NVR
NVR · NYSEOperative Builders · Fiscal year ends Dec 31
NVR reported revenue of $10.3B in the fiscal year ended Dec 2025, down 1.9% from the year before. Net income was $1.3B. Operating cash flow of $1.1B less capital expenditure of $25M left free cash flow of $1.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $9B | $10.5B | $9.5B | $10.5B | $10.3B |
| Interest expense | $53M | $40M | $28M | $28M | – |
| Income tax | $354M | $528M | $337M | $434M | $422M |
| Net income | $1.2B | $1.7B | $1.6B | $1.7B | $1.3B |
| Diluted EPS | 320.48 | 491.82 | 463.31 | 506.69 | 436.55 |
| Diluted shares | 4M | 4M | 3M | 3M | 3M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.6B | $2.6B | $3.2B | $2.7B | $2B |
| Total assets | $5.8B | $5.7B | $6.6B | $6.4B | $5.9B |
| Total liabilities | $2.8B | $2.2B | $2.2B | $2.2B | $2B |
| Shareholders' equity | $3B | $3.5B | $4.4B | $4.2B | $3.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.9B | $1.5B | $1.4B | $1.1B |
| Capital expenditure | $18M | $18M | $25M | $29M | $25M |
| Free cash flow | $1.2B | $1.9B | $1.5B | $1.3B | $1.1B |
| Depreciation & amortisation | $19M | $17M | $17M | $18M | $25M |
| Stock-based compensation | $58M | $83M | $100M | $74M | $69M |
| Share buybacks | $1.5B | $1.5B | $1.1B | $2.1B | $1.8B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.6% | −9.6% | 10.6% | −1.9% |
| EPS growth (YoY) | – | 53.5% | −5.8% | 9.4% | −13.8% |
| Net margin | 13.8% | 16.4% | 16.7% | 16.0% | 13.0% |
| Return on equityBlank when equity is negative | 41.2% | 49.2% | 36.5% | 40.0% | 34.7% |
| Free cash flow margin | 13.7% | 17.6% | 15.5% | 12.8% | 10.6% |
| Cash conversion (CFO ÷ net income) | 1.00x | 1.08x | 0.94x | 0.82x | 0.84x |
Recent filings
More in Operative Builders
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.