NVR (NVR) financial statements
NVR reported revenue of $10.3B in fiscal 2025, up 6.6% a year over 9 years.
Net income was $1.3B.
Free cash flow was $1.1B, and the company returned $1.8B in net buybacks.
The diluted share count fell 25% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NVR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8B | $6.3B | $7.2B | $7.4B | $7.5B | $9.0B | $10.5B | $9.5B | $10.5B | $10.3B |
| Interest expense | $22M | $24M | $25M | $25M | $41M | $53M | $40M | $28M | $28M | — |
| Pre-tax income | $662M | $847M | $960M | $1.0B | $1.1B | $1.6B | $2.3B | $1.9B | $2.1B | $1.8B |
| Income tax | $236M | $309M | $163M | $147M | $177M | $354M | $528M | $337M | $434M | $422M |
| Net income | $425M | $538M | $797M | $879M | $901M | $1.2B | $1.7B | $1.6B | $1.7B | $1.3B |
| EPS (diluted) | $103.61 | $126.77 | $194.80 | $221.13 | $230.11 | $320.48 | $491.82 | $463.31 | $506.69 | $436.55 |
| Diluted shares | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 3M | 3M | 3M |
| Net margin | 7.3% | 8.5% | 11.1% | 11.9% | 12.0% | 13.8% | 16.4% | 16.7% | 16.0% | 13.0% |
Balance sheet
Fiscal years, from NVR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $416M | $690M | $732M | $1.2B | $2.8B | $2.6B | $2.6B | $3.2B | $2.7B | $2.0B |
| Total assets | $2.6B | $3.0B | $3.2B | $3.8B | $5.8B | $5.8B | $5.7B | $6.6B | $6.4B | $5.9B |
| Total liabilities | $1.3B | $1.4B | $1.4B | $1.5B | $2.7B | $2.8B | $2.2B | $2.2B | $2.2B | $2.0B |
| Shareholders' equity | $1.3B | $1.6B | $1.8B | $2.3B | $3.1B | $3.0B | $3.5B | $4.4B | $4.2B | $3.9B |
| Net debt | -$416M | -$690M | -$732M | -$1.2B | -$2.8B | -$2.6B | -$2.6B | -$3.2B | -$2.7B | -$2.0B |
Cash flow
Fiscal years, from NVR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $393M | $570M | $723M | $867M | $925M | $1.2B | $1.9B | $1.5B | $1.4B | $1.1B |
| Capital spending | $22M | $20M | $20M | $23M | $16M | $18M | $18M | $25M | $29M | $25M |
| Free cash flow | $371M | $550M | $703M | $844M | $909M | $1.2B | $1.9B | $1.5B | $1.3B | $1.1B |
| Stock-based compensation | $44M | $45M | $76M | $79M | $51M | $58M | $83M | $100M | $74M | $69M |
| Share buybacks (net) | -$455M | -$422M | -$846M | -$698M | -$371M | -$1.5B | -$1.5B | -$1.1B | -$2.1B | -$1.8B |
| Free cash flow margin | 6.4% | 8.7% | 9.8% | 11.4% | 12.1% | 13.7% | 17.6% | 15.5% | 12.8% | 10.6% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for NVR.
Open NVR in InvestinglyQuestions
What was NVR's revenue in 2025?
$10.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does NVR generate?
$1.1B in fiscal 2025 (operating cash flow minus capital spending).
From NVR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.