Filing Flows › NVR (NVR) › Q3 2025
NVR (NVR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
NVR (NVR) reported revenue of $2.6B for the third quarter 2025 (Q3 2025), -5% from a year earlier and +0.4% from the quarter before. Operating margin was 17.0%, net earnings $343M (13.1% of revenue).
NVR, Q3 2025: revenue $2.6B (-4% year over year), operating margin 17.0%, net earnings $343M, operating cash flow $439M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +0.4% | -5% |
| Operating profit | $444M | -0.7% | -18% |
| Net earnings | $343M | +3% | -20% |
| Operating cash flow | $439M | 12× | +22% |
| Free cash flow | $433M | 16× | +24% |
What changed
Revenue was $2.6B in Q3 2025, down 5% year over year and roughly flat from the previous quarter. Home Building Segment was the largest line at 98% of revenue. Home Building Segment lost $0.12B year over year (down 4%), 95% of the total change.
Operating profit was $0.44B, a 17.0% margin (down 2.7 points year over year). Total costs fell 1% while revenue fell 5%. Net earnings were $0.34B, down 20% year over year. The effective tax rate was 22.8%.
Operating cash flow was $0.44B (up 22% year over year), 128% 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 added $0.07B. Capital expenditures of $0.01B left free cash flow of $0.43B.
Questions
What was NVR's revenue in the third quarter 2025?
NVR (NVR) reported revenue of $2.6B for the third quarter 2025 (Q3 2025), -5% from a year earlier and +0.4% from the quarter before.
Was NVR profitable in the third quarter 2025?
Operating profit was $444M (17.0% of revenue) and net earnings $343M.
Source: NVR 10-Q on SEC EDGAR.