NVR reports 29% drop in second-quarter net income

NVR reported second-quarter 2026 net income of $236.5 million, or $83.96 per diluted share, down from $333.7 million, or $108.54 per share, in the prior-year quarter; revenue fell to $2.33 billion from $2.60 billion. New orders rose 9% to 5,885 homes and backlog increased 9% to 10,998 units, but settlements fell 8%, homebuilding gross margin declined to 19.2% from 21.5% due partly to pricing pressure, higher lot costs and $21.7 million of land deposit impairments, while mortgage loan closings decreased 13% to $1.35 billion.