NVR(US:NVR) Prnewswire·2025-10-22 13:00Core Insights - NVR, Inc. reported a net income of $342.7 million for Q3 2025, a decrease of 20% from $429.3 million in Q3 2024, with diluted earnings per share down 14% to $112.33 from $130.50 [1] - Consolidated revenues for Q3 2025 were $2.61 billion, down from $2.73 billion in Q3 2024, while revenues for the nine months ended September 30, 2025, totaled $7.61 billion, a 1% decrease from $7.68 billion in the same period of 2024 [1][3] Homebuilding Segment - New orders in Q3 2025 decreased by 16% to 4,735 units compared to 5,650 units in Q3 2024, while the average sales price of new orders increased by 3% to $464,800 [2] - The cancellation rate rose to 19% in Q3 2025 from 15% in Q3 2024, and settlements decreased by 5% to 5,639 units [2] - Homebuilding revenues for Q3 2025 were $2.56 billion, a 4% decrease from $2.68 billion in Q3 2024, with gross profit margin declining to 21.0% from 23.4% [3] Mortgage Banking Segment - Mortgage closed loan production in Q3 2025 totaled $1.54 billion, a decrease of 7% from $1.66 billion in Q3 2024, with income before tax from the mortgage banking segment down 6% to $32.7 million [4] - The effective tax rate for the three and nine months ended September 30, 2025, was 22.8% and 24.5%, respectively, compared to 20.3% and 20.6% for the same periods in 2024 [4] Financial Performance - For the nine months ended September 30, 2025, net income was $976.0 million, a decrease of 20% from $1.22 billion in the same period of 2024, with diluted earnings per share down 14% to $315.33 [1][4] - The backlog of homes sold but not settled as of September 30, 2025, decreased by 19% to 9,165 units, with a dollar value decrease of 17% to $4.39 billion compared to the same date in 2024 [2]