NVR 3Q 2026: Revenue $2.4B, Net income $248.6M, EPS $89.45— 10-Q Summary

PulteGroup, NVR, and M/I Homes reported Q3 2026 net income declines of 17%, 27%, and 37% YoY, respectively. Builder confidence fell to 29, the lowest since 2012. Builders are using concessions and rate buydowns to boost sales, impacting margins. NAHB cites affordability challenges and high mortgage rates as key issues.

BTIG maintained a Buy rating and $7,125 price target on NVR Inc. (NYSE:NVR) despite its Q3 earnings miss of $89.45 per share, below estimates. Revenue declined 10% YoY, and orders fell 7% YoY. Analysts cite challenges in home sales and absorption. NVR's gross margin was 18.3%, below BTIG's estimate. The company's financial flexibility and undervaluation were noted. BofA and Morgan Stanley recently downgraded NVR, citing weak orders and lot supply concerns.

NVR's Q3 net income fell 27% YoY to $248.6M, with revenue declining to $2.40B. EPS dropped 20% to $89.45. Homebuilding margin narrowed to 18.3% due to higher costs and affordability pressures. New orders and settlements both fell 7%. Backlog increased 10% to 10,121 homes.

BofA Securities downgraded NVR to Underperform from Buy, citing weaker absorption and margin risk. The price target was reduced to $5,900 from $6,725. NVR's stock is trading lower.

BofA downgraded NVR Inc. (NYSE:NVR) to Underperform, lowering its price target to $5,900. The firm cited weak orders, revenue declines, and a weaker margin outlook. NVR's stock has fallen 20% over the past year. Morgan Stanley also initiated coverage with an underweight rating and a $5,058 price target, citing concerns about lot supply.

NVR, Inc. reported a 27% drop in Q3 net income to $248.6M, with revenue falling 8% to $2.40B. Homebuilding revenue declined 8% to $2.35B, and gross margin narrowed to 18.3% from 21.0%. The company cited higher land costs, affordability issues, and lower consumer confidence. New orders fell 7% to 4,391 units, and cancellations rose to 21%.