Green Brick Partners, Inc. Earnings Recaps
Q1 2026
May 1, 2026
Green Brick Partners shares closed down 1.6% following first quarter results, as the market weighed reported solid gross margins and order activity against the disclosure of financial statement restatements due to the reclassification of closing cost incentives.
Key takeaways
- Net income for Q1 was $61 million, or $1.39 per diluted share, on $465 million in revenues, with home deliveries (908) essentially flat year-over-year.
- Homebuilding gross margins remained high at 28.9%, and leverage declined further with net homebuilding debt to total capital at 5.5%.
- Net new orders reached 1,037, and orders improved sequentially through the quarter, matching typical spring selling seasonality.
- The financial services segment saw significant growth, with mortgage revenues up year-over-year to $5.6 million and pretax income rising 139%.
- Management announced restatements of 2024-2025 financials due to a required adjustment in revenue recognition related to closing cost incentives, to be reflected in revised filings.
Q3 2025
Oct 31, 2025
Green Brick Partners reported resilient third-quarter performance in 2025, with net income of $78 million and record net orders of 898, despite facing significant affordability challenges in the housing market.
Key takeaways
- Net orders increased by 2.4% year-over-year to 898, marking the highest for any third quarter.
- Homebuilding gross margins declined 160 basis points year-over-year to 31.1%, yet remained the highest in the public homebuilding industry.
- Revenue from home closings fell 4.6% year-over-year to $499 million, driven by increased discounts and incentives, which rose to 8.1%.
- Year-to-date net income decreased 15% to $235 million, impacted by the prior year’s Challenger Homes divestiture.
- Continued focus on operational efficiency and the expansion of the Trophy brand in key Texas markets positions the company for future growth.