nvr-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission File Number: 1-12378

NVR, Inc.

(Exact name of registrant as specified in its charter)


Virginia						54-1394360
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

11700 Plaza America Drive, Suite 500

Reston, Virginia 20190

(703) 956-4000

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Not Applicable

(Former name, former address, and former fiscal year if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

NVR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 30, 2026 there were 2,699,292 total shares of common stock outstanding.

NVR, Inc.

FORM 10-Q

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION	1

Item 1.	Condensed Consolidated Financial Statements	1
	Condensed Consolidated Balance Sheets (unaudited)	1
	Condensed Consolidated Statements of Income (unaudited)	3
	Condensed Consolidated Statements of Cash Flows (unaudited)	4
	Notes to Condensed Consolidated Financial Statements (unaudited)	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosure About Market Risk	29
Item 4.	Controls and Procedures	29


PART II	OTHER INFORMATION	30
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5.	Other Information	30
Item 6.	Exhibits	31

	SIGNATURE	32

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements


NVR, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

	March 31, 2026		December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,645,786	$	1,883,844
Restricted cash	40,606		34,348
Receivables	35,423		32,742
Inventory:
Lots and housing units, covered under sales agreements with customers	1,652,220		1,410,695
Unsold lots and housing units	244,499		252,029
Land under development	19,433		39,312
Building materials and other	22,358		21,524
	1,938,510		1,723,560

Contract land deposits, net	938,981		851,458
Property, plant and equipment, net	100,899		103,770
Operating lease right-of-use assets	108,985		110,535
Other assets	335,331		349,306
	5,144,521		5,089,563
Mortgage Banking:
Cash and cash equivalents	36,281		32,642
Restricted cash	7,014		6,047
Mortgage loans held for sale, net	287,475		571,596
Property and equipment, net	7,892		7,727
Operating lease right-of-use assets	23,035		23,953
Other assets	79,560		125,402
	441,257		767,367
Total assets	$	5,585,778	$	5,856,930

See notes to condensed consolidated financial statements.


NVR, Inc.
Condensed Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)

	March 31, 2026		December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable	$	332,321	$	259,244
Accrued expenses and other liabilities	374,987		376,976
Customer deposits	273,422		249,210
Operating lease liabilities	116,040		117,589
Senior notes	908,662		909,160
	2,005,432		1,912,179
Mortgage Banking:
Accounts payable and other liabilities	61,162		53,738
Operating lease liabilities	25,150		26,144
	86,312		79,882
Total liabilities	2,091,744		1,992,061

Commitments and contingencies

Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2026 and December 31, 2025	206		206
Additional paid-in capital	3,202,642		3,155,367
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2026 and December 31, 2025	(16,710)		(16,710)
Deferred compensation liability	16,710		16,710
Retained earnings	16,585,128		16,386,769
Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March 31, 2026 and December 31, 2025, respectively	(16,293,942)		(15,677,473)
Total shareholders' equity	3,494,034		3,864,869
Total liabilities and shareholders' equity	$	5,585,778	$	5,856,930

See notes to condensed consolidated financial statements.

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NVR, Inc.

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
		2026		2025
Homebuilding:
Revenues		$	1,834,879	$	2,350,445
Other income		28,049		26,712
Cost of sales		(1,474,539)		(1,835,375)
Selling, general and administrative		(156,971)		(165,117)
Interest expense		(6,854)		(7,181)
Homebuilding income		224,564		369,484

Mortgage Banking:
Mortgage banking fees		46,184		52,587
Interest income		3,629		3,806
Other income		777		1,093
General and administrative		(23,127)		(24,693)
Interest expense		(333)		(273)
Mortgage banking income		27,130		32,520

Income before taxes		251,694		402,004
Income tax expense		(53,335)		(102,428)

Net income		$	198,359	$	299,576

Basic earnings per share		$	71.33	$	100.41

Diluted earnings per share		$	67.76	$	94.83

Basic weighted average shares outstanding		2,781		2,984

Diluted weighted average shares outstanding		2,928		3,159

See notes to condensed consolidated financial statements.

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NVR, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	198,359	$	299,576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,742		5,782
Equity-based compensation expense	13,287		18,527
Contract land deposit impairments, net	8,901		8,118
Gain on sale of loans, net	(38,871)		(42,987)
Mortgage loans closed	(1,056,391)		(1,433,354)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,371,938		1,416,656

Net change in assets and liabilities:
Increase in inventory	(214,950)		(51,665)
Increase in contract land deposits	(96,424)		(38,640)
Decrease (increase) in receivables	49,904		(18,167)
Increase in accounts payable and accrued expenses	71,782		55,502
Increase (decrease) in customer deposits	24,212		(7,180)
Other, net	1,197		(4,387)
Net cash provided by operating activities	339,686		207,781

Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(4,388)		(8,167)

Proceeds from the sale of ownership interest in unconsolidated joint ventures	21,559		—
Purchase of property, plant and equipment	(4,871)		(7,059)
Proceeds from the sale of property, plant and equipment	165		210
Net cash provided by (used in) investing activities	12,465		(15,016)

Cash flows from financing activities:
Purchase of treasury stock	(631,956)		(583,394)

Principal payments on finance lease liabilities	(1,476)		(1,066)
Proceeds from the exercise of stock options	54,087		14,938
Net cash used in financing activities	(579,345)		(569,522)

Net decrease in cash, restricted cash, and cash equivalents	(227,194)		(376,757)
Cash, restricted cash, and cash equivalents, beginning of the period	1,956,881		2,664,667

Cash, restricted cash, and cash equivalents, end of the period	$	1,729,687	$	2,287,910

Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	$	810	$	651
Income taxes paid during the period, net of refunds	$	5,255	$	3,863

See notes to condensed consolidated financial statements.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

1. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. and its subsidiaries (“NVR”, the “Company”, "we", "us" or "our") and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

For the three months ended March 31, 2026 and 2025, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Revenue Recognition

Homebuilding revenue is recognized on the settlement date at the contract sales price, when control is transferred to our customers. Our contract liabilities, which consist of deposits received from customers on homes not settled, were $273,422 and $249,210 as of March 31, 2026 and December 31, 2025, respectively. Substantially all customer deposits are recognized in revenue within twelve months of being received from customers. Our contract assets, consisting of prepaid sales compensation, totaled approximately $21,300 and $16,300 as of March 31, 2026 and December 31, 2025, respectively. These amounts are included in homebuilding “Other assets” on the accompanying condensed consolidated balance sheets.

Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on our consolidated financial statements and related disclosures.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

2. Variable Interest Entities ("VIEs")

We generally do not engage in land development. Instead, we typically acquire finished building lots at market prices from various third party land development entities under lot purchase agreements ("LPAs"). The LPAs require deposits that may be forfeited if we fail to perform under the LPAs. The deposits required under the LPAs are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots.

The deposit placed by us pursuant to the LPA is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be VIEs. Therefore, the development entities with which we enter into LPAs, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by us. We have concluded that we are not the primary beneficiary of the development entities with which we enter into LPAs, and therefore, we do not consolidate any of these VIEs.

As of March 31, 2026, we controlled approximately 172,100 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $1,004,400 and $5,500, respectively. Our sole legal obligation and economic loss for failure to perform under these LPAs is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the LPAs and, in very limited circumstances, specific performance obligations. For the three month periods ended March 31, 2026 and 2025, we incurred pre-tax impairment charges on lot deposits of approximately $8,900 and $8,100, respectively. Our contract land deposit asset is shown net of a $113,459 and $110,958 impairment allowance as of March 31, 2026 and December 31, 2025, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 37,000 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with cash deposits totaling approximately $48,100 as of March 31, 2026, of which approximately $12,900 is refundable if certain contractual conditions are not met. We generally expect to assign the raw land contracts to a land developer and simultaneously enter into an LPA with the assignee if the project is determined to be feasible.

Our total risk of loss related to contract land deposits as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026		December 31, 2025
Contract land deposits	$	1,052,440	$	962,416
Allowance for losses on contract land deposits	(113,459)		(110,958)
Contract land deposits, net	938,981		851,458
Contingent obligations in the form of letters of credit	5,482		4,565
Total risk of loss	$	944,463	$	856,023

3. Joint Ventures

On a limited basis, we acquire finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that we are a non-controlling member and are at risk only for the amount we have invested, or have committed to invest, in addition to any deposits placed under LPAs with the joint venture. We are not a borrower, guarantor or obligor on any debt of the JVs, as applicable. We enter into LPAs to purchase lots from these JVs, and as a result have a variable interest in these JVs. We determined that we are not the primary beneficiary in any of the JVs because we and the other JV partner either share power or the other JV partner has the controlling financial interest.

During the first quarter of 2026, we sold our ownership interest in one of our JVs to a developer for approximately $21,800. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

As of March 31, 2026, we had an aggregate investment totaling approximately $68,900 in four JVs that are expected to produce approximately 8,150 finished lots, all of which were controlled by us. We had additional JV funding commitments totaling approximately $26,000 as of March 31, 2026. As of December 31, 2025, our aggregate investment in JVs totaled approximately $78,100. Investments in JVs for the respective periods are reported in the homebuilding “Other assets” line item on the accompanying condensed consolidated balance sheets. None of the JVs had any indicators of impairment as of March 31, 2026.

We recognize income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled, based on the expected total profitability and the total number of lots expected to be produced by the respective JVs.

We classify distributions received from unconsolidated JVs using the cumulative earnings approach. As a result, distributions received up to the amount of cumulative earnings recognized by us are reported as distributions of earnings and those in excess of that amount are reported as a distribution of capital. These distributions are classified within the accompanying condensed consolidated statements of cash flows as cash flows from operating activities and investing activities, respectively.

4. Land Under Development

On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest, where applicable, and real estate taxes.

During the first quarter of 2026, we sold a land parcel to a developer for approximately $24,500. In conjunction with the sale, we entered into an LPA with the developer for the option to purchase the finished lots expected to be developed from the parcel.

As of March 31, 2026, we owned land with a carrying value of $19,433 that we intend to develop into approximately 1,450 finished lots. As of December 31, 2025, the carrying value of land under development was $39,312. None of the raw parcels had any indicators of impairment as of March 31, 2026.

5. Earnings per Share

The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share ("EPS") for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026	2025
Weighted average number of shares outstanding used to calculate basic EPS		2,781,001	2,983,502
Dilutive securities:
Stock options and restricted share units		146,580	175,507
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS		2,927,581	3,159,009

The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three months ended March 31, 2026 and 2025, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive.


	Three Months Ended March 31,
		2026	2025
Anti-dilutive securities		11,940	6,600

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

6. Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended March 31, 2026 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2025	$	206	$	3,155,367	$	16,386,769	$	(15,677,473)	$	(16,710)	$	16,710	$	3,864,869

Net income	—		—		198,359		—		—		—		198,359

Purchase of common stock for treasury	—		—		—		(636,568)		—		—		(636,568)
Equity-based compensation	—		13,287		—		—		—		—		13,287
Proceeds from Options exercised	—		54,087		—		—		—		—		54,087
Treasury stock issued upon Option exercise and RSU vesting	—		(20,099)		—		20,099		—		—		—
Balance, March 31, 2026	$	206	$	3,202,642	$	16,585,128	$	(16,293,942)	$	(16,710)	$	16,710	$	3,494,034

A summary of changes in shareholders’ equity for the three months ended March 31, 2025 is presented below:


	Common Stock		Additional Paid-In Capital		Retained Earnings		Treasury Stock		Deferred Compensation Trust		Deferred Compensation Liability		Total
Balance, December 31, 2024	$	206	$	3,031,637	$	15,046,953	$	(13,868,724)	$	(16,710)	$	16,710	$	4,210,072


Net income	—		—		299,576		—		—		—		299,576

Purchase of common stock for treasury	—		—		—		(588,449)		—		—		(588,449)
Equity-based compensation	—		18,527		—		—		—		—		18,527
Proceeds from Options exercised	—		14,938		—		—		—		—		14,938
Treasury stock issued upon Option exercise and RSU vesting	—		(8,065)		—		8,065		—		—		—
Balance, March 31, 2025	$	206	$	3,057,037	$	15,346,529	$	(14,449,108)	$	(16,710)	$	16,710	$	3,954,664

We repurchased 90,180 and 77,120 shares of our outstanding common stock during the three months ended March 31, 2026 and 2025, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 22,620 and 10,091 shares from the treasury account during the three months ended March 31, 2026 and 2025, respectively, in settlement of Option exercises and vesting of RSUs. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

7. Product Warranties

We establish warranty and product liability reserves (“Warranty Reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to our homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the estimated current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with our general counsel and outside counsel retained to handle specific product liability cases. The warranty reserve for the respective periods is reported in the homebuilding “Accrued expenses and other liabilities” line item on the accompanying condensed consolidated balance sheets.

The following table reflects the changes in our Warranty Reserve during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
Warranty reserve, beginning of period		$	116,561	$	133,095
Provision		10,268		17,234
Payments		(16,167)		(20,537)
Warranty reserve, end of period		$	110,662	$	129,792

8. Segment Disclosures

We disclose four homebuilding operating and reportable segments that aggregate geographically our homebuilding divisions, and we present our mortgage banking operations as a single reportable segment. The homebuilding reportable segments are comprised of divisions in the following geographic areas:


Mid Atlantic:						Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
North East:						New Jersey and Eastern Pennsylvania
Mid East:						New York, Ohio, Western Pennsylvania, Indiana and Illinois
South East:						North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

The Company's Chief Operating Decision Maker ("CODM"), identified as the Chief Executive Officer, utilizes segment profit to evaluate the performance of the Company's homebuilding and mortgage banking operating segments against the annual plan to make resource allocation decisions.

Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the CODM to determine whether the operating segment’s results are providing the desired rate of return after covering our cost of capital.

Assets not allocated to the operating segments are not included in either the operating segment’s corporate capital allocation charge or the CODM’s evaluation of the operating segment’s performance. We record charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the termination of an LPA with the developer, or the restructuring of an LPA resulting in the forfeiture of the deposit.

Mortgage banking segment profit consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs, including certain corporate overhead functions. Mortgage banking operations are not charged a corporate capital allocation charge.

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before taxes include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest income and expense. Our overhead functions such as accounting, treasury and human resources are centrally performed and the costs are not allocated to our homebuilding operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to our operating segments. External corporate interest expense primarily consists of interest charges on our 3.00% Senior Notes due 2030 (the “Senior Notes”), which are not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

The following tables present certain segment financial data, with reconciliations to the amounts reported for the consolidated company, where applicable:


	Three Months Ended March 31,
		2026		2025
Revenues:
Homebuilding Mid Atlantic		$	738,026	$	1,082,235
Homebuilding North East		240,484		288,826
Homebuilding Mid East		310,452		412,409
Homebuilding South East		545,917		566,975
Mortgage Banking		46,184		52,587
Total consolidated revenues		$	1,881,063	$	2,403,032


	Three Months Ended March 31,
		2026		2025
Segment cost of sales:
Homebuilding Mid Atlantic		$	(573,999)	$	(821,126)
Homebuilding North East		(186,602)		(212,548)
Homebuilding Mid East		(246,526)		(328,090)
Homebuilding South East		(451,188)		(455,274)


	Three Months Ended March 31,
		2026		2025
Segment selling, general & administrative expense:
Homebuilding Mid Atlantic		$	(38,113)	$	(37,556)
Homebuilding North East		(10,545)		(10,701)
Homebuilding Mid East		(18,758)		(19,696)
Homebuilding South East		(36,860)		(37,985)
Mortgage Banking		(22,326)		(23,507)

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NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)


	Three Months Ended March 31,
		2026		2025
Corporate capital allocation charge:
Homebuilding Mid Atlantic		$	(35,061)	$	(37,143)
Homebuilding North East		(10,978)		(10,602)
Homebuilding Mid East		(10,656)		(11,207)
Homebuilding South East		(29,766)		(28,675)


	Three Months Ended March 31,
		2026		2025
Other segment items, net
Homebuilding Mid Atlantic		$	457	$	424
Homebuilding North East		90		136
Homebuilding Mid East		155		193
Homebuilding South East		542		689
Mortgage Banking (1)		4,073		4,626

(1)This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.


	Three Months Ended March 31,
		2026		2025
Segment profit:
Homebuilding Mid Atlantic		$	91,310	$	186,834
Homebuilding North East		32,449		55,111
Homebuilding Mid East		34,667		53,609
Homebuilding South East		28,645		45,730
Mortgage Banking		27,931		33,706
Total segment profit		215,002		374,990
Reconciling items:
Contract land deposit allowance adjustment (2)		(8,817)		(8,117)
Equity-based compensation expense (3)		(13,287)		(18,527)
Corporate capital allocation (4)		86,461		87,627
Unallocated corporate overhead		(56,000)		(55,969)
Consolidation adjustments and other (5)		17,815		3,932
Corporate interest income		17,359		25,199
Corporate interest expense		(6,839)		(7,131)
Reconciling items sub-total		36,692		27,014
Consolidated profit before taxes		$	251,694	$	402,004

SEC Form 10-Q filed by NVR Inc.