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NVR cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$205M in Q3 2026 · $818M over twelve months

Operating cash flow$224M
Capital spending−$18.9M
Free cash flow+$205M
Cash / net income0.9×

Analysis

In Q3 2026, NVR generated $224M of operating cash flow and spent $18.9M on capital projects, leaving free cash flow of $205M. That is $228M less than in Q3 2025 ($433M).

Over the twelve months to Sep 30, 2026, operating cash flow was $852M; the largest uses were buybacks ($1.7B), capital spending ($33.6M), net borrowing (+) / repaid (−) ($6.3M); besides operations, cash came from shares issued ($79.4M), asset & business sales ($624K); the cash balance fell by $854M.

Operating cash flow was $224M against net income of $249M — 0.9× profit, roughly in line with earnings. The largest differences: inventory −$137M, stock-based pay +$22.8M, payables +$22.5M.

Free cash flow

NVR: free cash flow by quarterNVR: free cash flow by quarter$631MQ4 2024$201MQ1 2025$26.8MQ2 2025$433MQ3 2025$436MQ4 2025$335MQ1 2026−$158MQ2 2026$205MQ3 2026
Operating cash flow less capital spending.
NVR: operating cash flow against capital spendingNVR: operating cash flow against capital spendingOperating cash flowCapital spending$637M$5.6MQ4 2024$208M$7.1MQ1 2025$35.1M$8.3MQ2 2025$439M$5.4MQ3 2025$440M$3.7MQ4 2025$340M$4.9MQ1 2026−$152M$6.2MQ2 2026$224M$18.9MQ3 2026
Latest (Q3 2026): Operating cash flow $224M, Capital spending $18.9M.

Capital allocation, year by year

NVR: where the cash came from (up) and went (down), by fiscal yearNVR: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY2021: Operating cash flow $1.2BFY2021: Net borrowing −$1.4MFY2021: Shares issued $142MFY2021: Asset sales $978KFY2021: Capital spending −$17.9MFY2021: Buybacks −$1.5B$1.4BFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing −$601MFY2022: Shares issued $197MFY2022: Asset sales $732KFY2022: Capital spending −$18.4MFY2022: Buybacks −$1.5B$2.1BFY2022FY2023: Operating cash flow $1.5BFY2023: Net borrowing −$1.7MFY2023: Shares issued $251MFY2023: Asset sales $2.4MFY2023: Capital spending −$24.9MFY2023: Buybacks −$1.1B$1.8BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$2.6MFY2024: Shares issued $162MFY2024: Asset sales $3.0MFY2024: Capital spending −$29.2MFY2024: Buybacks −$2.1B$1.5BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing −$4.7MFY2025: Shares issued $80.1MFY2025: Asset sales $914KFY2025: Capital spending −$24.5MFY2025: Buybacks −$1.8B$1.2BFY2025
Over these 5 years operating cash flow totalled $7.1B; the largest uses were buybacks ($8.0B) and net borrowing ($612M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debtnone
Net cash$1.2B

NVR funds itself: free cash flow was $818M over the last twelve months, with $1.2B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

NVR: sources (+) and uses (−) of cash, Q3 2026NVR: sources (+) and uses (−) of cash, Q3 2026Buybacks−$237MOperating cash flow$224MCash drawn (+) / kept (−)$27.7MCapital spending−$18.9MShares issued$11.8MOther investing−$5.4MNet borrowing (+) / repaid (−)−$2.1MAsset & business sales$134KOther financing$2K
NVR: sources (+) and uses (−) of cash, TTM to Q3 2026NVR: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$1.7BCash drawn (+) / kept (−)$854MOperating cash flow$852MShares issued$79.4MCapital spending−$33.6MNet borrowing (+) / repaid (−)−$6.3MOther investing−$1.1MAsset & business sales$624K

From profit to cash

NVR: net income to operating cash flow, Q3 2026NVR: net income to operating cash flow, Q3 2026Net income$249MDepreciation & amortization$6.7MStock-based pay$22.8MReceivables−$21.6MInventory−$137MPayables$22.5MDeferred revenue−$9.3MOperating cash flow$224M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$224M−$18.9M−$237M−$2.1M$11.8M$27.7M$205M
Q2 2026−$152M−$6.2M−$374M−$1.4M$2.7M$532M−$158M
Q1 2026$340M−$4.9M−$632M−$1.5M$54.1M$227M$335M
Q4 2025$440M−$3.7M−$502M−$1.3M$10.8M$66.7M$436M
Q3 2025$439M−$5.4M−$276M−$1.2M$39.7M−$194M$433M
Q2 2025$35.1M−$8.3M−$471M−$1.2M$14.7M$458M$26.8M
Q1 2025$208M−$7.1M−$583M−$1.1M$14.9M$377M$201M
Q4 2024$637M−$5.6M−$564M−$826K$30.8M−$96.0M$631M

NVR: income statement and cash flow

NVR, Q3 2026: revenue $2.4B (-8% year over year), operating margin 13.9%. The chart follows the revenue to costs, profit and cash.

NVR: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.