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NVR Q2 2026: Net income drops 29% as gross margin narrows to 19.2% on lot costs and deposit impairments

7/23/2026

$236.5 million in net income for the second quarter ended June 30, 2026 represents a 29% YoY decline for NVR, Inc.

(NYSE: NVR), the Reston, Virginia-based homebuilder behind the Ryan Homes, NVHomes, and Heartland Homes brands. Diluted EPS of $83.96 compares to $108.54 a year ago, a 23% drop.

The compression traces to the homebuilding segment, where gross margin fell 230 basis points to 19.2% from 21.5% on higher lot costs, affordability-driven price concessions, and $21.7 million in contract land deposit impairments.

Income anatomy Homebuilding pretax income of $293.2 million plus mortgage banking pretax of $25.4 million equals consolidated pretax income of $318.6 million.