NVR, INC. ANNOUNCES THIRD QUARTER RESULTS

NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September30, 2025 of $342.7 million, or $112.33 per diluted share. For the third quarter ended September30, 2025, net income and diluted earnings per share decreased 20% and 14%, respectively, when compared to 2024 third quarter net income of $429.3 million, or $130.50 per diluted share. Consolidated revenues for the third quarter of 2025 totaled $2.61 billion, compared to $2.73 billion in the third quarter of 2024.

For the nine months ended September 30, 2025, consolidated revenues were $7.61 billion, a 1% decrease from $7.68 billion reported for the same period of 2024. Net income for the nine months ended September 30, 2025 was $976.0 million, a decrease of 20% when compared to net income for the nine months ended September 30, 2024 of $1.22 billion. Diluted earnings per share for the nine months ended September 30, 2025 was $315.33, a decrease of 14% from $367.20 per diluted share for the same period of 2024.

Homebuilding

New orders in the third quarter of 2025 decreased by 16% to 4,735 units, when compared to 5,650 units in the third quarter of 2024. The average sales price of new orders in the third quarter of 2025 was $464,800, an increase of 3% when compared to the third quarter of 2024. The cancellation rate in the third quarter of 2025 was 19% compared to 15% in the third quarter of 2024. Settlements in the third quarter of 2025 decreased by 5% to 5,639 units, compared to 5,908 units in the third quarter of 2024. The average settlement price in the third quarter of 2025 was $454,000, which remained relatively flat when compared to the third quarter of 2024. Our backlog of homes sold but not settled as of September30, 2025 decreased on a unit basis by 19% to 9,165 units and decreased on a dollar basis by 17% to $4.39 billion when compared to the respective backlog unit and dollar balances as of September30, 2024.

Homebuilding revenues of $2.56 billion in the third quarter of 2025 decreased by 4% compared to homebuilding revenues of $2.68 billion in the third quarter of 2024. Gross profit margin in the third quarter of 2025 decreased to 21.0%, from 23.4% in the third quarter of 2024. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges, and contract land deposit impairments totaling approximately $18.9 million. Income before tax from the homebuilding segment totaled $411.4 million in the third quarter of 2025, a decrease of 18% when compared to the third quarter of 2024.

Mortgage Banking

Mortgage closed loan production in the third quarter of 2025 totaled $1.54 billion, a decrease of 7% when compared to the third quarter of 2024. Income before tax from the mortgage banking segment totaled $32.7 million in the third quarter of 2025, a decrease of 6% when compared to $34.9 million in the third quarter of 2024.

Effective Tax Rate

Our effective tax rate for the three and nine month periods ended September30, 2025 was 22.8% and 24.5%, respectively, compared to 20.3% and 20.6% for the three and nine month periods ended September30, 2024, respectively. The increase in the effective tax rate in each period is primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $13.4 million and $19.7 million for the three and nine months ended September30, 2025, respectively, compared to $23.1 million and $73.7 million for the three and nine months ended September30, 2024, respectively.

About NVR

NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-six metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.

Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.

NVR, Inc.Consolidated Statements of Income(in thousands, except per share data)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Homebuilding:Revenues $ 2,560,343 $ 2,677,640 $ 7,459,055 $ 7,511,708Other income 22,000 33,746 73,800 110,796Cost of sales (2,021,398) (2,051,087) (5,856,756) (5,724,916)Selling, general and administrative (142,736) (149,777) (457,023) (443,493)Interest expense (6,855) (6,855) (20,721) (20,214)Homebuilding income 411,354 503,667 1,198,355 1,433,881Mortgage Banking:Mortgage banking fees 49,162 55,311 152,296 167,163Interest income 4,881 4,728 13,180 13,492Other income 1,400 1,414 3,794 3,918General and administrative (22,397) (26,317) (73,515) (75,026)Interest expense (327) (191) (900) (556)Mortgage banking income 32,719 34,945 94,855 108,991Income before taxes 444,073 538,612 1,293,210 1,542,872Income tax expense (101,385) (109,289) (317,209) (318,376)Net income $ 342,688 $ 429,323 $ 976,001 $ 1,224,496Basic earnings per share $ 119.26 $ 139.65 $ 333.86 $ 391.37Diluted earnings per share $ 112.33 $ 130.50 $ 315.33 $ 367.20Basic weighted average shares outstanding 2,874 3,074 2,923 3,129Diluted weighted average shares outstanding 3,051 3,290 3,095 3,335NVR, Inc.Consolidated Balance Sheets(in thousands, except share and per share data)(unaudited) September 30, 2025 December 31, 2024ASSETSHomebuilding:Cash and cash equivalents $ 1,932,167 $ 2,561,339Restricted cash 44,034 42,172Receivables 41,377 32,622Inventory:Lots and housing units, covered under sales agreements with customers 1,758,906 1,727,243Unsold lots and housing units 313,971 237,177Land under development 38,017 65,394Building materials and other 20,531 28,893 2,131,425 2,058,707Contract land deposits, net 868,308 726,675Property, plant and equipment, net 102,479 95,619Operating lease right-of-use assets 87,116 78,340Reorganization value in excess of amounts allocable to identifiable assets, net 41,580 41,580Other assets 291,748 251,178 5,540,234 5,888,232Mortgage Banking:Cash and cash equivalents 39,280 49,636Restricted cash 8,123 11,520Mortgage loans held for sale, net 341,579 355,209Property and equipment, net 8,081 7,373Operating lease right-of-use assets 25,252 23,482Reorganization value in excess of amounts allocable to identifiable assets, net 7,347 7,347Other assets 65,562 38,189 495,224 492,756Total assets $ 6,035,458 $ 6,380,988NVR, Inc.Consolidated Balance Sheets (Continued)(in thousands, except share and per share data)(unaudited) September 30, 2025 December 31, 2024LIABILITIES AND SHAREHOLDERS' EQUITYHomebuilding:Accounts payable $ 361,209 $ 332,772Accrued expenses and other liabilities 344,658 441,300Customer deposits 277,351 322,926Operating lease liabilities 93,191 83,939Senior notes 909,654 911,118 1,986,063 2,092,055Mortgage Banking:Accounts payable and other liabilities 55,249 53,433Operating lease liabilities 27,384 25,428 82,633 78,861Total liabilities 2,068,696 2,170,916Commitments and contingenciesShareholders' equity:Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares 206 206issued as of both September 30, 2025 and December 31, 2024Additional paid-in capital 3,131,980 3,031,637Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of (16,710) (16,710)both September 30, 2025 and December 31, 2024Deferred compensation liability 16,710 16,710Retained earnings 16,022,954 15,046,953Less treasury stock at cost – 17,694,431 and 17,543,686 shares as of September 30, (15,188,378) (13,868,724)2025 and December 31, 2024, respectivelyTotal shareholders' equity 3,966,762 4,210,072Total liabilities and shareholders' equity $ 6,035,458 $ 6,380,988NVR, Inc.Operating Activity(dollars in thousands)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Units Average Units Average Units Average Units Average Price Price Price PriceNew orders, net of cancellations:Mid Atlantic (1) 1,714 $ 529.7 2,206 $ 514.7 5,510 $ 525.1 6,785 $ 522.2North East (2) 433 $ 647.1 536 $ 616.4 1,234 $ 664.6 1,541 $ 617.2Mid East (3) 931 $ 431.9 1,105 $ 400.2 3,101 $ 425.0 3,630 $ 404.8South East (4) 1,657 $ 368.6 1,803 $ 354.1 5,614 $ 361.8 5,810 $ 363.9Total 4,735 $ 464.8 5,650 $ 450.7 15,459 $ 456.8 17,766 $ 454.7 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Units Average Units Average Units Average Units Average Price Price Price PriceSettlements:Mid Atlantic (1) 2,008 $ 517.9 2,229 $ 514.9 6,159 $ 527.8 6,394 $ 515.9North East (2) 420 $ 694.6 495 $ 606.9 1,365 $ 651.7 1,445 $ 583.6Mid East (3) 1,200 $ 423.8 1,219 $ 411.1 3,295 $ 416.1 3,343 $ 404.5South East (4) 2,011 $ 357.9 1,965 $ 370.5 5,428 $ 358.8 5,474 $ 368.5Total 5,639 $ 454.0 5,908 $ 453.2 16,247 $ 459.1 16,656 $ 451.0 As of September 30, 2025 2024 Units Average Units Average Price PriceBacklog:Mid Atlantic (1) 3,419 $ 539.7 4,485 $ 531.4North East (2) 924 $ 676.0 1,124 $ 646.5Mid East (3) 1,851 $ 431.3 2,263 $ 411.5South East (4) 2,971 $ 379.1 3,467 $ 369.8Total 9,165 $ 479.5 11,339 $ 469.5NVR, Inc.Operating Activity (Continued)(dollars in thousands)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Average active communities:Mid Atlantic (1) 125 146 122 152North East (2) 34 32 28 32Mid East (3) 100 98 96 100South East (4) 191 146 180 143Total 450 422 426 427 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024Homebuilding data:New order cancellation rate 19.4% 14.5% 17.1% 13.5%Lots controlled at end of period 175,300 151,800Mortgage banking data:Loan closings $ 1,539,781 $ 1,656,507 $ 4,527,982 $ 4,564,597Capture rate 86% 86% 86% 86%Common stock information:Shares outstanding at end of period 2,860,899 3,064,790Number of shares repurchased 35,224 42,629 178,178 192,655Aggregate cost of shares repurchased $ 276,405 $ 357,450 $ 1,331,212 $ 1,493,362(1) Maryland, Virginia, West Virginia, Delaware and Washington, D.C.(2) New Jersey and Eastern Pennsylvania(3) New York, Ohio, Western Pennsylvania, Indiana and Illinois(4) North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky

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SOURCE NVR, INC.

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