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NVR · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue fell 10.5% y/y to $2.33B, operating margin 13.3% vs 16.3%, net income $236M (−29.1% y/y).
Net income
$236M
down 29.1% y/y
Consolidated revenues (calculated)
$2,326M
down 10.5% y/y
Operating income (calculated)
$308M
down 27.2% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Homebuilding revenues | $2,280 · −10.5% |
| Mortgage banking fees | $46.6 · −7.8% |
| Consolidated revenues (calculated) | $2,326 · −10.5% |
| Cost of sales | $1,841 · −7.9% |
| Selling, general and administrative | $151 · +1.0% |
| General and administrative (mortgage banking) | $26.2 · −1.0% |
| Operating income (calculated) | $308 · −27.2% · 13.3% margin |
| Other income and interest income (calculated) | $17.4 · −43.8% |
| Interest expense (calculated) | $7 · +0.1% |
| Income before taxes | $319 · −28.7% |
| Income tax expense | $82.2 · −27.5% · 25.8% effective rate |
| Net income | $236 · −29.1% · $83.96/sh · 10.2% margin |
Verdict: revenue fell 10.5% y/y to $2.33B, operating margin 13.3% vs 16.3%, net income $236M (−29.1% y/y).
Diluted EPS $83.96 vs $108.54 a year earlier; new orders up 9% to 5,885 units; backlog up 9% to 10,998 units, $4.99 billion.
Source and notation
Source: NVR earnings release, 8-K EX-99 of 07/23/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open as an image: NVR, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “NVR Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/nvr/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/nvr/q2-2026"><img src="https://whoreportstoday.com/t/nvr/q2-2026/sankey.png" alt="NVR Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/nvr/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/nvr/q2-2026">NVR Q2 2026 earnings chart (Who Reports Today)</a>
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- Settlements fell 8% to 5,058 units and the average settlement price decreased 3% to $450,700.
- Homebuilding gross profit margin decreased to 19.2% from 21.5% on higher lot costs, pricing pressure and contract land deposit impairments of approximately $21.7 million.
- Operating income was $308M, a 13.3% margin vs 16.3% a year earlier.
- The effective tax rate was 25.8% vs 25.4% a year earlier.
- Diluted EPS was $83.96 vs $108.54 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
NVR — NVR builds and sells homes under the Ryan Homes, NVHomes and Heartland Homes names and runs a mortgage banking business for its buyers.
Headquarters: Reston, Virginia.
Heads-up
- net income fell 29% y/y in Q2 2026
- revenue fell 11% y/y in Q2 2026
Net income for Q2 2026: $236M, −29% y/y. In the report's figures: revenue −11% y/y. Based on the Q2 2026 report.
The company's report ↗Revenue for Q2 2026: $2,326M, −11% y/y. In the report's figures: segments down: Homebuilding revenues −11% y/y, Mortgage banking fees −8% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: ORLY · Q2 2026 · PHM · Q3 2026 · RCL · Q3 2026 · RL · Q1 FY2027 · ROST · Q2 FY26 · SBUX · Q3 2026 · TJX · Q2 FY2027 · TPR · Q4 FY2026 · TSCO · Q2 2026 · TSLA · Q3 2026 · all reports