NVR Q1 revenue falls 22% as settlements decline

NVR

22/04/2026 14:09

Overview

U.S. homebuilder's Q1 revenue fell 22% yr/yr, net income down 34%

Diluted EPS for Q1 dropped 29% from prior year

Company cites lower backlog as main reason for settlement decline

Outlook

Company did not provide specific guidance or outlook for future periods in its press release

Result Drivers

LOWER BACKLOG - Co said decrease in settlements was primarily due to a 15% lower backlog balance entering Q1

PRICING PRESSURE AND LOT COSTS - Gross profit margin declined due to continued pricing pressure and higher lot costs

MORTGAGE PRODUCTION DROP - Mortgage closed loan production fell 27% yr/yr, contributing to lower mortgage banking segment income

Company press release: ID:nPn1nGqfka

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Homebuilding Revenues
$1.83 bln
Q1 EPS
$67.76
Q1 Net Income
$198.36 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the homebuilding peer group is "hold"

Wall Street's median 12-month price target for NVR Inc is $8,100.00, about 16.8% above its April 21 closing price of $6,933.50

The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 18 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)