NVR, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $10.3B |
| Gross margin | — not reported |
| Operating income | — not reported |
| Net income | $1.3B |
| Diluted EPS | $436.55 |
| Cash & equivalents | — not reported |
| Total assets | $5.9B |
| Long-term debt | — not reported |
Key takeaway
Homebuilding revenue declined 2% and gross margin fell to 21.2% from 23.7% due to higher lot costs, pricing pressure and land deposit impairments.
🔒 4 more takeaways in the full analysis
Beneath the surface
Contract land deposit impairments totaled about $75.9 million in 2025 (vs. a $6.2 million benefit in 2024), masking underlying margin weakness and signaling deteriorating land deal economics.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for NVR.
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