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NVR Cash Flow Statement

Operating, investing, and financing cash movements

NVR generated $1.3B in operating cash flow over the trailing twelve months. After $22.3M in capital expenditures, free cash flow was $1.2B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.3BNet Cash From Investing (TTM)-$43.7MNet Cash From Financing (TTM)-$1.8BCapital Expenditures (TTM)$22.3MDepreciation And Amortization Cf (TTM)$25.5MNet Change In Cash (TTM)-$229.1M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$16.5B
P/E Ratio13.30
ROE33.26%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$5.6M$7.1M$8.3M$5.4M$3.7M$4.9M
Payments to Acquire Interest in Joint Venture$1.5M$8.2M$27.2M$1.9M$10.3M$4.4M
Proceeds From Divestiture Of Interest In Joint Venture—$0———$21.6M
Proceeds From Sale Of Mortgage Loans Held For Sale$1.8B$1.4B$1.6B$1.7B$1.3B$1.4B
Proceeds from disposals of property, plant and equipment$295K$210K$238K$267K$199K$165K
Investments in unconsolidated joint ventures$1.5M$8.2M$27.2M$1.9M$10.3M$4.4M
Net cash from investing activities-$6.8M-$15M-$35.2M-$7.1M-$13.8M$12.5M
Proceeds from sale of property, plant and equipment$295K$210K$238K$267K$199K$165K

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable-$23.8M$55.5M-$134.7M-$1.9M-$61.2M$71.8M
Change in deferred revenue-$35.7M-$7.2M-$20.6M-$17.8M-$28.1M$24.2M
Change in inventories—$51.7M$59.7M-$38.6M-$407.9M$215M
Other working capital changes-$7.1M-$4.4M-$5.6M—-$3.6M$1.2M
Change in receivables-$15.7M$18.2M——$46.5M-$49.9M
Depreciation and amortization$5M$5.8M$5.7M$6.1M$6.9M$6.7M
Loans held for sale activity$1.7B$1.4B$1.6B$1.5B$1.5B$1.1B
Net cash from operating activities$637.1M$207.8M$35.1M$438.7M$439.7M$339.7M
Net income$457.4M$299.6M$333.7M$342.7M$363.8M$198.4M
Contract land deposit impairments, net—$8.1M———$8.9M
Gain (Loss) on Sale of Mortgage Loans$53.7M$43M$40.2M$38.8M$65.2M$38.9M
Increase Decrease In Deposits Outstanding$70.3M$38.6M$93.8M$49.3M$18.9M$96.4M
Payments For Origination Of Mortgage Loans Held For Sale$1.7B$1.4B$1.6B$1.5B$1.5B$1.1B
Stock-based compensation$19.5M$18.5M$17.8M$17.4M$15.5M$13.3M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Finance Lease, Principal Payments$826K$1.1M$1.2M$1.2M$1.3M$1.5M
Finance lease prepayments$826K$1.1M$1.2M$1.2M$1.3M$1.5M
Net cash from financing activities-$534.3M-$569.5M-$457.8M-$237.9M-$492.6M-$579.3M
Payments for finance leases$826K$1.1M$1.2M$1.2M$1.3M$1.5M
Proceeds from issuance of common stock$30.8M$14.9M$14.7M$39.7M$10.8M$54.1M
Repurchases of common stock$564.3M$583.4M$471.4M$276.4M$502.1M$632M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$631.5M$200.7M$26.8M$433.3M$436M$334.8M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$102.6M$3.9M$243.4M$107.4M$84.1M$5.3M
Interest paid$14.1M$651K$14.1M$800K$14.3M$810K
Income Taxes Paid, Net$102.6M$3.9M$243.4M$107.4M$84.1M$5.3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash—-$376.8M-$458M—-$66.7M-$227.2M