NVR, Inc.: 2Q26 miss on deliveries but absorption improves & GM stable QoQ; reiterate Buy

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NVR, Inc.: 2Q26 miss on deliveries but absorption improves & GM stable QoQ; reiterate Buy

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NVR, Inc.

2Q26 miss on deliveries but absorption

improves & GM stable QoQ; reiterate Buy

Reiterate Rating: BUY | PO: 7,000.00 USD | Price: 6,155.02 USD

2Q EPS misses on lower closings and homebuilding rev 23 July 2026

NVR, Inc. (NVR) reported 2Q26 EPS of $83.96, below our $93.77 forecast and consensus Equity

of $91.71. Homebuilding revenue was down (11%) YoY at $2.3bn (8% below our

forecast). Adjusted gross margin and SG&A were both better than our expectations. We

Key Changesraise our 2026 EPS estimates by 1% to reflect order beat, but lower 2027E EPS by (4%)

on more conservative gross margin outlook. We lower our PO to $7,000 (from $7,200), (US$) Previous Current

still based on 18x 2026E EPS. We reiterate our Buy – NVR currently trades at 15.9x 1 Price Obj. 7,200.00 7,000.00

year forward P/E, a discount to its historical premium relative to other homebuilders.

Orders beat; absorption pace above normal seasonality RafeResearchJadrosichAnalyst

BofAS

2Q orders rose 9% YoY and were 4% above our forecast as absorption stayed flat QoQ +1 646 855 5815

(above normal seasonality of low single digit decline). Order ASP declined (1%) QoQ due rafe.jadrosich@bofa.com

to less orders in higher ASP North East region and lower absorption in Virginia/DC Victoria Piskarev

Research Analyst

markets. Florida improved due to tighter inventory but remains the softest segment. BofAS

Community count was up 4% YoY and 2% QoQ. We expect CC to grow through year end +1 646 855 0657 victoria.piskarev@bofa.com

2026, supported by its 7+ years of controlled lot supply based on current sales pace.

Shaun Calnan, CFA

BofASAdjusted GM beats, but order ASP implies 2H headwinds +1 646 855 1362