National homebuilders
High-volume public builders, from their 10-Ks.
Last updated: 2026-10-20
We do not score developers or builders. We have not published a rubric for them, and they publish no quality or warranty data. Firms are listed alphabetically. NMHC ranks are NMHC’s.
Five public homebuilders, from their 10-Ks
| Builder | Fiscal year end | Homes closed | Average price | Home-sale gross margin | Net income |
|---|---|---|---|---|---|
| D.R. Horton | Sep 30, 2025 | 84,863 | $370,400 | — | $3,585.2M |
| Lennar | Nov 30, 2025 | 82,583 | $391,000 | 17.7% | $2,078.2M |
| PulteGroup | Dec 31, 2025 | 29,572 | $566,000 | 26.3% | $2,218.7M |
| NVR | Dec 31, 2025 | 21,915 | $460,600 | 21.2% | $1,339.8M |
| Toll Brothers | Oct 31, 2025 | 11,292 | 63% at a base price of $750K+ | — | $1,346.5M |
Fiscal years differ, so the figures do not cover the same 12 months. Margin definitions also differ: NVR reports homebuilding gross profit margin. A dash means we did not capture a comparable figure. Sources: DHI 10-K, Lennar 10-K, PulteGroup 10-K, NVR 10-K, Toll 10-K.
Profiled in this segment
D.R. Horton
Public. Says it is the largest U.S. homebuilder by homes closed.
84,863 homes at an average $370,400; also No. 3 on NMHC’s 2026 apartment developer list.
Profile and sources →Lennar
Public. Moved to a ‘land-light’ model and spun off land to Millrose in 2025.
82,583 deliveries at an average $391,000, down from $423,000; gross margin on home sales fell to 17.7%.
Profile and sources →NVR
Public. Builds as Ryan Homes, NVHomes and Heartland Homes; generally does not develop land.
Buys finished lots under purchase agreements instead of owning land; controlled about 180,100 lots at year-end.
Profile and sources →PulteGroup
Public. Brands include Centex, Pulte Homes, Del Webb, DiVosta and John Wieland.
Average price $566,000 and a 26.3% home-sale gross margin; 22% of closings went to active-adult (Del Webb) buyers.
Profile and sources →Who each is actually for
Based on what the cited sources say, not on reviews. If we had no source, the cell is left out.
| Firm | Fit signals from the sources |
|---|---|
| D.R. Horton | Entry-level and first move-up buyers: homes generally $250,000 to over $1,000,000, average $370,400. Buyers who want builder mortgage and title in one place (the 10-K describes both). |
| Lennar | Price-sensitive buyers: the 10-K says it priced to market with incentives. Investors: its Upward America venture with Invitation Homes had bought 4,697 Lennar homes by Nov 30, 2025. |
| NVR | Mid-Atlantic and Midwest buyers (Ryan Homes is the entry and first move-up brand). Land developers looking for a lot buyer. |
| PulteGroup | Buyers aged 55+ looking at Del Webb active-adult communities. Move-up buyers: 82% of 2025 closings were $250,000 to $750,000. |
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Section published: hub, four sub-hubs, nine profiles and three comparisons, from 10-Ks, NMHC 2026 lists and firm pages read this day.
Sources
- D.R. Horton Form 10-K for fiscal 2025 (year ended Sep 30, 2025) · accessed 2026-10-20
- NMHC, 2026 Top 50 Developers · accessed 2026-10-20
- Lennar Form 10-K for fiscal 2025 (year ended Nov 30, 2025) · accessed 2026-10-20
- NVR Form 10-K for 2025 · accessed 2026-10-20
- PulteGroup Form 10-K for 2025 · accessed 2026-10-20