NVR reports lower Q3 earnings, revenue and homebuilding margins; backlog and mortgage banking income rise

Event: Q3 2026, ended 2026-09-30. Negative: net income fell 27% to $248.6 million and diluted EPS fell 20% to $89.45; revenue was $2.40 billion vs. $2.61 billion. New orders fell 7% to 4,391; cancellation rate rose to 21% from 19%; homebuilding gross margin fell to 18.3% from 21.0%, including $24.8 million in contract-land deposit impairments. Positive: backlog rose 10% to 10,121 homes ($4.59 bill