NVR

Q2 FY2026 EarningsQ2 FY26 missed consensus across all key financial metrics. Revenue of $2.33B fell 1.54% short of the $2.36B expected, driven by an 8% YoY decline in unit settlements and pricing pressure. Diluted EPS of $83.96 missed the $89.98 consensus by 6.69%, primarily due to a lower-than-expected homebuilding gross margin (19.2% vs. 19.3% consensus) and a significantly higher effective tax rate of 25.8% compared to the 23.38% forecast. While New Orders grew 9% YoY, management warned of persistent affordability challenges and margin compression from rising lot costs, signaling a cautious near-term outlook.