Item 1. Financial Statements

NVR, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
						June 30, 2026						December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents						$	1,093,736					$	1,883,844
Restricted cash						44,562						34,348
Receivables						49,642						32,742
Inventory:
Lots and housing units, covered under sales agreements with customers						1,877,430						1,410,695
Unsold lots and housing units						307,698						252,029
Land under development						21,067						39,312
Building materials and other						29,094						21,524
						2,235,289						1,723,560
Contract land deposits, net						927,380						851,458
Property, plant and equipment, net						99,248						103,770
Operating lease right-of-use assets						110,893						110,535
Other assets						348,163						349,306
						4,908,913						5,089,563
Mortgage Banking:
Cash and cash equivalents						50,938						32,642
Restricted cash						8,023						6,047
Mortgage loans held for sale, net						396,678						571,596
Property and equipment, net						7,723						7,727
Operating lease right-of-use assets						22,538						23,953
Other assets						75,807						125,402
						561,707						767,367
Total assets						$	5,470,620					$	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)
						June 30, 2026						December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable						$	375,478					$	259,244
Accrued expenses and other liabilities						311,697						376,976
Customer deposits						294,698						249,210
Operating lease liabilities						117,947						117,589
Senior notes						908,162						909,160
						2,007,982						1,912,179
Mortgage Banking:
Accounts payable and other liabilities						46,849						53,738
Operating lease liabilities						24,593						26,144
						71,442						79,882
Total liabilities						2,079,424						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 June 30, 2026 and December 31, 2025						206						206
Additional paid-in capital						3,223,670						3,155,367
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2026 and December 31, 2025						(16,710)						(16,710)
Deferred compensation liability						16,710						16,710
Retained earnings						16,821,586						16,386,769
Less treasury stock at cost – 17,877,177 and 17,755,943 shares as of June 30, 2026 and December 31, 2025, respectively						(16,654,266)						(15,677,473)
Total shareholders' equity						3,391,196						3,864,869
Total liabilities and shareholders' equity						$	5,470,620					$	5,856,930

See notes to condensed consolidated financial statements.

NVR, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Homebuilding:
Revenues						$	2,279,771					$	2,548,267					$	4,114,650					$	4,898,712
Other income						12,095						25,088						40,144						51,800
Cost of sales						(1,841,217)						(1,999,983)						(3,315,756)						(3,835,358)
Selling, general and administrative						(150,721)						(149,170)						(307,692)						(314,287)
Interest expense						(6,698)						(6,685)						(13,552)						(13,866)
Homebuilding income						293,230						417,517						517,794						787,001
Mortgage Banking:
Mortgage banking fees						46,585						50,547						92,769						103,134
Interest income						3,983						4,493						7,612						8,299
Other income						1,292						1,301						2,069						2,394
General and administrative						(26,153)						(26,425)						(49,280)						(51,118)
Interest expense						(296)						(300)						(629)						(573)
Mortgage banking income						25,411						29,616						52,541						62,136
Income before taxes						318,641						447,133						570,335						849,137
Income tax expense						(82,183)						(113,396)						(135,518)						(215,824)
Net income						$	236,458					$	333,737					$	434,817					$	633,313
Basic earnings per share						$	87.65					$	114.52					$	158.75					$	214.78
Diluted earnings per share						$	83.96					$	108.54					$	151.38					$	203.20
Basic weighted average shares outstanding						2,698						2,914						2,739						2,949
Diluted weighted average shares outstanding						2,816						3,075						2,872						3,117

See notes to condensed consolidated financial statements.

NVR, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

						Six Months Ended June 30,
						2026						2025
Cash flows from operating activities:
Net income						$	434,817					$	633,313
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						13,173						11,471
Equity-based compensation expense						32,580						36,339
Contract land deposit impairments, net						30,587						21,270
Gain on sale of loans, net						(76,607)						(83,165)
Mortgage loans closed						(2,412,511)						(2,990,585)
Mortgage loans sold and principal payments on mortgage loans held for sale						2,665,140						2,991,852
Net change in assets and liabilities:
Increase in inventory						(511,729)						(111,333)
Increase in contract land deposits						(106,509)						(132,440)
Decrease (increase) in receivables						33,002						(16,872)
Increase (decrease) in accounts payable and accrued expenses						49,200						(79,234)
Increase (decrease) in customer deposits						45,488						(27,781)
Other, net						(8,475)						(9,949)
Net cash provided by operating activities						188,156						242,886
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures						(6,911)						(35,350)
Distribution of capital from unconsolidated joint ventures						21,559						—
Purchase of property, plant and equipment						(11,023)						(15,362)
Proceeds from the sale of property, plant and equipment						291						448
Net cash provided by (used in) investing activities						3,916						(50,264)
Cash flows from financing activities:
Purchase of treasury stock						(1,005,556)						(1,054,807)
Principal payments on finance lease liabilities						(2,922)						(2,219)
Proceeds from the exercise of stock options						56,784						29,662
Net cash used in financing activities						(951,694)						(1,027,364)
Net decrease in cash, restricted cash, and cash equivalents						(759,622)						(834,742)
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						$	1,197,259					$	1,829,925
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized						$	14,953					$	14,746
Income taxes paid during the period, net of refunds						$	157,284					$	247,220

See notes to condensed consolidated financial statements.

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 and six months ended June 30, 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 and six months ended June 30, 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 $294,698 and $249,210 as of June 30, 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 $23,600 and $16,300 as of June 30, 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.

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 June 30, 2026, we controlled approximately 174,900 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $1,012,300 and $7,200, 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 and six months ended June 30, 2026, we incurred pre-tax impairment charges on lot deposits of approximately $21,700 and $30,600, respectively. For the three and six months ended June 30, 2025, we incurred pre-tax impairment charges of approximately $13,200 and $21,300, respectively. Our contract land deposit asset is shown net of a $134,928 and $110,958 impairment allowance as of June 30, 2026 and December 31, 2025, respectively.

In addition, we have certain properties under contract with land owners that are expected to yield approximately 38,600 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 $50,000 as of June 30, 2026, of which approximately $12,800 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 June 30, 2026 and December 31, 2025 was as follows:

						June 30, 2026						December 31, 2025
Contract land deposits						$	1,062,308					$	962,416
Allowance for losses on contract land deposits						(134,928)						(110,958)
Contract land deposits, net						927,380						851,458
Contingent obligations in the form of letters of credit						7,164						4,565
Total risk of loss						$	934,544					$	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.

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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.

As of June 30, 2026, we had an aggregate investment totaling approximately $73,300 in four JVs that are expected to produce approximately 8,000 finished lots, all of which were controlled by us. We had additional JV funding commitments totaling approximately $23,400 as of June 30, 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 June 30, 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 June 30, 2026, we owned land with a carrying value of $21,067 that we intend to develop into approximately 1,500 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 June 30, 2026.

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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 and six months ended June 30, 2026 and 2025:

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Weighted average number of shares outstanding used to calculate basic EPS						2,697,634						2,914,319						2,739,087						2,948,719
Dilutive securities:
Stock options and restricted share units						118,661						160,550						133,357						168,038
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS						2,816,295						3,074,869						2,872,444						3,116,757

The following non-qualified stock options ("Options") and restricted share units ("RSUs") issued under equity incentive plans were outstanding during the three and six months ended June 30, 2026 and 2025, but were not included in the computation of diluted EPS because the effect would have been anti-dilutive.

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Anti-dilutive securities						57,262						8,690						56,912						8,660

6. Shareholders’ Equity

A summary of changes in shareholders’ equity for the three months ended June 30, 2026 is presented below:

						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Deferred Compensation Trust						Deferred Compensation Liability						Total
Balance, March 31, 2026						$	206					$	3,202,642					$	16,585,128					$	(16,293,942)					$	(16,710)					$	16,710					$	3,494,034
Net income						—						—						236,458						—						—						—						236,458
Purchase of common stock for treasury						—						—						—						(361,286)						—						—						(361,286)
Equity-based compensation						—						19,293						—						—						—						—						19,293
Proceeds from Options exercised						—						2,697						—						—						—						—						2,697
Treasury stock issued upon Option exercise						—						(962)						—						962						—						—						—
Balance, June 30, 2026						$	206					$	3,223,670					$	16,821,586					$	(16,654,266)					$	(16,710)					$	16,710					$	3,391,196

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

A summary of changes in shareholders’ equity for the six months ended June 30, 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						—						—						434,817						—						—						—						434,817
Purchase of common stock for treasury						—						—						—						(997,854)						—						—						(997,854)
Equity-based compensation						—						32,580						—						—						—						—						32,580
Proceeds from Options exercised						—						56,784						—						—						—						—						56,784
Treasury stock issued upon Option exercise and RSU vesting						—						(21,061)						—						21,061						—						—						—
Balance, June 30, 2026						$	206					$	3,223,670					$	16,821,586					$	(16,654,266)					$	(16,710)					$	16,710					$	3,391,196

We repurchased 54,716 and 144,896 shares of our outstanding common stock during the three and six months ended June 30, 2026, respectively. We settle Option exercises and vesting of RSUs by issuing shares of treasury stock. We issued 1,042 and 23,662 shares from the treasury account during the three and six months ended June 30, 2026, 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.

A summary of changes in shareholders’ equity for the three months ended June 30, 2025 is presented below:

						Common Stock						Additional Paid-In Capital						Retained Earnings						Treasury Stock						Deferred Compensation Trust						Deferred Compensation Liability						Total
Balance, March 31, 2025						$	206					$	3,057,037					$	15,346,529					$	(14,449,108)					$	(16,710)					$	16,710					$	3,954,664
Net income						—						—						333,737						—						—						—						333,737
Purchase of common stock for treasury						—						—						—						(475,806)						—						—						(475,806)
Equity-based compensation						—						17,812						—						—						—						—						17,812
Proceeds from Options exercised						—						14,724						—						—						—						—						14,724
Treasury stock issued upon Option exercise						—						(3,669)						—						3,669						—						—						—
Balance, June 30, 2025						$	206					$	3,085,904					$	15,680,266					$	(14,921,245)					$	(16,710)					$	16,710					$	3,845,131

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

A summary of changes in shareholders’ equity for the six months ended June 30, 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						—						—						633,313						—						—						—						633,313
Purchase of common stock for treasury						—						—						—						(1,064,255)						—						—						(1,064,255)
Equity-based compensation						—						36,339						—						—						—						—						36,339
Proceeds from Options exercised						—						29,662						—						—						—						—						29,662
Treasury stock issued upon Option exercise and RSU vesting						—						(11,734)						—						11,734						—						—						—
Balance, June 30, 2025						$	206					$	3,085,904					$	15,680,266					$	(14,921,245)					$	(16,710)					$	16,710					$	3,845,131

We repurchased 65,834 and 142,954 shares of our outstanding common stock during the three and six months ended June 30, 2025, respectively. We issued 4,434 and 14,525 shares from the treasury account during the three and six months ended June 30, 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.

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 and six months ended June 30, 2026 and 2025:

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Warranty reserve, beginning of period						$	110,662					$	129,792					$	116,561					$	133,095
Provision						18,561						20,665						28,829						37,899
Payments						(19,131)						(23,017)						(35,298)						(43,554)
Warranty reserve, end of period						$	110,092					$	127,440					$	110,092					$	127,440

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

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

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 before tax 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.

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 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 June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Revenues:
Homebuilding Mid Atlantic						$	879,532					$	1,128,874					$	1,617,558					$	2,211,109
Homebuilding North East						280,823						308,929						521,307						597,755
Homebuilding Mid East						453,439						449,953						763,891						862,362
Homebuilding South East						665,977						660,511						1,211,894						1,227,486
Mortgage Banking						46,585						50,547						92,769						103,134
Total consolidated revenues						$	2,326,356					$	2,598,814					$	4,207,419					$	5,001,846

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Segment cost of sales
Homebuilding Mid Atlantic						$	(695,463)					$	(864,008)					$	(1,269,462)					$	(1,685,134)
Homebuilding North East						(219,176)						(228,054)						(405,778)						(440,602)
Homebuilding Mid East						(361,034)						(355,647)						(607,560)						(683,737)
Homebuilding South East						(547,790)						(537,049)						(998,978)						(992,323)

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Segment selling, general & administrative expense:
Homebuilding Mid Atlantic						$	(38,681)					$	(37,172)					$	(76,794)					$	(74,728)
Homebuilding North East						(11,062)						(11,833)						(21,607)						(22,534)
Homebuilding Mid East						(20,907)						(20,734)						(39,665)						(40,430)
Homebuilding South East						(37,882)						(40,943)						(74,742)						(78,928)
Mortgage Banking						(25,094)						(25,216)						(47,420)						(48,723)

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Corporate capital allocation charge:
Homebuilding Mid Atlantic						$	(40,089)					$	(37,003)					$	(75,150)					$	(74,146)
Homebuilding North East						(11,965)						(11,290)						(22,943)						(21,892)
Homebuilding Mid East						(12,703)						(12,033)						(23,359)						(23,240)
Homebuilding South East						(32,039)						(31,572)						(61,804)						(60,247)

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Other segment items, net
Homebuilding Mid Atlantic						$	251					$	699					$	707					$	1,122
Homebuilding North East						313						212						403						348
Homebuilding Mid East						86						190						240						383
Homebuilding South East						(167)						571						374						1,260
Mortgage Banking (1)						4,978						5,494						9,051						10,120

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

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Segment profit
Homebuilding Mid Atlantic						$	105,550					$	191,390					$	196,859					$	378,223
Homebuilding North East						38,933						57,964						71,382						113,075
Homebuilding Mid East						58,881						61,729						93,547						115,338
Homebuilding South East						48,099						51,518						76,744						97,248
Mortgage Banking						26,469						30,825						54,400						64,531
Total segment profit						277,932						393,426						492,932						768,415
Reconciling items:
Contract land deposit allowance adjustment (2)						(21,664)						(13,153)						(30,481)						(21,270)
Equity-based compensation expense (3)						(19,293)						(17,813)						(32,580)						(36,339)
Corporate capital allocation (4)						96,796						91,898						183,256						179,525
Unallocated corporate overhead						(36,673)						(34,364)						(92,673)						(90,333)
Consolidation adjustments and other (5)						17,016						13,538						34,834						17,470
Corporate interest income						11,215						20,276						28,574						45,475
Corporate interest expense						(6,688)						(6,675)						(13,527)						(13,806)
Reconciling items sub-total						40,709						53,707						77,403						80,722
Consolidated profit before taxes						$	318,641					$	447,133					$	570,335					$	849,137

(2) This item represents changes to the contract land deposit impairment allowance, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2.

(3) This item represents compensation expense for all Option and RSU grants.

(4) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance.

(5) The consolidation adjustments and other in each period are primarily attributable to changes in units under construction period over period, and any significant changes in material costs, primarily lumber. Our reportable segments' results include the intercompany profits of our production facilities for home packages delivered to our homebuilding divisions. Costs related to homes not yet settled are reversed through the consolidation adjustment and recorded in inventory. These costs are subsequently recorded through the consolidation adjustment when the respective homes are settled.

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

						June 30, 2026						December 31, 2025
Assets:
Homebuilding Mid Atlantic						$	1,502,074					$	1,185,864
Homebuilding North East						414,917						374,313
Homebuilding Mid East						472,769						359,826
Homebuilding South East						1,133,382						971,162
Mortgage Banking						554,360						760,020
Total segment assets						4,077,502						3,651,185
Reconciling items (1):
Cash and cash equivalents						1,093,736						1,883,844
Deferred taxes						151,303						143,666
Intangible assets						48,927						48,927
Operating lease right-of-use assets						110,893						110,535
Finance lease right-of-use assets						35,924						39,080
Contract land deposit allowance						(134,928)						(110,958)
Consolidation adjustments and other						87,263						90,651
Reconciling items sub-total						1,393,118						2,205,745
Consolidated assets						$	5,470,620					$	5,856,930

(1) All reconciling items except for the "intangible assets" are related to the Homebuilding Segment only.

9. Equity-Based Compensation

Our equity-based compensation plans provide for the granting of Options and RSUs to key management employees, including executive officers and members of our Board of Directors ("Directors"). The exercise price of Options granted is equal to the closing price of our common stock on the New York Stock Exchange (the “NYSE”) on the day prior to the date of grant, and Options are granted with a 10-year term. Both Option and RSU grants typically vest in separate tranches over periods of 3 to 6 years. Grants to key management employees are generally divided such that vesting for 50% of the grant is contingent solely on continued employment, while vesting for the remaining 50% of the grant is contingent upon both continued employment and the achievement of a performance metric based on our return on capital performance relative to a peer group during a three year period specified on the date of grant. Grants to Directors vest solely based on continued service as a Director.

During the second quarter of 2026, we issued 44,318 Options and 5,486 RSUs to key management employees and Directors, substantially all of which vest on December 31, 2028. Total Option and RSU grants for the six month period ended June 30, 2026 totaled 47,060 and 5,918, respectively, and were granted under the NVR, Inc. 2018 Equity Incentive Plan (the "2018 Plan") as follows:

Options Granted						2018 Plan
Options - service-only						24,300
Options - performance-based						22,760
Total Options Granted						47,060
RSUs Granted
RSUs - service-only						2,994
RSUs - performance-based						2,924
Total RSUs Granted						5,918

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

All Options were granted at an exercise price equal to the closing price of the Company’s common stock on the day prior to the date of grant, and expire ten years from the date of grant.

The following table provides additional information relative to our equity-based compensation plans for the six months ended June 30, 2026:

						Shares						Weighted Avg. Per Share Exercise Price						Weighted Avg. Remaining Contract Life (years)						Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2025						333,292						$	3,880.52
Granted						47,060						$	5,833.82
Exercised						(16,441)						$	3,453.78
Forfeited						(1,422)						$	5,194.85
Outstanding at June 30, 2026						362,489						$	4,148.31					4.9						$	972,763
Exercisable at June 30, 2026						214,575						$	3,495.82					3.2						$	711,871
RSUs
Outstanding at December 31, 2025						16,913
Granted						5,918
Vested						(7,221)
Forfeited						(204)
Outstanding at June 30, 2026						15,406																		$	104,967
Vested, but not issued at June 30, 2026						—																		—

To estimate the grant-date fair value of our Options, we use the Black-Scholes option-pricing model (the “Pricing Model”). The Pricing Model estimates the per share fair value of an Option on its date of grant based on the following factors: the Option’s exercise price; the price of the underlying stock on the date of grant; the estimated dividend yield; a risk-free interest rate; the estimated Option term; and the expected volatility. For the risk-free interest rate, we use U.S. Treasury STRIPS which mature at approximately the same time as the Option’s expected holding term. For the estimated option life, the assumption is based on the Company's historical Option exercise experience, giving consideration to the contractual term, vesting provisions, and expected employee exercise behavior. For expected volatility, we have concluded that our historical volatility over the Option’s expected holding term provides the most reasonable basis for this estimate.

The fair value of the Options granted during the first six months of June 30, 2026 was estimated on the grant date using the Pricing Model, based on the following assumptions:

Estimated option life (range)						3.89 - 6.69
Risk free interest rate (range)						3.82% - 4.14%
Expected volatility (range)						24.10% - 28.75%
Expected dividend rate						—%
Weighted average grant-date fair value per share of options granted						$	1,564.21

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

The weighted average grant date fair value per share of $5,861.59 for the RSUs was determined based on the closing price of our common stock on the day immediately preceding the date of grant.

Compensation cost for Options and RSUs is recognized on a straight-line basis over the requisite service period for the entire award (from the date of grant through the period of the last separately vesting portion of the grant). For the recognition of equity-based compensation, the Options and RSUs which are subject to a performance condition are treated as a separate award from the “service-only” Options and RSUs, and compensation cost is recognized when it becomes probable that the stated performance target will be achieved. We currently believe that it is probable that the stated performance condition will be satisfied at the target level for all of our performance-based Options and RSUs granted. Compensation cost is recognized within the income statement in the same expense line as the cash compensation paid to the respective employees.

We recognize forfeitures of equity-based awards as a reduction to compensation costs in the period in which they occur. During the three and six month periods ended June 30, 2026, we recognized $19,293 and $32,580 in equity-based compensation costs, respectively. During the three and six month periods ended June 30, 2025, we recognized $17,813 and $36,339 in equity-based compensation costs, respectively.

As of June 30, 2026, the total unrecognized compensation cost for all outstanding Options and RSUs equaled approximately $206,333. The unrecognized compensation cost will be recognized over each grant’s applicable vesting period with the latest vesting date being December 31, 2031. The weighted-average period over which the unrecognized compensation cost will be recorded is equal to approximately 2.0 years.

10. Fair Value

GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs.

Financial Instruments

The estimated fair values of our Senior Notes as of June 30, 2026 and December 31, 2025 were $843,390 and $852,930, respectively. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying values as of June 30, 2026 and December 31, 2025 were $908,162 and $909,160, respectively.

Due to the short term nature of our cash equivalents, we believe that the differences between their carrying value and fair value are insignificant.

Derivative Instruments and Mortgage Loans Held for Sale

In the normal course of business, our wholly owned subsidiary, NVR Mortgage Finance, Inc. (“NVRM”) enters into contractual commitments to extend credit to homebuyers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within time frames established by NVRM, and some of these commitments include a float down option. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the “lock-in” of rates by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, NVRM enters into optional or mandatory delivery forward sales contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and prices for the sale of loans similar to the specific rate lock commitments. NVRM does not engage in speculative or trading derivative activities. Both the rate lock commitments to borrowers and the forward sales contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings.

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

To calculate the fair value of rate lock commitments, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells its loans primarily on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes a fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience and market conditions.

The fair value of NVRM’s forward sales contracts to investors solely considers the market price movement of the same type of security between the trade date and the balance sheet date. The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value.

Mortgage loans held for sale are recorded at fair value using observable market information including pricing from actual market transactions and investor commitment prices. This approach reduces earnings volatility by matching changes in fair value in mortgage loans held for sale with the offsetting change in fair value of the forward delivery contracts used to economically hedge them.

The fair value measurement of NVRM's undesignated derivative instruments was as follows:

						June 30, 2026						December 31, 2025
Rate lock commitments:
Gross assets						$	30,768					$	37,437
Gross liabilities						333						158
Net rate lock commitments						$	30,435					$	37,279
Forward sales contracts:
Gross assets						$	5,899					$	1,348
Gross liabilities						1,107						1,236
Net forward sales contracts						$	4,792					$	112

As of June 30, 2026 and December 31, 2025, the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets" on the accompanying consolidated balance sheets.

The fair value measurement as of June 30, 2026 and December 31, 2025 was as follows:

									June 30, 2026												December 31, 2025
			Fair Value Hierarchy						Notional or Principal Amount						Fair Value Measurement						Notional or Principal Amount						Fair Value Measurement
Rate lock commitments			Level 2						$2,150,767						$30,435						$1,707,835						$37,279
Forward sales contracts			Level 2						$1,873,500						$4,792						$1,430,400						$112
Mortgage loans held for sale			Level 2						$395,821						$396,678						$557,540						$571,596

The net gain on sale of loans was $37,169 and $75,546 for the three and six month periods ended June 30, 2026, respectively, and $39,868 and $82,519 for the three and six month periods ended June 30, 2025, respectively. These amounts are included in mortgage banking fees in the accompanying consolidated statements of income. These amounts include realized and unrealized gains and losses associated with fair value measurements, rate lock commitments, forward sale contracts and mortgage loans held for sale.

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

11. Debt

As of June 30, 2026, we had the following debt instruments outstanding:

Senior Notes

Our outstanding Senior Notes have an aggregate principal balance of $900,000, mature on May 15, 2030 and bear interest at 3.00%, payable semi-annually in arrears on May 15 and November 15. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness. The Senior Notes were issued in three separate issuances, $600,000 issued at a discount to yield 3.02%, and the two additional issuances totaling $300,000 issued at a premium to yield 2.00%. The Senior Notes have been reflected net of the unamortized discount or premium, as applicable, and the unamortized debt issuance costs in the accompanying condensed consolidated balance sheet.

The indenture governing the Senior Notes does not contain any financial covenants; however, it does contain, among other items, and subject to certain exceptions, covenants that restrict our ability to create, incur, assume or guarantee secured debt, enter into sale and leaseback transactions and conditions related to mergers and/or the sale of assets. We were in compliance with all covenants under the Senior Notes as of June 30, 2026.

Credit Agreement

We have an unsecured Credit Agreement (the "Credit Agreement") which provides for aggregate revolving loan commitments of $300,000 (the "Facility"). The Credit Agreement has an uncommitted accordion feature allowing the Company to increase the commitment by an additional $300,000, subject to certain conditions and availability of additional Lender commitments. Additionally, the Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $12,800 was outstanding as of June 30, 2026. The Credit Agreement termination date is March 11, 2030. There were no borrowings outstanding under the Facility as of June 30, 2026.

Repurchase Agreement

NVRM provides for its mortgage origination and other operating activities using cash generated from its operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale.

Effective July 10, 2026, NVRM entered into the Fifth Amendment to Second Amended and Restated Master Repurchase Agreement with U.S. Bank National Association, as Agent and a Buyer, which extended the term of the Repurchase Agreement through July 8, 2027. All other terms and conditions under the amended Repurchase Agreement remained materially consistent. As of June 30, 2026, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement and there were no borrowings outstanding.

12. Commitments and Contingencies

We are involved in various litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on our financial position, results of operations or cash flows. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

13. Leases

We have operating leases for our corporate and division offices, production facilities, model homes, and certain office and production equipment. Additionally, we have finance leases for certain production equipment and facilities which are recorded in homebuilding "Property, plant and equipment, net" and "Accrued expenses and other liabilities" on the accompanying condensed consolidated balance sheets. Our finance lease right-of-use

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

("ROU") assets and finance lease liabilities were $35,924 and $39,553, respectively, as of June 30, 2026, and $39,080 and $42,474, respectively, as of December 31, 2025. Our leases have remaining lease terms of up to 14.5 years, some of which include options to extend the lease for up to 20 years, and some of which include options to terminate the lease.

We recognize operating lease expense on a straight-line basis over the lease term. We have elected to use the portfolio approach for certain equipment leases which have similar lease terms and payment schedules. Additionally, for certain equipment we account for the lease and non-lease components as a single lease component. Our sublease income is de minimis.

We have certain leases, primarily the leases of model homes, which have initial lease terms of twelve months or less ("Short-term leases"). We elected to exclude these leases from the recognition requirements under Topic 842, and these leases have not been included in our recognized ROU assets and lease liabilities.

The components of lease expense were as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Lease expense
Operating lease expense						$	11,150					$	10,547					$	22,388					$	20,864
Finance lease expense:
Amortization of ROU assets						1,563						1,418						3,154						2,750
Interest on lease liabilities						467						469						950						921
Short-term lease expense						8,375						8,380						16,252						16,687
Total lease expense						$	21,555					$	20,814					$	42,744					$	41,222

NVR, Inc.

Notes to Condensed Consolidated Financial Statements

(dollars in thousands, except per share data)

(unaudited)

Other information related to leases was as follows:

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Supplemental Cash Flows Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	9,546					$	8,087					$	19,113					$	16,317
Operating cash flows from finance leases						467						469						950						921
Financing cash flows from finance leases						1,443						1,153						2,922						2,219
ROU assets obtained in exchange for lease obligations:
Operating leases						$	9,357					$	10,347					$	16,388					$	23,418
Finance leases						$	—					$	—					$	—					$	2,427
																		June 30, 2026						December 31, 2025
Weighted-average remaining lease term (in years):
Operating leases																		6.9						7.2
Finance leases																		8.3						8.6
Weighted-average discount rate:
Operating leases																		4.7		%				4.8		%
Finance leases																		4.8		%				4.8		%

14. Income Taxes

Our effective tax rate for the three and six month periods ended June 30, 2026 was 25.8% and 23.8%, respectively, compared to 25.4% in each respective period of 2025. The effective tax rate for the respective periods is primarily impacted by the income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $877 and $13,467, for the three and six months ended June 30, 2026, respectively, compared to $3,511 and $6,219 for the three and six months ended June 30, 2025, respectively.