Filing Flows › NVR (NVR) › Q4 2025
NVR (NVR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
NVR (NVR) reported revenue of $2.7B for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +4% from the quarter before. Operating margin was 17.3%, net earnings $364M (13.4% of revenue).
NVR, Q4 2025: revenue $2.7B (-5% year over year), operating margin 17.3%, net earnings $364M, operating cash flow $440M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.7B | +4% | -5% |
| Operating profit | $469M | +6% | -18% |
| Net earnings | $364M | +6% | -20% |
| Operating cash flow | $440M | +0.2% | -31% |
| Free cash flow | $436M | +0.6% | -31% |
What changed
Revenue was $2.7B in Q4 2025, down 5% year over year and up 4% from the previous quarter. Home Building was the largest line at 97% of revenue.
Operating profit was $0.47B, a 17.3% margin (down 2.8 points year over year). Total costs fell 1% while revenue fell 5%. Net earnings were $0.36B, down 20% year over year. The effective tax rate was 22.4%.
Operating cash flow was $0.44B (down 31% year over year), 121% 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 $0.05B. Capital expenditures of $3.7M left free cash flow of $0.44B.
Questions
What was NVR's revenue in the fourth quarter 2025?
NVR (NVR) reported revenue of $2.7B for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +4% from the quarter before.
Was NVR profitable in the fourth quarter 2025?
Operating profit was $469M (17.3% of revenue) and net earnings $364M.
Source: NVR 10-K on SEC EDGAR.