709)
(457,023)
Interest expense
(6,692)
(6,855)
(20,244)
(20,721)
Homebuilding income
299,716
411,354
817,510
1,198,355
Mortgage Banking:
Mortgage banking fees
53,146
49,162
145,915
152,296
Interest income
4,293
4,881
11,905
13,180
Other income
1,271
1,400
3,340
3,794
General and administrative
(23,470)
(22,397)
(72,750)
(73,515)
Interest expense
(268)
(327)
(897)
(900)
Mortgage banking income
34,972
32,719
87,513
94,855
Income before taxes
334,688
444,073
905,023
1,293,210
Income tax expense
(86,083)
(101,385)
(221,601)
(317,209)
Net income
$ 248,605
$ 342,688
$ 683,422
$ 976,001
Basic earnings per share
$ 93.49
$ 119.26
$ 251.99
$ 333.86
Diluted earnings per share
$ 89.45
$ 112.33
$ 240.54
$ 315.33
Basic weighted average shares outstanding
2,659
2,874
2,712
2,923
Diluted weighted average shares outstanding
2,779
3,051
2,841
3,095
NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
September 30, 2026
December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents
$ 1,091,315
$ 1,883,844
Restricted cash
37,549
34,348
Receivables
54,560
32,742
Inventory:
Lots and housing units, covered under sales agreements with customers
1,941,337
1,410,695
Unsold lots and housing units
384,837
252,029
Land under development
21,792
39,312
Building materials and other
24,821
21,524
2,372,787
1,723,560
Contract land deposits, net
916,747
851,458
Property, plant and equipment, net
109,860
103,770
Operating lease right-of-use assets
120,701
110,535
Other assets
359,355
349,306
5,062,874
5,089,563
Mortgage Banking:
Cash and cash equivalents
34,071
32,642
Restricted cash
6,596
6,047
Mortgage loans held for sale, net
346,874
571,596
Property and equipment, net
7,256
7,727
Operating lease right-of-use assets
21,741
23,953
Other assets
86,538
125,402
503,076
767,367
Total assets
$ 5,565,950
$ 5,856,930
NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
September 30, 2026
December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable
$ 365,207
$ 259,244
Accrued expenses and other liabilities
306,013
376,976
Customer deposits
285,364
249,210
Operating lease liabilities
136,289
117,589
Senior notes
907,659
909,160
2,000,532
1,912,179
Mortgage Banking:
Accounts payable and other liabilities
106,690
53,738
Operating lease liabilities
23,735
26,144
130,425
79,882
Total liabilities
2,130,957
1,992,061
Commitments and contingencies
Shareholders' equity:
Common stock,
$0.01
par value; 60,000,000 shares authorized; 20,555,330 shares
issued as of both
September 30, 2026
and
December 31, 2025
206
206
Additional paid-in capital
3,255,240
3,155,367
Deferred compensation trust – 106,697 shares of
NVR, Inc.
common stock as of
both
September 30, 2026
and
December 31, 2025
(16,710)
(16,710)
Deferred compensation liability
16,710
16,710
Retained earnings
17,070,191
16,386,769
Less treasury stock at cost – 17,911,054 and 17,755,943 shares as of September
30, 2026 and
December 31, 2025
, respectively
(16,890,644)
(15,677,473)
Total shareholders' equity
3,434,993
3,864,869
Total liabilities and shareholders' equity
$ 5,565,950
$ 5,856,930
NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Units
Average
Price
Units
Average
Price
Units
Average
Price
Units
Average
Price
New orders, net of cancellations:
Mid
Atlantic
(1)
1,641
$ 499.0
1,714
$ 529.7
5,639
$ 499.1
5,510
$ 525.1
North East (2)
232
$ 733.2
433
$ 647.1
1,091
$ 647.5
1,234
$ 664.6
Mid East (3)
891
$ 417.7
931
$ 431.9
3,260
$ 421.0
3,101
$ 425.0
South East (4)
1,627
$ 356.7
1,657
$ 368.6
6,024
$ 356.2
5,614
$ 361.8
Total
4,391
$ 442.1
4,735
$ 464.8
16,014
$ 439.6
15,459
$ 456.8
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Units
Average
Price
Units
Average
Price
Units
Average
Price
Units
Average
Price
Settlements:
Mid
Atlantic
(1)
1,786
$ 501.4
2,008
$ 517.9
4,925
$ 510.2
6,159
$ 527.8
North East (2)
477
$ 603.7
420
$ 694.6
1,295
$ 624.9
1,365
$ 651.7
Mid East (3)
1,090
$ 432.5
1,200
$ 423.8
2,868
$ 430.7
3,295
$ 416.1
South East (4)
1,915
$ 362.6
2,011
$ 357.9
5,253
$ 362.9
5,428
$ 358.8
Total
5,268
$ 445.9
5,639
$ 454.0
14,341
$ 450.7
16,247
$ 459.1
As of
September 30
,
2026
2025
Units
Average Price
Units
Average Price
Backlog:
Mid
Atlantic
(1)
3,874
$ 508.6
3,419
$ 539.7
North East (2)
769
$ 681.3
924
$ 676.0
Mid East (3)
2,025
$ 419.1
1,851
$ 431.3
South East (4)
3,453
$ 359.7
2,971
$ 379.1
Total
10,121
$ 453.0
9,165
$ 479.5
NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Average active communities:
Mid
Atlantic
(1)
147
125
135
122
North East (2)
26
34
28
28
Mid East (3)
96
100
97
96
South East (4)
185
191
183
180
Total
454
450
443
426
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Homebuilding data:
New order cancellation rate
21.0 %
19.4 %
16.3 %
17.1 %
Lots controlled at end of period
185,300
175,300
Mortgage banking data:
Loan closings
$ 1,381,742
$ 1,539,781
$ 3,789,439
$ 4,527,982
Capture rate
85 %
86 %
85 %
86 %
Common stock information:
Shares outstanding at end of period
2,644,276
2,860,899
Number of shares repurchased
37,088
35,224
181,984
178,178
Aggregate cost of shares repurchased
$ 237,218
$ 276,405
$ 1,226,951
$ 1,331,212
(1)
Maryland
,
Virginia
,
West Virginia
,
Delaware
and
Washington, D.C.
(2)
New Jersey
and
Eastern Pennsylvania
(3)
New
York, Ohio
,
Western Pennsylvania
,
Indiana
and
Illinois
(4)
North Carolina
,
South Carolina
,
Tennessee
,
Florida
,
Georgia
and
Kentucky
View original content:
https://www.prnewswire.com/news-releases/nvr-inc-announces-third-quarter-results-302916028.html
SOURCE
NVR, INC.
Investor Relations, Ryan Sheplee, (703) 956-4243, ir@nvrinc.com
RESTON, Va.
,
Oct. 22, 2026
/PRNewswire/ --
NVR, Inc.
(NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its third quarter ended
September 30, 2026
of
$248.6 million
, or
$89.45
per diluted share. For the third quarter ended
September 30, 2026
, net income and diluted earnings per share decreased 27% and 20%, respectively, when compared to 2025 third quarter net income of
$342.7 million
, or
$112.33
per diluted share. Consolidated revenues for the third quarter of 2026 totaled
$2.40 billion
, compared to
$2.61 billion
in the third quarter of 2025.
For the nine months ended
September 30, 2026
, consolidated revenues were
$6.61 billion
, a 13% decrease from
$7.61 billion
reported for the same period of 2025. Net income for the nine months ended
September 30, 2026
was
$683.4 million
, a decrease of 30% when compared to net income for the nine months ended
September 30, 2025
of
$976.0 million
. Diluted earnings per share for the nine months ended
September 30, 2026
was
$240.54
, a decrease of 24% from
$315.33
per diluted share for the same period of 2025.
Homebuilding
New orders in the third quarter of 2026 decreased by 7% to 4,391 units, when compared to 4,735 units in the third quarter of 2025. The average sales price of new orders in the third quarter of 2026 was
$442,100
, a decrease of 5% when compared to the third quarter of 2025. The cancellation rate in the third quarter of 2026 was 21% compared to 19% in the third quarter of 2025. Settlements in the third quarter of 2026 decreased by 7% to 5,268 units, compared to 5,639 units in the third quarter of 2025. The average settlement price in the third quarter of 2026 was
$445,900
, a decrease of 2% when compared to the third quarter of 2025. Our backlog of homes sold but not settled as of
September 30, 2026
increased on a unit basis by 10% to 10,121 units and increased on a dollar basis by 4% to
$4.59 billion
when compared to the respective backlog unit and dollar balances as of
September 30, 2025
.
Homebuilding revenues of
$2.35 billion
in the third quarter of 2026 decreased by 8% compared to homebuilding revenues of
$2.56 billion
in the third quarter of 2025. Gross profit margin in the third quarter of 2026 decreased to 18.3%, from 21.0% in the third quarter of 2025. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and weak consumer sentiment, and by contract land deposit impairments totaling approximately
$24.8 million
. Income before tax from the homebuilding segment totaled
$299.7 million
in the third quarter of 2026, a decrease of 27% when compared to the third quarter of 2025.
Mortgage Banking
Mortgage closed loan production in the third quarter of 2026 totaled
$1.38 billion
, a decrease of 10% when compared to the third quarter of 2025. Income before tax from the mortgage banking segment totaled
$35.0 million
in the third quarter of 2026, an increase of 7% when compared to
$32.7 million
in the third quarter of 2025.
About NVR
NVR, Inc.
operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the
Ryan Homes
,
NVHomes and Heartland Homes
trade names, and operates in thirty-seven metropolitan areas in sixteen states and
Washington
, D.C. For more information about
NVR, Inc.
and its brands, see
www.nvrinc.com
,
www.ryanhomes.com
,
www.nvhomes.com
and
www.heartlandluxuryhomes.com
.
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "could," or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Homebuilding:
Revenues
$ 2,349,284
$ 2,560,343
$ 6,463,934
$ 7,459,055
Other income
12,209
22,000
52,353
73,800
Cost of sales
(1,920,068)
(2,021,398)
(5,235,824)
(5,856,756)
Selling, general and administrative
(135,017)
(142,736)
(442,709)
(457,023)
Interest expense
(6,692)
(6,855)
(20,244)
(20,721)
Homebuilding income
299,716
411,354
817,510
1,198,355
Mortgage Banking:
Mortgage banking fees
53,146
49,162
145,915
152,296
Interest income
4,293
4,881
11,905
13,180
Other income
1,271
1,400
3,340
3,794
General and administrative
(23,470)
(22,397)
(72,750)
(73,515)
Interest expense
(268)
(327)
(897)
(900)
Mortgage banking income
34,972
32,719
87,513
94,855
Income before taxes
334,688
444,073
905,023
1,293,210
Income tax expense
(86,083)
(101,385)
(221,601)
(317,209)
Net income
$ 248,605
$ 342,688
$ 683,422
$ 976,001
Basic earnings per share
$ 93.49
$ 119.26
$ 251.99
$ 333.86
Diluted earnings per share
$ 89.45
$ 112.33
$ 240.54
$ 315.33
Basic weighted average shares outstanding
2,659
2,874
2,712
2,923
Diluted weighted average shares outstanding
2,779
3,051
2,841
3,095
NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
September 30, 2026
December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents
$ 1,091,315
$ 1,883,844
Restricted cash
37,549
34,348
Receivables
54,560
32,742
Inventory:
Lots and housing units, covered under sales agreements with customers
1,941,337
1,410,695
Unsold lots and housing units
384,837
252,029
Land under development
21,792
39,312
Building materials and other
24,821
21,524
2,372,787
1,723,560
Contract land deposits, net
916,747
851,458
Property, plant and equipment, net
109,860
103,770
Operating lease right-of-use assets
120,701
110,535
Other assets
359,355
349,306
5,062,874
5,089,563
Mortgage Banking:
Cash and cash equivalents
34,071
32,642
Restricted cash
6,596
6,047
Mortgage loans held for sale, net
346,874
571,596
Property and equipment, net
7,256
7,727
Operating lease right-of-use assets
21,741
23,953
Other assets
86,538
125,402
503,076
767,367
Total assets
$ 5,565,950
$ 5,856,930
NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
September 30, 2026
December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable
$ 365,207
$ 259,244
Accrued expenses and other liabilities
306,013
376,976
Customer deposits
285,364
249,210
Operating lease liabilities
136,289
117,589
Senior notes
907,659
909,160
2,000,532
1,912,179
Mortgage Banking:
Accounts payable and other liabilities
106,690
53,738
Operating lease liabilities
23,735
26,144
130,425
79,882
Total liabilities
2,130,957
1,992,061
Commitments and contingencies
Shareholders' equity:
Common stock,
$0.01
par value; 60,000,000 shares authorized; 20,555,330 shares
issued as of both
September 30, 2026
and
December 31, 2025
206
206
Additional paid-in capital
3,255,240
3,155,367
Deferred compensation trust – 106,697 shares of
NVR, Inc.
common stock as of
both
September 30, 2026
and
December 31, 2025
(16,710)
(16,710)
Deferred compensation liability
16,710
16,710
Retained earnings
17,070,191
16,386,769
Less treasury stock at cost – 17,911,054 and 17,755,943 shares as of September
30, 2026 and
December 31, 2025
, respectively
(16,890,644)
(15,677,473)
Total shareholders' equity
3,434,993
3,864,869
Total liabilities and shareholders' equity
$ 5,565,950
$ 5,856,930
NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Units
Average
Price
Units
Average
Price
Units
Average
Price
Units
Average
Price
New orders, net of cancellations:
Mid
Atlantic
(1)
1,641
$ 499.0
1,714
$ 529.7
5,639
$ 499.1
5,510
$ 525.1
North East (2)
232
$ 733.2
433
$ 647.1
1,091
$ 647.5
1,234
$ 664.6
Mid East (3)
891
$ 417.7
931
$ 431.9
3,260
$ 421.0
3,101
$ 425.0
South East (4)
1,627
$ 356.7
1,657
$ 368.6
6,024
$ 356.2
5,614
$ 361.8
Total
4,391
$ 442.1
4,735
$ 464.8
16,014
$ 439.6
15,459
$ 456.8
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Units
Average
Price
Units
Average
Price
Units
Average
Price
Units
Average
Price
Settlements:
Mid
Atlantic
(1)
1,786
$ 501.4
2,008
$ 517.9
4,925
$ 510.2
6,159
$ 527.8
North East (2)
477
$ 603.7
420
$ 694.6
1,295
$ 624.9
1,365
$ 651.7
Mid East (3)
1,090
$ 432.5
1,200
$ 423.8
2,868
$ 430.7
3,295
$ 416.1
South East (4)
1,915
$ 362.6
2,011
$ 357.9
5,253
$ 362.9
5,428
$ 358.8
Total
5,268
$ 445.9
5,639
$ 454.0
14,341
$ 450.7
16,247
$ 459.1
As of
September 30
,
2026
2025
Units
Average Price
Units
Average Price
Backlog:
Mid
Atlantic
(1)
3,874
$ 508.6
3,419
$ 539.7
North East (2)
769
$ 681.3
924
$ 676.0
Mid East (3)
2,025
$ 419.1
1,851
$ 431.3
South East (4)
3,453
$ 359.7
2,971
$ 379.1
Total
10,121
$ 453.0
9,165
$ 479.5
NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Average active communities:
Mid
Atlantic
(1)
147
125
135
122
North East (2)
26
34
28
28
Mid East (3)
96
100
97
96
South East (4)
185
191
183
180
Total
454
450
443
426
Three Months Ended
September 30
,
Nine Months Ended
September 30
,
2026
2025
2026
2025
Homebuilding data:
New order cancellation rate
21.0 %
19.4 %
16.3 %
17.1 %
Lots controlled at end of period
185,300
175,300
Mortgage banking data:
Loan closings
$ 1,381,742
$ 1,539,781
$ 3,789,439
$ 4,527,982
Capture rate
85 %
86 %
85 %
86 %
Common stock information:
Shares outstanding at end of period
2,644,276
2,860,899
Number of shares repurchased
37,088
35,224
181,984
178,178
Aggregate cost of shares repurchased
$ 237,218
$ 276,405
$ 1,226,951
$ 1,331,212
(1)
Maryland
,
Virginia
,
West Virginia
,
Delaware
and
Washington, D.C.
(2)
New Jersey
and
Eastern Pennsylvania
(3)
New
York, Ohio
,
Western Pennsylvania
,
Indiana
and
Illinois
(4)
North Carolina
,
South Carolina
,
Tennessee
,
Florida
,
Georgia
and
Kentucky
View original content:
https://www.prnewswire.com/news-releases/nvr-inc-announces-third-quarter-results-302916028.html
SOURCE
NVR, INC.
Investor Relations, Ryan Sheplee, (703) 956-4243, ir@nvrinc.com
决策记录链 · 只追加
每次领取产生一条记录,重新决策追加一条并以 supersedes 指向被替代的记录(ADR 0014)。
8174e21aa8· 2026-10-22 21:07 · doubao / doubao-seed-evolving-latest-version · 策略包658c0c1e2ba5当前