NVR, Inc. (NVR) Income Statement
NVR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNVR revenue and net income
Where NVR's revenue goes
2025Each bar shows an amount and its share of revenue. NVR kept 13.0% of revenue as net income.
NVR profit margins
NVR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.1% | −0.7% | +6.5% | +7.2% |
| Gross profit | −12.0% | −6.2% | +8.1% | +8.5% |
| Operating income | −15.9% | −8.3% | +11.3% | +11.2% |
| Net income | −20.3% | −8.1% | +8.3% | +13.3% |
| EPS (diluted) | −13.8% | −3.9% | +13.8% | +17.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NVR quarterly EPS vs estimates
NVR beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: October 28, 2026 (estimate $106.11).
NVR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.32B | $10.54B | $9.53B | $10.54B | $8.96B | $7.55B | $7.40B | $7.18B | $6.31B | $5.83B |
| Cost of revenue | $7.95B | $7.85B | $7.05B | $7.66B | $6.76B | $5.94B | $5.85B | $5.69B | $4.99B | $4.71B |
| Gross profit | $2.37B | $2.69B | $2.48B | $2.88B | $2.20B | $1.61B | $1.55B | $1.48B | $1.32B | $1.12B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $699.1M | $699.1M | $680.0M | $625.3M | $563.4M | $509.7M | $527.4M | $512.7M | $460.8M | $443.3M |
| Total operating expenses | $699.1M | $705.5M | $661.2M | $706.8M | $726.3M | $631.0M | $602.7M | $588.0M | $523.9M | $500.5M |
| Operating income | $1.67B | $1.99B | $1.82B | $2.17B | $1.47B | $977.4M | $948.2M | $895.1M | $799.4M | $621.7M |
| Interest income | $28.8M | $27.8M | $27.7M | $39.5M | $53.1M | $40.9M | $25.4M | $25.1M | $24.2M | $21.7M |
| Interest expense | $28.8M | $27.8M | $27.7M | $39.5M | $53.1M | $40.9M | $25.4M | $25.1M | $24.2M | $21.7M |
| Income before taxes | $1.76B | $2.12B | $1.93B | $2.25B | $1.59B | $1.08B | $1.03B | $959.7M | $846.9M | $661.7M |
| Income taxes | $422.1M | $433.6M | $336.8M | $527.6M | $353.7M | $176.8M | $147.3M | $162.5M | $309.4M | $236.4M |
| Net income | $1.34B | $1.68B | $1.59B | $1.73B | $1.24B | $901.2M | $878.5M | $797.2M | $537.5M | $425.3M |
| EBITDA | $1.82B | $2.16B | $1.97B | $2.31B | $1.66B | $1.17B | $1.07B | $1.00B | $892.6M | $704.6M |
| EPS (diluted) | $437.24 | $507.53 | $463.25 | $492.16 | $321.19 | $229.50 | $221.25 | $195.24 | $141.74 | $104.06 |
| Gross margin | 23.0% | 25.5% | 26.0% | 27.3% | 24.5% | 21.3% | 21.0% | 20.7% | 21.0% | 19.2% |
| Operating margin | 16.2% | 18.9% | 19.1% | 20.6% | 16.4% | 13.0% | 12.8% | 12.5% | 12.7% | 10.7% |
| Net margin | 13.0% | 16.0% | 16.7% | 16.4% | 13.8% | 11.9% | 11.9% | 11.1% | 8.5% | 7.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.33B | $1.88B | $2.71B | $2.51B | $2.60B | $2.35B | $2.85B | $2.74B | $2.62B | $2.34B | $2.44B | $2.57B |
| Cost of revenue | $1.84B | $1.47B | $2.10B | $1.92B | $2.00B | $1.84B | $2.13B | $2.05B | $1.95B | $1.73B | $1.81B | $1.90B |
| Gross profit | $485.1M | $406.5M | $616.0M | $588.1M | $603.3M | $515.1M | $725.6M | $686.6M | $669.5M | $611.3M | $624.4M | $671.9M |
| Sales, general & admin | $176.9M | $180.1M | $168.6M | $165.1M | $175.6M | $189.8M | $180.6M | $176.1M | $166.6M | $175.9M | $175.6M | $166.8M |
| Total operating expenses | $176.9M | $180.1M | $168.6M | $165.1M | $175.6M | $138.4M | $192.1M | $176.1M | $174.3M | $163.0M | $163.4M | $164.5M |
| Operating income | $308.3M | $226.4M | $447.4M | $423.0M | $427.7M | $376.7M | $533.5M | $510.5M | $495.2M | $448.3M | $460.9M | $507.4M |
| Interest income | — | — | $7.2M | $7.2M | $7.0M | $7.5M | $7.0M | $7.0M | — | — | — | $6.9M |
| Interest expense | $20.7M | $7.2M | $7.2M | $6.9M | $6.7M | $7.5M | $7.0M | $7.0M | $6.9M | $6.8M | $6.8M | $6.9M |
| Income before taxes | $318.6M | $251.7M | $468.7M | $444.1M | $447.1M | $402.0M | $572.6M | $538.6M | $533.6M | $470.7M | $484.0M | $539.3M |
| Income taxes | $82.2M | $53.3M | $104.9M | $101.4M | $113.4M | $102.4M | $115.2M | $109.3M | $132.7M | $76.4M | $74.0M | $106.2M |
| 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 |
| EBITDA | $314.7M | $265.6M | $482.9M | $457.0M | $459.8M | $415.2M | $584.6M | $550.3M | $544.6M | $481.9M | $495.0M | $550.1M |
| EPS (diluted) | $83.96 | $67.76 | $121.54 | $112.33 | $108.54 | $94.83 | $139.93 | $130.50 | $120.69 | $116.41 | $121.56 | $125.26 |
| Gross margin | 20.9% | 21.6% | 22.7% | 23.5% | 23.2% | 21.9% | 25.4% | 25.1% | 25.6% | 26.2% | 25.6% | 26.1% |
| Operating margin | 13.3% | 12.0% | 16.5% | 16.9% | 16.4% | 16.0% | 18.7% | 18.6% | 18.9% | 19.2% | 18.9% | 19.7% |
| Net margin | 10.2% | 10.5% | 13.4% | 13.7% | 12.8% | 12.7% | 16.0% | 15.7% | 15.3% | 16.9% | 16.8% | 16.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NVR's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NVR financial results
In fiscal year 2025 (ended December 31, 2025), NVR reported revenue of $10.3 billion, down 2.1% from the year before. It had net income of $1.3 billion (down 20.3%), a net profit margin of 13.0%. Diluted earnings per share came to $437.24. Over five years revenue grew at an average rate of 6.5% a year.
See the NVR stock overview for the latest quote and news, or the NVR chart for price history and technical indicators.
NVR income statement FAQ
What is NVR's annual revenue?
NVR reported total revenue of $10.3 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.1% from $10.5 billion the previous year.
Is NVR profitable?
Yes. NVR reported net income of $1.3 billion in fiscal 2025, a net profit margin of 13.0%; its operating margin was 16.2%.
What is NVR's gross margin?
NVR's gross margin was 23.0% in fiscal 2025: for every $100 of revenue, NVR kept $23 after the direct cost of its products and services.
How fast is NVR growing?
Revenue grew 6.5% a year on average over the last five fiscal years, from $7.5 billion to $10.3 billion.
What are NVR's earnings per share?
NVR earned $437.24 per diluted share in fiscal 2025, compared with $507.53 a year earlier.
When will NVR report its next earnings?
NVR is expected to report results for the quarter ending September 30, 2026 on October 28, 2026.
When does NVR's fiscal year end?
NVR's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.