NVR reports lower third-quarter profit as homebuilding margins contract

NVR reported third-quarter 2026 net income of $248.6 million, or $89.45 per diluted share, down from $342.7 million, or $112.33 per share, a year earlier, while revenue fell to $2.40 billion from $2.61 billion. New orders declined 7% to 4,391 homes, the cancellation rate rose to 21%, and homebuilding gross margin dropped to 18.3% amid pricing pressure, higher lot costs and $24.8 million of contract land deposit impairments; backlog increased 10% to 10,121 homes valued at $4.59 billion.