NVR, Inc. (NVR) Cash Flow Statement
Where NVR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.12B −18.4% vs 2024
- Capital expenditures
- $24.5M 0.2% of revenue
- Free cash flow
- $1.10B 10.6% margin
- Returned to shareholders
- $1.83B 167% of free cash flow
- Change in cash
- −$707.8M cash at year-end $1.96B
Cash from operations
$1.12B
Capital expenditures
−$24.5M
Acquisitions & other
−$46.7M
Share buybacks (net)
−$1.83B
Net borrowing (repayment)
−$4.7M
Other financing
+$80.1M
Change in cash
−$707.8M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NVR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NVR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $384.5M2016 | $1.12B2025 | +12.6%/yr | |
| Capital expenditures | $22.4M2016 | $24.5M2025 | +1.0%/yr | |
| Free cash flow | $362.1M2016 | $1.10B2025 | +13.1%/yr | |
| Free cash flow margin | 6.2%2016 | 10.6%2025 | +4.4 pts | |
| Operating cash flow / net income | 0.902016 | 0.842025 | −0.07 | |
| Stock-based compensation | $43.6M2016 | $69.2M2025 | +5.3%/yr | |
| Dividends paid | $150.0M2016 | $250.5M2023 | +7.6%/yr | |
| Share buybacks (net) | $455.4M2016 | $1.83B2025 | +16.7%/yr | |
| Capex / revenue | 0.4%2016 | 0.2%2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NVR cash flow by activity
OperatingInvestingFinancingChange in cash
NVR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NVR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.34B | $1.68B | $1.59B | $1.73B | $1.24B | $901.2M | $878.5M | $797.2M | $537.5M | $425.3M |
| Depreciation & amortization | $24.5M | $18.4M | $16.9M | $17.4M | $19.5M | $22.0M | $20.8M | $20.2M | $22.7M | $22.3M |
| Stock-based compensation | $69.2M | $73.9M | $99.5M | $82.5M | $58.2M | $50.8M | $78.5M | $75.7M | $44.6M | $43.6M |
| Change in working capital | −$148.4M | −$308.4M | −$251.5M | −$12.1M | −$167.0M | −$86.0M | −$80.9M | −$81.3M | −$107.8M | −$56.8M |
| Other non-cash items | −$163.8M | −$91.3M | $41.7M | $56.7M | $94.9M | $37.2M | −$30.5M | −$88.7M | $72.0M | −$49.9M |
| Cash from operating activities | $1.12B | $1.37B | $1.50B | $1.87B | $1.24B | $925.3M | $866.5M | $723.1M | $568.9M | $384.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$24.5M | −$29.2M | −$24.9M | −$18.4M | −$17.9M | −$16.1M | −$22.7M | −$19.7M | −$20.3M | −$22.4M |
| Investments (net) | — | −$26.6M | −$24.1M | −$9.7M | −$1.3M | $11.2M | $7.5M | $10.2M | $3.4M | $11.9M |
| Acquisitions & other investing | −$46.7M | $29.2M | $24.9M | $732,000 | $978,000 | $996,000 | $1.9M | $1.3M | $847,000 | $1.0M |
| Cash from investing activities | −$71.2M | −$26.6M | −$24.1M | −$27.4M | −$18.2M | −$3.9M | −$13.3M | −$8.2M | −$16.0M | −$9.4M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$250.5M | −$196.7M | −$142.4M | −$180.9M | −$274.0M | −$234.0M | $0 | −$150.0M |
| Share repurchases & issuance (net) | −$1.83B | −$2.06B | −$1.08B | −$1.50B | −$1.54B | −$371.1M | −$698.4M | −$846.1M | −$422.2M | −$455.4M |
| Net borrowing (repayment) | −$4.7M | −$2.6M | −$1.7M | −$600.0M | −$1.4M | $918.8M | −$306,000 | −$306,000 | −$306,000 | −$306,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $80.1M | $161.6M | $501.0M | $391.9M | $284.7M | $360.7M | $548.1M | $408.2M | $140.8M | $201.9M |
| Cash from financing activities | −$1.76B | −$1.90B | −$833.0M | −$1.91B | −$1.40B | $727.6M | −$424.7M | −$672.3M | −$281.6M | −$403.7M |
| Summary | ||||||||||
| Net change in cash | −$707.8M | −$550.8M | $641.2M | −$62.5M | −$172.8M | $1.65B | $428.6M | $42.7M | $271.2M | −$28.7M |
| Cash at end of period | $1.96B | $2.66B | $3.22B | $2.57B | $2.64B | $2.81B | $1.16B | $732.2M | $667.9M | $396.6M |
| Free cash flow | $1.10B | $1.35B | $1.47B | $1.85B | $1.22B | $909.1M | $843.8M | $703.5M | $548.6M | $362.1M |
| Free cash flow margin | 10.6% | 12.8% | 15.5% | 17.6% | 13.7% | 12.0% | 11.4% | 9.8% | 8.7% | 6.2% |
| Capex / revenue | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% | 0.2% | 0.3% | 0.3% | 0.3% | 0.4% |
| Operating cash flow / net income | 0.84 | 0.82 | 0.94 | 1.08 | 1.00 | 1.03 | 0.99 | 0.91 | 1.06 | 0.90 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $236.5M | $198.4M | $363.8M | $342.7M | $333.7M | $299.6M | $457.4M | $429.3M | $400.9M | $394.3M | $410.1M | $433.2M |
| Depreciation & amortization | $6.4M | $6.7M | $6.9M | $6.1M | $5.7M | $5.8M | $5.0M | $4.7M | $4.4M | $4.4M | $4.3M | $4.2M |
| Stock-based compensation | $19.3M | $13.3M | $15.5M | $35.2M | $17.8M | $18.5M | $19.5M | $19.2M | $18.1M | $17.1M | $26.0M | $26.1M |
| Change in working capital | −$333.5M | −$165.5M | $249.6M | −$20.4M | −$313.1M | −$64.5M | $77.5M | −$106.5M | −$124.1M | −$160.7M | −$13.4M | $54.6M |
| Other non-cash items | −$80.2M | $286.8M | −$196.2M | $75.2M | −$9.1M | −$51.6M | $77.7M | $11.5M | −$66.5M | −$108.7M | $68.7M | $140.1M |
| Cash from operating activities | −$151.5M | $339.7M | $439.7M | $438.7M | $35.1M | $207.8M | $637.0M | $358.3M | $232.7M | $146.5M | $495.7M | $658.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6.2M | −$4.9M | −$3.7M | −$5.4M | −$8.3M | −$7.1M | −$5.6M | −$8.2M | −$6.4M | −$9.0M | −$6.3M | −$7.1M |
| Investments (net) | — | — | — | −$7.1M | −$35.2M | −$15.0M | −$6.8M | −$8.7M | −$4.4M | −$6.7M | −$6.7M | −$6.9M |
| Acquisitions & other investing | −$2.4M | $17.3M | −$10.1M | $5.4M | $8.3M | $7.1M | $5.6M | $8.2M | $6.4M | $9.0M | $6.3M | $7.1M |
| Cash from investing activities | −$8.5M | $12.5M | −$13.8M | −$7.1M | −$35.2M | −$15.0M | −$6.8M | −$8.7M | −$4.4M | −$6.7M | −$6.7M | −$6.9M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$45.4M |
| Share repurchases & issuance (net) | −$373.6M | −$632.0M | −$502.1M | −$276.4M | −$471.4M | −$583.4M | −$564.3M | −$357.4M | −$639.0M | −$496.9M | −$286.4M | −$484.3M |
| Net borrowing (repayment) | −$1.4M | −$1.5M | −$1.3M | −$1.2M | −$1.2M | −$1.1M | −$826,000 | −$753,000 | — | — | — | −$422,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $2.7M | $54.1M | $10.8M | $39.7M | $14.7M | $14.9M | $30.8M | $48.3M | $14.8M | $66.6M | $42.9M | $90.9M |
| Cash from financing activities | −$372.3M | −$579.3M | −$492.6M | −$237.9M | −$457.8M | −$569.5M | −$534.3M | −$309.9M | −$624.1M | −$430.4M | −$243.5M | −$439.2M |
| Summary | ||||||||||||
| Net change in cash | −$532.4M | −$227.2M | −$66.7M | $193.7M | −$458.0M | −$376.8M | $96.0M | $39.7M | −$395.8M | −$290.7M | $245.4M | $211.9M |
| Cash at end of period | $1.20B | $1.73B | $1.96B | $2.02B | $1.83B | $2.29B | $2.66B | $2.57B | $2.53B | $2.92B | $3.22B | $2.97B |
| Free cash flow | −$157.7M | $334.8M | $436.0M | $433.3M | $26.8M | $200.7M | $631.5M | $350.1M | $226.3M | $137.5M | $489.4M | $651.0M |
| Free cash flow margin | −6.8% | 17.8% | 16.1% | 17.3% | 1.0% | 8.5% | 22.1% | 12.8% | 8.6% | 5.9% | 20.1% | 25.3% |
| Capex / revenue | 0.3% | 0.3% | 0.1% | 0.2% | 0.3% | 0.3% | 0.2% | 0.3% | 0.2% | 0.4% | 0.3% | 0.3% |
| Operating cash flow / net income | −0.64 | 1.71 | 1.21 | 1.28 | 0.11 | 0.69 | 1.39 | 0.83 | 0.58 | 0.37 | 1.21 | 1.52 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NVR cash generation
In fiscal 2025 (ended December 31, 2025), NVR generated $1.1 billion of cash from operations (down 18.4%) and spent $24.5 million on capital expenditures, leaving free cash flow of $1.1 billion, 10.6% of revenue. It returned $1.8 billion to shareholders through dividends ($0) and net share buybacks ($1.8 billion). Cash and equivalents fell by $707.8 million over the year.
Related: NVR income statement, NVR balance sheet. See the NVR stock overview for the latest quote and news.
NVR cash flow FAQ
What is NVR's free cash flow?
NVR's free cash flow was $1.1 billion in fiscal 2025: $1.1 billion of operating cash flow minus $24.5 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does NVR generate from operations?
NVR generated $1.1 billion of cash from operating activities in fiscal 2025, 0.84 times its net income of $1.3 billion.
How much does NVR spend on capital expenditures?
NVR spent $24.5 million on capital expenditures in fiscal 2025, 0.2% of revenue, compared with $29.2 million the year before.
How much stock does NVR buy back?
NVR spent $1.8 billion on net share repurchases in fiscal 2025.