For the fourth quarter ended December 31, 2025, NVR reported net income of $363.8 million, or $121.54 per diluted share, a decline of 20% and 13%, respectively, compared with $457.4 million, or $139.93 per diluted share in Q4 2024. Consolidated revenues totaled $2.71 billion, down 5% from $2.85 billion a year earlier. The effective tax rate rose to 22.4% from 20.1%, driven by a lower tax benefit from stock option exercises.

Homebuilding revenues for the quarter were $2.64 billion, a 5% decrease from $2.78 billion in the prior-year period, as gross profit margin contracted to 20.4% from 23.6%. New orders increased 3% to 4,951 units, but average order price slipped 3% to $454,200. Quarterly cancellations held steady at 16.6%, while settlements fell 8% to 5,668 homes, albeit at an average price up 3% to $464,900. The backlog of homes sold but unclosed shrank 15% on a unit basis to 8,448 units, with a 16% reduction in backlog value to $4.01 billion.

Mortgage banking closed loan production dropped 11% to $1.51 billion in Q4, reflecting reduced volume in a higher-rate environment. However, segment income before tax rose 24% to $57.2 million, primarily due to stronger secondary marketing gains. For the full year, closed production declined 4% to $6.04 billion, with segment pre-tax income of $152.0 million, down just 2% from 2024.

For the year ended December 31, 2025, NVR generated consolidated revenue of $10.32 billion, a 2% decrease from $10.52 billion in 2024, while full-year net income fell 20% to $1.34 billion, or $436.55 per diluted share, compared with $1.68 billion, or $506.69. Homebuilding revenues totaled $10.09 billion (down 2%), with gross margin at 21.2% versus 23.7% in 2024, impacted by $75.9 million of contract land deposit impairments. New orders declined 10% to 20,410 units and settlements declined 4% to 21,915 units for the year.