NVR INC

Listed Company

NVRCIK 0000906163NYSELarge AcceleratedOperative BuildersVirginiaFY ends Dec 31

Period

FY 2025

Revenue

$10.32B

Net Income

$1.34B

Total Assets

$5.86B

Equity

$3.86B

Shares Out

2.79M

Op. Cash Flow

$1.12B

Business

NVR INC constructs and sells single-family detached homes, townhomes and condominium buildings, primarily on a pre-sold basis, and operates complementary mortgage banking and title services. Its main products and services include home construction and sales under the Ryan Homes, NVHomes and Heartland Homes brands, plus mortgage origination, loan sales and title-related services through its mortgage banking subsidiaries. The company reports homebuilding and mortgage banking as its principal business segments. It operates across multiple metropolitan areas in the Mid Atlantic, North East, Mid East and South East regions of the United States, selling through model homes, sales centers and mortgage channels.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	10,324	10,524	9,518	10,526	8,951
Profit before taxes	1,762	2,116	1,928	2,253	1,590
Income tax expense	−422	−434	−337	−528	−354
Net income	1,340	1,682	1,592	1,726	1,237
Basic earnings per share (USD per share)	462	540.88	491.52	525.2	345.37
Diluted earnings per share (USD per share)	436.55	506.69	463.31	491.82	320.48
Basic weighted average shares outstanding (in Shares)	3	3	3	3	4
Diluted weighted average shares outstanding (in Shares)	3	3	3	4	4

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land under development	39	65	37	27	12
Contract land deposits, net	851	727	577	496	497
Total assets	5,857	6,381	6,602	5,661	5,834
Operating lease liabilities	144	109	101	93	75
Total liabilities	1,992	2,171	2,237	2,154	2,832
Commitments and contingencies	—	—	—	—	—
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2025 and December 31, 2024	206,000	206,000	206,000	206,000	206,000
Additional paid-in capital	3,155	3,032	2,849	2,600	2,378
Deferred compensation trust 106,697 shares of NVR, Inc. common stock as of both December 31, 2025 and December 31, 2024	−17	−17	−17	−17	−17
Deferred compensation liability	17	17	17	17	17
Retained earnings	16,387	15,047	13,365	11,773	10,048
Less treasury stock at cost 17,755,943 and 17,543,686 shares as of December 31, 2025 and December 31, 2024, respectively	−15,677	−13,869	−11,849	−10,867	—
Total shareholders' equity	3,865	4,210	4,365	3,507	3,002
Total liabilities and shareholders' equity	5,857	6,381	6,602	5,661	5,834

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	25	18	17	17	19
Equity-based compensation expense	69	74	100	83	58
Contract land deposit impairments (recoveries) and other impairments, net	76	7	−3	28	−21
Gain on sale of loans, net	−187	−189	−163	−153	−206
Deferred tax (benefit) expense	−1	6	−4	−11	−234,000
Mortgage loans closed	−6,046	−6,267	−5,740	−6,315	−6,079
Mortgage loans sold and principal payments on mortgage loans held for sale	5,995	6,351	5,950	6,471	6,424
Distribution of earnings from unconsolidated joint ventures	0	2	2	9	10
Decrease (increase) in inventory	335	−109	−162	159	−238
Increase in contract land deposits	−201	−157	−78	−26	−87
(Increase) decrease in receivables	−57	63	−60	−27	2
(Decrease) increase in accounts payable and accrued expenses	−142	−83	49	−14	−20
Increase (Decrease) in Contract with Customer, Liability	−74	−12	21	−104	177
Other, net	−10	−11	−22	26	−33
Operating activities	1,121	1,374	1,498	1,870	1,242
Investments in and advances to unconsolidated joint ventures	−48	−3	−2	−10	−1
Distribution of capital from unconsolidated joint ventures	0	3	180,000	0	0
Purchase of property, plant and equipment	−25	−29	−25	−18	−18
Proceeds from the sale of property, plant and equipment	914,000	3	2	732,000	978,000
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	−71	−27	−24	−27	−18
Purchase of treasury stock	−1,833	−2,058	−1,082	−1,500	−1,538
Principal payments on finance lease liabilities	−5	−3	−2	−1	−1
Proceeds from the exercise of stock options	80	162	251	197	142
Net cash used in financing activities	−1,758	−1,899	−833	−1,905	−1,397
Net (decrease) increase in cash, restricted cash, and cash equivalents	−708	−551	641	−62	−173
Interest paid during the year, net of interest capitalized	30	29	29	48	54
Income taxes paid during the year, net of refunds	439	410	407	530	389

Filings

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