---
ticker: NVR
company: NVR
filing_type: 10-K
year_current: 2026
year_prior: 2025
risks_added: 0
risks_removed: 0
risks_modified: 2
risks_unchanged: 19
source: SEC EDGAR
url: https://riskdiff.com/nvr/2026-vs-2025/
markdown_url: https://riskdiff.com/nvr/2026-vs-2025/index.md
generated: 2026-06-01
---

# NVR: 10-K Risk Factor Changes 2026 vs 2025

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-06-01  
> All data extracted directly from official filings. No hallucinated content.

## Summary

| Status | Count |
|--------|-------|
| New risks added | 0 |
| Risks removed | 0 |
| Risks modified | 2 |
| Unchanged | 19 |

---

## Modified: Product liability litigation and warranty claims may adversely impact our operations.

**Key changes:**

- Reworded sentence: "The cost of construction defect and product liability claims can be high.Significant increases in claims could have a material adverse effect on our financial results."

**Prior (2025):**

Construction defect and home warranty claims are common and can represent a substantial risk for our homebuilding operations. The cost of insuring against construction defect and product liability claims, as well as the claims themselves, can be high. In addition, insurance companies limit coverage offered to protect against these claims. Further restrictions on coverage availability, or significant increases in premium costs or claims, could have a material adverse effect on our financial results.

**Current (2026):**

Construction defect and home warranty claims are common and can represent a substantial risk for our homebuilding operations. The cost of construction defect and product liability claims can be high.Significant increases in claims could have a material adverse effect on our financial results.

---

## Modified: Health epidemics could have an adverse impact on our business and operations, and the markets, states and local communities in which we operate.

**Key changes:**

- Reworded sentence: "There is no guarantee that a future health epidemic will not occur, which could result in uncertainty regarding governmental actions that may occur, and the effects of economic relief efforts on the U.S."
- Reworded sentence: "These disruptions could lower demand for our products, impair our ability to sell and/or build homes in our normal manner, increase our losses on contract land deposits, and negatively impact our lending and secondary mortgage market activities."

**Prior (2025):**

Our business and operations could be adversely affected by health epidemics, impacting the markets, states and local communities in which we operate. The recent COVID-19 pandemic had a significant impact on our operations and supply chains. 8 8 8 Table of Contents Table of Contents There is no guarantee that a future health epidemic will not occur, which could result in uncertainty regarding governmental actions that may occur, and the effects of economic relief efforts on the U.S. economy, either of which could be potential disruptors to our business. Over the long term, these disruptions could lower demand for our products, impair our ability to sell and/or build homes in our normal manner, increase our losses on contract land deposits, and negatively impact our lending and secondary mortgage market activities. These developments and other consequences of an outbreak could materially and adversely affect our operations, profitability and cash flows.

**Current (2026):**

Our business and operations could be adversely affected by health epidemics, impacting the markets, states and local communities in which we operate. There is no guarantee that a future health epidemic will not occur, which could result in uncertainty regarding governmental actions that may occur, and the effects of economic relief efforts on the U.S. economy, either of which could be potential disruptors to our business. These disruptions could lower demand for our products, impair our ability to sell and/or build homes in our normal manner, increase our losses on contract land deposits, and negatively impact our lending and secondary mortgage market activities. These developments and other consequences of an outbreak could materially and adversely affect our operations, profitability and cash flows.

---

*Data sourced from SEC EDGAR. Last updated 2026-06-01.*