Filing Flows › NVR (NVR) › Q2 2025
NVR (NVR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
NVR (NVR) reported revenue of $2.6B for the second quarter 2025 (Q2 2025), -0.5% from a year earlier and +8% from the quarter before. Operating margin was 17.2%, net earnings $334M (12.8% of revenue).
NVR, Q2 2025: revenue $2.6B (-0.5% year over year), operating margin 17.2%, net earnings $334M, operating cash flow $35.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +8% | -0.5% |
| Operating profit | $447M | +11% | -16% |
| Net earnings | $334M | +11% | -17% |
| Operating cash flow | $35.1M | -83% | -85% |
| Free cash flow | $26.8M | -87% | -88% |
What changed
Revenue was $2.6B in Q2 2025, down 1% year over year and up 8% from the previous quarter. Home Building Segment was the largest line at 98% of revenue. Mortgage Banking lost $0.01B year over year (down 22%), 103% of the total change.
Operating profit was $0.45B, a 17.2% margin (down 3.2 points year over year). Total costs grew 4% against a revenue fall of 1%. Net earnings were $0.33B, down 17% year over year. The effective tax rate was 25.4%.
Operating cash flow was $0.04B (down 85% year over year), 11% 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 $0.32B. Capital expenditures of $0.01B left free cash flow of $0.03B.
Questions
What was NVR's revenue in the second quarter 2025?
NVR (NVR) reported revenue of $2.6B for the second quarter 2025 (Q2 2025), -0.5% from a year earlier and +8% from the quarter before.
Was NVR profitable in the second quarter 2025?
Operating profit was $447M (17.2% of revenue) and net earnings $334M.
Source: NVR 10-Q on SEC EDGAR.