Filing Flows › NVR (NVR) › Q1 2025
NVR (NVR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
NVR (NVR) reported revenue of $2.4B for the first quarter 2025 (Q1 2025), +3% from a year earlier and -16% from the quarter before. Operating margin was 16.7%, net earnings $300M (12.5% of revenue).
NVR, Q1 2025: revenue $2.4B (+3% year over year), operating margin 16.7%, net earnings $300M, operating cash flow $208M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | -16% | +3% |
| Operating profit | $402M | -30% | -15% |
| Net earnings | $300M | -35% | -24% |
| Operating cash flow | $208M | -67% | +42% |
| Free cash flow | $201M | -68% | +46% |
What changed
Revenue was $2.4B in Q1 2025, up 3% year over year and down 16% from the previous quarter. Home Building Segment was the largest line at 98% of revenue. Home Building Segment added $0.06B year over year (up 3%), 92% of the total change.
Operating profit was $0.40B, a 16.7% margin (down 3.4 points year over year). Operating profit fell $0.07B even though revenue rose $0.07B versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 3%. Net earnings were $0.30B, down 24% year over year. The effective tax rate was 25.5%.
Operating cash flow was $0.21B (up 42% year over year), 69% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.01B left free cash flow of $0.20B.
Questions
What was NVR's revenue in the first quarter 2025?
NVR (NVR) reported revenue of $2.4B for the first quarter 2025 (Q1 2025), +3% from a year earlier and -16% from the quarter before.
Was NVR profitable in the first quarter 2025?
Operating profit was $402M (16.7% of revenue) and net earnings $300M.
Source: NVR 10-Q on SEC EDGAR.