filings.toolsItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our shares of common stock are listed and principally traded on the New York Stock Exchange under the trading symbol “NVR.” As of the close of business on February 9, 2026, there were 142 shareholders of record of our common stock.
We have never paid a cash dividend on our shares of common stock and have no current intention to do so in the future.
During the quarter ended December 31, 2025, we had two share repurchase authorizations outstanding. On May 6, 2025 and August 8, 2025, we publicly announced that our Board of Directors had approved new repurchase authorizations in the amount of up to $750 million per authorization. Each share repurchase authorization authorized the repurchase of our outstanding common stock in one or more open market and/or privately negotiated transactions, with no expiration date. In addition, the repurchase authorizations specifically prohibit us from purchasing shares from our officers, directors, Profit Sharing Plan Trust or Employee Stock Ownership Plan Trust. Repurchase activity is typically executed in accordance with the safe-harbor provisions of Rule 10b-18 and Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended. The following table provides information regarding common stock repurchases during the quarter ended December 31, 2025:
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in thousands) | ||||||||||||||||||||||
| October 1 - 31, 2025 | 22,507 | $ | 7,781.09 | 22,507 | $ | 861,851 | ||||||||||||||||||||
| November 1 - 30, 2025 (1) | 17,634 | $ | 7,226.98 | 17,634 | $ | 734,411 | ||||||||||||||||||||
| December 1 - 31, 2025 | 24,763 | $ | 7,463.30 | 24,763 | $ | 549,597 | ||||||||||||||||||||
| Total | 64,904 | $ | 7,509.29 | 64,904 |
(1) Of the shares repurchased in November 2025, 15,484 shares were repurchased under the May 6, 2025 share repurchase authorization, which fully utilized the May authorization. The remaining 2,150 shares were repurchased under the August 8, 2025 share repurchase authorization.
On February 11, 2026, the Board of Directors approved an additional repurchase authorization of up to an aggregate $750 million with terms and conditions consistent with our prior authorizations. The repurchase authorization does not have an expiration date.
The information required by this item with respect to securities authorized for issuance under equity compensation plans is provided under Item 12 of this Form 10-K.
STOCK PERFORMANCE GRAPH
The following graph compares the cumulative total return to holders of our common stock since December 31, 2020 with the Dow Jones US Home Construction Index and the S&P 500 Index for that same period, assuming that $100 was invested in NVR stock and the indices on December 31, 2020.
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| For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| Comparison of 5 Year Cumulative Total Return | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||||||
| NVR, Inc. | $ | 100 | $ | 145 | $ | 113 | $ | 172 | $ | 200 | $ | 179 | ||||||||||||||||||||||||||
| S&P 500 | $ | 100 | $ | 129 | $ | 105 | $ | 133 | $ | 166 | $ | 196 | ||||||||||||||||||||||||||
| Dow Jones US Home Construction | $ | 100 | $ | 152 | $ | 119 | $ | 214 | $ | 213 | $ | 215 |
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