Filing Flows › NVR (NVR) › Q3 2026 › vs Q3 2025
NVR (NVR) Q3 2026 vs Q3 2025 (year over year)
NVR's revenue fell $207M (-8%) from $2.6B in Q3 2025 to $2.4B in Q3 2026. The biggest changes: Home Building Segment −$211M (-8%); Mortgage Banking +$4.0M (+8%). Operating margin 13.9% against 17.0% (-3.1 pts).
NVR, Q3 2026: revenue $2.4B (-8% year over year), operating margin 13.9%, net earnings $249M, operating cash flow $224M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.9% | 17.0% | -3.1 pts |
| Net margin | 10.3% | 13.1% | -2.8 pts |
| Free cash flow margin | 8.5% | 16.6% | -8.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Home Building Segment | $2.3B | $2.6B | −$211M | -8% |
| Mortgage Banking | $53.1M | $49.2M | $4.0M | +8% |
| Revenue | $2.4B | $2.6B | −$207M | -8% |
| Operating profit | $335M | $444M | −$109M | -25% |
| Costs & expenses | $2.1B | $2.2B | −$97.7M | -5% |
| Pre-tax earnings | $335M | $444M | −$109M | -25% |
| Net earnings | $249M | $343M | −$94.1M | -27% |
| Income tax | $86.1M | $101M | −$15.3M | -15% |
| Depreciation & amortization | $6.7M | $6.1M | $560K | +9% |
| Share-based compensation | $22.8M | $17.4M | $5.5M | +31% |
| Working capital & other | $54.1M | −$72.6M | $127M | — |
| Operating cash flow | $224M | $439M | −$215M | -49% |
| Free cash flow (OCF − capex) | $205M | $433M | −$228M | -53% |
| Capital expenditures | $18.9M | $5.4M | $13.4M | +246% |
Questions
How much did NVR's revenue grow year over year in Q3 2026?
NVR's revenue fell $207M (-8%) from $2.6B in Q3 2025 to $2.4B in Q3 2026.
What drove NVR's revenue change in Q3 2026?
Home Building Segment −$211M (-8%); Mortgage Banking +$4.0M (+8%).