For the full year, consolidated revenues totaled $10.32 billion, down 2% from 2024, while net income declined 20% to $1.34 billion. Orders rose in Q4 — a signalDespite the headwinds, new orders in the fourth quarter increased 3% year-over-year to 4,951 units, compared to 4,794 units in Q4 2024. Yet even with those pressures, NVR generated $411.5 million in homebuilding income before tax in Q4, and $1.61 billion for the full year. For the full year, mortgage banking income totaled $152.0 million, down modestly from $154.9 million in 2024, with a capture rate holding steady at 86%. Capital discipline intactNVR repurchased 243,082 shares during 2025 for an aggregate cost of $1.82 billion, down from $2.06 billion in 2024.