Filing Flows › NVR (NVR) › Q1 2026
NVR (NVR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
NVR (NVR) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), -22% from a year earlier and -31% from the quarter before. Operating margin was 13.4%, net earnings $198M (10.5% of revenue).
NVR, Q1 2026: revenue $1.9B (-22% year over year), operating margin 13.4%, net earnings $198M, operating cash flow $340M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | -31% | -22% |
| Operating profit | $252M | -46% | -37% |
| Net earnings | $198M | -45% | -34% |
| Operating cash flow | $340M | -23% | +63% |
| Free cash flow | $335M | -23% | +67% |
What changed
Revenue was $1.9B in Q1 2026, down 22% year over year and down 31% from the previous quarter. Home Building Segment was the largest line at 98% of revenue. Home Building Segment lost $0.52B year over year (down 22%), 99% of the total change.
Operating profit was $0.25B, a 13.4% margin (down 3.3 points year over year). Total costs fell 19% while revenue fell 22%. Net earnings were $0.20B, down 34% year over year. The effective tax rate was 21.2%.
Operating cash flow was $0.34B (up 63% year over year), 171% of net earnings. Non-cash charges added back $0.01B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.12B. Capital expenditures of $4.9M left free cash flow of $0.33B.
Questions
What was NVR's revenue in the first quarter 2026?
NVR (NVR) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), -22% from a year earlier and -31% from the quarter before.
Was NVR profitable in the first quarter 2026?
Operating profit was $252M (13.4% of revenue) and net earnings $198M.
Source: NVR 10-Q on SEC EDGAR.