NVR Q2 FY2026: revenue down 10.5%, EPS $83.96, margin squeeze
NVR's second quarter was a volume-over-price quarter: orders rose 9% but revenue fell 10.5% to $2.33 billion and EPS of $83.96 missed the $90.88 consensus by 7.6%. The homebuilding gross margin dropped to 19.2% from 21.5%. Read this as a company trading price for units while absorbing higher lot costs; the swing to negative free cash flow of -$157.7 million is the number to watch.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $83.96 was 22.6% below last year's $108.54 and 7.6% under the $90.88 consensus estimate. Net income of $236.5 million fell 29.1% year over year, so a smaller diluted share count of 2.816 million versus 3.075 million cushioned the per-share decline. The buyback therefore flattered EPS even as profit fell.
Revenue of $2.33 billion was down 10.5% from $2.60 billion a year earlier, but up 23.7% from the $1.88 billion reported in the March quarter. Homebuilding contributed $2.28 billion of that and mortgage banking fees $46.6 million. Settlements fell 8% to 5,058 homes while the average settlement price slipped 3% to $450,700, so it was fewer homes at lower prices.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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