Green Brick Partners, Inc. Q1 2026 Earnings Recap

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.