Monitor Q4 2026 for further margin compression and order trends; backlog provides near-term visibility but affordability headwinds persist. No guidance was provided.
Price Chart
Executive Summary
NVR reported Q3 2026 EPS of $89.45, a 13% miss vs consensus of $102.77, and revenue of $2.40B, below the $2.50B estimate. Homebuilding revenues fell 8% YoY, gross margins contracted to 18.3% from 21.0%, and new orders declined 7%, driven by affordability challenges and weak consumer sentiment.
Key Financial Metrics
Key Facts
- Q3 2026 EPS $89.45 vs consensus $102.77 (-13.0% miss)
- Q3 2026 revenue $2.40B vs consensus $2.50B
- Homebuilding revenue down 8% YoY to $2.35B
- Gross profit margin fell to 18.3% from 21.0% YoY
- New orders decreased 7% to 4,391 units; cancellation rate rose to 21% from 19%
- Net income $248.6M, down 27% YoY from $342.7M
- Backlog units up 10% to 10,121, but average settlement price down 2%
- Share repurchases of $237M in Q3
Financial Impact
EPS miss of 13% vs consensus; revenue miss of ~4%; net income down 27% YoY
Risk Factors
- Continued affordability pressure and weak consumer sentiment
- Higher lot costs and pricing pressure compressing margins
- Elevated cancellation rates (21%)
- Potential for further EPS misses given three consecutive quarters of negative surprises
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302916028 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $5,983.68 $5,727.77 | ▼ −4.28% | ▼ −4.99% | $5,806.02 (−2.97%) |
Oct 22, 2026 5d ago | 8-K | $6,110.63 $5,983.68 | ▲ +2.08% | ▲ +1.56% | $5,806.02 (+4.98%) |
Oct 22, 2026 5d ago | Press Release | $6,110.63 $5,983.68 | ▲ +2.08% | ▲ +1.56% | $5,806.02 (+4.98%) |
Sep 15, 2026 6w ago | Court Ruling | $6,257.45 $6,186.43 | ▼ −1.14% | ▼ −0.69% | $5,806.02 (−7.21%) |
Aug 19, 2026 10w ago | Court Ruling | $6,418.86 $6,300.00 | ▼ −1.85% | ▼ −1.01% | $5,806.02 (−9.55%) |
Aug 11, 2026 11w ago | Insider Buy | $6,429.96 $6,293.95 | ▼ −2.12% | ▼ −2.37% | $5,806.02 (−9.70%) |
Jul 23, 2026 13w ago | 8-K | $6,155.02 $6,414.67 | ▼ −4.22% | ▼ −4.12% | $5,806.02 (+5.67%) |
May 15, 2026 23w ago | 8-K | $5,712.11 $5,750.57 | ▲ +0.67% | ▲ +1.32% | $5,806.02 (+1.64%) |
Apr 22, 2026 26w ago | 8-K | $6,563.05 $6,619.29 | ▼ −0.86% | ▼ −1.25% | $5,806.02 (+11.53%) |
Mar 17, 2026 32w ago | DEFA14A | $6,565.98 $6,436.69 | ▼ −1.97% | ▼ −0.57% | $5,806.02 (−11.57%) |
US Market Status
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