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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025
OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____
Commission File Number: 1-12378
NVR, Inc.
(Exact name of registrant as specified in its charter)

Virginia |  | 54-1394360
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)

11700 Plaza America Drive, Suite 500
Reston, Virginia 20190
(703) 956-4000
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
Not Applicable
(Former name, former address, and former fiscal year if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Common stock, par value $0.01 per share |  | NVR |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ |  |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  |  | Smaller reporting company | ☐
|  |  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2025 there were 2,869,801 shares of common stock outstanding.

NVR, Inc.
F ORM 10-Q
T ABLE OF C ONTENTS

|  | Page
PART I | FINANCIAL INFORMATION | 1
Item 1. | Condensed Consolidated Financial Statements | 1
| Condensed Consolidated Balance Sheets (unaudited) | 1
| Condensed Consolidated Statements of Income (unaudited) | 3
| Condensed Consolidated Statements of Cash Flows (unaudited) | 4
| Notes to Condensed Consolidated Financial Statements (unaudited) | 5
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 20
Item 3. | Quantitative and Qualitative Disclosure About Market Risk | 34
Item 4. | Controls and Procedures | 34
PART II | OTHER INFORMATION | 35
Item 1. | Legal Proceedings | 35
Item 1A. | Risk Factors | 35
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 35
Item 5. | Other Information | 35
Item 6. | Exhibits | 36
| SIGNATURE | 37

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

NVR, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
|  | June 30, 2025 |  | December 31, 2024
ASSETS |  |  |  |
Homebuilding: |  |  |  |
Cash and cash equivalents |  | $ | 1,726,865 |  |  | $ | 2,561,339 |
Restricted cash |  | 53,240 |  |  | 42,172 |
Receivables |  | 41,496 |  |  | 32,622 |
Inventory: |  |  |  |
Lots and housing units, covered under sales agreements with customers |  | 1,797,104 |  |  | 1,727,243 |
Unsold lots and housing units |  | 304,743 |  |  | 237,177 |
Land under development |  | 39,450 |  |  | 65,394 |
Building materials and other |  | 28,743 |  |  | 28,893 |
|  | 2,170,040 |  |  | 2,058,707 |
Contract land deposits, net |  | 837,845 |  |  | 726,675 |
Property, plant and equipment, net |  | 100,280 |  |  | 95,619 |
Operating lease right-of-use assets |  | 86,206 |  |  | 78,340 |
Reorganization value in excess of amounts allocable to identifiable assets, net |  | 41,580 |  |  | 41,580 |
Other assets |  | 295,858 |  |  | 251,178 |
|  | 5,353,410 |  |  | 5,888,232 |
Mortgage Banking: |  |  |  |
Cash and cash equivalents |  | 39,307 |  |  | 49,636 |
Restricted cash |  | 10,513 |  |  | 11,520 |
Mortgage loans held for sale, net |  | 415,974 |  |  | 355,209 |
Property and equipment, net |  | 8,053 |  |  | 7,373 |
Operating lease right-of-use assets |  | 24,515 |  |  | 23,482 |
Reorganization value in excess of amounts allocable to identifiable assets, net |  | 7,347 |  |  | 7,347 |
Other assets |  | 80,220 |  |  | 38,189 |
|  | 585,929 |  |  | 492,756 |
Total assets |  | $ | 5,939,339 |  |  | $ | 6,380,988 |

See notes to condensed consolidated financial statements.
1

NVR, Inc.
Condensed Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
|  | June 30, 2025 |  | December 31, 2024
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
Homebuilding: |  |  |  |
Accounts payable |  | $ | 367,929 |  |  | $ | 332,772 |
Accrued expenses and other liabilities |  | 333,456 |  |  | 441,300 |
Customer deposits |  | 295,145 |  |  | 322,926 |
Operating lease liabilities |  | 92,160 |  |  | 83,939 |
Senior notes |  | 910,145 |  |  | 911,118 |
|  | 1,998,835 |  |  | 2,092,055 |
Mortgage Banking: |  |  |  |
Accounts payable and other liabilities |  | 68,785 |  |  | 53,433 |
Operating lease liabilities |  | 26,588 |  |  | 25,428 |
|  | 95,373 |  |  | 78,861 |
Total liabilities |  | 2,094,208 |  |  | 2,170,916 |
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, 2025 and December 31, 2024 |  | 206 |  |  | 206 |
Additional paid-in capital |  | 3,085,904 |  |  | 3,031,637 |
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2025 and December 31, 2024 |  | (16,710) |  |  | (16,710) |
Deferred compensation liability |  | 16,710 |  |  | 16,710 |
Retained earnings |  | 15,680,266 |  |  | 15,046,953 |
Less treasury stock at cost – 17,672,115 and 17,543,686 shares as of June 30, 2025 and December 31, 2024, respectively |  | (14,921,245) |  |  | (13,868,724) |
Total shareholders' equity |  | 3,845,131 |  |  | 4,210,072 |
Total liabilities and shareholders' equity |  | $ | 5,939,339 |  |  | $ | 6,380,988 |

See notes to condensed consolidated financial statements.
2

Table of Contents

NVR, Inc.
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Homebuilding: |  |  |  |  |  |  |  |
Revenues |  | $ | 2,548,267 |  |  | $ | 2,547,891 |  |  | $ | 4,898,712 |  |  | $ | 4,834,068 |
Other income |  | 25,088 |  |  | 36,184 |  |  | 51,800 |  |  | 77,050 |
Cost of sales |  | (1,999,983) |  |  | (1,947,616) |  |  | (3,835,358) |  |  | (3,673,829) |
Selling, general and administrative |  | (149,170) |  |  | (141,213) |  |  | (314,287) |  |  | (293,716) |
Interest expense |  | (6,685) |  |  | (6,710) |  |  | (13,866) |  |  | (13,359) |
Homebuilding income |  | 417,517 |  |  | 488,536 |  |  | 787,001 |  |  | 930,214 |
Mortgage Banking: |  |  |  |  |  |  |  |
Mortgage banking fees |  | 50,547 |  |  | 64,566 |  |  | 103,134 |  |  | 111,852 |
Interest income |  | 4,493 |  |  | 4,672 |  |  | 8,299 |  |  | 8,764 |
Other income |  | 1,301 |  |  | 1,333 |  |  | 2,394 |  |  | 2,504 |
General and administrative |  | (26,425) |  |  | (25,351) |  |  | (51,118) |  |  | (48,709) |
Interest expense |  | (300) |  |  | (188) |  |  | (573) |  |  | (365) |
Mortgage banking income |  | 29,616 |  |  | 45,032 |  |  | 62,136 |  |  | 74,046 |
Income before taxes |  | 447,133 |  |  | 533,568 |  |  | 849,137 |  |  | 1,004,260 |
Income tax expense |  | (113,396) |  |  | (132,664) |  |  | (215,824) |  |  | (209,087) |
Net income |  | $ | 333,737 |  |  | $ | 400,904 |  |  | $ | 633,313 |  |  | $ | 795,173 |
Basic earnings per share |  | $ | 114.52 |  |  | $ | 128.21 |  |  | $ | 214.78 |  |  | $ | 251.94 |
Diluted earnings per share |  | $ | 108.54 |  |  | $ | 120.69 |  |  | $ | 203.20 |  |  | $ | 237.05 |
Basic weighted average shares outstanding |  | 2,914 |  |  | 3,127 |  |  | 2,949 |  |  | 3,156 |
Diluted weighted average shares outstanding |  | 3,075 |  |  | 3,322 |  |  | 3,117 |  |  | 3,355 |

See notes to condensed consolidated financial statements.
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NVR, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

|  | Six Months Ended June 30,
|  | 2025 |  | 2024
Cash flows from operating activities: |  |  |  |
Net income |  | $ | 633,313 |  |  | $ | 795,173 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
Depreciation and amortization |  | 11,471 |  |  | 8,737 |
Equity-based compensation expense |  | 36,339 |  |  | 35,242 |
Contract land deposit impairments (recoveries), net |  | 21,270 |  |  | (8,791) |
Gain on sale of loans, net |  | (83,165) |  |  | (91,861) |
Mortgage loans closed |  | (2,990,585) |  |  | (2,910,238) |
Mortgage loans sold and principal payments on mortgage loans held for sale |  | 2,991,852 |  |  | 2,834,526 |
Distribution of earnings from unconsolidated joint ventures |  | — |  |  | 1,500 |
Net change in assets and liabilities: |  |  |  |
Increase in inventory |  | (111,333) |  |  | (294,269) |
Increase in contract land deposits |  | (132,440) |  |  | (60,999) |
(Increase) decrease in receivables |  | (16,872) |  |  | 49,473 |
Decrease in accounts payable and accrued expenses |  | (79,234) |  |  | (5,072) |
(Decrease) increase in customer deposits |  | (27,781) |  |  | 34,833 |
Other, net |  | (9,949) |  |  | (9,104) |
Net cash provided by operating activities |  | 242,886 |  |  | 379,150 |
Cash flows from investing activities: |  |  |  |
Investments in and advances to unconsolidated joint ventures |  | (35,350) |  |  | (899) |
Distribution of capital from unconsolidated joint ventures |  | — |  |  | 2,715 |
Purchase of property, plant and equipment |  | (15,362) |  |  | (15,411) |
Proceeds from the sale of property, plant and equipment |  | 448 |  |  | 2,450 |
Net cash used in investing activities |  | (50,264) |  |  | (11,145) |
Cash flows from financing activities: |  |  |  |
Purchase of treasury stock |  | (1,054,807) |  |  | (1,135,912) |
Principal payments on finance lease liabilities |  | (2,219) |  |  | (1,055) |
Proceeds from the exercise of stock options |  | 29,662 |  |  | 82,464 |
Net cash used in financing activities |  | (1,027,364) |  |  | (1,054,503) |
Net decrease in cash, restricted cash, and cash equivalents |  | (834,742) |  |  | (686,498) |
Cash, restricted cash, and cash equivalents, beginning of the period |  | 2,664,667 |  |  | 3,215,444 |
Cash, restricted cash, and cash equivalents, end of the period |  | $ | 1,829,925 |  |  | $ | 2,528,946 |
Supplemental disclosures of cash flow information: |  |  |  |
Interest paid during the period, net of interest capitalized |  | $ | 14,746 |  |  | $ | 14,424 |
Income taxes paid during the period, net of refunds |  | $ | 247,220 |  |  | $ | 164,007 |

See notes to condensed consolidated financial statements.
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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, 2024. 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, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
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, 2025 and 2024, 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 $295,145 and $322,926 as of June 30, 2025 and December 31, 2024, respectively. We expect that substantially all of the customer deposits held as of December 31, 2024 will be recognized in revenue in 2025. Our contract assets consist of prepaid sales compensation and totaled approximately $21,900 and $21,700 as of June 30, 2025 and December 31, 2024, respectively. Prepaid sales compensation is 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.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes - Improvements to Income Tax Disclosures." The amendments in the ASU require disclosure of specific categories in the rate reconciliation and for the entity to provide additional information for reconciling items that meet a quantitative threshold. The ASU will be effective for annual periods beginning with our fiscal year ending December 31, 2025. The amendments in the ASU are to be applied on a prospective basis and early adoption is permitted. We are currently evaluating the
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
impact of the adoption of ASU 2023-09 and do not expect it to have a material impact on our consolidated financial statements and related disclosures.
2. Variable Interest Entities ("VIEs")
Lot Purchase Agreements (“LPAs”)
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 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, 2025, we controlled approximately 162,100 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $881,900 and $4,200, 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, 2025, we incurred pre-tax impairment charges on lot deposits of approximately $13,200 and $21,300, respectively. For the three and six months ended June 30, 2024, we recorded a net expense reversal of approximately $1,300 and $8,800, respectively, related to previously impaired lot deposits based on market conditions. Our contract land deposit asset is shown net of a $76,393 and $58,597 impairment allowance as of June 30, 2025 and December 31, 2024, respectively.
In addition, we have certain properties under contract with land owners that are expected to yield approximately 39,600 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 $32,400 as of June 30, 2025, of which approximately $9,600 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 is limited to the amount of the deposits pursuant to the liquidated damages provision of the LPAs. As of June 30, 2025 and December 31, 2024, our total risk of loss was as follows:

|  | June 30, 2025 |  | December 31, 2024
Contract land deposits |  | $ | 914,238 |  |  | $ | 785,272 |
Allowance for losses on contract land deposits |  | (76,393) |  |  | (58,597) |
Contract land deposits, net |  | 837,845 |  |  | 726,675 |
Contingent obligations in the form of letters of credit |  | 4,202 |  |  | 8,722 |
Total risk of loss |  | $ | 842,047 |  |  | $ | 735,397 |

3. Joint Ventures
On a limited basis, we obtain 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
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
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.
As of June 30, 2025, we had an aggregate investment totaling approximately $65,500 in five JVs that are expected to produce approximately 7,300 finished lots, of which approximately 6,950 lots were controlled by us and the remaining approximately 350 lots were either under contract with unrelated parties or not currently under contract. We had additional JV funding commitments totaling approximately $13,300 as of June 30, 2025. As of December 31, 2024, our aggregate investment in JVs totaled approximately $29,300. 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, 2025.
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 second quarter of 2025, we sold a land parcel to a developer for approximately $32,700. 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, 2025, we owned land with a carrying value of $39,450 that we intend to develop into approximately 2,350 finished lots. As of December 31, 2024, the carrying value of land under development was $65,394. None of the raw parcels had any indicators of impairment as of June 30, 2025.
5. Capitalized Interest
We capitalize interest costs to land under development during the active development of finished lots. In addition, we capitalize interest costs to our joint venture investments while the investments are considered qualified assets pursuant to ASC Topic 835-20 - Interest. Capitalized interest is transferred to inventory as the development of finished lots is completed, then charged to cost of sales upon our settlement of homes and the respective lots. Interest incurred in excess of the interest capitalizable based on the level of qualified assets is expensed in the period incurred.
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
The following table reflects the changes in our capitalized interest during the three and six months ended June 30, 2025 and 2024:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Interest capitalized, beginning of period |  | $ | 607 |  |  | $ | 182 |  |  | $ | 333 |  |  | $ | 151 |
Interest incurred |  | 7,257 |  |  | 6,962 |  |  | 14,989 |  |  | 13,841 |
Interest charged to interest expense |  | (6,985) |  |  | (6,898) |  |  | (14,439) |  |  | (13,724) |
Interest charged to cost of sales |  | (323) |  |  | (40) |  |  | (327) |  |  | (62) |
Interest capitalized, end of period |  | $ | 556 |  |  | $ | 206 |  |  | $ | 556 |  |  | $ | 206 |

6. 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, 2025 and 2024:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average number of shares outstanding used to calculate basic EPS |  | 2,914,319 |  |  | 3,126,831 |  |  | 2,948,719 |  |  | 3,156,247 |
Dilutive securities: |  |  |  |  |  |  |  |
Stock options and restricted share units |  | 160,550 |  |  | 194,823 |  |  | 168,038 |  |  | 198,272 |
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS |  | 3,074,869 |  |  | 3,321,654 |  |  | 3,116,757 |  |  | 3,354,519 |

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, 2025 and 2024, 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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Anti-dilutive securities |  | 8,690 |  |  | 4,864 |  |  | 8,660 |  |  | 4,894 |

7. Shareholders’ Equity
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 |

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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 settle Option exercises and vesting of RSUs by issuing shares of treasury stock. 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.
A summary of changes in shareholders’ equity for the three months ended June 30, 2024 is presented below:

|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, March 31, 2024 |  | $ | 206 |  |  | $ | 2,905,707 |  |  | $ | 13,759,294 |  |  | $ | (12,320,826) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,344,381 |
Net income |  | — |  |  | — |  |  | 400,904 |  |  | — |  |  | — |  |  | — |  |  | 400,904 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (644,920) |  |  | — |  |  | — |  |  | (644,920) |
Equity-based compensation |  | — |  |  | 18,101 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,101 |
Proceeds from Options exercised |  | — |  |  | 15,442 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,442 |
Treasury stock issued upon Option exercise |  | — |  |  | (4,197) |  |  | — |  |  | 4,197 |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2024 |  | $ | 206 |  |  | $ | 2,935,053 |  |  | $ | 14,160,198 |  |  | $ | (12,961,549) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,133,908 |

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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, 2024 is presented below:

|  | Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Treasury Stock |  | Deferred Compensation Trust |  | Deferred Compensation Liability |  | Total
Balance, December 31, 2023 |  | $ | 206 |  |  | $ | 2,848,528 |  |  | $ | 13,365,025 |  |  | $ | (11,849,034) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,364,725 |
Net income |  | — |  |  | — |  |  | 795,173 |  |  | — |  |  | — |  |  | — |  |  | 795,173 |
Purchase of common stock for treasury |  | — |  |  | — |  |  | — |  |  | (1,143,696) |  |  | — |  |  | — |  |  | (1,143,696) |
Equity-based compensation |  | — |  |  | 35,242 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 35,242 |
Proceeds from Options exercised |  | — |  |  | 82,464 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 82,464 |
Treasury stock issued upon Option exercise and RSU vesting |  | — |  |  | (31,181) |  |  | — |  |  | 31,181 |  |  | — |  |  | — |  |  | — |
Balance, June 30, 2024 |  | $ | 206 |  |  | $ | 2,935,053 |  |  | $ | 14,160,198 |  |  | $ | (12,961,549) |  |  | $ | (16,710) |  |  | $ | 16,710 |  |  | $ | 4,133,908 |

We repurchased 83,168 and 150,026 shares of our outstanding common stock during the three and six months ended June 30, 2024, respectively. We issued 5,809 and 44,786 shares from the treasury account during the three and six months ended June 30, 2024, 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.
8. 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, 2025 and 2024:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Warranty reserve, beginning of period |  | $ | 129,792 |  |  | $ | 143,129 |  |  | $ | 133,095 |  |  | $ | 146,283 |
Provision |  | 20,665 |  |  | 23,273 |  |  | 37,899 |  |  | 42,221 |
Payments |  | (23,017) |  |  | (23,061) |  |  | (43,554) |  |  | (45,163) |
Warranty reserve, end of period |  | $ | 127,440 |  |  | $ | 143,341 |  |  | $ | 127,440 |  |  | $ | 143,341 |

9. 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
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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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,128,874 |  |  | $ | 1,133,685 |  |  | $ | 2,211,109 |  |  | $ | 2,151,155 |
Homebuilding North East |  | 308,929 |  |  | 287,334 |  |  | 597,755 |  |  | 543,004 |
Homebuilding Mid East |  | 449,953 |  |  | 433,996 |  |  | 862,362 |  |  | 850,947 |
Homebuilding South East |  | 660,511 |  |  | 692,876 |  |  | 1,227,486 |  |  | 1,288,962 |
Mortgage Banking |  | 50,547 |  |  | 64,566 |  |  | 103,134 |  |  | 111,852 |
Total consolidated revenues |  | $ | 2,598,814 |  |  | $ | 2,612,457 |  |  | $ | 5,001,846 |  |  | $ | 4,945,920 |

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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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment cost of sales |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | (864,008) |  |  | $ | (853,350) |  |  | $ | (1,685,134) |  |  | $ | (1,609,191) |
Homebuilding North East |  | $ | (228,054) |  |  | $ | (211,095) |  |  | $ | (440,602) |  |  | $ | (399,425) |
Homebuilding Mid East |  | $ | (355,647) |  |  | $ | (339,517) |  |  | $ | (683,737) |  |  | $ | (662,058) |
Homebuilding South East |  | $ | (537,049) |  |  | $ | (539,006) |  |  | $ | (992,323) |  |  | $ | (989,256) |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment selling, general & administrative expense: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | (37,172) |  |  | $ | (36,656) |  |  | $ | (74,728) |  |  | $ | (74,839) |
Homebuilding North East |  | $ | (11,833) |  |  | $ | (11,680) |  |  | $ | (22,534) |  |  | $ | (22,703) |
Homebuilding Mid East |  | $ | (20,734) |  |  | $ | (19,977) |  |  | $ | (40,430) |  |  | $ | (38,268) |
Homebuilding South East |  | $ | (40,943) |  |  | $ | (34,397) |  |  | $ | (78,928) |  |  | $ | (65,629) |
Mortgage Banking |  | $ | (25,216) |  |  | $ | (24,149) |  |  | $ | (48,723) |  |  | $ | (46,865) |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Corporate capital allocation charge: |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | (37,003) |  |  | $ | (34,978) |  |  | $ | (74,146) |  |  | $ | (68,897) |
Homebuilding North East |  | $ | (11,290) |  |  | (10,298) |  |  | (21,892) |  |  | (19,878) |
Homebuilding Mid East |  | $ | (12,033) |  |  | (11,055) |  |  | (23,240) |  |  | (20,920) |
Homebuilding South East |  | $ | (31,572) |  |  | (26,163) |  |  | (60,247) |  |  | (49,860) |
Total |  | $ | (91,898) |  |  | $ | (82,494) |  |  | $ | (179,525) |  |  | $ | (159,555) |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Other segment items, net |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 699 |  |  | $ | 465 |  |  | $ | 1,122 |  |  | $ | 902 |
Homebuilding North East |  | $ | 212 |  |  | $ | 111 |  |  | $ | 348 |  |  | $ | 231 |
Homebuilding Mid East |  | $ | 190 |  |  | $ | 141 |  |  | $ | 383 |  |  | $ | 288 |
Homebuilding South East |  | $ | 571 |  |  | $ | 1,132 |  |  | $ | 1,260 |  |  | $ | 1,630 |
Mortgage Banking (1) |  | $ | 5,494 |  |  | $ | 5,817 |  |  | $ | 10,120 |  |  | $ | 10,903 |

(1) This item relates primarily to interest income received on mortgage loans closed and mortgage loans held for sale.
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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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment profit |  |  |  |  |  |  |  |
Homebuilding Mid Atlantic |  | $ | 191,390 |  |  | $ | 209,166 |  |  | $ | 378,223 |  |  | $ | 399,130 |
Homebuilding North East |  | 57,964 |  |  | 54,372 |  |  | 113,075 |  |  | 101,229 |
Homebuilding Mid East |  | 61,729 |  |  | 63,588 |  |  | 115,338 |  |  | 129,989 |
Homebuilding South East |  | 51,518 |  |  | 94,442 |  |  | 97,248 |  |  | 185,847 |
Mortgage Banking |  | 30,825 |  |  | 46,234 |  |  | 64,531 |  |  | 75,890 |
Total segment profit |  | 393,426 |  |  | 467,802 |  |  | 768,415 |  |  | 892,085 |
Reconciling items: |  |  |  |  |  |  |  |
Contract land deposit allowance adjustment (2) |  | (13,153) |  |  | 1,325 |  |  | (21,270) |  |  | 8,791 |
Equity-based compensation expense (3) |  | (17,813) |  |  | (18,101) |  |  | (36,339) |  |  | (35,242) |
Corporate capital allocation (4) |  | 91,898 |  |  | 82,494 |  |  | 179,525 |  |  | 159,555 |
Unallocated corporate overhead |  | (34,364) |  |  | (33,816) |  |  | (90,333) |  |  | (85,520) |
Consolidation adjustments and other (5) |  | 13,538 |  |  | 6,363 |  |  | 17,470 |  |  | 4,092 |
Corporate interest income |  | 20,276 |  |  | 34,171 |  |  | 45,475 |  |  | 73,764 |
Corporate interest expense |  | (6,675) |  |  | (6,670) |  |  | (13,806) |  |  | (13,265) |
Reconciling items sub-total |  | 53,707 |  |  | 65,766 |  |  | 80,722 |  |  | 112,175 |
Consolidated profit before taxes |  | $ | 447,133 |  |  | $ | 533,568 |  |  | $ | 849,137 |  |  | $ | 1,004,260 |

(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.
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)

|  | June 30, 2025 |  | December 31, 2024
Assets: |  |  |  |
Homebuilding Mid Atlantic |  | $ | 1,345,411 |  |  | $ | 1,337,659 |
Homebuilding North East |  | 406,587 |  |  | 368,300 |
Homebuilding Mid East |  | 463,236 |  |  | 396,854 |
Homebuilding South East |  | 1,081,976 |  |  | 914,318 |
Mortgage Banking |  | 578,582 |  |  | 485,409 |
Total segment assets |  | 3,875,792 |  |  | 3,502,540 |
Reconciling items (1): |  |  |  |
Cash and cash equivalents |  | 1,726,865 |  |  | 2,561,339 |
Deferred taxes |  | 150,678 |  |  | 142,192 |
Reorganization value and goodwill |  | 49,368 |  |  | 49,368 |
Operating lease right-of-use assets |  | 86,206 |  |  | 78,340 |
Finance lease right-of-use assets |  | 37,314 |  |  | 37,638 |
Contract land deposit allowance |  | (76,393) |  |  | (58,597) |
Consolidation adjustments and other |  | 89,509 |  |  | 68,168 |
Reconciling items sub-total |  | 2,063,547 |  |  | 2,878,448 |
Consolidated assets |  | $ | 5,939,339 |  |  | $ | 6,380,988 |

(1) All reconciling items except for the "Reorganization value and goodwill" are related to the Homebuilding Segment only.
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, 2025 and December 31, 2024 were $838,476 and $811,161, 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, 2025 and December 31, 2024 were $910,145 and $911,118, 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 mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to our 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 prepaid 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 sale contracts to sell whole loans and mortgage-backed securities to investors. The forward sales contracts lock-in a range of interest rates and price 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 sale contracts to investors are undesignated derivatives and, accordingly, are marked to fair value through earnings. As of June 30, 2025, there were contractual commitments to
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
extend credit to borrowers aggregating $2,005,358 and open forward delivery contracts aggregating $2,076,492, which hedge both the rate lock commitments and closed loans held for sale.
The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable:
i)the assumed gain/loss of the expected resultant loan sale (Level 2);
ii)the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and
iii)the value of the servicing rights associated with the loan (Level 2).
The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, 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 (Level 2). 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 when closed, and thereafter are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. As of June 30, 2025, the fair value of loans held for sale of $415,974 included on the accompanying condensed consolidated balance sheet was increased by $10,208 from the aggregate principal balance of $405,766. As of December 31, 2024, the fair value of loans held for sale of $355,209 was increased by $2,720 from the aggregate principal balance of $352,489.
The fair value measurement of NVRM's undesignated derivative instruments was as follows:

|  | June 30, 2025 |  | December 31, 2024
Rate lock commitments: |  |  |  |
Gross assets |  | $ | 47,440 |  |  | $ | 34,935 |
Gross liabilities |  | 636 |  |  | 25,739 |
Net rate lock commitments |  | $ | 46,804 |  |  | $ | 9,196 |
Forward sales contracts: |  |  |  |
Gross assets |  | $ | 179 |  |  | $ | 6,822 |
Gross liabilities |  | 11,601 |  |  | 1,122 |
Net forward sales contracts |  | $ | (11,422) |  |  | $ | 5,700 |

As of June 30, 2025, the net rate lock commitments are reported in mortgage banking "Other assets" and the net forward sales contracts are reported in mortgage banking "Accounts payable and other liabilities" on the
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
accompanying condensed consolidated balance sheets. As of December 31, 2024, the net rate lock commitments and the net forward sales contracts are reported in mortgage banking "Other assets".
The fair value measurement as of June 30, 2025 was as follows:

|  | Notional or Principal Amount |  | Assumed Gain From Loan Sale |  | Interest Rate Movement Effect |  | Servicing Rights Value |  | Security Price Change |  | Total Fair Value Measurement
Rate lock commitments |  | $ | 2,005,358 |  |  | $ | 6,319 |  |  | $ | 12,771 |  |  | $ | 27,714 |  |  |  |  | $ | 46,804 |
Forward sales contracts |  | $ | 2,076,492 |  |  | — |  |  | — |  |  |  |  | (11,422) |  |  | (11,422) |
Mortgages held for sale |  | $ | 405,766 |  |  | 2,684 |  |  | 1,555 |  |  | 5,969 |  |  |  |  | 10,208 |
Total fair value measurement |  |  |  | $ | 9,003 |  |  | $ | 14,326 |  |  | $ | 33,683 |  |  | $ | (11,422) |  |  | $ | 45,590 |

The total fair value measurement as of December 31, 2024 was a net gain of $17,616. NVRM recorded a fair value adjustment to income of $648 for the three months ended June 30, 2025, and recorded a fair value adjustment to income of $27,974 for the six months ended June 30, 2025. NVRM recorded a fair value adjustment to income of $668 and $3,502 for the three and six months ended June 30, 2024, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.
11. Debt
As of June 30, 2025, 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
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
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, 2025.
Credit Agreement
On March 11, 2025, we entered into the Second Amended and Restated Credit Agreement ("Amended Credit Agreement") providing for a $300,000 senior unsecured revolving credit facility among the lenders and Bank of America, N.A. as Administrative Agent. The Amended Credit Agreement replaced the Company's previous credit agreement dated February 12, 2021 and most recently amended December 9, 2022, that contained substantially similar terms, and extends the maturity date from February 11, 2026 to March 11, 2030. The Amended 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 Amended Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit, of which approximately $10,300 was outstanding as of June 30, 2025.
The Amended Credit Agreement contains financial covenants that are substantially similar to those set forth in the prior Credit Agreement, including a maximum leverage ratio, interest coverage ratio/minimum liquidity and a minimum tangible net worth. There were no borrowings outstanding under the Facility as of June 30, 2025.
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 14, 2025, NVRM entered into the Fourth 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 10, 2026. All other terms and conditions under the amended Repurchase Agreement remained materially consistent. As of June 30, 2025, 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 ("ROU") assets and finance lease liabilities were $37,314 and $40,244, respectively, as of June 30, 2025, and $37,638 and $40,036, respectively, as of December 31, 2024. Our leases have remaining lease terms of up to 15.2 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.
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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
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,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Lease expense |  |  |  |  |  |  |  |
Operating lease expense |  | $ | 10,547 |  |  | $ | 9,514 |  |  | $ | 20,864 |  |  | $ | 18,861 |
Finance lease expense: |  |  |  |  |  |  |  |
Amortization of ROU assets |  | 1,418 |  |  | 767 |  |  | 2,750 |  |  | 1,329 |
Interest on lease liabilities |  | 469 |  |  | 239 |  |  | 921 |  |  | 352 |
Short-term lease expense |  | 8,380 |  |  | 8,179 |  |  | 16,687 |  |  | 16,079 |
Total lease expense |  | $ | 20,814 |  |  | $ | 18,699 |  |  | $ | 41,222 |  |  | $ | 36,621 |

Other information related to leases was as follows:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Supplemental Cash Flows Information: |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 8,087 |  |  | $ | 7,802 |  |  | $ | 16,317 |  |  | $ | 15,313 |
Operating cash flows from finance leases |  | 469 |  |  | 239 |  |  | 921 |  |  | 352 |
Financing cash flows from finance leases |  | 1,153 |  |  | 593 |  |  | 2,219 |  |  | 1,055 |
ROU assets obtained in exchange for lease obligations: |  |  |  |  |  |  |  |
Operating leases |  | $ | 10,347 |  |  | $ | 12,101 |  |  | $ | 23,418 |  |  | $ | 13,491 |
Finance leases |  | $ | — |  |  | $ | 16,011 |  |  | $ | 2,427 |  |  | $ | 17,857 |
|  |  |  |  |  | June 30, 2025 |  | December 31, 2024
Weighted-average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  | 5.8 |  | 6.0
Finance leases |  |  |  |  |  | 9.1 |  | 9.6
Weighted-average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  |  |  |  | 4.6 | % |  | 4.5 | %
Finance leases |  |  |  |  |  | 4.8 | % |  | 4.7 | %

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NVR, Inc.
Notes to Condensed Consolidated Financial Statements
(dollars in thousands, except per share data)
(unaudited)
14. Income Taxes
Our effective tax rate for the three and six month periods ended June 30, 2025 was 25.4%, in each respective period, compared to 24.9% and 20.8% for the three and six months ended June 30, 2024, respectively. The increase in the effective tax rate in each period in 2025 is primarily attributable to recognizing a lower income tax benefit related to excess tax benefits from stock option exercises, which totaled $3,511 and $6,219 for the three and six months ended June 30, 2025, compared to $6,815 and $50,608 for the three and six months ended June 30, 2024.
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
(dollars in thousands, except per share data)
Forward-Looking Statements
Some of the statements in this Quarterly Report on Form 10-Q, as well as statements made by us in periodic press releases or other public communications, 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,” "could," 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, our 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 our actual results or performance 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 us and our 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 us in our 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 we have little or no control. We undertake no obligation to update such forward-looking statements except as required by law. For additional information regarding risk factors and uncertainties, see Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Unless the context otherwise requires, references to “NVR,” “we,” “us,” or “our” include NVR and its consolidated subsidiaries.
Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024
Business Environment and Current Outlook
During the second quarter of 2025, demand for new homes continued to be negatively impacted by affordability issues, rising resale and new home inventory, declining consumer confidence and economic volatility. We expect that affordability issues, interest rate volatility and economic volatility may continue to weigh on demand and home prices. We also expect to continue to face margin pressure due to affordability issues and cost pressures. Although we are unable to predict the extent to which this will impact our operational and financial performance, we believe that we are well positioned to take advantage of opportunities that may arise from future economic and homebuilding market volatility due to the strength of our balance sheet and our disciplined lot acquisition strategy.
Business
Our primary business is the construction and sale of single-family detached homes, townhomes and condominiums, all of which are primarily constructed on a pre-sold basis. To fully serve customers of our homebuilding operations, we also operate a mortgage banking and title services business. We primarily conduct our operations in mature markets. Additionally, we generally grow our business through market share gains in our existing markets and by expanding into markets contiguous to our current active markets. Our four homebuilding reportable segments consist of the following regions:
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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

Our lot acquisition strategy is predicated upon avoiding the financial requirements and risks associated with direct land ownership and development. We generally do not engage in land development (see discussion below of our land development activities). Instead, we typically acquire finished building lots from various third party land developers pursuant to fixed price finished lot purchase agreements (“LPAs”). These LPAs require deposits, typically ranging up to 10% of the aggregate purchase price of the finished lots, in the form of cash or letters of credit that may be forfeited if we fail to perform under the LPA. This strategy has allowed us to maximize inventory turnover, which we believe enables us to minimize market risk and to operate with less capital, thereby enhancing rates of return on equity and total capital.
In addition to constructing homes primarily on a pre-sold basis and utilizing what we believe is a conservative lot acquisition strategy, we focus on obtaining and maintaining a leading market position in each market we serve. This strategy allows us to gain valuable efficiencies and competitive advantages in our markets, which we believe contributes to minimizing the adverse effects of regional economic cycles and provides growth opportunities within these markets. Our continued success is contingent upon our ability to control an adequate supply of finished lots on which to build.
In certain specific strategic circumstances, we deviate from our historical lot acquisition strategy and engage in joint venture arrangements with land developers or directly acquire raw ground already zoned for its intended use for development. Once we acquire control of raw ground, we determine whether to sell the raw parcel to a developer and enter into an LPA with the developer to purchase the finished lots or to hire a developer to develop the land on our behalf. While joint venture arrangements and direct land development activity are not our preferred method of acquiring finished building lots, we may enter into additional transactions in the future on a limited basis where there exists a compelling strategic or prudent financial reason to do so. We expect, however, to continue to acquire substantially all our finished lot inventory using LPAs with forfeitable deposits.
As of June 30, 2025, we controlled approximately 171,400 lots as described below.
Lot Purchase Agreements
We controlled approximately 162,100 lots under LPAs with third parties through deposits in cash and letters of credit totaling approximately $881,900 and $4,200, respectively. Included in the number of controlled lots are approximately 14,000 lots for which we have recorded a contract land deposit impairment allowance of approximately $76,400 as of June 30, 2025.
Joint Venture Limited Liability Corporations (“JVs”)
We had an aggregate investment totaling approximately $65,500 in five JVs, expected to produce approximately 7,300 lots. Of the lots to be produced by the JVs, approximately 6,950 lots were controlled by us and approximately 350 were either under contract with unrelated parties or currently not under contract. We had additional JV funding commitments totaling approximately $13,300 as of June 30, 2025.
Land Under Development
We owned land with a carrying value of approximately $39,500 that we intend to develop into approximately 2,350 finished lots.
See Notes 2, 3 and 4 to the condensed consolidated financial statements included herein for additional information regarding LPAs, JVs and land under development, respectively.
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Raw Land Purchase Agreements
In addition, we have certain properties under contract with land owners that are expected to yield approximately 39,600 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. As of June 30, 2025, these properties are controlled with deposits in cash totaling approximately $32,400, of which approximately $9,600 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.
Key Financial Results
Our consolidated revenues for the second quarter of 2025 totaled $2,598,814, a slight decrease from the second quarter of 2024. Net income for the second quarter ended June 30, 2025 was $333,737, or $108.54 per diluted share. For the second quarter ended June 30, 2025, net income decreased 17% and diluted earnings per share decreased 10% when compared to net income and diluted earnings per share for the second quarter of 2024, respectively. Our homebuilding gross profit margin percentage decreased to 21.5% in the second quarter of 2025 from 23.6% in the second quarter of 2024. New orders, net of cancellations (“New Orders”) decreased by 11% in the second quarter of 2025 compared to the second quarter of 2024. The New Order cancellation rate for the second quarter of 2025 increased to 16.5% from 12.9% in the same period in 2024. The average sales price for New Orders remained relatively flat when compared to the same period in the prior year.
Homebuilding Operations
The following table summarizes the results of operations and other data for our homebuilding operations:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Financial Data: |  |  |  |  |  |  |  |
Revenues |  | $ | 2,548,267 |  |  | $ | 2,547,891 |  |  | $ | 4,898,712 |  |  | $ | 4,834,068 |
Cost of sales |  | $ | 1,999,983 |  |  | $ | 1,947,616 |  |  | $ | 3,835,358 |  |  | $ | 3,673,829 |
Gross profit margin percentage |  | 21.5 | % |  | 23.6 | % |  | 21.7 | % |  | 24.0 | %
Selling, general and administrative expenses |  | $ | 149,170 |  |  | $ | 141,213 |  |  | $ | 314,287 |  |  | $ | 293,716 |
Operating Data: |  |  |  |  |  |  |  |
New orders (units) |  | 5,379 |  |  | 6,067 |  |  | 10,724 |  |  | 12,116 |
Average new order price |  | $ | 458.1 |  |  | $ | 458.8 |  |  | $ | 453.3 |  |  | $ | 456.6 |
Settlements (units) |  | 5,475 |  |  | 5,659 |  |  | 10,608 |  |  | 10,748 |
Average settlement price |  | $ | 465.4 |  |  | $ | 450.2 |  |  | $ | 461.8 |  |  | $ | 449.7 |
Backlog (units) |  |  |  |  |  | 10,069 |  |  | 11,597 |
Average backlog price |  |  |  |  |  | $ | 472.1 |  |  | $ | 470.3 |
New order cancellation rate |  | 16.5 | % |  | 12.9 | % |  | 16.0 | % |  | 13.0 | %

Consolidated Homebuilding - Three Months Ended June 30, 2025 and 2024
Homebuilding revenues in the second quarter of 2025 remained flat when compared to the same period in 2024. Gross profit margin percentage in the second quarter of 2025 decreased to 21.5%, from 23.6% in the second quarter of 2024. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and a lot deposit impairment charge of approximately $13,200 in the second quarter of 2025.
New Orders decreased 11% while the average sales price remained relatively flat in the second quarter of 2025 compared to the second quarter of 2024. New Orders were negatively impacted by a 2% decrease in the average number of active communities and a 10% lower sales absorption rate, due to weakening demand.
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Selling, general and administrative (“SG&A”) expense in the second quarter of 2025 increased by approximately $8,000 compared to the second quarter of 2024, and increased as a percentage of revenue to 5.9% from 5.5%. The increase in SG&A expense was attributable in part to a $3,500 increase in sales and marketing expenses, due to an increase in model home related expenses and advertising costs, coupled with higher overhead costs associated with increased headcount quarter over quarter.
Consolidated Homebuilding - Six Months Ended June 30, 2025 and 2024
Homebuilding revenues increased 1% in the first six months of 2025 compared to the same period in 2024, as a result of a 3% increase in the average settlement price, offset partially by a 1% decrease in the number of units settled. The increase in the average settlement price was primarily attributable to a 4% higher average sales price of units in backlog entering 2025 compared to the backlog entering 2024. The decrease in settlements was attributable to a 3% lower backlog unit balance entering 2025 compared to the backlog unit balance entering 2024. Gross profit margin percentage in the first six months of 2025 decreased to 21.7% from 24.0% in the first six months of 2024. Gross profit margin was negatively impacted by higher lot costs, pricing pressure due to continued affordability challenges and a lot deposit impairment charge of approximate $21,300 in the first half of 2025. In the first half of 2024, the Company recorded an approximate $8,800 expense reversal related to previously impaired lot deposits.
New Orders and the average sales price of New Orders decreased 11% and 1%, respectively, in the first six months of 2025 compared to the same period in 2024. New Orders were negatively impacted by a 4% decrease in the average number of active communities and an 8% lower sales absorption, due to weakening demand.
SG&A expense in the first six months of 2025 increased by approximately $20,600 compared to the same period in 2024, and as a percentage of revenue increased to 6.4% in 2025 from 6.1% in 2024. The increase in SG&A expense was primarily attributable to a $9,900 increase in personnel costs attributable to an increase in headcount year over year. Additionally, sales and marketing expenses were approximately $3,700 higher year over year due to an increase in model home related expenses and advertising costs.
Our backlog represents homes sold but not yet settled with our customers. As of June 30, 2025, our backlog decreased on a unit and dollar basis by 13% to 10,069 units and $4,753,905, respectively, when compared to 11,597 units and $5,454,470, respectively, as of June 30, 2024. The decrease in the number of backlog units was primarily attributable to an 11% decrease in New Orders year over year, coupled with a 3% lower backlog unit balance entering 2025 compared to the backlog unit balance entering 2024. Backlog dollars were lower primarily due to the decrease in backlog units in 2025.
Our backlog may be impacted by customer cancellations for various reasons that are beyond our control, such as failure to obtain mortgage financing, inability to sell an existing home, job loss, or a variety of other reasons. In any period, a portion of the cancellations that we experience are related to new sales that occurred during the same period, and a portion are related to sales that occurred in prior periods and therefore appeared in the opening backlog for the current period. Our cancellation rate was approximately 16% and 13% in the first six months of 2025 and 2024, respectively, calculated as the total of all cancellations during the period as a percentage of gross sales during the same period. During the most recent four quarters, approximately 6% of a reporting quarter’s opening backlog cancelled during the fiscal quarter. We can provide no assurance that our historical cancellation rates are indicative of the actual cancellation rate that may occur during the remainder of 2025 or future years. Other than units that are cancelled, we expect to settle substantially all of our June 30, 2025 backlog within the next twelve months.
The rate at which we turn over our backlog is impacted by various factors, including, but not limited to, changes in New Order activity, internal production capacity, external subcontractor capacity, building material availability and other external factors over which we do not exercise control.
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Reportable Segments
Homebuilding segment profit includes all revenues and income generated from the sale of homes, less the cost of homes sold, SG&A expenses, and a corporate capital allocation charge determined by corporate management. The corporate capital allocation charge eliminates in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker to determine whether the operating segment is providing the desired rate of return after covering our cost of capital.
We record charges on contract land deposits when we determine that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are generally 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. We evaluate our entire net contract land deposit portfolio for impairment each quarter. For presentation purposes below, the contract land deposit reserve as of June 30, 2025 and December 31, 2024 has been allocated to the respective year’s reportable segments to show contract land deposits on a net basis. The net contract land deposit balances below also include approximately $4,200 and $8,700 as of June 30, 2025 and December 31, 2024, respectively, of letters of credit issued as deposits in lieu of cash.
The following tables summarize certain homebuilding operating activity by reportable segment for the three and six months ended June 30, 2025 and 2024.
Selected Segment Financial Data:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |  |
Mid Atlantic |  | $ | 1,128,874 |  |  | $ | 1,133,685 |  |  | $ | 2,211,109 |  |  | $ | 2,151,155 |
North East |  | 308,929 |  |  | 287,334 |  |  | 597,755 |  |  | 543,004 |
Mid East |  | 449,953 |  |  | 433,996 |  |  | 862,362 |  |  | 850,947 |
South East |  | 660,511 |  |  | 692,876 |  |  | 1,227,486 |  |  | 1,288,962 |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross profit margin: |  |  |  |  |  |  |  |
Mid Atlantic |  | $ | 264,866 |  |  | $ | 280,337 |  |  | $ | 525,975 |  |  | $ | 541,966 |
North East |  | 80,876 |  |  | 76,240 |  |  | 157,153 |  |  | 143,578 |
Mid East |  | 94,305 |  |  | 94,479 |  |  | 178,625 |  |  | 188,889 |
South East |  | 123,462 |  |  | 153,870 |  |  | 235,163 |  |  | 299,706 |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Gross profit margin percentage: |  |  |  |  |  |  |  |
Mid Atlantic |  | 23.5 | % |  | 24.7 | % |  | 23.8 | % |  | 25.2 | %
North East |  | 26.2 | % |  | 26.5 | % |  | 26.3 | % |  | 26.4 | %
Mid East |  | 21.0 | % |  | 21.8 | % |  | 20.7 | % |  | 22.2 | %
South East |  | 18.7 | % |  | 22.2 | % |  | 19.2 | % |  | 23.3 | %

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|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Segment profit: |  |  |  |  |  |  |  |
Mid Atlantic |  | $ | 191,390 |  |  | $ | 209,166 |  |  | $ | 378,223 |  |  | $ | 399,130 |
North East |  | 57,964 |  |  | 54,372 |  |  | 113,075 |  |  | 101,229 |
Mid East |  | 61,729 |  |  | 63,588 |  |  | 115,338 |  |  | 129,989 |
South East |  | 51,518 |  |  | 94,442 |  |  | 97,248 |  |  | 185,847 |

Operating Activity:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | Units |  | Average Price |  | Units |  | Average Price |  | Units |  | Average Price |  | Units |  | Average Price
New orders, net of cancellations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mid Atlantic |  | 1,930 |  |  | $ | 531.3 |  |  | 2,297 |  |  | $ | 536.2 |  |  | 3,796 |  |  | $ | 523.0 |  |  | 4,579 |  |  | $ | 525.9 |
North East |  | 424 |  |  | $ | 655.3 |  |  | 478 |  |  | $ | 623.4 |  |  | 801 |  |  | $ | 674.0 |  |  | 1,005 |  |  | $ | 617.7 |
Mid East |  | 1,072 |  |  | $ | 424.2 |  |  | 1,262 |  |  | $ | 403.7 |  |  | 2,170 |  |  | $ | 422.0 |  |  | 2,525 |  |  | $ | 406.8 |
South East |  | 1,953 |  |  | $ | 361.7 |  |  | 2,030 |  |  | $ | 366.7 |  |  | 3,957 |  |  | $ | 359.0 |  |  | 4,007 |  |  | $ | 368.3 |
Total |  | 5,379 |  |  | $ | 458.1 |  |  | 6,067 |  |  | $ | 458.8 |  |  | 10,724 |  |  | $ | 453.3 |  |  | 12,116 |  |  | $ | 456.6 |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | Units |  | Average Price |  | Units |  | Average Price |  | Units |  | Average Price |  | Units |  | Average Price
Settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mid Atlantic |  | 2,101 |  |  | $ | 537.2 |  |  | 2,199 |  |  | $ | 515.5 |  |  | 4,151 |  |  | $ | 532.6 |  |  | 4,165 |  |  | $ | 516.5 |
North East |  | 474 |  |  | $ | 651.7 |  |  | 487 |  |  | $ | 589.8 |  |  | 945 |  |  | $ | 632.5 |  |  | 950 |  |  | $ | 571.5 |
Mid East |  | 1,082 |  |  | $ | 415.8 |  |  | 1,075 |  |  | $ | 403.7 |  |  | 2,095 |  |  | $ | 411.6 |  |  | 2,124 |  |  | $ | 400.6 |
South East |  | 1,818 |  |  | $ | 363.3 |  |  | 1,898 |  |  | $ | 365.1 |  |  | 3,417 |  |  | $ | 359.2 |  |  | 3,509 |  |  | $ | 367.3 |
Total |  | 5,475 |  |  | $ | 465.4 |  |  | 5,659 |  |  | $ | 450.2 |  |  | 10,608 |  |  | $ | 461.8 |  |  | 10,748 |  |  | $ | 449.7 |

| As of June 30,
| 2025 |  | 2024
| Units |  | Average Price |  | Units |  | Average Price
Backlog: |  |  |  |  |  |  |
Mid Atlantic | 3,713 |  |  | $ | 532.6 |  |  | 4,508 |  |  | $ | 531.4 |
North East | 911 |  |  | $ | 698.4 |  |  | 1,083 |  |  | $ | 643.3 |
Mid East | 2,120 |  |  | $ | 426.8 |  |  | 2,377 |  |  | $ | 416.6 |
South East | 3,325 |  |  | $ | 371.6 |  |  | 3,629 |  |  | $ | 378.0 |
Total | 10,069 |  |  | $ | 472.1 |  |  | 11,597 |  |  | $ | 470.3 |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
New order cancellation rate: |  |  |  |  |  |  |  |
Mid Atlantic |  | 16.4 | % |  | 11.8 | % |  | 16.5 | % |  | 12.1 | %
North East |  | 12.9 | % |  | 13.7 | % |  | 13.3 | % |  | 14.6 | %
Mid East |  | 17.9 | % |  | 15.0 | % |  | 16.2 | % |  | 14.5 | %
South East |  | 16.5 | % |  | 12.7 | % |  | 15.9 | % |  | 12.6 | %

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|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Average active communities: |  |  |  |  |  |  |  |
Mid Atlantic |  | 120 |  |  | 153 |  |  | 120 |  |  | 155 |
North East |  | 26 |  |  | 31 |  |  | 25 |  |  | 33 |
Mid East |  | 94 |  |  | 101 |  |  | 93 |  |  | 100 |
South East |  | 186 |  |  | 148 |  |  | 175 |  |  | 142 |
Total |  | 426 |  |  | 433 |  |  | 413 |  |  | 430 |

Homebuilding Inventory:

|  | June 30, 2025 |  | December 31, 2024
Sold inventory: |  |  |  |
Mid Atlantic |  | $ | 766,228 |  |  | $ | 845,686 |
North East |  | 230,255 |  |  | 229,152 |
Mid East |  | 321,568 |  |  | 276,459 |
South East |  | 496,345 |  |  | 402,967 |
Total (1) |  | $ | 1,814,396 |  |  | $ | 1,754,264 |

|  | June 30, 2025 |  | December 31, 2024
Unsold lots and housing units inventory: |  |  |  |
Mid Atlantic |  | $ | 111,568 |  |  | $ | 100,897 |
North East |  | 46,132 |  |  | 17,198 |
Mid East |  | 31,135 |  |  | 23,091 |
South East |  | 118,326 |  |  | 99,369 |
Total (1) |  | $ | 307,161 |  |  | $ | 240,555 |

(1) The reconciling items between segment inventory and consolidated inventory include certain consolidation adjustments 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. These consolidation adjustments are not allocated to our operating segments.
Lots Controlled and Land Deposits:

|  | June 30, 2025 |  | December 31, 2024
Total lots controlled: |  |  |  |
Mid Atlantic |  | 55,700 |  |  | 50,900 |
North East |  | 17,500 |  |  | 17,000 |
Mid East |  | 25,300 |  |  | 24,100 |
South East |  | 72,900 |  |  | 70,400 |
Total |  | 171,400 |  |  | 162,400 |

|  | June 30, 2025 |  | December 31, 2024
Contract land deposits, net: |  |  |  |
Mid Atlantic |  | $ | 327,014 |  |  | $ | 258,333 |
North East |  | 106,706 |  |  | 105,062 |
Mid East |  | 79,275 |  |  | 65,147 |
South East |  | 329,052 |  |  | 306,855 |
Total |  | $ | 842,047 |  |  | $ | 735,397 |

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Mid Atlantic
Three Months Ended June 30, 2025 and 2024
The Mid Atlantic segment had an approximate $17,800, or 9%, decrease in segment profit in the second quarter of 2025 compared to the second quarter of 2024. This decrease was due primarily to a decrease in gross profit margins to 23.5% in the second quarter of 2025 from 24.8% in the same period of 2024. Gross profit margins were negatively impacted by higher lot costs and pricing pressure due primarily to continued affordability challenges.
Segment New Orders and the average sales price of New Orders decreased 16% and 1%, respectively, in the second quarter of 2025 compared to the second quarter of 2024. New Orders were lower primarily due to a 21% decrease in the average number of active communities, offset partially by a 7% higher sales absorption rate.
Six Months Ended June 30, 2025 and 2024
The Mid Atlantic segment had an approximate $20,900, or 5%, decrease in segment profit in the first six months of 2025 compared to the first six months of 2024. This decrease was due primarily to a decrease in gross profit margins to 23.8% in the first six months of 2025 from 25.2% in the first six months of 2024, offset partially by a 3% increase in segment revenues. Gross profit margins were negatively impacted by higher lot costs and pricing pressure due primarily to continued affordability challenges. Segment revenues increased due to a 3% higher average settlement price in 2025 compared to 2024 attributable primarily to a 4% higher average sales price of units in backlog entering 2025 compared to backlog entering 2024.
Segment New Orders and the average sales price of New Orders decreased 17% and 1%, respectively, in the first six months of 2025 compared to the first six months of 2024. New Orders were lower primarily due to a 23% decrease in the average number of active communities, offset partially by a 7% higher sales absorption rate year over year.
North East
Three Months Ended June 30, 2025 and 2024
The North East segment had an approximate $3,600, or 7%, increase in segment profit in the second quarter of 2025 compared to the second quarter of 2024, due primarily to an increase in segment revenues of approximately $21,600, or 8%. Segment revenues increased due to an 11% increase in the average settlement price quarter over quarter, offset partially by a 3% decrease in the number of units settled. The increase in the average settlement price is attributable primarily to an 11% higher average price of units in backlog entering the second quarter of 2025 compared to backlog entering the second quarter of 2024. The decrease in settlements is attributable to a 12% lower backlog unit balance entering the second quarter of 2025 compared to the backlog unit balance entering the second quarter of 2024, offset partially by a higher backlog turnover rate quarter over quarter. The segment's gross profit margin percentage remained relatively flat quarter over quarter.
Segment New Orders decreased 11% while the average sales price of New Orders increased 5%, in the second quarter of 2025 compared to the second quarter of 2024. New Orders were lower primarily due to a 16% decrease in the average number of active communities, offset partially by a 6% higher sales absorption rate. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.
Six Months Ended June 30, 2025 and 2024
The North East segment had an approximate $11,800, or 12%, increase in segment profit in the first six months of 2025 compared to the first six months of 2024, due primarily to an increase in segment revenue of approximately $54,800, or 10%. Segment revenues were favorably impacted by an 11% increase in the average settlement price year over year. The increase in the average settlement price was primarily attributable to a 9% higher average sales price of units in backlog entering 2025 compared to backlog entering 2024. The segment's gross profit margin percentage remained relatively flat year over year.
Segment New Orders decreased 20% while the average sales price of New Orders increased 9%, in the first six months of 2025 compared to the first six months of 2024. New Orders were lower primarily due to a 24%
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decrease in the average number of communities, offset partially by a 4% higher sales absorption rate year over year. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.
Mid East
Three Months Ended June 30, 2025 and 2024
The Mid East segment had an approximate $1,900, or 3%, decrease in segment profit in the second quarter of 2025 compared to the second quarter of 2024, due primarily to a decrease in gross profit margins, which offset an increase in segment revenues of approximately $16,000, or 4%. The segment's gross profit margin percentage decreased to 21.0% in the second quarter of 2025 from 21.8% in the second quarter of 2024. Gross profit margin was negatively impacted by higher lot and certain operating costs, as well as, by pricing pressure due primarily to continued affordability challenges. The segment's revenues were higher primarily due to a 3% higher average settlement price quarter over quarter as settlements shifted to higher priced markets.
Segment New Orders decreased 15% while the average sales price of New Orders increased 5% in the second quarter of 2025 compared to the second quarter of 2024. New Orders were negatively impacted by a 7% decrease in the number of active communities and a 9% lower sales absorption rate. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment.
Six Months Ended June 30, 2025 and 2024
The Mid East segment had an approximate $14,700, or 11%, decrease in segment profit in the first six months of 2025 compared to the first six months of 2024, due primarily to a decrease in gross profit margins to 20.7% in the first six months of 2025 from 22.2% in the first six months of 2024. Gross profit margin was negatively impacted by higher lot and certain operating costs, as well as, by pricing pressure due primarily to continued affordability challenges.
Segment New Orders decreased 14% while the average sales price of New Orders increased 4% in the first six months of 2025 compared to the first six months of 2024. New Orders were negatively impacted by a 6% decrease in the number of active communities and an 8% lower sales absorption rate year over year. The average sales price of New Orders was favorably impacted by a shift to higher priced communities in certain markets within the segment year over year.
South East
Three Months Ended June 30, 2025 and 2024
The South East segment had an approximate $42,900, or 45%, decrease in segment profit in the second quarter of 2025 compared to the second quarter of 2024. The decrease in segment profit was primarily due to a decrease in the segment's gross profit margin percentage, a decrease in segment revenues and an increase in SG&A expenses. The segment's gross profit margin percentage decreased to 18.7% in the second quarter of 2025 from 22.2% in the second quarter of 2024. Gross profit margins were negatively impacted by higher lot costs, an increase in certain operating costs, and by pricing pressure attributable to continued affordability challenges. Additionally, gross profit margins in the second quarter of 2025 were impacted by $2,400 in higher lot deposit impairment charges when compared to the second quarter of 2024. Segment revenues decreased by approximately $32,400, or 5%, quarter over quarter due primarily to a 4% decrease in the number of units settled. The decrease in settlements is attributable to a 9% lower backlog unit balance entering the second quarter of 2025 compared to the backlog unit balance entering the second quarter of 2024, offset partially by a higher backlog turnover rate quarter over quarter, SG&A expenses were 19% higher quarter over quarter, resulting primarily from higher personnel and marketing costs attributable to a 25% increase in the average number of active communities quarter over quarter.
Segment New Orders and the average sales price of New Orders decreased 4% and 1%, respectively, in the second quarter of 2025 compared to the second quarter of 2024. New Orders were negatively impacted by a 23% lower absorption rate, offset partially by the aforementioned increase in the average number of active communities within the segment quarter over quarter. Both the absorption rate and the average sales price of New Orders have been negatively impacted by rising resale and new home inventory in several of the markets within the segment.
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Six Months Ended June 30, 2025 and 2024
The South East segment had an approximate $88,600, or 48%, decrease in segment profit in the first six months of 2025 compared to the first six months of 2024. The decrease in segment profit was primarily due to a decrease in the segment's gross profit margin percentage, a decrease in segment revenues and an increase in SG&A expenses. The segment's gross profit margin percentage decreased to 19.2% in the first six months of 2024 from 23.3% in the first six months of 2024. Gross profit margins were negatively impacted by higher lot costs, an increase in certain operating costs, and by pricing pressure attributable to continued affordability challenges. Segment revenues decreased by approximately $61,500, or 5%, due to a 3% decrease in the number of units settled, coupled with a 2% decrease in the average settlement price. The decrease in settlements is attributable to an 11% lower backlog unit balance entering 2025 compared to the backlog entering 2024, offset partially by a higher backlog turnover rate year over year. The decrease in the average settlement price is primarily attributable to a 1% lower average sales price of homes in backlog entering 2025 compared to backlog entering 2024. SG&A expenses were 20% higher year over year, resulting primarily from higher personnel and marketing costs attributable to a 23% increase in the average number of active communities quarter over quarter.
Segment New Orders and the average sales price of New Orders decreased 1% and 3%, respectively, in the first six months of 2025 compared to the first six months of 2024. New Orders were negatively impacted by a 20% lower absorption rate, offset partially by the aforementioned increase in the average number of active communities within the segment year over year. Both the absorption rate and the average sales price of New Orders have been negatively impacted by rising resale and new home inventory in several of the markets within the segment.
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Homebuilding Segment Reconciliations to Consolidated Homebuilding Operations
In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between homebuilding segment profit and homebuilding consolidated income before tax include unallocated corporate overhead (which includes all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest 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 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 Senior Notes, and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above.

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Homebuilding consolidated gross profit: |  |  |  |  |  |  |  |
Mid Atlantic |  | $ | 264,866 |  |  | $ | 280,337 |  |  | $ | 525,975 |  |  | $ | 541,966 |
North East |  | 80,876 |  |  | 76,240 |  |  | 157,153 |  |  | 143,578 |
Mid East |  | 94,305 |  |  | 94,479 |  |  | 178,625 |  |  | 188,889 |
South East |  | 123,462 |  |  | 153,870 |  |  | 235,163 |  |  | 299,706 |
Consolidation adjustments and other |  | (15,225) |  |  | (4,651) |  |  | (33,562) |  |  | (13,900) |
Homebuilding consolidated gross profit |  | $ | 548,284 |  |  | $ | 600,275 |  |  | $ | 1,063,354 |  |  | $ | 1,160,239 |

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Homebuilding consolidated income before taxes: |  |  |  |  |  |  |  |
Mid Atlantic |  | $ | 191,390 |  |  | $ | 209,166 |  |  | $ | 378,223 |  |  | $ | 399,130 |
North East |  | 57,964 |  |  | 54,372 |  |  | 113,075 |  |  | 101,229 |
Mid East |  | 61,729 |  |  | 63,588 |  |  | 115,338 |  |  | 129,989 |
South East |  | 51,518 |  |  | 94,442 |  |  | 97,248 |  |  | 185,847 |
Reconciling items: |  |  |  |  |  |  |  |
Contract land deposit reserve adjustment (1) |  | (13,153) |  |  | 1,325 |  |  | (21,270) |  |  | 8,791 |
Equity-based compensation expense |  | (16,604) |  |  | (16,899) |  |  | (33,944) |  |  | (33,398) |
Corporate capital allocation (2) |  | 91,898 |  |  | 82,494 |  |  | 179,525 |  |  | 159,555 |
Unallocated corporate overhead |  | (34,364) |  |  | (33,816) |  |  | (90,333) |  |  | (85,520) |
Consolidation adjustments and other |  | 13,538 |  |  | 6,363 |  |  | 17,470 |  |  | 4,092 |
Corporate interest income |  | 20,276 |  |  | 34,171 |  |  | 45,475 |  |  | 73,764 |
Corporate interest expense |  | (6,675) |  |  | (6,670) |  |  | (13,806) |  |  | (13,265) |
Reconciling items sub-total |  | 54,916 |  |  | 66,968 |  |  | 83,117 |  |  | 114,019 |
Homebuilding consolidated income before taxes |  | $ | 417,517 |  |  | $ | 488,536 |  |  | $ | 787,001 |  |  | $ | 930,214 |

(1)This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. See further discussion of lot deposit impairment charges in Note 2 in the accompanying condensed consolidated financial statements.
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(2)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, and is as follows for the periods presented:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Corporate capital allocation charge: |  |  |  |  |  |  |  |
Mid Atlantic |  | $ | 37,003 |  |  | 34,978 |  |  | $ | 74,146 |  |  | 68,897 |
North East |  | 11,290 |  |  | 10,298 |  |  | 21,892 |  |  | 19,878 |
Mid East |  | 12,033 |  |  | 11,055 |  |  | 23,240 |  |  | 20,920 |
South East |  | 31,572 |  |  | 26,163 |  |  | 60,247 |  |  | 49,860 |
Total |  | $ | 91,898 |  |  | $ | 82,494 |  |  | $ | 179,525 |  |  | $ | 159,555 |

Mortgage Banking Segment
Three and Six Months Ended June 30, 2025 and 2024
We conduct our mortgage banking activity through NVR Mortgage Finance, Inc. (“NVRM”), a wholly owned subsidiary. NVRM focuses exclusively on serving the homebuilding segment's customers. NVRM sells almost all of the mortgage loans it closes to investors in the secondary markets on a servicing-released basis, typically within 30 days from the loan closing. The following table summarizes the results of our mortgage banking operations and certain statistical data for the three and six months ended June 30, 2025 and 2024:

|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Loan closing volume: |  |  |  |  |  |  |  |
Total principal |  | $ | 1,555,280 |  |  | $ | 1,530,081 |  |  | $ | 2,988,201 |  |  | $ | 2,908,090 |
Loan volume mix: |  |  |  |  |  |  |  |
Adjustable rate mortgages |  | 5 | % |  | 2 | % |  | 4 | % |  | 2 | %
Fixed-rate mortgages |  | 95 | % |  | 98 | % |  | 96 | % |  | 98 | %
Operating profit: |  |  |  |  |  |  |  |
Segment profit |  | $ | 30,825 |  |  | $ | 46,234 |  |  | $ | 64,531 |  |  | $ | 75,890 |
Equity-based compensation expense |  | (1,209) |  |  | (1,202) |  |  | (2,395) |  |  | (1,844) |
Mortgage banking income before tax |  | $ | 29,616 |  |  | $ | 45,032 |  |  | $ | 62,136 |  |  | $ | 74,046 |
Capture rate: |  | 87 | % |  | 86 | % |  | 87 | % |  | 86 | %
Mortgage banking fees: |  |  |  |  |  |  |  |
Net gain on sale of loans |  | $ | 39,868 |  |  | $ | 53,695 |  |  | $ | 82,519 |  |  | $ | 91,150 |
Title services |  | 10,506 |  |  | 10,772 |  |  | 20,349 |  |  | 20,559 |
Servicing fees |  | 173 |  |  | 99 |  |  | 266 |  |  | 143 |
|  | $ | 50,547 |  |  | $ | 64,566 |  |  | $ | 103,134 |  |  | $ | 111,852 |

Loan closing volume for the three and six months ended June 30, 2025 increased by approximately $25,200, or 2%, and $80,100, or 3%, respectively, from the same periods in 2024. The increase in loan closing volume during the three and six months ended June 30, 2025 was primarily attributable to higher average loan amounts in the respective periods.
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Segment profit for the three months ended June 30, 2025 decreased by approximately $15,400, or 33%, from the same period in 2024. This decrease was primarily attributable to a decrease of approximately $14,000, or 22%, in mortgage banking fees due to a decrease in gains on sales of loans.
Segment profit for the six months ended June 30, 2025 decreased by approximately $11,400, or 15%, from the same period in 2024. This decrease was primarily attributable to a decrease of approximately $8,700, or 8%, in mortgage banking fees due to a decrease in gains on sales of loans.
Seasonality
We historically have experienced variability in our quarterly results, generally having higher New Order activity in the first half of the year and higher home settlements, revenue and net income in the second half of the year. However, in recent years our typical seasonal trends have been affected by significant changes in market conditions. As a result, our quarterly results of operations are not necessarily indicative of the results that may be expected for the full year.
Effective Tax Rate
Our effective tax rate for the three and six month periods ended June 30, 2025 was 25.4%, in each respective period, compared to 24.9% and 20.8% for the three and six months ended June 30, 2024, respectively. The increase in the effective tax rate in the three and six month periods ended June 30, 2025 compared to the same periods in 2024 was primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled approximately $3,500 and $6,200 for the three and six months ended June 30, 2025, respectively, and approximately $6,800 and $50,600 for the three and six months ended June 30, 2024, respectively.
We expect continued tax rate volatility in future periods attributable to the recognition of excess tax benefits from equity-based awards activity and distributions from the deferred compensation plans. Given the limited number of participants in our deferred compensation plan, the retirement of a participant could result in a significant distribution of the rabbi trust shares and corresponding tax deduction for the Company.
Liquidity and Capital Resources
We fund our operations primarily from our current cash holdings and cash flows generated by operating activities. In addition, we have available a short-term unsecured working capital revolving credit facility and revolving mortgage repurchase facility, as further described below. As of June 30, 2025, we had approximately $1,800,000 in cash and cash equivalents, approximately $289,700 in unused committed capacity under our revolving credit facility and $150,000 in unused committed capacity under our revolving mortgage repurchase facility.
Material Cash Requirements
We believe that our current cash holdings, cash generated from operations, and cash available under our short-term unsecured credit agreement and revolving mortgage repurchase facility, as well as the public debt and equity markets, will be sufficient to satisfy both our short term and long term cash requirements for working capital to support our daily operations and meet commitments under our contractual obligations with third parties. Our material contractual obligations primarily consist of the following:
(i) Payments due to service our debt and interest on that debt. Our Senior Notes have an outstanding aggregate principal balance of $900,000 and mature in May 2030. Future interest payments on our outstanding Senior Notes total $131,550, with $27,000 due within the next twelve months.
(ii) Payment obligations totaling approximately $598,900 under existing LPAs for deposits to be paid to land developers, assuming that contractual development milestones are met by the developers and we exercise our option to acquire finished lots under those LPAs. We expect to make the majority of these payments within the next three years.
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(iii) Obligations under operating and finance leases related primarily to office space and our production facilities. See Note 13 of this Quarterly Report on Form 10-Q for additional discussion of our leases.
In addition to funding growth in our homebuilding and mortgage banking operations, we historically have used a substantial portion of our excess liquidity to repurchase outstanding shares of our common stock in open market and privately negotiated transactions. This ongoing repurchase program assists us in accomplishing our primary objective, creating increases in shareholder value. See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, of this Quarterly Report on Form 10-Q for further discussion of repurchase activity during the second quarter of 2025. For the six months ended June 30, 2025, we repurchased 142,954 shares of our common stock at an aggregate purchase price of $1,054,807. As of June 30, 2025, we had approximately $563,400 available under Board approved repurchase authorizations.
Capital Resources
Senior Notes
As of June 30, 2025, we had Senior Notes with an aggregate principal balance of $900,000, which mature in May 2030. The Senior Notes are senior unsecured obligations and rank equally in right of payment with any of our existing and future unsecured senior indebtedness, will rank senior in right of payment to any of our future indebtedness that is by its terms expressly subordinated to the Senior Notes and will be effectively subordinated to any of our existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. 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, 2025.
Credit Agreement
We have an unsecured revolving credit agreement (the "Credit Agreement") with a group of lenders which may be used for working capital and general corporate purposes. The Credit Agreement provides for aggregate revolving loan commitments of $300,000 (the "Facility"). Under the Credit Agreement, we may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. In addition, the Credit Agreement provides for a $100,000 sublimit for the issuance of letters of credit of which there was approximately $10,300 outstanding as of June 30, 2025. The Credit Agreement termination date is March 11, 2030. There were no borrowings outstanding under the Credit Agreement as of June 30, 2025.
Repurchase Agreement
NVRM has an unsecured revolving mortgage repurchase facility (the "Repurchase Agreement") which provides for aggregate borrowings up to $150,000 and is non-recourse to NVR. In July 2025, NVRM entered into the Fourth Amendment to Second Amended and Restated Master Repurchase Agreement, which extended the term of the Repurchase Agreement through July 10, 2026. All other terms and conditions under the amended Repurchase Agreement remained materially consistent. As of June 30, 2025, there were no borrowing base limitations reducing the amount available under the Repurchase Agreement. There were no borrowings outstanding under the Repurchase Agreement as of June 30, 2025.
For additional information regarding the Senior Notes, Credit Agreement and Repurchase Agreement, see Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Cash Flows
For the six months ended June 30, 2025, cash, restricted cash, and cash equivalents decreased by $834,742. Net cash provided by operating activities was $242,886 for the six months ended June 30, 2024, due primarily to cash provided by earnings. Cash was primarily used to fund the increase in inventory of $111,333, attributable to an increase in units under construction as of June 30, 2025 compared to December 31, 2024 and to fund the $132,440 increase in contract land deposits.
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Net cash used in investing activities for the six months ended June 30, 2025 was $50,264. Cash was used primarily for investments in unconsolidated joint ventures totaling $35,350 and purchases of property, plant and equipment of $15,362.
Net cash used in financing activities was $1,027,364 for the six months ended June 30, 2025. Cash was used to repurchase 142,954 shares of our common stock at an aggregate purchase price of $1,054,807 under our ongoing common stock repurchase program, discussed above. Cash was provided from stock option exercise proceeds totaling $29,662.
Critical Accounting Estimates
There have been no material changes to our critical accounting estimates as previously disclosed in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 3. Quantitative and Qualitative Disclosure about Market Risk
There have been no material changes in our market risks during the six months ended June 30, 2025. For additional information regarding our market risks, see Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 4. Controls and Procedures
As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Exchange Act Rule 13a-15. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective. There have been no changes in our internal control over financial reporting in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are involved in various litigation matters 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.
Item 1A. Risk Factors
There have been no material changes to the risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the quarter ended June 30, 2025, we fully utilized the remaining amount available under our $750 million share repurchase authorization that was publicly announced on December 11, 2024. On May 6, 2025, we publicly announced that our Board of Directors had approved new repurchase authorizations in the amount of up to $750 million. The 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. 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. We repurchased the following shares of our common stock during the quarter ended June 30, 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)
April 1 - 30, 2025 |  | 22,084 |  |  | $ | 7,129.12 |  |  | 22,084 |  |  | $ | 127,359 |
May 1 - 31, 2025 (1) |  | 22,242 |  |  | $ | 7,179.79 |  |  | 22,242 |  |  | $ | 717,666 |
June 1 - 30, 2025 |  | 21,508 |  |  | $ | 7,173.20 |  |  | 21,508 |  |  | $ | 563,385 |
Total |  | 65,834 |  |  | $ | 7,160.64 |  |  | 65,834 |  |  |

(1) Of the shares repurchased in May 2025, 17,684 shares were repurchased under the December 11, 2024 share repurchase authorization, which fully utilized the December 2024 authorization. The remaining 4,558 shares were repurchased under the May 6, 2025 share repurchase authorization.
Item 5. Other Information
During the quarter ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits

Exhibit Number |  | Exhibit Description |  |  |  |  |  |  |  |  |  |
10.1 |  | Fourth Amendment to Second Amended and Restated Master Repurchase Agreement dated Ju l y 1 0, 2025 between NVR Mortgage Finance, Inc. and U.S. Bank National Association. Filed herewith. |  |  |  |  |  |  |  |  |  |
31.1 |  | Certification of NVR’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. |  |  |  |  |  |  |  |  |  |
31.2 |  | Certification of NVR’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. |  |  |  |  |  |  |  |  |  |
32 |  | Certification of NVR’s Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |  |  |  |  |  |  |  |  |  |
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |  |  |  |  |  |  |
101.SCH |  | XBRL Taxonomy Extension Schema Document |  |  |  |  |  |  |  |  |  |
101.CAL |  | XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  |  |  |  |  |  |
101.DEF |  | XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  |  |  |  |  |  |
101.LAB |  | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  |  |  |  |  |  |
101.PRE |  | XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |  |  |  |  |  |
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |  |  |  |  |  |

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|  | NVR, Inc.
Date: August 6, 2025 | By: | /s/ Daniel D. Malzahn
|  | Daniel D. Malzahn
|  | Senior Vice President, Chief Financial Officer and Treasurer

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